COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 060537
Approving and designating
Redevelopment Project 5A of the North Oak 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
February 24, 2006, the City Council passed Ordinance No. 050104, which accepted
the recommendations of the Commission as to the North Oak Tax Increment
Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, on July
20, 2006, the City Council passed Ordinance No. 060534, approving the First
Amendment to the North Oak Tax Increment Financing Plan; and
WHEREAS, this ordinance
was introduced on May 11, 2006; 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 5A legally described as follows:
Lots 2, 3, 4 and 5 of the final plat of North Oak Village,
a Plat in the City of Kansas City, Clay County, Missouri recorded in Book G,
Page 126 as Document 2007032713 on August 6, 2007 in the records of Clay
County, Missouri The above described tract contains 189,100 square feet, or
4.34 acres.
is approved and designated as the
North Oak Tax Increment Financing Plan Redevelopment Project 5A (Project
5A).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 5A. After the total equalized
assessed valuation of the taxable real property in Project 5A exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 5A, 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 5A shall be allocated to and, when collected, shall be paid by the Clay
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 5A over and above the initial equalized assessed value
of each such unit of property in the area selected for Project 5A 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 5A 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