Title
AN ORDINANCE APPROVING A SECOND AMENDMENT TO THE I-470 BUSINESS AND TECHNOLOGY TAX INCREMENT FINANCING PLAN AND A FIRST AMENDMENT TO TAX INCREMENT FINANCING CONTRACT.
Body
Issue/Request:
AN ORDINANCE APPROVING A SECOND AMENDMENT TO THE I-470 BUSINESS AND TECHNOLOGY TAX INCREMENT FINANCING PLAN AND A FIRST AMENDMENT TO TAX INCREMENT FINANCING CONTRACT.
Key Issues:
This ordinance will approve a second amendment to the I-470 Business and Technology Tax Increment Financing Plan and a First Amendment to the Tax Increment Financing Contract.
Proposed City Council Motion:
First Motion: AN ORDINANCE APPROVING A SECOND AMENDMENT TO THE I-470 BUSINESS AND TECHNOLOGY TAX INCREMENT FINANCING PLAN AND A FIRST AMENDMENT TO TAX INCREMENT FINANCING CONTRACT, I move for second reading.
Second Motion: AN ORDINANCE APPROVING A SECOND AMENDMENT TO THE I-470 BUSINESS AND TECHNOLOGY TAX INCREMENT FINANCING PLAN AND A FIRST AMENDMENT TO TAX INCREMENT FINANCING CONTRACT, I move for adoption.
Background:
On July 27, 2006, the City Council approved the I-470 Business and Technology Tax Increment Financing Plan (the “Redevelopment Plan”) through the adoption of Ordinance No. 6229. The City also entered into a Tax Increment Financing Contract with Wilgate Development, L.L.C., dated March 8, 2007 (the “TIF Contract”). The obligations of Wilgate Development, L.L.C. under the Redevelopment Plan and TIF Contract were assigned to LBC Development Corp. (the “Developer”) pursuant to an Assignment Agreement approved by the City Council by Ordinance 6452, adopted July 19, 2007, which was executed on August 13, 2007. On December 3, 2015, the City Council approved a First Amendment to the Redevelopment Plan through the adoption of Ordinance No. 7757 in order to remove approximately 30 acres from the Redevelopment Area.
LBC Development Corp. has requested a Second Amendment to the Redevelopment Plan. The primary purpose of the proposed amendment is to revise the following budget li...
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