ORDINANCE NO. 970998

Approving and designating Redevelopment Project VI of the Power and Light District Tax Increment Financing Plan, as amended, 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 ________________________, the City Council passed Ordinance No. 970992, which accepted the recommendations of the Commission as to the Power and Light District Tax Increment Financing Plan, as amended ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted development area; and

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine (9) separate Redevelopment Projects and the adoption of tax increment financing for such Redevelopment Project; 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 VI legally described as follows:

All of Lots 208 through 212, inclusive, Block 15, McGEE'S ADDITION, a subdivision, according to the recorded plat thereof and that part of Lot 7 and all of Lots 8, 9, and 10, Block 9, REID'S ADDITION, a subdivision, according to the recorded plat thereof, including alleys, in Kansas City, Jackson County, Missouri, being more particularly described as follows: Beginning at the Northeast corner of Lot 208, Block 15 of said McGEE'S ADDITION; thence South along the East line of said Lots 208 through 212, inclusive, and along the West right-of-way line of Main Street, as now established, a distance of 247.5 feet to the Southeast corner of said Lot 212; thence West along the South line of said Lot 212 and along the North right-of-way line of U.S. Interstate Highway Route No. 35 (Truman Rd.), as now established, a distance of 132 feet to a jog therein; thence North along said jog, 0.50 feet; thence continuing West along said North right-of-way line and along the South line of Lot 10, Block 9 of said REID'S ADDITION, a distance of 123.25 feet to the Southwest corner thereof; thence North along the West line of Lots 10, 9, 8 and 7 of said Block 9 and along the East right-of-way line of Baltimore Avenue, as now established, a distance of 93 feet to a point on the North line of a 15 foot wide alley; thence East along said North line, 115 feet to a point; thence North along a straight line, 157 feet to a point on the South right-of-way line of 14th Street, as now established; thence East along said South right-of-way line and along the North line of Lot 208, Block 15 of said McGEE'S ADDITION, a distance of 146.25 feet to the Point of Beginning. Containing 1.076 acres, more or less.

is approved and designated as the Power and Light District Tax Increment Financing Plan Redevelopment Project VI ("Project VI").

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project VI. After the total equalized assessed valuation of the taxable real property in Project VI exceeds the certified total initial equalized assessed valuation of the taxable real property in Project VI, 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 VI 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 VI over and above the initial equalized assessed value of each such unit of property in the area selected for Project VI 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 VI 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.

Section 5. The area selected for Project VI includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

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Approved as to form and legality:

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Assistant City Attorney