COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 050260
Approving and designating
Redevelopment Project 3 of the Blue Ridge Mall 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November 24, 1982 and thereafter repealed and amended in certain respects by
Committee Substitute to Ordinance No. 911076, as amended, passed on August 29,
1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax
Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, on
February 24, 2005, the City Council passed Ordinance No. 041238, which accepted
the recommendations of the Commission as to the Blue Ridge Mall 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 6 Redevelopment Projects described in the
Redevelopment Plan and the adoption of tax increment financing in 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.
Redevelopment Project 3 is hereby approved, and the area selected for the
Redevelopment Project legally described as follows:
All that part of a
tract of land in the Southwest Quarter of the Southeast Quarter of Section 21,
Township 49 North, Range 32 West in Kansas City, Jackson County, Missouri,
being more particularly described as follows:
Commencing at the
Southeast corner of said Quarter, Quarter Section; thence North 01 degree 59
minutes 11 seconds East along the East line of said Quarter, Quarter Section, a
distance of 190.01 feet; thence North 86 degrees 38 minutes 06 seconds West along
a parallel line with the South line of said Quarter, Quarter Section, a
distance of 50.01 feet, more or less, to a point on the Westerly line of
Sterling Avenue, as now established 50 feet West of the East line of said
Quarter, Quarter Section as measured perpendicular thereto, said point being
the Point of Beginning of the tract of land to be herein described; thence
continuing North 86 degrees 38 minutes 06 seconds West along the last described
course, a distance of 205.86 feet; thence North 02 degrees 43 minutes 38
seconds East, a distance of 446.65 feet, more or less, to a point in the
Southerly right-of way line of said U.S. Interstate Highway Route No. 70 and
hereby designated as point “A”, said point “A” being located 120.99 feet
Southeasterly of an angle point in said Southerly right-of-way line, as
measured along the Southerly right-of-way line thereof, said angle point being
500 feet South of the survey centerline of said U.S. Interstate Highway Route
No. 70 at Station 448+36.97; thence from the afore mentioned point “A”, South
71 degrees 27 minutes 19 seconds East along said Southerly right-of-way line, a
distance of 46.62 feet, more or less, to an angle point in said Southerly
right-of-way line, said point being 545 feet South of the survey centerline of
said U.S. Interstate Highway Route No. 70 at Station 449+98.43; thence South 87
degrees 01 minutes 45 seconds East along said Southerly right-of-way line, a
distance of 137.22 feet, more or less, to an angle point in said Southerly
right-of-way line, said point being 544.88 feet South of said survey centerline
at Station 451+35.85; thence South 39 degrees 45 minutes 48 seconds East along
said Southerly right-of-way line, a distance of 27.23 feet, more or less, to a
point on the Westerly right-of-way line of said Sterling Avenue, said point
being 50 feet West of the East line of said Quarter, Quarter Section as
measured perpendicular thereto; thence South 01 degree 59 minutes 11 seconds
West along the Westerly right-of-way line of said Sterling Avenue, along a line
50 feet West of and parallel with the East line of said Quarter, Quarter
Section, a distance of 415.60 feet to the Point of Beginning. Containing 88,384
square feet or 2.029 acres, more or less.
is approved and designated as the
Blue Ridge Mall Tax Increment Financing Plan Redevelopment Project 3 (the
“Redevelopment Project Area”).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the Redevelopment Project Area 3. After the total equalized assessed valuation
of the taxable real property in Redevelopment Project Area 3 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Redevelopment Project Area 3, 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 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 adoption of this ordinance, while tax
increment financing remains in effect, in accordance with Section 99.845, RSMo,
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