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ORDINANCE NO. 020786
Approving
and designating Redevelopment Project Area 4 of the Chouteau I-35 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November 24, 1982, and thereafter repealed and amended in certain respects by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 April 23, 1998, the Council passed Ordinance No. 980426, which approved the
Chouteau I-35 Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area as a blighted area; and
WHEREAS,
on ___________________, 2002, the Council passed Ordinance No. 020784 which
approved the First Amendment to the Redevelopment Plan; and
WHEREAS,
the First Amendment to the Redevelopment Plan and ordinance contemplate the
implementation of the Redevelopment Plan through four 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 3 is legally described as
follows:
All that part of the West Half of the Southeast
Quarter of Section 6, Township 50 North, Range 32 West, Clay County, Missouri,
being more particularly described as follows: Commencing at the northeast
corner of the West Half of the Southeast Quarter, of Section 6, Township 50
North, Range 32 West, in Kansas City, Clay County, Missouri; thence North 89E12'42" West along the north line of the West Half of the Southeast
Quarter of Section 6, Township 50 North, Range 32 West, a distance of 366.61
feet (measured) 367.37 feet (deeded) to a point on the westerly right-of-way
line of the abandoned Kansas City, Clay County and St. Joseph Railroad; thence
southwesterly along said westerly right-of-way, a distance of 0.99 feet, to the
point of beginning; thence South 63E02'22"
East, a distance of 124.68 feet (measured) 125.00 feet (deeded); thence South
31E2501 West, a distance of 247.73 feet (measured)
250.00 feet (deeded); thence North 61E1455 West, a
distance of 31.76 feet (measured) 31.87 feet (deeded), to a point on the
easterly right-of-way line of the abandoned Kansas City, Clay County and St.
Joseph Railroad; thence along said
easterly right-of-way along a curve to the right
having a radius 1860.08 feet an arc distance of 228.06 feet (measured) 227.65
feet (deeded) to a point on the north right-of-way line of N.E. 43rd Terrace
(formerly Spring Road); thence along said north right-of-way line North 89E11'59" West, a distance of 15.59 feet, to a point of tangency;
thence continuing along said north right-of-way line along a curve to the left
having a radius of 425.50 feet an arc distance of 96.56 feet, to a point on the
westerly right-of-way line of the abandoned Kansas City, Clay County and St.
Joseph Railroad; thence along said westerly right-of-way along a curve to the
right having a radius 1960.08 an arc distance of 534.71 feet (measured) 535.29
feet (deeded), to the point of beginning. Containing 1.325 acres (57726 square
feet) of land, more or less, subject to all easements, restrictions or
covenants, recorded or unrecorded, if any.
is approved and designated as Chouteau I-35
redevelopment Project Area 4 (hereinafter referred to herein as the
"Redevelopment Project Area"). The area selected for said
Redevelopment Project includes only those parcels of real property and
improvements thereon which will be directly and substantially benefitted by the
Redevelopment Project improvements therein.
Section 3. Tax increment allocation
financing is hereby adopted for taxable real property in the above described
area selected for the Redevelopment Project Area. After the total equalized
assessed valuation of the taxable real property in the Redevelopment Project
Area exceeds the certified total initial equalized assessed valuation of the
taxable real property in the Redevelopment Project Area, 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 penalties
and interest 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 Redevelopment Project Area 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 the Redevelopment Project Area, and any applicable penalty and interest
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 penalties and
interest which are imposed by the City or taxing districts, and which are
generated by economic activities within the area selected for the Redevelopment
Project Area 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 personal
property taxes, taxes imposed on sales of charges for sleeping rooms paid by
transient guests of hotels and motels, taxes levied pursuant to Section 70.500
RSMo, taxes levied pursuant to Section 94.660 RSMo licenses, fees or
special assessments and personal property taxes, other than payments in lieu of
taxes and penalties and interest thereon shall be allocated to, and paid by the
local political subdivision 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:
___________________________________
Assistant
City Attorney