ORDINANCE NO. 050103
Approving and designating
Redevelopment Project 1 of the North Oak 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
________________, 2005, the City Council passed Ordinance No. 050___, which
accepted the recommendations of the Commission as to the North Oak Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through 2 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 1 legally described as follows:
All that part of the
East Half of the Southwest Quarter, and all that part of the West Half of the
Southeast Quarter of Section 11, Township 50 North, Range 33 West, in the City
of Kansas City, Clay County, Missouri, described as follows:
Beginning at the
northeast lot corner of Lot 9, BRAECKLEINS SUBDIVISION, a subdivision of land
in said West Half of the Southeast Quarter of Section 11; thence on an assumed
bearing of South, along the east lot lines of Lot 8 and Lot 9, said BRAECKLEINS
SUBDIVISION, also being the west right-of-way line of North Cherry Street, 397
feet to a point of curvature; thence Southwesterly, continuing along said east
lot line of Lot 8 on a curve to the right being tangent to the last described
course, and having an arc length of 109 feet; thence Southwesterly, continuing
along said east lot line of said Lot 8, a distance of 126 feet to a point of
curvature; thence Southwesterly, continuing along said east lot line of said
Lot 8 and the east lot line of Lot 7, said BRAECKLEINS SUBDIVISION, on a curve
to the left being tangent to the last described course, having an arc length of
124 feet; thence South, continuing along said east lot line of Lot 7,
BRAECKLEINS SUBDIVISION, and being the west right-of-way line of North Cherry
Street, 156 feet to a point of curvature; thence Southeasterly, along said east
lot line of said Lot 7 on a curve to the left being tangent to the last
described course, having an arc length of 264 feet; thence Southeasterly,
continuing along said east lot line of Lot 7 and the east lot line of Lot 6,
said BRAECKLINS SUBDIVISION, 351 feet to a point of curvature; thence
Southeasterly, continuing along said east lot line of Lot 6, on a curve to the
right, having an arc length of 83 feet to the southeast corner of said Lot 6;
thence West, along the south lot line of said Lot 6, also being the north line
of Riverview Greenway, 191 feet to an intermediate lot corner of said Lot 6;
thence Northwesterly, continuing along said south lot line, 616.13 feet to the
southwest corner of said Lot 6 and being a point on the east right-of-way line
of North Oak Trafficway; thence Northwesterly 283 feet to a point on the west
right-of-way line of North Oak Trafficway; thence West, continuing along said
west right-of-way line, 15 feet; thence North, continuing along said west
right-of-way line, 603 feet; thence West, continuing along said west
right-of-way line, 20 feet; thence North, continuing along said west
right-of-way line, 449 feet; thence East, continuing along said west
right-of-way line, 45 feet; thence East 145 feet to said east right-of-way line
and being the northwest corner of said Lot 9; thence East, along the north lot
line of said Lot 9, a distance of 530 feet to the point of beginning.
Containing 23 Acres, more or less.
is approved and designated as the
North Oak Tax Increment Financing Plan Redevelopment Project 1 (Project
1").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 1. After the total equalized
assessed valuation of the taxable real property in Project 1 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 1, 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 2 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 1 over and above the initial equalized assessed value
of each such unit of property in the area selected for Project 1 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 1 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