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.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney