File #: 211077    Version: Name:
Type: Ordinance Status: Passed
File created: 12/2/2021 In control: Finance, Governance and Public Safety Committee
On agenda: 12/8/2021 Final action: 1/20/2022
Title: Directing the City Manager to continue to use certain incremental property and economic activity taxes to support affordable housing in the Midtown Redevelopment Tax Increment Financing Plan.
Sponsors: Katheryn Shields
Attachments: 1. No Fact Sheet 211077, 2. Public Testimony - Elizabeth Davis, 3. 211077 Fiscal Note, 4. Angie Lile FW_ Support Committee Sub for Ordinance 211077, 5. 211077 cs to org ord - com, 6. 211077 cs to org ord - com, 7. funding agreement, 8. 211077 - revised fiscal note, 9. Authenticated Ordinance 211077 C.S. As Amended
COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 211077, AS AMENDED

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Directing the City Manager to continue to use certain incremental property and economic activity taxes to support affordable housing in the Midtown Redevelopment Tax Increment Financing Plan.

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WHEREAS, the Midtown Redevelopment Tax Increment Financing Plan (the "Redevelopment Plan") was approved December 15, 1992 by the Tax Increment Financing Commission of Kansas City; and

WHEREAS, the objectives of the Redevelopment Plan include (1) eliminating blight; (2) enhancing the tax base of the City; (3) increasing employment in the city; and (4) preserving and rehabilitating the existing residential development, and constructing new residential development in the vicinity of the Redevelopment Plan's redevelopment area; and

WHEREAS, the Redevelopment Plan will expire April 12, 2023; and

WHEREAS, upon expiration of the Redevelopment Plan, the City and other taxing jurisdictions will begin to collect full property and sales taxes for the Midtown Tax Increment Financing District (the "District"); and

WHEREAS, the Redevelopment Plan has furthered the City's goals of supporting commercial development, single-family development through the Rehabilitation Assistance of Midtown Properties ("RAMP") Program, and multi-family development through the Business Interruption Fund; and

WHEREAS, certain economic activity taxes are statutorily committed and not subject to redirection for affordable housing uses ("Restricted Economic Activity Taxes."); and

WHEREAS, certain property taxes are statutorily committed and not subject to redirection for affordable housing uses ("Restricted Property Taxes"); and

WHEREAS, the City desires to use the City's incremental property taxes excluding the Restricted Property Taxes and fifty percent of the City's economic activity taxes excluding the Restricted Economic Activity taxes collected in the area currently within...

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