ORDINANCE NO. 240258
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Sponsor: Councilmember Melissa Robinson, Mayor Quinton Lucas and Councilmember Crispin Rea
Approving the recommendations of the Tax Increment Financing Commission as to the Historic Northeast 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 Historic Northeast Lofts 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, and Committee Substitute for Ordinance No. 230524, passed on June 22, 2023, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, the Historic Northeast Tax Increment Financing Plan (the "Redevelopment Plan") was proposed to the Commission; and
WHEREAS, the Redevelopment Plan provides for the construction: of (1) approximately 389 multi-family residential units, of which 322 shall be reserved as "affordable housing" for tenants who earn less than 80% of the Kansas City, Missouri median household income, approximately 13,000 square feet of retail space, an approximately 30,000 square foot daycare center and after school program space, and approximately 500 parking spaces (the "Project Improvements"); and (2) the construction or reconstruction of public infrastructure improvements, includin...
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