ORDINANCE NO. 230218

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Sponsor: City Manager

Estimating revenue in the General Fund in the amount of $9,000,000.00 from the Midtown Tax Increment Financing Plan and appropriating $7,500,000.00 for design services and other expenses related to the Auditorium Plaza Garage and Barney Allis Plaza Event Space redevelopment project and $1,500,000.00 for 18th & Vine Pedestrian Plaza improvements.

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WHEREAS, the Midtown Redevelopment Tax Increment Financing Plan (the "Midtown TIF") was approved by the City Council upon recommendation of the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission") and pursuant to the Real Property Tax Increment Allocation and Redevelopment Act, Section 99.800 to 99.865, as amended, (the "TIF Act") by passage of Committee Substitute for Ordinance No. 930666, as amended by Ordinance No. 941127, and has since been amended three times by Ordinance No. 950731 and Committee Substitutes for Ordinance Nos. 991390 and 001466; and

WHEREAS, Ordinance No. 170132 authorized the City to issue its Special Obligation Refunding Bonds (Midtown Redevelopment Project), Series 2017D (the "Series 2017D Bonds" or the "Bonds") in the original aggregate principal amount of $16,185,000 pursuant to a Trust Indenture dated as of March 1, 2017 (the "Indenture") by and between the City and UMB Bank, N.A. (the "Trustee") to provide funds (a) to refund the outstanding Series 2007A Bonds maturing in years 2018 through 2022 (the "Refunded Bonds") and (b) to pay certain costs related to the issuance of the Bonds; and

WHEREAS, the Trustee forwarded $11,328,394.83 of excess revenues to the Commission following the final bond maturity date of April 1, 2022; and

WHEREAS, the Commission distributed $7,788,399.19 of surplus incremental revenues from the Midtown TIF to the City; and

WHEREAS, the Commission distributed $2,120,559.72 of surplus payments in-lieu of taxes (PILOTs) from the Midtown TIF to the Jackson C...

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