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Legislation #: 050227 Introduction Date: 2/24/2005
Type: Ordinance Effective Date: 12/16/2007
Sponsor: COUNCILMEMBER EDDY
Title: Approving and designating Redevelopment Project of the 87th Street _ Hillcrest Road Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor. 

Legislation History
DateMinutesDescription
2/24/2005 Filed by the Clerk's office
2/24/2005 Referred to Finance and Audit Committee
3/2/2005 Hold Off Agenda
11/28/2007 Do Pass
11/29/2007 Assigned to Third Read Calendar
12/6/2007 Passed

View Attachments
FileTypeSizeDescription
050227.pdf Authenticated 127K Authenticated
Dean TIF Project Activation Ordinance Fact Sheet (00090152).XLS Fact Sheet 63K fact sheet for 050227
050227 TIF Plan Summary.pdf TIF Plan 571K TIF Plan Summary

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ORDINANCE NO. 050227

 

Approving and designating Redevelopment Project of the 87th Street & Hillcrest Road 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. 050212, which accepted the recommendations of the Commission as to the 87th Street & Hillcrest Road 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 a single Redevelopment Project described in the Redevelopment Plan (the Redevelopment Project) and the adoption of tax increment financing in the area selected for such Redevelopment Project; 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 Redevelopment Project is hereby approved, and the area selected for the Redevelopment Project legally described as follows:

 

All of the North 825.00 feet of the Northeast Quarter of the Southeast Quarter of Section 23, Township 48, Range 33 in Kansas City, Jackson County, Missouri, EXCEPT that part in roads. Containing 1,088,152.64 square feet or 24.98 acres, more or less.

 

is approved and designated as the 87th Street & Hillcrest Road Tax Increment Financing Plan Redevelopment Project Area (the Redevelopment Project Area). 

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the Redevelopment Project Area. After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such Redevelopment Project Area 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 Redevelopment Project Area 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 Redevelopment Project Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project Area 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 Redevelopment Project Area over the amount of such taxes generated by economic activities within such Redevelopment Project 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