ORDINANCE NO. 120489

Terminating the Walnut Creek 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"Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on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 Council on November 23, 1988, by passage of Ordinance No. 63295, approved the Walnut Creek Tax Increment Financing Plan which included one redevelopment project for the construction of 350 apartment units; and

WHEREAS, this redevelopment project has been completed and all redevelopment project costs identified by the Walnut Creek Tax Increment Financing Plan have been paid; and

WHEREAS, the twenty-three year statutory period for the capture of tax increment allocation financing within the Walnut Creek Redevelopment Area has expired; and

WHEREAS, the Commission, at its March 14, 2012 meeting, passed Resolution No. 3-9-12 which recommends termination of the Walnut Creek TIF Plan; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Walnut Creek Tax Increment Financing Plan is hereby terminated, designation of the Walnut Creek Redevelopment Area as a redevelopment area is terminated, and all surplus funds, less Commission costs and expenses, shall be distributed to the affected taxing jurisdictions in accordance with the Act.

Section 2. That following the distribution of the surplus funds, the special allocation fund for the Walnut Creek Tax Increment Financing Plan is dissolved.

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Approved as to form and legality:

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Cecilia Abbott

Assistant City Attorney