committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 250811
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Sponsor: Councilmember Nathan Willett
COMMITTEE SUBSTITUTE
Amending Chapter 3, Code of Ordinance, "Contracting and Leases," by repealing and replacing Sections 3-425, 3-505, and 3-622, and amending Chapter 74, Code of Ordinance, "Kansas City Redevelopment Ordinance," by repealing and replacing Section 74-11, to modify the provision of certain city policies to economic development areas tax increment financing plans.
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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 Kansas City TIF Commission and the Clay County KC TIF Commission; and
WHEREAS, tax increment financing involves the redirection of revenues generated by a development to reimburse redevelopment project costs incurred in connection with a redevelopment plan or redevelopment project as those terms are defined in the Act; and
WHEREAS, the Act provides specific limitations on the reimbursement of redevelopment project costs incurred in relation to redevelopment plans for redevelopment areas that have been found by the city council to constitute an economic development area pursuant to the Act ("Economic Development Area TIF Plans"); and
WHEREAS, unlike in other redevelopment plans adopted pursuant to the Act, tax increment revenues of Economic Development Area TI...
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