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