ORDINANCE NO. 120409

Terminating Redevelopment Project B in the Savoy Hotel Tax Increment Financing Plan.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council on March 12, 2009, by Second Committee Substitute for Ordinance No. 990348, approved and designated Redevelopment Project B of the Savoy Hotel Tax Increment Financing Plan; and

WHEREAS, the Commission has certified and reimbursed all eligible reimbursable costs for these projects and, at its April 11, 2012, meeting, passed Resolution No. 04-15-12 which recommends termination of Redevelopment Project B of the Savoy Hotel TIF Plan; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That Redevelopment Project B of the Savoy Hotel Tax Increment Financing Plan is hereby terminated and all surplus funds, less Commission costs and expenses, shall be distributed to the affected taxing jurisdictions in accordance with the Act.

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Approved as to form and legality:

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Cecilia Abbott

Assistant City Attorney