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Legislation #: 051116 Introduction Date: 9/8/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission and approving the Seventh Amendment to the Summit Tax Increment Financing Plan; approving and designating Redevelopment Project 25 of the Summit Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

Legislation History
DateMinutesDescription
9/7/2005 Filed by the Clerk's office
9/8/2005 Referred to Planning, Zoning & Economic Development Committee
9/14/2005 Hold On Agenda (9/28/2005)
9/28/2005 Advance and Do Pass as a Committee Substitute, Debate
9/29/2005 Passed as Substituted

View Attachments
FileTypeSizeDescription
051116.pdf Authenticated 301K Authenticated
r-2005-01386 seventh amendment to plan.pdf Other 120K seventh amendment to plan
r-2005-01386 fact sheet.pdf Fact Sheet 64K fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 051116

 

Accepting the recommendations of the Tax Increment Financing Commission and approving the Seventh Amendment to the Summit Tax Increment Financing Plan; approving and designating Redevelopment Project 25 of the Summit Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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, the Summit Tax Increment Financing Plan was approved by Ordinance No. 951016 on August 31, 1995 (the Plan"); and

 

WHEREAS, the Commission approved Resolution No. 7-12-00, recommending to the Council the approval of the First Amendment to the Summit Tax Increment Financing Plan which was approved by the Council on August 10, 2000, by the passage of Ordinance No. 001035; and

 

WHEREAS, the Commission approved Resolution No. 9-14-01, recommending to the Council the approval of the Second Amendment to the Summit Tax Increment Financing Plan which was approved by the Council on December 13, 2001 by passage of Ordinance No. 011653; and

 

WHEREAS, the Commission approved Resolution No. 11-10-01, recommending to the Council the approval of the Third Amendment, which was approved by the Council on December 13, 2001 by the passage of Ordinance No. 011688; and

 

WHEREAS, the Commission approved Resolution No. 9-14-01, recommending to the Council the approval of the Fourth Amendment to the Summit Tax Increment Financing Plan which was approved by the Council on June 5, 2003, by passage of Ordinance No. 030632; and

 

WHEREAS, the Commission approved Resolution No. 06-01-04, recommending to the Council the approval of the Fifth Amendment to the Summit Tax Increment Financing Plan which was approved by the Council on June 24, 2004, by passage of Ordinance No. 040665; and

 

WHEREAS, the Commission approved Resolution No. 02-02-05, recommending to the Council the approval of the Sixth Amendment to the Summit Tax Increment Financing Plan which was approved by the Council on March 24, 2005, by passage of Ordinance No. 050316; and

 

WHEREAS, the Seventh Amendment to the Summit Tax Increment Financing Plan (the Seventh Amendment) was proposed to the Commission; and

 

WHEREAS, the Commission having been duly constituted, its members appointed, and after all proper notice was given, met in public hearing on August 10, 2005, and after receiving the comments of all interested persons and taxing districts, approved Resolution No. 8-32-05, recommending to the Council the approval of the Seventh Amendment; and

 

WHEREAS, the Seventh Amendment amends a Project 25 to permit certain improvements to building exteriors and to implement a neighborhood improvements component to the plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendations of the Commission concerning the Seventh Amendment as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Sixth Amendment, a copy of which is attached hereto as Exhibit "B," is hereby approved and adopted as valid and the Redevelopment Project(s) contained therein are hereby authorized.

 

Section 2. 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 3. The City Council hereby finds that good cause has been shown for the amendment of the Plan and that the findings of the Council in Ordinance Nos.951016, 001035, 011653, 011688, 030632, 040665 and 050316 are not affected by the Sixth Amendment and apply equally to the Seventh Amendment.

 

Section 4. In accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that:

 

A. The Redevelopment Area qualifies as a Conservation Area as evidenced by the following factors: The Redevelopment Area described in the Seventh Amendment has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be redeveloped without the adoption of the Seventh Amendment, all as certified to by proposed Redevelopers; all of the structures in the expanded area were constructed more than 35 years ago and conditions such as dilapidation, functionally obsolete structures, deterioration, substandard code compliance, excessive vacancies, excessive coverage and deleterious land use continue to exist.

 

B. The Seventh Amendment conforms to the comprehensive plan for the development of the City as a whole.

 

C. The areas selected for Redevelopment Projects include only those parcels of real property and improvements thereon which will be directly and substantially benefited by the Redevelopment Project Improvements.

 

D. The estimated dates of completion of the Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs have been stated in the Seventh Amendment and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area.

 

E. The Seventh Amendment includes a plan for relocation assistance for businesses and residences.

 

F. A cost-benefit analysis showing the impact of the Seventh Amendment on each taxing district which is at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act.

 

G. The Seventh Amendment does not include the initial development or redevelopment of any gambling establishment.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the Summit Tax Increment Plan Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and, subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

 

Section 6. The City Council approves the pledge of all funds that are deposited into the Summit Tax Increment Financing Plan Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

 

Section 7. The Redevelopment Project 25 legally described as:

 

Beginning at the intersection of the east right of way line of Belleview Avenue and the north lot line of Lot 31, Block 5, Gate's Addition; thence east along the north lot line of Lot 31, Block 5, Gate's Addition, to the center line of the north-south alley lying between Belleview Avenue and Madison Avenue; thence north along the center line of the north-south alley lying between Belleview Avenue and Madison Avenue to the westerly extension of the north lot line of Lot 19, Block 5, Gate's Addition; thence east along the north lot line of Lot 19, Block 5, Gate's Addition, to the east lot line of Lot 19, Block 5, Gate's Addition; thence south along the east lot line of Lots 19 and 20, Block 5, Gate's Addition, to the south lot line of Lot 20, Block 5, Gates Addition; thence east along the north lot line of Lot 30, Block 6, Gate's Addition, to the center line of the north-south alley lying between Madison Avenue and Summit Street; thence south along the center line of the north-south alley lying between Madison Avenue and Summit Street to the easterly extension of the north lot line of Lot 22, Block 6, Gate's Addition; thence east along the north lot line of Lot 22, Block 6, Gate's Addition to the west right of way line of Interstate 35; thence south along the west right of way line of Interstate 35 to the north right of way line of 26th Street; thence west along the north right of way line of 26th Street to the east right of way line of Belleview Avenue; thence north along the east right of way line of Belleview Avenue to the Point of Beginning, all included in and a part of Kansas City, Jackson County, Missouri.

 

is approved and designated as a Redevelopment Project.

 

Section 8. Tax increment allocation financing is adopted for Redevelopment Project 25. After the total equalized assessed valuation of the taxable real property in the area selected for Redevelopment Project 25 exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid will be divided as follows:

 

A. That portion of taxes levied upon each taxable lot, block, 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 Redevelopment Project 25 will be allocated to and, when collected, will 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.

 

B. 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 Redevelopment Project 25 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 25 will be allocated to and, when collected, will be paid to the City Treasurer, who must deposit such payments in lieu of taxes into the Summit Special Allocation Fund of the City for the purpose of paying Redevelopment 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 are deemed delinquent and will be assessed a penalty of 1% per month.

 

  Section 9. In addition to the payments in lieu of taxes described above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project 25 over the amount of such taxes generated by economic activities within the area selected for Redevelopment Project 25 in the calendar year prior to the approval of Redevelopment Project 25 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or 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, will be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who must deposit such funds in a separate segregated Summit Economic Activities account within the Summit Special Allocation Fund for the retirement of obligations or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.

 

_____________________________________________________

 

Approved as to form and legality:

_________________________________

Heather A. Brown

Assistant City Attorney