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Legislation #: 160164 Introduction Date: 3/3/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project Area 1 of the Grand Reserve Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
3/3/2016 Filed by the Clerk's office
3/3/2016 Referred to Planning, Zoning & Economic Development Committee
3/16/2016 Hold On Agenda (5/4/2016)
5/4/2016 Hold On Agenda (5/11/2016)
5/11/2016 Hold Off Agenda
3/7/2018 Release
1/3/2019 Released

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ORDINANCE NO. 160164

 

Approving and designating Redevelopment Project Area 1 of the Grand Reserve Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

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 “TIF Act”), 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, Ordinance No. 100089, As Amended, passed on January 28, 2010, Ordinance No. 130986, passed on December 19, 2013, and Committee Substitute for Ordinance No. 140823, as amended, passed on June 18, 2015, created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

WHEREAS, the Grand Reserve Tax Increment Financing Plan (the “Redevelopment Plan”) is a comprehensive program intended to reduce or eliminate blight and enhance the tax base within the redevelopment area described by the Redevelopment Plan (the “Redevelopment Area”) through the implementation of a project (the “Redevelopment Project”) and other improvements and the adoption of tax increment financing; and

WHEREAS, the Redevelopment Plan was proposed to the Commission; and

WHEREAS, after all proper notice was given or waived, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts with respect to the Redevelopment Plan, closed said public hearing, and adopted its Resolution (the “Resolution”) recommending to the City Council the acceptance of certain findings related to the Redevelopment Plan, the approval of the Redevelopment Plan and the designation of the Redevelopment Area and the redevelopment project area for the Redevelopment Project described therein (the “Redevelopment Project Area”) and the adoption of tax increment financing within the Redevelopment Project Area; 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 the TIF Act.

 

Section 2. That the area selected for Redevelopment Project Area 1 legally described as follows:

 

All of Lots 103, 104, 105, 106, 107 and 108, Swopes Addition to the City of Kansas City, now Kansas City, a subdivision in Kansas City, Jackson County, Missouri; together with the West Half of the vacated north-south alley lying east and adjacent to Lots 103 through 106, inclusive.

 

is approved and designated by the Grand Reserve Tax Increment Financing Plan as Redevelopment Project Area 1 (“Project Area 1”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 1. Pursuant to the TIF Act, as it may be amended from time to time and incorporated herein, after the total equalized assessed valuation of the taxable real property in Project Area 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 1, 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 the TIF Act 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 Area 1 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 Area 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 1 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 Redevelopment Project Costs identified , 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 Area 1 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 TIF 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 for 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 such Redevelopment Project Costs.

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

_____________________________________________

  Approved as to form and legality:

  

 

______________________________

Brian T. Rabineau

Assistant City Attorney