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TABLE OF CONTENTS Page I. DEFINITIONS ................................................................................................................................. 2 II. TAX INCREMENT FINANCING .................................................................................................. 5 III. GENERAL DESCRIPTION OF PLAN AND PROJECTS ............................................................. 6 A. THE REDEVELOPMENT PLAN .................................................................................................. 6 B. REDEVELOPMENT AREA ........................................................................................................ 6 C. PROJECT IMPROVEMENTS. ...................................................................................................... 6 D. ESTIMATED DATE OF COMPLETION ....................................................................................... 6 E. REDEVELOPMENT PLAN OBJECTIVES ..................................................................................... 7 F. SPECIFIC OBJECTIVES………………………………………………………….…..7 G. GAMING STATUS .................................................................................................................... 7 IV. FINANCING ................................................................................................................................... 7 A. ESTIMATED REDEVELOPMENT PROJECT COSTS ..................................................................... 7 B. ANTICIPATED SOURCES OF FUNDS ......................................................................................... 7 C. PAYMENTS IN LIEU OF TAXES ................................................................................................ 8 D. ECONOMIC ACTIVITY TAXES ................................................................................................. 8 E. ANTICIPATED TYPE AND TERMS OF OBLIGATIONS ................................................................ 9 F. EVIDENCE OF COMMITMENTS TO FINANCE ............................................................................ 9 V. MOST RECENT EQUALIZED ASSESSED VALUATION ......................................................... 9 VI. ESTIMATED EQUALIZED ASSESSED VALUATION AFTER REDEVELOPMENT ........... 10 VII. GENERAL LAND USE ................................................................................................................ 10 VIII. CONFORMANCE TO THE COMPREHENSIVE PLAN ............................................................ 10 IX. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA .............................................. 10 X. “BUT FOR TIF” ............................................................................................................................ 10 XI. COST-BENEFIT ANALYSIS ....................................................................................................... 11 XII. ACQUISITION AND DISPOSITION .......................................................................................... 11 XIII. RELOCATION ASSISTANCE PLAN ......................................................................................... 12 XIV. ENTERPRISE ZONE .................................................................................................................... 12 XV. PROVISION OF PUBLIC FACILITIES AND LANDSCAPING ................................................ 12 XVI. REDEVELOPMENT AGREEMENT ........................................................................................... 12 XVII. PROVISIONS FOR AMENDING THE PLAN ............................................................................ 13 Metro North Crossing TIF Plan i EXHIBITS Exhibit 1: Legal Descriptions A: Redevelopment Area B: Redevelopment Projects Exhibit 2: Maps A: Redevelopment Area B: Site Map Exhibit 3 Specific Objectives Exhibit 4: Construction and Employment Information A: Construction Totals by Project Area B: Employment Totals by Project Area Exhibit 5: A. Estimated Redevelopment Costs B. Development Schedule Exhibit 6: Estimated Annual Increases in Assessed Value and Resulting Payments in Lieu of Taxes and Projected Economic Activity Taxes Exhibit 7: Redeveloper Affidavit Exhibit 8: Cost-Benefit Analysis Exhibit 9: Evidence of “But For” Exhibit 10: Existing Conditions Study (Blight Study) Exhibit 11: Evidence of Financing Interest Exhibit 12: Relocation Assistance Exhibit 13: Redeveloper’s Proposal ________________________________________________________________________________________________________ Metro North Crossing TIF Plan SUMMARY The Metro North Crossing Tax Increment Financing Plan (the “Plan”) contemplates the redevelopment of the existing Metro North Site, which is situated on approximately 92.21 acres and is generally bounded by 88th Street on the North, Wyandotte Street on the east, Barry Road on the south and US Highway 169/Summit Avenue on the west in Kansas City, Clay County, Missouri. The Plan provides for the partial demolition of approximately 896,874 square feet of the existing Metro North Mall and, in its place, the development of a substantially-sized courtyard/gathering area for community events, approximately 826,175 square of feet of retail space, approximately 60,000 square feet of office space, 150 units of multi-family residential housing, a 100-room limited services hotel and approximately 4,750 parking spaces (the “Project Improvements”) and public infrastructure improvements, which may consist of streetscape, signage, signaling, sidewalks and curbs and such other related pubic infrastructure improvements that support and enhance the Project Improvements (the “Public Improvements”). The estimated Redevelopment Project Costs to implement the Plan are approximately $185,670,152, plus costs of financing estimated to be $72,649,205 for a total cost of $258,319,357. The estimated Reimbursable Project Costs to implement the Plan are approximately $71,311,175 plus costs of financing equal to $72,649,205 for a total of $143,960,380. The Reimbursable Project Costs are identified on Exhibit 5A, attached to this Plan. Of the remaining $114,358,977 of Redevelopment Project Costs, together with financing costs related thereto, will be funded by a combination of private equity and debt. The total initial equalized assessed valuation of the Redevelopment Area according to current records at the Clay County Assessor’s Office is approximately $2,805,0001. The current combined ad valorem property tax levy is projected to be $7.3484 per $100 assessed valuation. The 2015 annual ad valorem tax revenue from the Redevelopment Area will be approximately $206,123. Following the completion of all Project Improvements, it is estimated that the assessed value of the property will increase to approximately $37,689,198. Pursuant to the Act, tax increment financing allows for the use of Economic Activity Taxes and Payment in Lieu of Taxes generated and collected within the Redevelopment Project Areas for a twenty-three (23) year period to pay Reimbursable Project Costs. The estimated total Payments in Lieu of Taxes generated within the Redevelopment Project Areas and deposited within the Special Allocation Funds while Tax Increment Financing is authorized and available to pay Reimbursable Project Costs is $56,956,656. Those Payments in Lieu of Taxes, which are estimated to be generated on an annual basis, are shown on Exhibit 6, attached to this Plan. The estimated total Economic Activity Taxes generated within the Redevelopment Project Areas and deposited into the Special Allocation Fund while Tax Increment Financing is 1 Value created by calculating 50% value of parcel 13-216-00-03-017.00 which will be segmented at a later date. ________________________________________________________________________________________________________ Metro North Crossing TIF Plan 1 authorized and, upon annual appropriation by the City Council, available to pay Reimbursable Project Costs is $98,916,516. Those Economic Activity Taxes, which are estimated to be generated on an annual basis, are shown on Exhibit 6, attached to this Plan. Upon the reimbursement of all Reimbursable Project Costs (including Administrative Expenses), all remaining Payments in Lieu of Tax and Economic Activity Taxes, subject to Section 99.850 RSMo., shall be declared surplus and shall be distributed to the Taxing Districts (as hereafter defined) in accordance with the Act. I. DEFINITIONS As used in this Tax Increment Financing Plan, the following terms shall have the following meanings: A. “Act,” the Real Property Tax Increment Allocation Redevelopment Act, Section 99.800, et seq., Revised Statutes of Missouri, as amended. B. “Administrative Expenses” shall have the meaning set forth in Section V.A. of the Plan. C. “Blighted area,” an area which, by reason of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, retards the provision of housing accommodations or constitutes an economic or social liability or a menace to the public health, safety, morals, or welfare in its present condition and use. D. “City,” the City of Kansas City, Missouri. E. “City Council” the governing body of the City. F. “Commission,” the Tax Increment Financing Commission of Kansas City, Missouri. G. “County,” the County of Clay County, Missouri. H. “Economic Activity Taxes” or “EATs”, Fifty percent

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