ORDINANCE NO. 941452
Approving and designating Shoal Creek Parkway
Redevelopment Project I 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 ____________________, the City Council
passed Ordinance No. 941443, which approved the Shoal Creek Parkway 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 eleven (11)
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 I, legally described as follows:
All that part of Southeast Quarter of Section 8,
Township 51, Range 32, Kansas City, Clay County, Missouri, described
as follows: Beginning at the intersection of the centerline of Missouri
Route 152 and the southerly extension of the east right-of-way line of
North Colorado Avenue; thence north along the east right-of-way line
of North Colorado Avenue and its southerly extension to the
centerline of N.E. Barry Road; thence east along the centerline of N.E.
Barry Road to the westerly right-of-way line of Interstate Route 435;
thence south along the westerly right-of-way line of Interstate Route
435 to the centerline of Missouri Route 152; thence west along the
centerline of Missouri Route 152 to the Point of Beginning.
is approved and designated as Shoal Creek Parkway Redevelopment
Project Area I.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Shoal Creek Parkway Redevelopment Project Area I. After the total
equalized assessed valuation of the taxable real property in Shoal Creek
Parkway Redevelopment Project Area I exceeds the certified total initial
equalized assessed valuation of the taxable real property in Shoal Creek
Parkway Redevelopment Project Area I, 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 Shoal Creek Parkway Redevelopment Project Area I 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 Shoal Creek Parkway Redevelopment Project Area I over
and above the initial equalized assessed value of each such unit of
property in the area selected for Shoal Creek Parkway Redevelopment
Project Area I 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 Shoal Creek Parkway Redevelopment Project Area I 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:
___________________________________
Acting City Attorney