COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 991308

Approving and designating Redevelopment Project Area 1 of the Prospect North Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 March 23, 2000, the City Council passed Ordinance No. 991307, which approved the Prospect North Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through three 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 Area 1 legally described as follows:

Tract A: All that part of the East Half of the Northwest Quarter of Section 18, Township 51, Range 32, Kansas City, Clay County, Missouri, described as follows: Commencing at the Northeast corner of the Northwest Quarter of said Section 18; thence South 00 degrees 21 minutes 49 seconds West along the East line of the Northwest Quarter of said Section 18, a distance of 911.25 feet; thence North 89 degrees 38 minutes 11 seconds West, a distance of 179.91 feet to the Point of Beginning of the tract of land herein to be described, said point being on the Westerly right-of-way line of Missouri State Route M-1; thence South 01 degrees 16 minutes 19 seconds East along said right-of-way line, a distance of 100.58 feet; thence continuing along said right-of-way line South 07 degrees 31 minutes 00 seconds West, a distance of 210.29 feet; thence continuing along said right-of-way line South 01 degrees 13 minutes 58 seconds West, a distance of 205.15 feet; thence continuing along said right-of-way line South 08 degrees 29 minutes 06 seconds West, a distance of 293.12 feet; thence continuing along said right-of-way line South 14 degrees 12 minutes 41 seconds West, a distance of 86.51 feet to the Kansas City- Gladstone City Limits Line; thence North 89 degrees 19 minutes 31 seconds West along said City Limits Line, a distance of 720.35 feet to the Easterly right-of-way line of North Agnes Avenue; thence North 06 degrees 02 minutes 01 seconds West along said right-of-way line, a distance of 180.34 feet; thence continuing along said right-of-way line Northerly along a curve to the left having being tangent to the last described course having a radius of 1780.00 feet, an arc distance of 345.59 feet; thence continuing along said right-of-way line North 17 degrees 09 minutes 27 seconds West, a distance of 100.09 feet; thence continuing along said right-of-way line Northerly along a curve to the right being tangent to the last described course having a radius of 270.00 feet, an arc distance of 178.72 feet; thence continuing along said right-of-way line North 20 degrees 46 minutes 06 seconds East, a distance of 48.24 feet; thence South 69 degrees 13 minutes 54 seconds East, a distance of 347.45 feet; thence North 62 degrees 36 minutes 23 seconds East, a distance of 174.07 feet; thence South 27 degrees 23 minutes 37 seconds East, a distance of 43.32 feet; thence North 62 degrees 36 minutes 23 seconds East, a distance of 50.00 feet; thence Northeasterly along a curve to the right having an initial tangent bearing of North 27 degrees 23 minutes 37 seconds West and a radius of 15.00 feet, an arc distance of 23.56 feet; thence North 62 degrees 36 minutes 23 seconds East, a distance of 27.57 feet; thence Westerly along a curve to the right being tangent to the last described course having a radius of 280.00 feet, an arc distance of 100.99 feet; thence Southeasterly along a compound curve to the right having a radius of 15.00 feet, an arc distance of 22.49 feet; thence North 79 degrees 09 minutes 33 seconds East, a distance of 40.00 feet; thence Northerly along a curve to the right having an initial tangent bearing of North 10 degrees 50 minutes 27 seconds West and a radius of 280.00 feet, an arc distance of 42.85 feet; thence North 88 degrees 43 minutes 41 seconds East, a distance of 188.11 feet to the Point of Beginning. Said tract of land contains 15.52 acres more or less.

AND ALSO

Tract B: All that part of the East Half of the Northwest Quarter of Section 18, Township 51, Range 32, Kansas City, Clay County, Missouri, described as follows: Commencing at the Northeast corner of the Northwest Quarter of said Section 18; thence South 00 degrees 21 minutes 49 seconds West along the East line of the Northwest Quarter of said Section 18, a distance of 942.06 feet; thence North 89 degrees 38 minutes 11 seconds West, a distance of 1145.52 feet to the Point of Beginning of the tract of land herein to be described, said point being on the Westerly right-of-way line of North Agnes Avenue; thence South 20 degrees 46 minutes 06 seconds West along said right-of-way line, a distance of 48.24 feet; thence continuing along said right-of-way line Southerly along a curve to the left being tangent to the last described course having a radius of 330.00 feet, an arc distance of 218.44 feet; thence continuing along said right-of-way line South 17 degrees 09 minutes 27 seconds East, a distance of 100.09 feet; thence continuing along said right-of-way line Southerly along a curve to the right being tangent to the last described course having a radius of 1720.00 feet, an arc distance of 199.72 feet; thence North 89 degrees 19 minutes 22 seconds West, a distance of 180.37 feet to the West line of the East Half of the Northwest Quarter of said Section 18; thence North 00 degrees 18 minutes 59 seconds East along the West line of the East Half of the Northwest Quarter of said Section 18, a distance of 593.71 feet; thence South 69 degrees 13 minutes 54 seconds East, a distance of 132.30 feet to the Point of Beginning. Said tract of land contains 1.59 acres more or less.

is approved and designated as Redevelopment Project Area 1.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Redevelopment Project Area 1. After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area 1, 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 or real property in the area selected for Redevelopment Project Area 1 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 Redevelopment Project Area 1 over and above the initial equalized assessed value of each such unit of property 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 60 days of the due date will be deemed delinquent and assessed a penalty of 1% per month.

Section 4. In addition to the payments in lieu of taxes described in subsection 2 of Section 3 above, 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 Redevelopment Project Area 1 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.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney