ORDINANCE NO. 991480

Approving and designating Project 15 of the First Amendment to the Power and Light District Tax Increment Financing Plan, as amended, as a Redevelopment Project and adopting tax increment financing therein.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on August 28, 1997, the City Council passed Ordinance No. 970992, which approved the Power and Light District Tax Increment Financing Plan, as amended ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, on September 15, 1999, the Commission approved Resolution No. 9-13-99 (the "Resolution") recommending to the City Council the approval of the First Amendment to the Redevelopment Plan (the First Amendment); and

WHEREAS, on _________________, the City Council passed Ordinance No. 991464, approving the First Amendment which document contemplates the implementation of the Redevelopment Plan through twenty-two (22) separate Redevelopment Projects (to be approved in 23 separate ordinances) instead of the nine projects designated in the Redevelopment Plan 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 Project 15, legally described as follows:

All of Lots 71 and 72 together with the South 22 feet of Lot 70, including the East Half of vacated alley adjacent to the West line of said Lots 70, 71 and 72, Block 5, McGEES ADDITION, a subdivision, according to the recorded plat thereof; together with all of Lots 13 through 17, inclusive, except the West 60 feet thereof, together with the West Half of the vacated North-South alley East of and adjacent to the East line of said Lots 12 through 17, inclusive, and the South Half of the vacated East-West alley North of and adjacent to the North line of the South 11 feet of said Lot 12, Block 1, REIDS ADDITION, a subdivision, according to the recorded plat thereof, all in Kansas City, Jackson County, Missouri, being more particularly described as follows:

Beginning at the Southeast corner of said Lot 72, being also the point of intersection of the West right-of-way line of Main Street with the North right-of-way line of 13th Street, as said streets are now both established; thence West along said North right-of-way line and along

the South line of said Lot 72 and its Westerly prolongation and along the South line of Lot 17 of said Block 1, a distance of 194.60 feet to the Southeast corner of the West 60 feet of said Lot 17; thence North along the East line of the West 60 feet of Lots 17 through 12, inclusive, of said Block 1, a distance of 145.50 feet to a point on the North line of the South Half of a vacated East-West alley; thence East along said North line, a distance of 56.35 feet to a point of intersection with the East line of the West Half of said vacated North-South alley; thence South along the East line of the West Half of said vacated alley, a distance of 24 feet to a point on the Westerly prolongation of the North line of the South 22 feet of Lot 70 of said Block 5; thence East along said Westerly prolongation and along the North line of the South 22 feet of said Lot 70, a distance of 138.25 feet to the Northeast corner thereof; thence South along the East line of Lots 70 through 72, inclusive, of said Block 5 and along the West right-of-way line of said Main Street, a distance of 121 feet to the Point of Beginning. Containing 0.572 acres, more or less.

is approved and designated as Project 15.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 15. After the total equalized assessed valuation of the taxable real property in Project 15 exceeds the certified total initial equalized assessed valuation of the taxable real property in such area, 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 Project 15 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 15 over and above the initial equalized assessed value of each such unit of property 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 60 days of the due date will be deemed delinquent and assessed a penalty of 1% per month.

Section 4. In addition to the payments in lieu of taxes described in subsection 2 of Section 3 above, 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 15 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.

Section 5. The area selected for Project 15 includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

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Approved as to form and legality:

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Assistant City Attorney