ORDINANCE NO. 921271

Approving and designating Project XII of the Hickman Mills 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 _______________________, the City Council passed Ordinance No. 921271, which approved the Hickman Mills Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through thirteen 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 XII legally described as follows:

PROJECT XII: All or part of Lots 8, 9, 10, 11, 12, 13, and 14, "KEMBLE ACRES", a subdivision in Kansas City, Jackson County, Missouri, and part of the north 30 feet of the Southwest 1/4 of the Southeast 1/4 of Section 35, Township 48, Range 33, in Kansas City, Jackson County, Missouri, described as follows: Beginning at a point on the sat line of the Northwest 1/4 of the Southeast 1/4 of said Section 35 that is 585 feet south of the northeast corner thereof; thence southwesterly along a line that makes a southwest angle of 55 with said east line, a distance of 200 feet; thence deflecting 50 to the right, a distance of 80 feet; thence deflecting 50 to the left, a distance of 190 feet, more or less, to the northeasterly right-of-way line of Hickman Mills Drive, as now established; thence southeasterly along said right-of-way line, a distance of 640 feet, more or less, to a point on a line that is 30 feet south of and parallel with the north line of the Southwest 1/4 of the Southeast 1/4 of said Section 35; thence east along said parallel line, a distance of 85 feet, more or less, to a point on the east line of the last said 1/4 1/4 section; thence north along the east line of both of said 1/4 1/4 sections, a distance of 770 feet to the point of beginning.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Hickman Mills Redevelopment Project XII. After the total equalized assessed valuation of the taxable real property in the Hickman Mills Redevelopment Project XII exceeds the certified total initial equalized assessed valuation of the taxable real property in the area selected for the redevelopment project, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in the area selected for the Redevelopment 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 the Hickman Mills Redevelopment Project XII 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in the area selected for Hickman Mills Redevelopment Project XII 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.

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 Hickman Mills Redevelopment Project XII 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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Assistant City Attorney