ORDINANCE NO. 120603

 

Estimating revenue in the amount of $1,340,000.00; appropriating that amount from the Capital Improvement Fund to the Downtown Street Car System for preliminary engineering for a downtown circulator system; and recognizing an emergency.

WHEREAS, on September 29, 2011, the Council adopted Second Committee Substitute for Resolution No. 110765, which expressed the City’s commitment to collaboratively funding the preliminary engineering, and developing a long-term financing strategy for a downtown circulator system; and

WHEREAS, among other things, the resolution stated that the City would work with downtown business interests and other key stakeholders to collaboratively identify funding for preliminary engineering; and

WHEREAS, the resolution stated that “those funding mechanisms will include, but not be limited to, funding through the PIAC process and amendment, as necessary, to existing TIF plans in the project area;” and

WHEREAS, the proposed downtown circulator system will benefit several tax increment financing redevelopment areas; and

WHEREAS, Resolution No. 120362 requested the Tax Increment Financing Commission of Kansas City, Missouri, take the necessary steps to identify funds to support the downtown circulator system as appropriate; and.

WHEREAS, Ordinance No. 120407 terminated the Savoy Hotel Tax Increment Financing Plan and all surplus funds, less Commission costs and expenses, were directed to be distributed to the affected taxing jurisdictions in accordance with the Act; and

WHEREAS, there remain expected surplus amounts in the 22nd & Main and Grand Boulevard Tax Increment Financing Plans; and

 

WHEREAS, the construction of a street car system will promote economic growth and development, convention and tourism in downtown Kansas City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the revenue in the following accounts is estimated in the following additional amounts:  

 

13-1000-120000-480560 Contribution from TIF District $     55,000.00

13-1000-120000-480560 Contribution from TIF District 1,165,000 .00

13-2360-120000-480560 Contribution from TIF District 120,000.00

TOTAL $1,340,000.00

Section 2. That the appropriations in the following accounts are increased by the following amounts:

 

13-1000-129998-X-903090 Transfer to Capital Improvement Fund $1,220,000.00

13-2360-129998-X-903090 Transfer to Capital Improvement Fund   120,000.00

TOTAL $1,340,000.00

 

Section 3. That the revenue in the following accounts of the Capital Improvement Fund is estimated in the following additional amounts:

 

13-3090-120000-501000 Transfer from General Fund $1,220,000.00

13-3090-120000-502360 Transfer from Convention & Tourism     120,000.00

TOTAL $1,340,000.00

 

Section 4. That the appropriation in the following account of the Capital Improvement Fund is increased by the following amount:

 

13-3090-878044-B-87022000     Downtown Street Car System $1,340,000.00

 

Section 5. That this ordinance, relating to the design, repair, maintenance or construction of a public improvement, is recognized as an emergency measure within the provisions of Section 503(a)(3)(D) of the City Charter and shall take effect in accordance with that section.

 

__________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Nelson V. Munoz

Assistant City Attorney