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April 16, 2009 by Ordinance No. 090260 (as partially repealed and amended on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.
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Approved as to form and legality:
_______________________________
Brian T. Rabineau
Assistant City Attorney