COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 960313
Approving and designating Redevelopment Project
VI of the Barry Towne 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 June 6,
1996, the City Council passed Committee Substitute for Ordinance No. 960307,
which accepted the recommendations of the Commission as to the Barry Towne Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area to be an economic development area; 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 VI legally described as follows:
All that part of the
Southeast Quarter and the Fractional Southwest Quarter of Section 3, and the
Fractional Northwest Quarter of Section 10, both in Township 51, Range 33,
Kansas City, Clay County, Missouri, being bounded and described as follows:
Commencing at the Southeast corner of the Fractional Southwest Quarter of said
Section 3; thence North 89o1501West, along the South line of said
Fractional Southwest Quarter, 1209.38 feet to the True Point of Beginning of
the tract to be herein described; thence North 00o0000 East,
893.76 feet to a point on the Southerly right-of-way line of Missouri Highway
No. 152, as now established; thence North 40o2457 East, along said
right-of-way line, 646.33 feet; thence North 67o3920 East, along
said right-of-way line, 500.90 feet; thence North 69o3711 East,
along said right-of-way line, 489.31 feet; thence South 77o0116
East, along said right-of-way line, 49.02 feet; thence South 00o0000
East, 569.38 feet; thence South 90o0000 West, 29.75 feet; thence
South 00o0000 East, 217.04 feet; thence Southerly, along a curve
to the left, tangent to the last described course, having a radius of 750.00
feet, an arc distance of 439.09 feet; thence South 33o3239 East,
71.60 feet; thence Southerly, along a curve to the right, having a common
tangent with the last described course, and a radius of 488.61 feet, an arc
distance of 244.95 feet; thence Westerly, along a curve to the left, having an
initial tangent bearing of North 62o4622 West, and a radius of
450.00 feet, an arc distance of 513.46 feet; thence South 51o5107
West, 293.16 feet to a point in the Centerline of NW 88th Street, as
now established; thence Westerly, along said Centerline, along a curve to the
left, having an initial tangent bearing of South 81o3446 West, and
a radius of 1506.00 feet, an arc distance of 402.17 feet; thence South 66o1652
West, along said Centerline, 84.08 feet; thence Westerly, along said
Centerline, along a curve to the right, tangent to the last described course,
having a radius of 1494.00 feet, an arc distance of 439.07 feet; thence North
00o0000 East, 242.89 feet to the True Point of Beginning.
Containing 47.16 acres, more or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project VI ("Project VI").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project VI. After the total equalized
assessed valuation of the taxable real property in Project VI exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project VI, 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 VI 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 VI over and above the initial
equalized assessed value of each such unit of property in the area selected for
Project VI 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 VI 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