12-1771b.Redevelopment district containing an auto
race track facility; procedure for establishing; bond
issuance limitations; revenue redirected upon collections sufficient to satisfy
bond obligation.
(a) The boundaries of any
redevelopment district in a major tourism
area including an auto race track facility located in Wyandotte county, shall,
without regard to that
portion of the district pertaining to the auto race track facility, be as
follows: Beginning at the
intersection of Interstate 70 and Interstate 435; West along Interstate 70 to
118th Street; North along
118th Street to State Avenue; Northeasterly along proposed relocated State
Avenue to 110th Street;
North along 110th Street to Parallel Parkway; East along Parallel Parkway to
Interstate 435; South
along Interstate 435 to Interstate 70.
(b) Any major tourism area may include an additional area not exceeding 400
acres of
additional property, excluding roads and highways, in addition to the property
necessary for the auto
race track facility upon a finding by the governor that the development plan
and each project within
such additional 400 acre area will enhance the major tourism area. For
the development
of each project within
such additional 400 acre area the city shall select qualified developers
pursuant to a
request for proposals in
accordance with written official procedures approved by the governing body of
the city.
(c) If a city determines that revenues from sources other than property taxes
will be sufficient
to pay any special obligation bonds issued to finance a redevelopment project
for an auto race track
facility as described in subsection (a) of K.S.A. 12-1770a, and
amendments thereto all real and
personal property, constituting an auto race track facility described in
subsection (a) of K.S.A. 12-1770a, and
amendments thereto, in such redevelopment district shall be exempt from
property taxation for a
period ending on the date on which
no such special obligation bonds issued to finance such auto race track
facility in a major tourism
area remain outstanding.
(d) The city which is authorized to issue bonds pursuant to the provisions of
K.S.A. 12-1770
et seq. in order to finance a redevelopment project in a major
tourism area as defined by K.S.A.
12-1770a, and amendments thereto, shall obtain underwriting services
required by the city for
the issuance of such bonds pursuant to written proposals received in accordance
with this section.
Each city which is authorized to issue such bonds shall establish
written official
procedures for obtaining underwriting services required for the issuance of
such bonds, including
specifications for requests for proposals and criteria for evaluation of
proposals on a competitive
basis. The proposal evaluation criteria shall include factors based on cost,
capacity to provide the
required services, qualifications and experience.
Prior to the issuance of any such bonds to finance a redevelopment
project in a major tourism area the city shall
publish notice of a request for proposals to provide the underwriting services
that are required by the
city with regard to the proposed bond issuance and shall mail requests for
proposals to qualified
interested parties upon request for such notice. The city shall award contracts
for such underwriting
services from the proposals received in accordance with the procedures and
evaluation criteria
adopted by the city for such purpose. A city shall publish such notice in the
official newspaper of the
city.
(e) The maximum maturity on bonds issued to finance projects
pursuant to this act shall not
exceed 20 years except that such maximum period of special
obligation bonds not payable from
revenues described by subsection (a)(1)(D) of K.S.A. 12-1774, and
amendments thereto,
issued to finance an auto race track facility shall not exceed 30
years.
(f) The secretary of revenue shall determine when the
amount of sales tax and other revenues that have been collected and distributed
to the bond debt service or reserve fund is sufficient to satisfy all principal
and interest costs to the maturity date or dates, of any special obligation
bonds issued by a city to finance a redevelopment project in a major tourism
area. Thereafter, all sales tax and other revenues shall be collected and
distributed in accordance with applicable law.
History: L. 1993, ch. 213, § 8;
L. 2001, ch. 103, § 6;
L. 2003, ch. 154, § 4;
L. 2004, ch. 183, § 2;
L. 2005, ch. 132, § 3;
L. 2007, ch. 179, § 24; July 1.
12-1771b.Redevelopment district containing an auto
race track facility; procedure for establishing; bond
issuance limitations; revenue redirected upon collections sufficient to satisfy
bond obligation.
(a) The boundaries of any
redevelopment district in a major tourism
area including an auto race track facility located in Wyandotte county, shall,
without regard to that
portion of the district pertaining to the auto race track facility, be as
follows: Beginning at the
intersection of Interstate 70 and Interstate 435; West along Interstate 70 to
118th Street; North along
118th Street to State Avenue; Northeasterly along proposed relocated State
Avenue to 110th Street;
North along 110th Street to Parallel Parkway; East along Parallel Parkway to
Interstate 435; South
along Interstate 435 to Interstate 70.
(b) Any major tourism area may include an additional area not exceeding 400
acres of
additional property, excluding roads and highways, in addition to the property
necessary for the auto
race track facility upon a finding by the governor that the development plan
and each project within
such additional 400 acre area will enhance the major tourism area. For
the development
of each project within
such additional 400 acre area the city shall select qualified developers
pursuant to a
request for proposals in
accordance with written official procedures approved by the governing body of
the city.
(c) If a city determines that revenues from sources other than property taxes
will be sufficient
to pay any special obligation bonds issued to finance a redevelopment project
for an auto race track
facility as described in subsection (a) of K.S.A. 12-1770a, and
amendments thereto all real and
personal property, constituting an auto race track facility described in
subsection (a) of K.S.A. 12-1770a, and
amendments thereto, in such redevelopment district shall be exempt from
property taxation for a
period ending on the date on which
no such special obligation bonds issued to finance such auto race track
facility in a major tourism
area remain outstanding.
(d) The city which is authorized to issue bonds pursuant to the provisions of
K.S.A. 12-1770
et seq. in order to finance a redevelopment project in a major
tourism area as defined by K.S.A.
