ࡱ> AC@M Ubjbj== tAWWQlzzzzzzz$ P La2ffffffff$ pzfffffzzfff.zfzff&zzfZ cd 10a## @zzzzGENERAL Ordinance Fact Sheet Ordinance Number Brief Title Approval Deadline Reason First Amendment to the September 1, 2205 90 day statutory approval process expires. Hotel Phillips_ *Legislation should be partnered with URD Ordinance Tax Increment Financing Plan Details SPECIFIC ADDRESS The Redevelopment Area is generally bounded by Twelfth Street on the south, Main Street on the east, Eleventh Street on the north, Wyandotte on west in downtown Kansas City, Jackson County, Missouri. REASON FOR PROJECT The First Amendment, if approved, would allow for (1) the expansion of the redevelopment area as established in the Plan to include the additional area generally bound by 11th Street on the north, Main Street on the east, 12th Street on the south and the north/ south alley between Baltimore and Wyandotte Street on the west, in Kansas City, Jackson County, Missouri; (2) add Project B, the construction of a 225, multi-story parking garage; (3) the construction of commercial space within the garage; (4) construction of all necessary public utilities, street improvements and appurtenances; (5) add Project C, whose intent would be to provide revenue to pay for improvements at Project B; and (6) alters the financial and employment information of the Plan. DISCUSSION (Including relationship to other Council actions) The Hotel Phillips Tax Increment Financing Plan (Plan) as adopted by the City Council of Kansas City, Missouri through Ordinance No. 000382 . Estimated Redevelopment Costs and Reimbursable Costs: The estimated redevelopment costs for Project B are projected to be approximately $7,318,597 over the life of the Project with in the Plan. The Plan proposes that approximately $5,842,529 in Redevelopment Project Costs shall be reimbursed from the Special Allocation Fund for Project B. Projected TIF Revenue: Over the life of the Plan, the Economic Activity Taxes revenues are estimated to be approximately $2,593,374 for Project B and Project C within the Plan. Of the total additional revenue from taxes imposed by the municipality or other taxing districts and which are generated by economic activity within the Redevelopment Project Areas, as defined in Section 99.845.3 fifty percent (50%), or approximately $1,296,687 will be made available upon annual appropriation, to pay eligible Redevelopment Project Costs for Project B. Anticipated PILOTS: The total Payments in Lieu of Taxes (PILOTS) generated by Project B and C over the duration of the Plan is estimated to be approximately $4,545,842 and in accordance with the Act, said amount excludes any taxes attributable to the Blind Pension Fund Tax levied under the authority of Article III, Section 38(b) of the Missouri Constitution and the Merchants and Manufacturers Inventory Replacement Tax levied under the authority of Subsection 2 of Section 6 of the article X of the Missouri Constitution. Redevelopment Schedule: Project B will be completed one year from the date of the ordinance approving the First Amendment. In no event shall any ordinance approving a Redevelopment Project be adopted no later than ten (10) years from the adoption of the original ordinances approving the Redevelopment Plan. Affirmative Action Policy and MBE/WBE Participation: Representatives of the Redevelopment Projects are aware of the requirements and have met with the appropriate contacts. Finding the Area Conforms to the Citys Comprehensive Plan/Rezoning: The zoning for Urban Redevelopment District was filed as required and City Planning Commission. An information presentation was made on June 7, 2005 to the City Planning Commission and the Commissioners responded with comments of general support. The property within the Redevelopment Area B and C will be used for commercial uses. Redevelopment Area Project B and Project C shall be subject to the applicable provisions of the Citys Zoning Ordinance as well as other codes and ordinances as may be amended from time to time. Review by City Plan Commission: The plans have been approved by the City Plan Commission as part of a URD Existing Condition: This TIF was established under the provision of Conversation. Included within the amendment is a conservation study for the entire redevelopment area. The study documents that with the inclusion of the additional redevelopment project area, the plan still maintenance 50% of the total structures being of 35 or more years of age. The study also documents that such an area is not yet a blighted area but is detrimental to the public health, safety, morals