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[COMMITTEE SUBSTITUTE FOR]ORDINANCE NO. 260888, AS AMENDED
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Sponsor: Mayor Quinton Lucas
COMMITTEE SUBSTITUTE
Approving the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri as to the Downtown Stadium Tax Increment Financing Plan; directing the clerk to send a copy of this ordinance to Jackson County; amending Chapter 74, Code of Ordinances, "Economic Development Incentive Policies and Procedures" by enacting a new Section 74-13 entitled "Stadium Impact Area Policy"; and amending Chapter 50, Code of Ordinances, Offenses and Miscellaneous Provisions, by repealing and replacing Section 50-11; appropriating $150,000.00 from the Development Services Fund and authorizing the use of previously appropriated funds for the purpose of executing certain professional services agreements in furtherance of the objectives of this ordinance; and recognizing this ordinance as having an accelerated effective date.
FINANCE COMMITTEE recommends “Advance and Do Pass as a Committee Substitute, Debate.”
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WHEREAS, Ordinance No. 260704 authorized the City Manager to enter into necessary agreements to support the development and operations of a new stadium, team offices, and supporting infrastructure (the “Project”) in the Washington Square Park/Crown Center area; and
WHEREAS, Ordinance No. 260704 and Ordinance No. 260339 directed the City Manager to apply for a TIF Plan in support of this Project; and
WHEREAS, the funding agreement approved by Ordinance No 260704 (the “Funding Agreement”) obligates the City to a commitment of Six-Hundred Million dollars ($600,000,000.00) in support of the Project (the “City Funding Commitment”); and
WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) was created 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 “Act”), and by Ordinance No. 54...
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