ORDINANCE NO. 960308
Approving and designating Redevelopment Project XI of the
Barry Towne 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 ________________________, the City
Council passed Ordinance No. 960307, which accepted the recommendations of the
Commission as to the Barry Towne Tax Increment Financing Plan ("Redevelopment
Plan") and designated the Redevelopment Area to be an economic development
area; and
WHEREAS, the Redevelopment Plan and ordinance
contemplate the implementation of the Redevelopment Plan through twelve (12)
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 XI legally described as follows:
All that part of the Southeast Quarter of Section
10, Township 51, Range 33, Kansas City, Clay County, Missouri, being
bounded and described as follows: Commencing at the northwest corner of
the said Southeast Quarter; thence South 0 36'35" West, along the
west line of said Southeast Quarter, 985.84 feet; thence South 89
23'25" East, 100.00 feet to the true point of beginning of the tract
to be herein described; thence continuing South 89 23'25" East,
840.04 feet to a point on the westerly right of way line of U.S. Highway
169, as now established; thence South 11 12'33" East, along said
westerly right of way line, 126.50 feet; thence South 12 01'43" East,
along said westerly right of way line, 306.96 feet; thence South 0
11'47" West, along said westerly right of way line, 747.30 feet;
thence southerly, along said westerly right of way line, on a curve to the
left tangent to the last described course, having a radius of 5829.58
feet, an arc distance of 462.80 feet, to a point on the south line of said
Southeast Quarter; thence North 89 58'49" West, along said south line,
350.00 feet; thence North 0 01'11" East, 425.65 feet; thence North 89
58'49" West, 50.00 feet; thence North 0 01'11" East, 100.00
feet; thence North 89 58'49" West, 50.00 feet; thence North 0
01'11" East, 200.00 feet; thence North 89 58'49" West, 307.84
feet; thence North 5 19'24" West, 565.27 feet; thence North 32
03'32" West, 55.54 feet; thence North 29 48'24" West, 211.32
feet; thence North 0 23'04" East, 128.41 feet to the true point of
beginning. Containing 23.26 acres, more or less.
is approved and designated as the Barry Towne Tax
Increment Financing Plan Redevelopment Project XI ("Project XI").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project XI After the total equalized assessed valuation of the taxable real
property in Project XI exceeds the certified total initial equalized assessed
valuation of the taxable real property in Project XI, 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 XI 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 XI over
and above the initial equalized assessed value of each such unit of
property in the area selected for Project XI 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 XI 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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Assistant City Attorney