Focus Area: Legal; Economy
Staff Contact: Ron Shaver; Jamie Robichaud
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title:
title
Consideration of Ordinance No. 26-28 removing Project Area 1 from the Olathe Gateway Redevelopment District and terminating tax increment financing for Project Area 1.
Body
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recommended motion:
Move to approve Ordinance No. 26-28 removing Project Area 1 from the Olathe Gateway Redevelopment District and terminating tax increment financing for Project Area 1
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Summary:
On November 28, 2006, the City Council adopted Ordinance No. 06-124, approving a redevelopment plan for Olathe Gateway Tax Increment Financing Project Area 1. Area 1 encompasses approximately 21 acres at the southeast corner of 119th Street and Renner Boulevard, including Bass Pro Shops, Longhorn Steakhouse, and Jason’s Deli.
The City issued Special Obligation Tax Increment Revenue Bonds, Series 2006, secured by incremental property and sales tax revenues within Project Area 1 under the redevelopment plan. The 20-year period for Project Area 1 has expired, and the trustee for the Bonds has informed the City that the Bonds have been fully repaid.
The Ordinance (Attachment A) removes Project Area 1 from the Olathe Gateway Redevelopment District and terminates the redevelopment plan and TIF for Project Area 1. This action has no impact on any other redevelopment plans or project areas within the Olathe Gateway Redevelopment District.
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Financial Information:
The City will begin receiving all sales and property taxes within Project Area 1 that were previously dedicated to paying debt service on the Bonds.
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Attachment(s):
A. Ordinance No. 26-28 - Removing Project Area 1 from Olathe Gateway Redevelopment District