COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140374


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Sponsor(s): EDCKC and Councilmember Andrea Bough

Approving and designating Redevelopment Project Area B of the Bannister & Wornall Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; directing the City Clerk to transmit copies of this ordinance; and authorizing the City Manager to execute the Amended and Restated Earnings Tax Contribution and Retention Agreement with Burns & McDonnell Engineering Company, Inc.

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WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, As Amended, passed on August 29, 1991, Ordinance No. 100089, As Amended, passed on January 28, 2010, and Ordinance No. 130986, passed on December 19, 2013, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council accepted the recommendations of the Commission as to the Bannister & Wornall Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan contemplates the implementation of the Redevelopment Plan through a number of separate Redevelopment Projects and the adoption of tax increment financing in each of the areas selected for such Redevelopment Projects;

WHEREAS, prior to the adoption of tax increment financing for Project B, the Company proceeded to occupy and place into service the improvements located in Project B, and as a result, the amount of EATs generated within Project B and available to the Commission to reimburse Reimbursable Project Costs (as defined in the TIF Agreement) is less than anticipated and project...

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