12-1770a, and amendments thereto, shall obtain underwriting services
required by the city for
the issuance of such bonds pursuant to written proposals received in accordance
with this section.
Each city which is authorized to issue such bonds shall establish
written official
procedures for obtaining underwriting services required for the issuance of
such bonds, including
specifications for requests for proposals and criteria for evaluation of
proposals on a competitive
basis. The proposal evaluation criteria shall include factors based on cost,
capacity to provide the
required services, qualifications and experience.
Prior to the issuance of any such bonds to finance a redevelopment
project in a major tourism area the city shall
publish notice of a request for proposals to provide the underwriting services
that are required by the
city with regard to the proposed bond issuance and shall mail requests for
proposals to qualified
interested parties upon request for such notice. The city shall award contracts
for such underwriting
services from the proposals received in accordance with the procedures and
evaluation criteria
adopted by the city for such purpose. A city shall publish such notice in the
official newspaper of the
city.
(e) The maximum maturity on bonds issued to finance projects
pursuant to this act shall not
exceed 20 years except that such maximum period of special
obligation bonds not payable from
revenues described by subsection (a)(1)(D) of K.S.A. 12-1774, and
amendments thereto,
issued to finance an auto race track facility shall not exceed 30
years.
(f) The secretary of revenue shall determine when the
amount of sales tax and other revenues that have been collected and distributed
to the bond debt service or reserve fund is sufficient to satisfy all principal
and interest costs to the maturity date or dates, of any special obligation
bonds issued by a city to finance a redevelopment project in a major tourism
area. Thereafter, all sales tax and other revenues shall be collected and
distributed in accordance with applicable law.
History: L. 1993, ch. 213, § 8;
L. 2001, ch. 103, § 6;
L. 2003, ch. 154, § 4;
L. 2004, ch. 183, § 2;
L. 2005, ch. 132, § 3;
L. 2007, ch. 179, § 24; July 1.
12-1771b.Redevelopment district containing an auto
race track facility; procedure for establishing; bond
issuance limitations; revenue redirected upon collections sufficient to satisfy
bond obligation.
(a) The boundaries of any
redevelopment district in a major tourism
area including an auto race track facility located in Wyandotte county, shall,
without regard to that
portion of the district pertaining to the auto race track facility, be as
follows: Beginning at the
intersection of Interstate 70 and Interstate 435; West along Interstate 70 to
118th Street; North along
118th Street to State Avenue; Northeasterly along proposed relocated State
Avenue to 110th Street;
North along 110th Street to Parallel Parkway; East along Parallel Parkway to
Interstate 435; South
along Interstate 435 to Interstate 70.
(b) Any major tourism area may include an additional area not exceeding 400
acres of
additional property, excluding roads and highways, in addition to the property
necessary for the auto
race track facility upon a finding by the governor that the development plan
and each project within
such additional 400 acre area will enhance the major tourism area. For
the development
of each project within
such additional 400 acre area the city shall select qualified developers
pursuant to a
request for proposals in
accordance with written official procedures approved by the governing body of
the city.
(c) If a city determines that revenues from sources other than property taxes
will be sufficient
to pay any special obligation bonds issued to finance a redevelopment project
for an auto race track
facility as described in subsection (a) of K.S.A. 12-1770a, and
amendments thereto all real and
personal property, constituting an auto race track facility described in
subsection (a) of K.S.A. 12-1770a, and
amendments thereto, in such redevelopment district shall be exempt from
property taxation for a
period ending on the date on which
no such special obligation bonds issued to finance such auto race track
facility in a major tourism
area remain outstanding.
(d) The city which is authorized to issue bonds pursuant to the provisions of
K.S.A. 12-1770
et seq. in order to finance a redevelopment project in a major
tourism area as defined by K.S.A.
12-1770a, and amendments thereto, shall obtain underwriting services
required by the city for
the issuance of such bonds pursuant to written proposals received in accordance
with this section.
Each city which is authorized to issue such bonds shall establish
written official
procedures for obtaining underwriting services required for the issuance of
such bonds, including
specifications for requests for proposals and criteria for evaluation of
proposals on a competitive
basis. The proposal evaluation criteria shall include factors based on cost,
capacity to provide the
required services, qualifications and experience.
Prior to the issuance of any such bonds to finance a redevelopment
project in a major tourism area the city shall
publish notice of a request for proposals to provide the underwriting services
that are required by the
city with regard to the proposed bond issuance and shall mail requests for
proposals to qualified
interested parties upon request for such notice. The city shall award contracts
for such underwriting
services from the proposals received in accordance with the procedures and
evaluation criteria
adopted by the city for such purpose. A city shall publish such notice in the
official newspaper of the
city.
(e) The maximum maturity on bonds issued to finance projects
pursuant to this act shall not
exceed 20 years except that such maximum period of special
obligation bonds not payable from
revenues described by subsection (a)(1)(D) of K.S.A. 12-1774, and
amendments thereto,
issued to finance an auto race track facility shall not exceed 30
years.
(f) The secretary of revenue shall determine when the
amount of sales tax and other revenues that have been collected and distributed
to the bond debt service or reserve fund is sufficient to satisfy all principal
and interest costs to the maturity date or dates, of any special obligation
bonds issued by a city to finance a redevelopment project in a major tourism
area. Thereafter, all sales tax and other revenues shall be collected and
distributed in accordance with applicable law.
History: L. 1993, ch. 213, § 8;
L. 2001, ch. 103, § 6;
L. 2003, ch. 154, § 4;
L. 2004, ch. 183, § 2;
L. 2005, ch. 132, § 3;
L. 2007, ch. 179, § 24; July 1.