Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 17-710Res.No:          6184

Agenda Title:

17-710 - A resolution accepting the Midtown/Truman Road Corridor Redevelopment Corporation 2017 Annual Budget.
Recommendations:

Staff recommends approval.
Executive Summary:

In accordance with the provisions of the Redevelopment Agreement and the Cooperative Agreement for Administrative Services, the Midtown Truman Road Corridor 353 Redevelopment Corporation must submit its estimated annual budget. This will allow the Corporation to pay for administrative services as described in the Cooperative Agreement.
Background:

The Midtown Truman Road Corridor Development Plan was approved in June 1995 and amended in May 2000. Ordinance 17490 authorized a Cooperative Agreement between the City and the M/TRC for administrative services. The Agreement requires that the City and Corporation agree annually to a budget.

 

The Corporation's revenue has dramatically decreased since the Independence Regional Medical Center moved from the district in 2008. The largest portion of the budget ($24,000 or 84%) is dedicated to administrative services provided by the City under the 2000 Cooperative Agreement. Services include administering tax abatement (including five-year property inspections); annual reporting and financial management; management of ongoing public improvements; clerical oversight; and other necessary corporation business. 



Fiscal Impact:

The Corporation is wholly funded from tax increment financing (TIF) proceeds from the Independence Regional Health Center. The Corporation will reimburse the City for administrative services per the Cooperative Agreement.



Department:          Community DevelopmentContact Person:          Tom Scannell


REVIEWERS:
DepartmentAction
Community Development DepartmentApproved
City Clerk DepartmentApproved
Finance DepartmentApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:         

ATTACHMENTS:
DescriptionType
MTRC Budget ResolutionResolution
Letter from M/TRCBackup Material