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ORDINANCE NO. 040991
Approving
and designating Redevelopment Project VII C of the Barry Towne 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,
created the Tax Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS,
on June 6, 1996, the City Council passed Committee Substitute for Ordinance No.
960307, which accepted the recommendations of the Commission as to the Barry
Towne Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area to be an economic development area; and
WHEREAS,
the Council has passed Ordinance Nos. 011203 and 040807 accepting the
recommendations of the Commission as to the First and Second Amendments to the
Redevelopment 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 VII C legally described as
follows:
A tract of land in the Fractional Northwest
Quarter of Section 10, Township 51, Range 33, Kansas City, Clay County,
Missouri, being bounded and described as follows: Beginning at the Southwest
corner of the Fractional Northwest Quarter of said Section 10; thence North 00E3058 East, along the West line of said
Fractional Northwest Quarter, 512.05 feet; thence South 89E2939 East, 229.83 feet; thence South 0E3034 West, 512.07 feet to a point on
the South line of said Fractional Northwest Quarter; thence North 89E2915 West, along said South line,
229.89 feet to the Point of Beginning. Containing 2.70 acres, more or less.
is
approved and designated as the Barry Towne Tax Increment Financing Plan
Redevelopment Project VII C (Project VII C").
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in
the above described area
selected for Project VII C. After the total equalized assessed valuation of
the taxable real property in Project VII C exceeds the certified total initial
equalized assessed valuation of the taxable real property in Project VII C, 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 VII C 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 VII C over and above the initial equalized assessed
value of each such unit of property in the area selected for Project VII C
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 VII C 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 taxes imposed on sales of charges for sleeping
rooms paid by transient guests of hotels and motels, licenses, fees or special
assessments and personal property taxes, other than payments in lieu of taxes,
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