File #: 220066    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 1/19/2022 In control: Council
On agenda: 1/27/2022 Final action: 1/27/2022
Title: Approving the First Amendment to the Overlook Tax Contribution and Disbursement Agreement among the City, Tax Increment Financing Commission of Kansas City, Missouri, Oz Development, LLC, and Novak Birks, PC; and authorizing the Director of Housing to execute the Amendment.
Attachments: 1. 220066 Fact Sheet FINAL, 2. Overlook Fiscal Note, 3. Presentation 7th Amendment, 4. Authenticated Ordinance 220066

ORDINANCE NO. 220066

 

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Approving the First Amendment to the Overlook Tax Contribution and Disbursement Agreement among the City, Tax Increment Financing Commission of Kansas City, Missouri, Oz Development, LLC, and Novak Birks, PC; and authorizing the Director of Housing to execute the Amendment.

 

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WHEREAS, Ordinance No. 200942 authorized the execution of a Tax Contribution and Disbursement Agreement (the Agreement”) among the City, the Tax Increment Financing Commission (the “Commission”), Oz Development, LLC (the Redeveloper”), and Novak Birks, PC (the “Cost Certifier”); and

 

WHEREAS, the Agreement calls for the City to contribute sales taxes from the Central City Sales Tax revenues to be used to reimburse project costs in the amount of $5,000,000.00 (the “CCED revenues”) in accordance with the redevelopment agreement between the Commission and the Redeveloper; and

 

WHEREAS, the Central City Economic Development Sales Tax Board recommended approval of funding for the project at their August 11, 2020, board meeting; and

 

WHEREAS, the City Council pursuant to Committee Substitute for Ordinance No 200996, approved funding for the project; and

 

WHEREAS, final design, environmental, and construction estimates have led to adjustments in the budget; and

 

WHEREAS, Oz Development, LLC, desires to amend the Agreement to adjust an individual line item in the budget of the CCED revenues for the project, without changing the total amount of CCED revenues or any other revenues contemplated by the Agreement and the Commission has approved this adjustment through a First Amendment to the Agreement, subject to approval of the First Amendment by the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1.  That the First Amendment to the Tax Contribution and Disbursement Agreement among the City, Tax Increment Financing Commission of Kansas City, Missouri, Oz Development, LLC, and Novak Birks, PC is hereby approved, in substantial form as the document attached hereto as Exhibit A.

 

 Section 2.  That Director of Housing is hereby authorized to execute the First Amendment, and also authorized to execute any further amendments to the Agreement, which do not substantially increase the amount of the City contributions and such other minor changes which do not change the nature of the Overlook Tax Increment Financing Plan or the Agreement.

 

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Approved as to form and legality:

 

 

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Emalea Black

Assistant City Attorney