COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 921352
Approving and designating the First Redevelopment Project
of the Twelfth & Wyandotte 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 December 10, 1992, the City Council
passed Ordinance No. 921351, as amended, which approved the Twelfth &
Wyandotte Hotel Tax Increment Financing Plan ("Redevelopment Plan")
and designated the Redevelopment Area as a conservation area; and
WHEREAS, the Redevelopment Plan and ordinance
contemplates 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 First
Redevelopment Project legally described as follows:
Lots 1 to 20, inclusive, Block 21, ASHBURN'S
ADDITION and all of the vacated alley in Block 21, ASHBURN'S
ADDITION, which includes (i) all of Block 21, ASHBURN'S ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the
recorded plat thereof and all of the vacated alley in said Block, lying
above elevation 200.67 of the Kansas City Datum Plane and (ii) all of
Block 21, ASHBURN'S ADDITION, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof, and all of the
vacated alley in said Block, lying below elevation 200.67 of the Kansas
City Datum Plane, all in Kansas City, Jackson County, Missouri.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for the Twelfth & Wyandotte First Redevelopment Project. After the total
equalized assessed valuation of the taxable real property in the Twelfth &
Wyandotte First Redevelopment Project 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 Twelfth & Wyandotte First Redevelopment Project 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 Twelfth & Wyandotte First Redevelopment Project 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. Such payments in
lieu of taxes shall be considered surplus funds and distributed to
the taxing districts pursuant to Section 99.835.
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 Twelfth &
Wyandotte First Redevelopment Project 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 or 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