ORDINANCE NO. 250598
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Sponsor: Director of Housing and Community Development Department
Accepting the recommendation of the Central City Economic Development (CCED) Tax Board to increase funding for two projects in the amount of $771,680.00; reducing an existing appropriation by $771,680.00 and appropriating $771,680.00 from the Unappropriated Fund Balance in the Central City Economic Development; and authorizing the Manager of Procurement Services to execute necessary documents to amend the funding agreements and expend up to $771,680.00 from the funds appropriated in the Central City Economic Development fund.
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WHEREAS, Section 67.1305 of the Revised Statuses of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, and then approved by, a majority of the votes cast; and
WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1304, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Gregory Boulevard on the south, Paseo Boulevard on the west and Indiana Avenue on the east; and
WHEREAS, the developers requested a public contribution and the Central City Economic Development Sales Tax Board recommended that funding be approved; and
WHEREAS, the Developer's subsequently identified a need for additional funding due to increases in construction labor and construction material; and
WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined t...
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