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Legislation #: 160252 Introduction Date: 4/7/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 3 of the Arlington Road Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
4/5/2016 Filed by the Clerk's office
4/7/2016 Referred to Planning, Zoning & Economic Development Committee
4/13/2016 Hold Off Agenda

View Attachments
FileTypeSizeDescription
160252 Legal.pdf Legal Description 104K Legal Description
160252 Fact Sheet.pdf Fact Sheet 126K Fact Sheet
Project 3 ordinance.docx Request for Ordinance 22K Project 3 Ordinance

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ORDINANCE NO. 160252

 

Approving and designating Redevelopment Project 3 of the Arlington Road Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

 

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 “Act”), the City Council of Kansas City, Missouri created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on November 6, 2014, the City Council passed Committee Substitute for Ordinance No. 140916, which accepted the recommendations of the Commission as to the Arlington Road Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the City Council has previously amended the Redevelopment Plan since it was first approved; and

 

WHEREAS, the Second Amendment modifies the Budget of Redevelopment Project Costs to more accurately reflect the costs related to each public infrastructure improvement contemplated by the Plan and clarifies the schedule of development for each such public infrastructure improvement and provides for the addition of Redevelopment Project Areas 2 and 3 and was recommended for approval by the Commission and approved by the City Council; 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 Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

 

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

 

All that part of the Southwest Quarter of Section 35, Township 51 North, Range 32 West, of the 5th Principal Meridian in Kansas City, Clay County, Missouri, being described as follows: Commencing at the Northeast corner of the Northeast Quarter of Section 2, Township 50 North, Range 32 West; thence North 89 degrees 31 minutes 30 seconds West, along the North line of said Northeast Quarter, 2,610.25 feet to the Northwest corner of said Northeast Quarter; thence North 88 degrees 27 minutes 58 seconds West, 1,280.50 feet to the Point of Beginning of the tract of land to be herein described; thence North 89 degrees 31 minutes 45 seconds West, 447.96 feet; thence North 00 degrees 15 minutes 10 seconds East, 243.96 feet; thence North 19 degrees 59 minutes 25 seconds West, 715.18 feet; thence South 89 degrees 33 minutes 41 seconds East, 695.43 feet; thence South 00 degrees 15 minutes 14 seconds West, 914.42 feet to the point of beginning. Containing 492,495 square feet or 11.31 acres, more or less. All lying above the Winterset Ledge of limestone rock.

 

is approved and designated by the Arlington Road Tax Increment Financing Plan as Redevelopment Project 3 (“Project 3”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 3. After the total equalized assessed valuation of the taxable real property in Project 3 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 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 subsection 2 of Section 99.855 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 3 shall be allocated to and, when collected, shall be paid by the Clay 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 3 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 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 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 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.

 

_____________________________________________

 

Approved as to form and legality:

   

 

_____________________________

Brian T. Rabineau

Assistant City Attorney