ORDINANCE NO. 081130
Approving and designating Shoal
Creek Parkway Redevelopment Project AA of the Shoal Creek Parkway 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
November 10, 1994, the City Council passed Ordinance No. 941443, which accepted
the recommendations of the Commission as to the Shoal Creek Parkway Tax
Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment
Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and the 8 amendments thereto and the corresponding
ordinances 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 AA legally described as follows:
All that part of the
Southeast Quarter of Section 34, Township 52 North, Range 32 West, Kansas City,
Clay County, Missouri, being described as follows: Commencing at the Southwest
corner of the Southeast Quarter of said Section 34; thence South 891808 East,
along the South line of said Southeast Quarter, 787.12 feet; thence North
000331 West, 131.19 feet to a point on the centerline of Northeast 96th
Street, as now established, said point being the True Point of Beginning of the
Tract to be herein described; thence continuing North 000331 West, 621.08
feet to a point on the South line of Benson Place-First Plat, a subdivision of
land in said Kansas City, Missouri; thence North 750042 East, along said
South line, 337.76 feet; thence North 874737 East, along said South line,
108.86 feet; thence South 652934 East, along said South line, 220.53 feet to
its intersection with the West Right-of-Way line of North McKinley Avenue, as
now established; thence Southerly, along said Westerly Right-of-Way line, on a
curve to the left, having an Initial Tangent Bearing of South 143133 West, a
radius of 990.00 feet, a central angle of 143504, an arc distance of 252.00
feet; thence South 034741 West, along said West Right-of-Way line, 89.28
feet; thence South 000331 East, along said West Right-of-Way line, 132.30
feet; thence Southerly, along said West Right-of-Way line, on a curve to the
right, tangent to the last described course, having a radius of 35.00 feet, a
central angle of 900000, an arc distance of 54.98 feet; thence South
000331 East, 50.00 feet to a point on the centerline of said Northeast 96th
Street; thence South 895629 West, along said centerline, 562.81 feet to the
True Point of Beginning. Containing 9.34 acres, more or less.
is approved and designated as the
Shoal Creek Parkway Tax Increment Financing Plan Redevelopment Project AA
(Project AA).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project AA. After the total equalized
assessed valuation of the taxable real property in Project AA exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project AA, 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 AA 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 AA over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project AA 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 AA 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