ORDINANCE NO. 240823

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Sponsor: Mayor Quinton Lucas

Waiving Code Section 74-12 for the Historic Northeast Lofts Tax Increment Financing Plan and authorizing the City Manager to enter into an amended Tax Contribution Agreement with the Kansas City TIF Commission and Historic Northeast Lofts LLC.

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WHEREAS, The City Council initially approved the Historic Northeast Tax Increment Financing Plan ("The Plan") by Ordinance No. 240258 on March 21, 2024, to encourage the development and improvement of the Plan Area, as defined in the Plan, through the construction of approximately 389 multi-family residential units, including 322 affordable housing units, retail space, and a daycare center and after school program space, (the "Project Improvements") and the construction or reconstruction of public infrastructure improvements that support and enhance the Project Improvements (collectively, the "Public Improvements"); and

WHEREAS, the Plan further provides for the reimbursement of up to $46,433,000.00 of certain costs described in the Plan from the redirection of Economic Activity Taxes generated in the Plan Area; and

WHEREAS, in Ordinance No. 240258, the City Council agreed to provide additional funding for payment of certain certified redevelopment project costs identified by the Plan, by committing a defined portion of certain tax revenues realized by the City and generated in the Plan Area that are not otherwise captured by the TIF Act (the "Additional City EATs"), in an amount not to exceed $189,543,356.00, payable over a period not to exceed thirty (30) years; and

WHEREAS, Ordinance No. 230962 authorized the Director of the Housing and Community Development Department to expend up to $1,575,000.00 from the Housing Trust Fund for the Affordable Housing Units (the "Housing Trust Fund Contribution"); and

WHEREAS, Ordinance No. 240258 also authorized the City Manager to enter into a Tax Contribution and Disbursement Agreem...

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