COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 060047

Approving and designating Redevelopment Project 6 of the Baltimore Place 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 February 2, 2006, the City Council passed Ordinance No. 060010, which accepted the recommendations of the Commission as to the Baltimore Place 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 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. 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 6 legally described as follows:

Part of the Northwest of the Northwest of Section 5, Township 49, Range 33, in Kansas City, Jackson County, Missouri. Beginning at a point of intersection of the North line of 9th Street and the West line of Baltimore Avenue, as said streets are now established; thence West along the North line of 9th Street 29.45 feet; thence North 125 feet, more or less, to a point in the South line of an alley; thence East along the South line of said alley to a point in the West line of Baltimore Avenue; thence South along said West line of Baltimore Avenue 125 feet to the point of beginning.

Part of the Northwest of the Northwest of Section 5, Township 49, Range 33, in Kansas City, Jackson County, Missouri, beginning at a point on the North line of 9th Street 29.45 feet West of the West line of Baltimore Avenue, as said streets are now established; thence North 125 feet, more or less, to a point in the South line of an alley, thence West along the South line of said alley 62 feet; thence South 125 feet to the North line of 9th Street; thence East along the North line of 9th Street 62 feet to the point of beginning. (Commonly known as 100-106 West 9th Street - Stillwell/Bunker Buildings)

And

That part of the Northwest of Section 5, Township 49, Range 33, Jackson County, Missouri, described as follows: Beginning at the Southwest corner of Eighth and Wall Streets (now Baltimore Avenue) in Kansas City, Missouri, thence south along the west line of Baltimore Avenue 134.5 feet to an alley, thence west along the north line of alley 51.77 feet, thence north 134.5 feet to the south line of Eighth Street, thence east along the south line of Eighth Street 51.77 feet to place of beginning. (Commonly known as 810 Baltimore - Wenzel Building)

And

All that part of the Northwest of the Northwest of Section 5, Township 49, Range 33, Kansas City, Jackson County, Missouri, described as follows: Beginning at a point in the South line of 8th Street, 51.77 feet West of the West line of Baltimore Avenue in said Kansas City; thence South along a line 51.77 feet West of and parallel to West line of said Baltimore Avenue 134.50 feet to the North line of an alley; thence West along the north line of said alley 49.61 feet to a point 30 feet East of the East line of Hubbards Addition to the City of Kansas City; thence North along a line 30 feet East of and parallel with the East line of said Hubbards Addition 134.50 feet to the South line of said 8th Street; thence, East long the South line of said 8th Street, 49.60 feet to the point of beginning; together with the North half of the vacated alley South of and adjacent to the above-described tract.

Beginning at a point on the South line of 8th Street in Kansas City, Missouri, 30 feet East of the East line of Hubbards Addition; thence South and parallel with the said East line of Hubbards Addition to a point on the North line of an alley, which was deeded to Kansas City by deed dated July 18, 1887, recorded in Book B-255 at Page 547; thence West on the North line of said alley 21 feet; thence West 45 degrees North 4-1/2 feet to the East line of the North and South alley described in the aforesaid deed; thence North along the East line of said alley to a point on the South line of 8th Street; thence, East on the South line of 8th Street 24 feet to the point of beginning; together with the North half of the vacated alley South of and adjacent to the above-described tract. (Commonly known as 119-123 West 8th Street - Baltimore Parking)

is approved and designated as the Baltimore Place Tax Increment Financing Plan Redevelopment Project 6 (Project 6).

  Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 6. After the total equalized assessed valuation of the taxable real property in Project 6 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 6, 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 6 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 6 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 6 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 6 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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Heather A. Brown

Assistant City Attorney