ORDINANCE NO. 250636
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Sponsor: City Manager's Office
Approving the Fifth Amendment to the Heart of the City Neighborhood Stabilization Tax Increment Financing Plan; and directing the City Clerk to transmit copies of this ordinance.
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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, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, Ordinance No. 100089, passed on January 28, 2010, and Committee Substitute for Ordinance No. 140823, As Amended, passed on June 18, 2015, and Committee Substitute for Ordinance No. 230524, passed on June 22, 2023, created the Kansas City Tax Increment Financing Commission (the "Commission"); and
WHEREAS, the City Council, by passage of Ordinance No. 160979, accepted the recommendations of the Commission, approved the Troost Avenue Tax Increment Financing Plan, as modified, and renamed the same to be known as the Heart of the City Neighborhood Stabilization Tax Increment Financing Plan (the "Plan"), and designated the redevelopment area described therein to be a Conservation Area (the "Redevelopment Area"); and
WHEREAS, the Plan has been amended four times by Ordinance No. 170887 on November 30, 2017, by Ordinance No. 180212 on April 5, 2018, by Ordinance No. 190828 on October 17, 2019, and by Ordinance No. 190943 on December 5, 2019; and
WHEREAS, the Fifth Amendment to the Plan ("Fifth Amendment") has been proposed to the Council, which incorporates certain parameters for the Housing Program so that tax increment financing can fund improvements contemplated thereby (the "Proposed Fifth Amendment Modifications"); and
WHEREAS, the proposed Fifth Amendment Mo...
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