KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 060116 Introduction Date: 1/26/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER COOPER
Title: Approving additional tax increment financing for the Aladdin Hotel project; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project in connection with the First Amendment to the Twelfth and Wyandotte Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
1/26/2006 Filed by the Clerk's office
1/26/2006 Referred to Planning, Zoning & Economic Development Committee
2/1/2006 Advance and Do Pass as a Committee Substitute, Debate
2/2/2006 Passed as Substituted

View Attachments
FileTypeSizeDescription
060116.pdf Authenticated 82K Authenticated
new fact sheet.xls Advertise Notice 31K new fact sheet

Printer Friendly Version

COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 060116

 

Approving additional tax increment financing for the Aladdin Hotel project; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project in connection with the First Amendment to the Twelfth and Wyandotte Tax Increment Financing Plan.

 

WHEREAS, on December 10, 1992, the City Council passed Ordinance No. 921351, adopting the Twelfth and Wyandotte Tax Increment Financing Plan (the Redevelopment Plan) and designated the Redevelopment Area therein to be a conservation area; and

 

WHEREAS, on ___________, 2006, the City Council passed Ordinance No. 061000 adopting the first amendment to the Redevelopment Plan entitled the First Amendment to the Twelfth and Wyandotte Tax Increment Financing Plan (the First Amendment) providing for the expansion of the Redevelopment Area for the addition of a new redevelopment project area (the Aladdin Hotel Project Area); and

 

WHEREAS, the First Amendment provides for the redevelopment of the Aladdin Hotel located within the Aladdin Hotel Project Area and for the reimbursement of $3,565,500.00 of redevelopment project costs, plus interest, from tax increment revenues deposited to the special allocation fund pursuant to the First Amendment; and

 

WHEREAS, the developer has requested additional tax increment financing for the reimbursement of $1 million of redevelopment project costs, plus interest, for the redevelopment of the Aladdin Hotel; and

 

WHEREAS, the Aladdin Hotel is on the National Register of Historic Places and the provision of the additional tax increment financing is for the public welfare and benefit and will promote the economic well being and development of Kansas City, Missouri;

 

WHEREAS, the City desires to assist in the financing of the Aladdin Hotel project; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Council hereby agrees to provide additional financing for the Aladdin Hotel by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF statute, a portion of Citys additional economic activity taxes and sales tax on hotel rooms generated by the Aladdin Hotel, but not including any part of the hotel/motel portion of convention and tourism tax, in a total amount not to exceed $1 million to be used for repayment of project costs as set forth in the Financing Agreement.

 

Section 2. The Director of Finance is authorized to enter into a Financing Agreement providing for the additional financing described herein, in such form as approved by the Director of Finance.

 

__________________________________________________

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney