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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 240260
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Sponsor: Councilmember Wes Rogers
COMMITTEE SUBSTITUTE
Accepting the recommendations of the Tax Increment Financing Commission as to the I-29 & I-435 Tax Increment Financing Plan; approving the I-29 & I-435 Tax Increment Financing Plan; authorizing the execution of the Funding and Reimbursement Agreement with the TIF Commission providing for the construction of roundabouts and reimbursement of such costs to the City; estimating revenues in the amount of $5,515,044.00 in the Capital Improvements Fund; appropriating the amount of $4,815,044.00 from the Unappropriated Fund Balance of the Capital Improvements Fund to the N.W. Cookingham and N. Ambassador Project; designating requisitioning authority; and directing the Clerk to send a copy of this ordinance to Platte County.
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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 City Council of Kansas City, Missouri 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, Ordinance No. 130986, passed on December 19, 2013, and Committee Substitute for Ordinance No. 140823, passed on June 18, 2015, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, Kansas City Airport Parking, LLC (the "Developer") proposed a mixed office/commercial development project at the intersections of Prairie View and N.W. Cookingham Drive & Interstate-29 for the construction of several restaurants, hotels, retail and office space (the "Project"), which includes public improvements consisting of the construction of two (2) roundabouts along N.W. Cookingham Drive, among other public improvements, with th...
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