COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 060012
Approving and designating
Redevelopment Project 3 of the Baltimore Place Tax Increment Financing Plan as
a Redevelopment Project and adopting tax increment financing therefor.
WHEREAS, the City
Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24,
1982 and thereafter amended in certain respects by Committee Substitute for
Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No.
100089, passed on January 28, 2010, created the Tax Increment Financing
Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, on February
2, 2006, the City Council passed Ordinance No. 060010, which accepted the
recommendations of the Commission as to the Baltimore Place Tax Increment
Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, on
January 7, 2008, the City Council passed Ordinance No. 071344, which accepted
the recommendations of the Commission as to the First Amendment to the
Baltimore Place Tax Increment Financing Plan; and
WHEREAS, the
City Council passed Ordinance No. 100385, which approved the Second Amendment
to the Baltimore Place Tax Increment Financing Plan; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment
Plan through a number of separate Redevelopment Projects and the adoption of
tax increment financing in each of the areas selected for such Redevelopment
Projects; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. All terms
used in this ordinance shall be construed as defined in Sections 99.800 to
99.865 of the Revised Statutes of Missouri, as amended.
Section 2. The
area selected for Redevelopment Project 3 legally described as follows:
All of
Lot 92, Block 13, Hubbard’s Addition, a subdivision in Kansas City, Jackson
County, Missouri, except the East part thereof in alley and except the
West part thereof in Wyandotte Street;
Also
all that part of Lots 90 and 91, Block 13, Hubbard’s Addition, a subdivision in
Kansas City, Jackson County, Missouri, according to the recorded plat thereof,
described as follows: Beginning at the intersection of the South
line of 8th Street and the East line of Wyandotte Street, as said streets are
now established, thence South along said East line of Wyandotte Street 60.5
feet, more or less, to the North line of said Lot 92, Hubbard’s Addition,
thence East along said North line of said Lot 92, to the West line of an alley
conveyed to Kansas City by Deed recorded in Book B-255, Page 547, thence North
along said West line of said alley to the South line of 8th Street, thence West
along said South line of 8th Street to the point of beginning.
is approved and designated as the
Baltimore Place Tax Increment Financing Plan Redevelopment Project 3 (“Project
3”).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 3. After the total equalized
assessed valuation of the taxable real property in Project 3 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 3, the ad valorem taxes, and payment in lieu of taxes, if
any, arising from the levies upon the taxable real property in such project by
taxing districts and tax rates determined in the manner provided in subsection
2 of Section 99.855 each year after the effective date of the ordinance until
redevelopment costs have been paid shall be divided as follows:
1. That portion of taxes levied upon each taxable lot, block,
tract, or parcel of real property which is attributable to the initial
equalized assessed value of each such taxable lot, block, tract or parcel of
real property in the area selected for the Project 3 shall be allocated to and,
when collected, shall be paid by the Jackson County Collector and the City
Treasurer to the respective affected taxing districts in the manner required by
law in the absence of the adoption of tax increment allocation financing;
2. Payments in lieu of taxes attributable to the increase in the
current equalized assessed valuation of each taxable lot, block, tract, or
parcel of real property in the area selected for Project 3 over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project 3 shall be allocated to and, when collected, shall be paid
to the City Treasurer who shall deposit such payment in lieu of taxes into a
special fund called the "Special Allocation Fund" of the City for the
purpose of paying Redevelopment Project Costs and obligations incurred in the
payment thereof. Any payments in lieu of taxes which are not paid within sixty
(60) days of the due date shall be deemed delinquent and shall be assessed a
penalty of one percent (1%) per month.
Section 4. In
addition to the payments in lieu of taxes described in subsection 2 of Section
3 above, fifty percent (50%) of the total additional revenue from taxes which
are imposed by the City or taxing districts, and which are generated by
economic activities within the area selected for Project 3 over the amount of
such taxes generated by economic activities within such area in the calendar
year prior to the adoption of this ordinance, while tax increment financing
remains in effect, but excluding personal property taxes, taxes imposed on sales
of charges for sleeping rooms paid by transient guests of hotels and motels, taxes
levied pursuant to Section 70.500, RSMo, taxes levied for the purpose of public
transportation pursuant to Section 94.660, RSMo, licenses, fees or special
assessments, other than payments in lieu of taxes and penalties and interest
thereon, shall be allocated to, and paid by the collecting officer to the City
Treasurer or other designated financial officer of the City, who shall deposit
such funds in a separate segregated account within the Special Allocation Fund.
_____________________________________________
Approved as to
form and legality:
______________________________
Heather A. Brown
Assistant City Attorney