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Legislation #: 030256 Introduction Date: 3/6/2003
Type: Ordinance Effective Date: 4/6/2003
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the Third Amendment to the Tower Properties Tax Increment Financing Plan; approving the Third Amendment to the Tower Properties Tax Increment Financing Plan; and designating an amended Redevelopment Area.

Legislation History
DateMinutesDescription
3/6/2003

Prepare to Introduce

3/6/2003

Referred Planning, Zoning & Economic Development Committee

3/12/2003

Hold On Agenda

3/19/2003

Do Pass as a Committee Substitute

3/20/2003

Held on Docket

3/27/2003

Passed as Substituted


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Other 0K THIRD AMENDMENT TO TOWER PROPERTIES TIF
030256.pdf Authenticated 591K AUTHENTICATED

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030256

 

Accepting the recommendations of the Tax Increment Financing Commission as to the Third Amendment to the Tower Properties Tax Increment Financing Plan; approving the Third Amendment to the Tower Properties Tax Increment Financing Plan; and designating an amended Redevelopment Area.

 

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on November 27, 1995, the City Council passed Ordinance No. 951469 which accepted the recommendations of the Commission as to the Tower Properties Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area therein to be a blighted area; and

 

WHEREAS, a second amendment to the Tower Properties Tax Increment Financing Plan (the "Second Amendment") was proposed to the Commission; and

 

WHEREAS, the Second Amendment added one additional project to the Redevelopment Plan; and

 

WHEREAS, on March 15, 2001, the Council passed Ordinance No. 010362 approving the Second Amendment; and

 

WHEREAS, a third amendment to the Tower Properties Tax Increment Financing Plan (the "Third Amendment") was proposed to the Commission; and

 

WHEREAS, said Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts, closed said public hearing on February 12, 2003, adopted Resolution No. 2-02-03 ("Resolution") recommending that the City Council approve the Third Amendment; and

 

WHEREAS, the Third Amendment adds property to the Redevelopment Area, changes the land use in Project H and provides for the rehabilitation of 909 and 927 Walnut and the construction of a parking garage; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendation of the Commission concerning the Third Amendment as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Third Amendment, a copy of which is attached hereto as Exhibit "B", is hereby approved and adopted as valid and the Redevelopment Project contained therein is hereby authorized.


Section 2. All terms used in this ordinance, not otherwise defined herein, shall be construed as defined in Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act").

 

Section 3. That the following described area is hereby designated as a Redevelopment Area:

 

The proposed Redevelopment Area has an irregular boundary and is generally described as being bound by 6th Street Trafficway on the north, Walnut Street on the east, 8th Street on the south, except between Delaware and Walnut where the boundary goes south to 10th Street and includes 911 Walnut Building, and Central Street on the west. The boundaries are more specifically described as follows:

 

