Title
An Ordinance terminating Project 4 of the East U.S. 50 Corridor Improvement Tax Increment Financing Plan and terminating the collection of Tax Increment Financing Revenues within the Project 4 Area.
(Note: First read by Council on July 13, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to terminate Project 4 of the East U.S. 50 Corridor Improvement TIF Plan
Key Issues:
Termination of Project 4 and ending the collection of TIF revenues in that project area.
Proposed City Council Motion:
I move for adoption of an Ordinance terminating Project 4 of the East U.S. 50 Corridor Improvement Tax Increment Financing Plan and terminating the collection of Tax Increment Financing Revenues within the Project 4 Area.
Background:
The East U.S. 50 Corridor Improvement Tax Increment Financing Plan (the “TIF Plan”) was approved on December 13, 2007 through the adoption of Ordinance No. 6551. The original purpose of the TIF Plan was to collect revenues to fund the construction of the Blackwell Interchange at Highway 50 and improvements to arterial roads in the area including Todd George.
The TIF Plan originally called for four project areas, but only two have been activated. Project 1 was activated through the adoption of Ordinance No. 6551 as described above and includes the Lee’s Summit Hospital. Projects 2 and 3 have never been initiated, and it is now too late to initiate those project areas.
On April 4, 2013, the City Council approved the First Amendment to the TIF Plan for Project 4 through the adoption of Ordinance No. 7312. The development that has occurred in Project 4 includes a Price Chopper grocery store, the Johnny’s Tavern restaurant, and other retain stores and service establishments. On December 19, 2013, the City Council approved the Second Amendment to the TIF Plan through the adoption of Ordinance No. 7410, which provides that Project 4 will be terminated after all of the Project 4 Developer’s reimbursable project costs have b...
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