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Legislation #: 180470 Introduction Date: 6/21/2018
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER AND COUNCILMEMBER LOAR
Title: Authorizing the execution and delivery of a Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of the County of Platte County, Missouri.

Legislation History
DateMinutesDescription
6/20/2018 Filed by the Clerk's office
6/21/2018 Referred to Planning, Zoning & Economic Development Committee
7/11/2018 Advance and Do Pass, Debate
7/12/2018 Passed

View Attachments
FileTypeSizeDescription
180470.pdf Authenticated 84K Authentication
180470 Agreement.pdf Agreement 315K Agreement

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ORDINANCE NO. 180470

 

Authorizing the execution and delivery of a Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of the County of Platte County, Missouri.

 

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, Section 99.800-99.865, RSMo, et seq., as amended (the "Act"), on March 11, 1999, the City Council of Kansas City, Missouri, by Ordinance No. 990256, approved the KCI Corridor Tax Increment Financing Plan, which was subsequently amended on June 10, 2004 by Ordinance No. 040618, Ordinance No. 040619, Ordinance No. 040620 and Ordinance No. 040621, on February 3, 2005 by Ordinance No. 050107, on March 30, 2006 by Ordinance No. 060326, on March 13, 2008 by Committee Substitute for Ordinance No. 080211, on April 16, 2009 by Ordinance No. 090260 (as partially repealed and amended on June 24, 2010 by Ordinance No. 100497), on December 16, 2010 by Ordinance No. 101007, on September 11, 2011 by Committee Substitute for Ordinance No. 110603, on June 7, 2012 by Ordinance No. 120485, on July 19, 2012 by Ordinance No. 120618, on March 28, 2013 by Committee Substitute for Ordinance No. 13018 on February 6, 2014 by Ordinance No. 140092, on October 30, 2014 by Committee Substitute for Ordinance No. 140907, on July 14, 2016 by Ordinance No. 160416 and on December 14, 2017 by Ordinance No. 170970 (collectively, the "Plan"); and

 

WHEREAS, the Plan is a comprehensive program intended to improve an area that had not been subject to growth and development through private enterprise, the existence of which qualified the redevelopment area identified under the Plan as an Economic Development Area as defined in Section 99.805(5) of the Act; and

 

WHEREAS, the Plan identifies the area generally bound by NE 108th Street on the North, Barry Road on the South, Interstate 29 on the West and the Platte-Clay County Line on the East in Kansas City, Platte County, Missouri (the "Redevelopment Area"); and

 

WHEREAS, the Plan further provides for the financing of certain public improvements, as identified under the Plan solely from 50% of the incremental economic activity taxes generated within the Redevelopment Area ("TIF Revenue"); and

 

WHEREAS, the Industrial Development Authority of the County of Platte County, Missouri is issuing its revenue bonds in an amount not to exceed $12,000,000 for purposes of financing the costs of the public improvements; and

 

WHEREAS, the City desires to assist in financing the public improvements to be completed in accordance with the Plan; and

 

WHEREAS, it is hereby found and determined that it is necessary and advisable to authorize the execution and delivery of the Financing Agreement for such purposes; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of the County of Platte County, Missouri is hereby approved in substantial form as attached hereto. The City Manager or such other person as he may designate is hereby authorized to execute and deliver the Financing Agreement with such changes therein as shall be approved by the officials of the City executing the Financing Agreement, such officials' signatures thereon being conclusive evidence of their approval thereof.

 

Section 2. The Mayor, City Manager, Director of Finance or Director of City Development are hereby authorized to execute and deliver such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance for and on behalf of and as the act and deed of the City without further City Council approval.

 

________________________________________________

 

Approved as to form and legality:

 

 

_______________________________

Brian T. Rabineau

Assistant City Attorney