or welfare and may become blighted because of any one or more of several factors. Evidence of obsolescence with the lack of parking to serves City Center Square and Hotel Phillips. Excessive vacancy is another factor which correlates with the vacancy of the Italian Gardens since December of 2003 and the office vacancy at City Center Square. One last factor identified in the report was how these parcel lack community planning with their current and/or previous uses. These parcel represent underutilzation of valuable downtown real estate with vacant street front retail and surface parking. But For Analysis: But For analysis has been prepared by Applied Real Estate Analysis, Inc. documenting the IRR of Project B with tax increment financing assistance would be 5.5%. Mr. Robert Miller is present today to answer any questions you might have regarding the but for analysis. Cost Benefit Analysis: The cost benefit analysis states the fiscal benefit of this project to Kansas City, MO is $21,476,152, to Jackson County, MO is $6,686,728 and to the Kansas City Missouri School District is $4,507,684 over a 23 year.  Position / RecommendationsSponsor Thomas G. Coyle, Director City Planning and Development Dept. Programs, Departments, or Groups Affected  City-Wide Council District 1th (Cooper, Fairfield) Other Districts (school, etc.,) Kansas City Missouri School District, Jackson County Applicants / Proponents  Applicant Tax Increment Financing Commission City Department Other Opponents  Groups or Individuals Basis of opposition Staff Recommendation  Approval of First Amendment to the Hotel Phillips Tax Increment Financing Plan Board of Commission Recommendation  By Tax Increment Financing Commission TIF Resolution No. Date: June 8, 2005  Council Committee Actions Fact Sheet Prepared by: Missy Wilson, Tax Increment Financing Commission Date: August 8, 2005 {File: \\W2GOLIATH\DOCUMENTS\edc-docs\60\citycent\hotelphi\525\00051573.DOC /}  VX"jk_`rt!#TVn 3 9 < p s $ 0  AKYcKL<23~( 5>*CJ:CJ 5CJ\ 5>*CJ\5CJCJH*CJCJaJ>*CJ>*5>*5CJ$5CJ0M   WXk_`t $$Ifa$$5$7$8$9DH$If$If1$$IfTx ` 4 xa :$1$If d$1$If1$Ttm n < KL$$If^a$$$If^a$$<$If^<a$ <$If^<$ X$If^a$ $$If^a$$$If^a$$1$If$If}~t/$$Ifx4 xax$If $$Ifa$ $$If^a$$$If^a$$<$If^<a$$$If^a$(69djluvD[^km*-3UW}QUCJ aJCJH*CJ5CJ5:B*CJphCJ\ >*CJ\ 5>*CJ5CJ 5CJ\ 5>*CJ\CJ?789 dY d$1$IfB$$Ifx04 xax :$1$If1$$Ifxj4 xax$$If^a$ $$If^a$ 9CPZcdklvB$$Ifx04 xax d$1$If :$1$If$1$IfDEUV\]^hijklm :$1$If d$1$IfD$$Ifxi04 xax$1$If)* !:$1$5$7$8$9DH$If :$1$If$1$If d$1$IfB$$Ifx04 xax*+,-VWj~xB$$Ifx04 xax d$1$If :$1$If$1$If RSTU !p1$^p1$B$$Ifx04 xax .00P/ =!"@#@$8%@8Bhxhxhxhxhxhxhxhxhx?o??o??o? 00P/ =!"@#@$8%@8 P08$ i8@8 NormalCJ_HaJmH sH tH 8`8 Heading 1$<@&^<5N@N Heading 2$$5$7$8$9D@&H$a$ 5CJaJ<A@< Default Paragraph FontDB@D Body Text$5$7$8$9DH$a$CJaJND@N List Continuehx5$7$8$9DH$^haJD @D Footer !5$7$8$9DH$CJaJ,@", Header  !@C`2@ Body Text Indent 8^8aJU @ 0@ #zz U H  WXk_`tmn< K L }~789CPZcdklvDEUV\]^hijklm)*+,-VWj~RV0000000000@000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000PPPPPPPPPS(Ut9*UTO^QV$EL3;3?PR~!QV::::::::mkkV jpgonzalesgC:\Documents and Settings\jpgonzales\Application Data\Microsoft\Word\AutoRecovery save of Document2.asd jpgonzales?\\W2GOLIATH\DOCUMENTS\edc-docs\60\dst\winchest\100\00049073.DOC jpgonzalesfC:\Documents and Settings\jpgonzales\Application Data\Microsoft\Word\AutoRecovery save of 00049073.asd jpgonzales,M:\edc-docs\60\dst\winchest\100\00049073.DOC jpgonzales,M:\edc-docs\60\dst\winchest\100\00049073.DOC jpgonzales?\\W2GOLIATH\DOCUMENTS\edc-docs\60\dst\winchest\100\00049078.DOCmwilsonD\\W2GOLIATH\DOCUMENTS\edc-docs\60\citycent\hotelphi\525\00051573.DOCmwilsoncC:\Documents and Settings\mwilson\Application Data\Microsoft\Word\AutoRecovery save of 00051573.asdmwilsoncC:\Documents and Settings\mwilson\Application Data\Microsoft\Word\AutoRecovery save of 00051573.asd 78k\]l,~SV@>FU@UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New;Wingdings"1h,,::::Y@0a2qFHotel Phillips - 1st Amendment Ordinance Fact Sheet (00051573.DOC;1)LFile: \\W2GOLIATH\DOCUMENTS\edc-docs\60\citycent\hotelphi\525\00051573.DOC / jpgonzalesmwilsonOh+'0@T`l    GHotel Phillips - 1st Amendment Ordinance Fact Sheet (00051573.DOC;1)MFile: \\W2GOLIATH\DOCUMENTS\edc-docs\60\citycent\hotelphi\525\00051573.DOC /y jpgonzalesOpgopgo Normal.dotOmwilson2ilMicrosoft Word 9.0O@@$NF@$NF:՜.+,0@ px  EDCv: GHotel Phillips - 1st Amendment Ordinance Fact Sheet (00051573.DOC;1) Title  "#$%&'()*+,-./12345679:;<=>?BRoot Entry FdD1Table!#WordDocumenttASummaryInformation(0DocumentSummaryInformation88CompObjjObjectPooldd  FMicrosoft Word Document MSWordDocWord.Document.89q