ORDINANCE NO. 941340

Approving and designating Project XVb of the Second Amendment to the Briarcliff West 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 May 3, 1991, the City Council adopted Ordinance No. 65497, which accepted the recommendations of the Commission as to the Briarcliff West Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area therein to be blighted area; and

WHEREAS, on November 21, 1991, the City Council adopted Committee Substitute for Ordinance No. 911387, which accepted the recommendations of the Commission as to the First Amended Briarcliff West Tax Increment Financing Plan and designated the Redevelopment Area therein as a blighted area; and

WHEREAS, on ____________________, the City Council passed Ordinance No. 941342, which approved the Second Amendment to the Briarcliff West Tax Increment Financing Plan ("Second Amendment to the Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Second Amendment to the Briarcliff West Tax Increment Financing Plan contemplates the implementation of such Redevelopment Plan through the redesignation and subdivision of Redevelopment Project I, Stage II, into three new Redevelopment Projects designated Redevelopment Project XVa, Redevelopment Project XVb and Redevelopment Project XVc 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 XVb legally described as follows:

A tract of land situated in the SE 1/4 of Section 3, Township 50, Range 33, Kansas City, Clay County, Missouri, described as follows: Commencing at the northwest corner of said SE 1/4; thence South 8915'40" East, along the north line of said SE 1/4, 658.37 feet; thence South 0023'02" West, along the west line of CLAYMONT, a subdivision in said Kansas City, 350.00 feet to the point of beginning of the tract to be described herein; thence South 0023'02" West, continuing along said line, 475.00 feet; thence North 8915'40" West, 303.56 feet to the easterly right of way line of U.S. Highway No. 169; thence North 1116'25" West, 107.04 feet; thence North 0947'50" West, 219.02 feet; thence North 0043'34" East, 154.97 feet; thence South 8915'40" East, 362.98 feet to the point of beginning. Containing 163,426 square feet or 3.7518 acres.

is approved and designated as the Second Amendment to the Briarcliff West Tax Increment Financing Plan Redevelopment Project XVb ("Project XVb").

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Briarcliff West Redevelopment Project XVb. After the total equalized assessed valuation of the taxable real property in the Briarcliff West Redevelopment Project XVb exceeds the certified total initial equalized assessed valuation of the taxable real property in the area selected for the redevelopment project, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in the area selected for the Redevelopment 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 Briarcliff West Redevelopment Project XVb 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in the area selected for Briarcliff West Redevelopment Project XVb 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, 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 Briarcliff West Redevelopment Project XVb 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.

_____________________________________________

Approved as to form and legality:

___________________________________

Acting City Attorney