ORDINANCE NO. 940728
Approving and designating Redevelopment Project H3 of the
First Amendment to the Eleventh Street Corridor 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
adopted Ordinance No. 921355, which accepted the recommendations of the
Commission as to the Eleventh Street Corridor Tax Increment Financing Plan
("Original Redevelopment Plan") and designated the Original
Redevelopment Area to be a conservation area; and
WHEREAS, on ____________________, the City Council
passed Ordinance No. 940721, which approved the First Amendment to the Eleventh
Street Corridor Tax Increment Financing Plan ("Amended Redevelopment
Plan") and designated the Amended Redevelopment Area as a conservation
area; and
WHEREAS, the Amended Redevelopment Plan and
ordinance contemplate the implementation of the Amended Redevelopment Plan
through sixteen (16) separate Redevelopment Projects in addition to those
called for in the Original Redevelopment Plan 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 H3 legally described as follows:
Beginning at the intersection of the west
right-of-way line of Bank Street and the North right-of-way line of
West 9th Street; thence west along the north right-of-way line of West 9th
Street to the center line of the north-south alley lying between
Washington Street and Bank Street; thence north along the center line of
the north-south alley lying between Washington Street and Bank Street
a distance of 75 feet; thence east along a line 75 feet north of and
parallel to the north right-of-way line of West 9th Street to the
west right-of-way line of Bank Street; thence south along the west
right-of-way line of Bank Street to the point of beginning, all now
included in and a part of Kansas City, Jackson County, Missouri.
is approved and designated as the First Amendment to the
Eleventh Street Corridor Tax Increment Financing Plan Redevelopment Project H3
("Project H3").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project H3. After the total equalized assessed valuation of the taxable
real property in Project H3 exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project H3, 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 H3 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 H3 over and above the initial equalized assessed
value of each such unit of property in the area selected for Project H3
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 H3 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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Acting City Attorney