ORDINANCE NO. 251042
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Sponsor: Councilmember Crispin Rea
Approving the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri as to the 800 Grand Tax Increment Financing Plan and approving the 800 Grand Tax Increment Financing Plan; approving the City's contribution of Additional EATs generated in the Plan Area; and authorizing the City Manager to enter into a Tax Contribution and Disbursement Agreement with the Kansas City TIF Commission and 800 Grand KCMO LLC.
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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 "Act"), the City Council of Kansas City, Missouri (the "City Council"), 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, Committee Substitute for Ordinance No. 140823, as amended on June 18, 2015, Committee Substitute for Ordinance No. 230524, passed on June 22, 2023, and by Committee Substitute for Ordinance No. 240045 on March 21, 2024, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, the 800 Grand Tax Increment Financing Plan (the "Redevelopment Plan") was proposed to the Commission; and
WHEREAS, the Redevelopment Plan provides for the construction of a new 24-story, approximately 645,000 square foot mixed-use residential building with approximately 319 multi-family residential units, approximately 28,000 square feet of commercial/retail space, an approximately 1,600 seat theater designed to host a wide variety of entertainment events, and approximately 574 parking spaces (collectively, the "Residential Building Improvements"), and the rehabilitation of the adjacent Scarritt and A...
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