74-8921. Bonds for projects in redevelopment districts; establishment of redevelopment district; maximum maturity of bond; feasibility study. (a) In addition to the other requirements of this act, bonds issued by the authority under subsection (e) of K.S.A. 74-8905, and amendments thereto, shall be issued only after the authority establishes a redevelopment district in accordance with the provisions of this section.
(b) To establish a redevelopment district, the authority shall adopt a resolution stating its intent to establish the redevelopment district, describing the boundaries of the proposed district, identifying any proposed projects to be considered as a part of the redevelopment district, and stating the time, place, and manner that the authority will receive public written comment on the proposed redevelopment district. The resolution shall be published once each week for two consecutive weeks in a newspaper of general circulation within the county in which the redevelopment district may be established. A copy of the resolution shall be mailed to the governing bodies of the county and the school district in which the proposed redevelopment district is located. Upon conclusion of a public comment period of not less than 10 days following the second publication, the authority may adopt a resolution establishing the redevelopment district. Any addition of area to the redevelopment district shall be subject to the same procedure as the original resolution that established the redevelopment district.
(c) Any redevelopment plan undertaken within the redevelopment district may be in separate development stages. Each plan shall be adopted according to the provisions of K.S.A. 74-8922, and amendments thereto, and shall fix a date for completion. Any project constituting a part of an approved redevelopment plan shall be completed on or before the final scheduled maturity of the first series of bonds issued to finance the redevelopment project.
(d) Subject to the provisions of K.S.A. 74-8925, and amendments thereto, any increment in ad valorem property taxes resulting from a redevelopment district undertaken in accordance with the provisions of this act, shall be apportioned to the redevelopment bond fund created pursuant to K.S.A. 74-8927, and amendments thereto, for the payment of the costs of an approved redevelopment project, including the payment of principal and interest on any bonds issued to finance such project pursuant to this act and may be pledged to the payment of principal and interest on such bonds. The maximum maturity of bonds issued pursuant to this section and subsection (e) of K.S.A. 74-8905, and amendments thereto, shall not exceed 20 years from the date of approval of the redevelopment project. For the purposes of this act, "increment" means that amount of ad valorem taxes collected from real property located within the redevelopment district that is in excess of the amount which is produced from such property and attributable to the assessed valuation of such property prior to the date the redevelopment district was established, as determined under the provisions of K.S.A. 74-8925, and amendments thereto.
(e) Before any redevelopment district is established pursuant to K.S.A. 74-8921, and amendments thereto, a comprehensive feasibility study, which shows the benefits to the state and its political subdivisions derived from such project will exceed the costs and that the income therefrom will be sufficient to pay for the project, shall be prepared by the developer and submitted to the authority and a redevelopment plan implementation agreement between the authority and the developer with respect to implementing the redevelopment plan shall have been executed. Such feasibility study shall be an open public record and the redevelopment agreement shall be approved by the board of county commissioners of the county in which the redevelopment district is located.
History: L. 1998, ch. 199, § 4; L. 1999, ch. 158, § 4; L. 2003, ch. 136, § 9; May 1.
Structure Kansas Statutes
Chapter 74 - State Boards, Commissions And Authorities
Article 89 - Development Finance Authority
74-8904 Same; general powers of authority.
74-8908 Bonds and interest exempt from taxation.
74-8909 Pledges of authority valid and binding.
74-8910 Exemption from liability of director, officers and employees of authority.
74-8911 Special funds or accounts authorized.
74-8912 Refunding bonds authorized; disposition of proceeds; manner of sale and security.
74-8913 Reports of authority to governor and legislature, when; contents.
74-8914 Services to authority by state agencies and officers.
74-8915 Financial interest in contracts and agreements of authority prohibited.
74-8918 Bonds for loans to public water supply systems.
74-8919 Repayment of amounts advanced from state general fund; deferral provided.
74-8921 Bonds for projects in redevelopment districts; establishment of redevelopment district; maximum maturity of bond; feasibility study.
74-8923 Same; use of bond proceeds and funds from other authorized sources.
74-8924 Same; sources of revenue to finance the bonds.
74-8927 Same; remittal of pledged revenues; credit to redevelopment bond fund; distribution.
74-8928 Same; agreements to implement redevelopment projects.
74-8930 Same; reimbursement of Wyandotte county; secretary of commerce certification of expenses.
74-8936 Bonds for a multi-sport athletic complex; definitions; procedures; feasibility study.
74-8937 Same; pledgeable revenues; limitations.
74-8938 Same; collection and remittance of state and local sales tax proceeds.
74-8939 Bonds for certain electric generation facilities.
74-8940 Bonds for pollution control devices at certain electric generation facilities.
74-8942 Bonds for tire manufacturers; definitions.
74-8943 Same; authority of Kansas development finance authority to issue; terms and conditions.
74-8944 Same; authorities and duties of secretary of commerce; contracts.
74-8945 Same; disallowance of certain income tax credits.
74-8946 Bonds for electric transmission facilities.
74-8947 Financing for certain integrated coal gasification power plants.
74-8948 Financing for certain refineries.
74-8949 Financing for certain crude oil or natural gas pipelines.
74-8949a Financing for certain integrated coal or coke gasification nitrogen fertilizer plants.
74-8949b Financing for certain biomass-to-energy plants.
74-8949c Financing for certain renewable electric cogeneration facilities.
74-8949d Financing for certain waste heat utilization systems at electric generation facilities.
74-8949e Financing of renewable generators used by certain community colleges.
74-8950 Division of housing established; director, appointment.
74-8955 Rights preserved in legal actions and proceedings.
74-8956 Same; transfer of officers and employees; rights and benefits preserved.
74-8958 Official state agency for purposes of federal acts and programs.
74-8960 Financing for certain energy conservation measures.
74-8962 Wilson county capital improvements fund; administration; deposits and expenditures.
74-8964 Same; pledge and covenant by the state