Title
An Ordinance terminating and dissolving the I-470 Business and Technology Tax Increment Financing Plan, Special Allocation Fund, Redevelopment Area and terminating the collection of Tax Increment Financing Revenues for such plan.
(Note: First read by Council on July 13, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to terminate the I-470 Business & Technology TIF Plan
Key Issues:
Termination of the TIF Plan, the Redevelopment Area, the Special Allocation Fund and the collection of TIF revenues.
Proposed City Council Motion:
I move for adoption of An Ordinance terminating and dissolving the I-470 Business and Technology Tax Increment Financing Plan, Special Allocation Fund, Redevelopment Area and terminating the collection of Tax Increment Financing Revenues for such plan.
Background:
the City Council of the City of Lee's Summit, Missouri adopted Ordinance No. 6229 on July 27, 2006 which approved the I-470 Business and Technology Increment Financing Plan (the "TIF Plan"), designated certain real property as a Redevelopment Area, and adopted tax increment financing with respect to the Redevelopment Area and established a Special Allocation Fund, all pursuant to the Real Property Tax Increment Allocation Act, Sections 99.800 to 99.865 RSMo. (the "Act")
The City 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 34 acres from the Redevelopment Area. The City Council adopted Ordinance No. 8150 on May 4, 2017,...
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