COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140599

Approving and designating Redevelopment Project Area 3 of the Bannister & I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “TIF Act”), 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, Ordinance No. 100089, As Amended, passed on January 28, 2010 and Ordinance No. 130986, passed on December 19, 2013, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council approved the Bannister & I-435 Tax Increment Financing Plan by Committee Substitute for Ordinance No. 130737, passed on October 10, 2013; and

WHEREAS, the City Council subsequently approved the First Amendment to the Bannister & I-435 Tax Increment Financing Plan (the Bannister & I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan is referred to herein as the “Redevelopment Plan”) and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan contemplates 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. That all terms used in this ordinance shall be construed as defined in the TIF Act.

Section 2. That the area selected for Redevelopment Project Area 3 is legally described as follows:

All of Lot 3 and a portion of Lot 4 of Cerner Trails Campus First Plat, situated in the Northwest quarter of Section 25, Township 48, Range 33, in the City of Kansas City, Jackson County, State of Missouri, described as follows:

Beginning at the Southwest corner of said Lot 3; thence, along the West line of said Lot 3 and its Northerly prolongation, North 00 degrees 00 minutes 00 seconds East, 851.32 feet; thence, North 34 degrees 56 minutes 23 seconds East, 285.25 feet to a point on the Northerly line of said Lot 4; thence, along the Northerly line of said Lots 3 and 4, South 57 degrees 53 minutes 18 seconds East, 139.23 feet to an angle point in the Northerly line of said Lot 3; thence, along the Northerly, Easterly and Southerly lines of said Lot 3, the following ten (10) courses:

1.                  South 68 degrees 38 minutes 09 seconds East, 334.45 feet;

2.                  South 81 degrees 15 minutes 48 seconds East, 310.31 feet;

3.                  South 08 degrees 42 minutes 00 seconds West, 192.69 feet;

4.                  South 74 degrees 59 minutes 13 seconds West, 137.53 feet;

5.                  South 00 degrees 00 minutes 00 seconds East, 395.67 feet;

6.                  South 82 degrees 59 minutes 44 seconds West, 109.87 feet;

7.                  South 46 degrees 04 minutes 43 seconds West, 248.03 feet;

8.                  South 00 degrees 00 minutes 00 seconds East, 59.67 feet;

9.                  North 86 degrees 51 minutes 18 seconds West, 120.95 feet;

10.              North 86 degrees 51 minutes 17 seconds West, 329.52 feet to the point of beginning (“Project Area 3”).

As shown on the Minor Subdivision Lot Line Adjustment Plat recorded October 24, 2019 in Book 15, Page 87, Document No. 2019E0086551.

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 3. Pursuant to the TIF Act, as it may be amended from time to time and incorporated herein, after the total equalized assessed valuation of the taxable real property in Project Area 3 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 3, 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 the TIF Act each year after the effective date of the ordinance until redevelopment project 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 Area 3 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 Area 3 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 3 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project Area 3 Costs within the Redevelopment Area, 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. That 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 Area 3 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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, which are necessary to the payment of Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

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Approved as to form and legality:

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Katherine Chandler

Assistant City Attorney