ORDINANCE NO. 220563
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Approving the Second Amendment to the Overlook Tax Contribution and Disbursement Agreement among the City, Tax Increment Financing Commission of Kansas City, Missouri, Oz Development, LLC, and Novak Birks, PC; Accepting the recommendation of the Central City Economic Development Tax Board for additional funding in the amount of $150,000.00 for a total not to exceed amount of $5,150,000.00, for an economic development project proposed by Community Builders of Kansas City for the purpose of site infrastructure for future office mixed use and residential development of a Class A Office and 155 residential units to be known as Overlook District located in Town Fork Creek neighborhood along Swope Parkway between Chestnut Avenue and College Avenue; estimating and appropriating $150,000.00 from the Central City Economic Development Sales Tax Fund; and authorizing the Director of Housing to execute the Amendment.
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WHEREAS, Section 67.1305 of the Revised Statutes 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 67.1305, 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, as part of the first round of funding, Community Builders of Kansas City ("Developer") submitted a proposal seeking $5,000,000.00 of Central City Economic Development ("CCED") sales tax funds for the construction of site infrastructure for future office mixed use and residential development of a Class A Office and 155 residential units to be known as Overlook District...
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