Beginning at the intersection of the center line of 8th Street and Central Street; thence north along the center line of Central Street to the center line of 7th Street; thence east along the center line of 7th Street to the center line of Wyandotte Street; thence north along the center line of Wyandotte Street to the center line of 6th Street Trafficway; thence east along the center line of 6th Street Trafficway to the west right of way line of Main Street; thence northwesterly along the west right of way line of Main Street to the south right of way line of 5th Street; thence easterly along the south right of way line of 5th Street to the east right of way line of Main Street; thence southeasterly along the east right of way line of Main Street to the center line of 6th Street Trafficway; thence east along the center line of 6th Street Trafficway to the northerly extension of the center line of the north-south alley lying between Main Street and Walnut Street; thence southerly along the center line of the north-south alley lying between Main Street and Walnut Street to the center line of 7th Street; thence west along the center line of 7th Street to the northerly extension of the vacated north-south alley lying between Main Street and Walnut Street; thence south along the center line of the vacated north-south alley lying between Main Street and Walnut Street to the center line of 8th Street; thence east long the center line of 8th Street to the center line of Walnut Street; thence south along the center line of Walnut Street to the center line of 9th Street; thence east along the center line of 9th Street to the northerly extension of the center line of the north-south alley lying between Walnut Street and Grand Avenue; thence south along the center line of the north-south alley lying between Walnut Street and Grand Avenue to the intersection of a line 24 feet south of and parallel to the north lot line of Lot 59, Swopes Addition; thence west along a line 24 feet south of and parallel to the north lot line of Lot 59, Swopes Addition, to the center line of Walnut Street; thence south along the center line of Walnut Street to a line 7 4/5 inches north of and parallel to the south lot line of Lot 10, Block 2, Ridge Place; thence west along a line 7 4/5 inches north of and parallel to the south lot line of Lot 10, Block 2, Ridge Place, to the center line of the north-south alley lying between Main Street and Walnut Street; thence south along the center line of the north-south alley lying between Main Street and Walnut Street to a line 26.5 feet south of and parallel to the north lot line of Lot 19, Swopes Addition; thence west along a line 26.5 feet south of and parallel to the north lot line of Lot 19, Swopes Addition, to the center line of Main Street; thence northerly along the center line of Main Street to the center line of 8th Street; thence west along the center line of 9th Street to the west right of way line of Main Street; thence north along the west right of way line of Main Street to a line 16.3 feet north of and parallel to the south lot line of Lot 16, Block 3, TH Swopes 2nd Addition; thence west along a line 16.3 feet north of and parallel to the south lot line of Lot 16, Block 3, TH Swopes 2nd Addition, to the center line of Baltimore Avenue; thence south along the center line or Baltimore Avenue to the center line of 8th Street; thence west along the center line of 8th Street to the Point of Beginning, all included in and a part of the City of Kansas City, Jackson County, Missouri.

 

909 Building:

The North one-half (1/2) of Lot 59, except that part taken and condemned by the City of Kansas City, Missouri, in the widening of Walnut Street, pursuant to Ordinance Number 12749 as evidenced by the document filed December 6, 1912 in Book 1450, at Page 437, as Document Number 901474, and all of Lots 60, 61 and 62, in Swopes Addition, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof.

 

927 Building and Parking Facility Land:

The north 60 feet of the east half of the north-south alley next east of Walnut Street and immediately adjacent to and east of Lots 55, 56, 57, 58, 59, 60, 61 and 62 in SWOPES ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, subject to the public right of way and easements for existing utilities, and all of Lots 55 through 58, inclusive, and the South one-half of Lot 59, all in Swopes Addition, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, except the West 5 feet thereof taken for the purpose of widening Walnut Street.

 

Section 4. The City Council hereby finds that:

 

(a) Good cause has been shown for amendment of the Redevelopment Plan, and that the findings of the City Council in Ordinance No. 951469 with respect to the Redevelopment Plan are not affected by the Third Amendment and apply equally to the Third Amendment;

 

(b) The Redevelopment Area, as amended, is a blighted area, as a whole, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan, as amended;

 

(c) The Redevelopment Plan, as amended, confirms to the comprehensive plan for the development of the City as a whole;

 

(d) The areas selected for Redevelopment Projects include only those parcels of real property and improvements therein which will be directly and substantially benefitted by the Redevelopment Project improvements;

 

(e) The estimated dates of completion of the respective Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, as amended, and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area, as amended;

 

(f) A plan has been developed for relocation assistance for businesses and residences;

 

(g) A cost benefit analysis showing the impact of the Third Amendment on each taxing district which is at least partially within the boundaries of the Redevelopment Area, as amended, has been prepared in accordance with the Act;

 

(h) The Third Amendment does not include the initial development or redevelopment of any gambling establishment.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the Tower Properties Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area, as amended, and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and stake all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan, as amended, pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 and 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

 

Section 6. Pursuant to the provisions of the Redevelopment Plan, as amended, the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited

into the Tower Properties Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area, as amended, and authorizes the Commission to pledge such funds on its behalf.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

_____________________________________

Assistant City Attorney