COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 951024

Approving Redevelopment Project 8 of the Summit Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

WHEREAS, the City Council of Kansas City, Missouri (the "City Council"), by Ordinance No. 54556 adopted on November 24, 1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on July 12, 1995, the Commission adopted a resolution recommending to the City Council the adoption of a redevelopment plan entitled the "Summit Tax Increment Financing Plan" (the "Redevelopment Plan"); and

WHEREAS, on August 31, 1995, the City Council adopted Committee Substitute for Ordinance No. 951016, which accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment Area to be a conservation area; designated the Redevelopment Area as a redevelopment area pursuant to the Act; and authorized the Commission to take all such action as may be needed to effectuate the Plan; and

WHEREAS, the Redevelopment Plan and Committee Substitute for Ordinance No. 951016 contemplate the separate approval of each Redevelopment Project and the adoption of Tax Increment Financing for each Project at the discretion of the City Council; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. All terms used in this ordinance must be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 2. The Redevelopment Project 8 legally described as:

Pershing Building Improvements

(Tracts 1 & 7)

A tract of land being all of Lot 1 through 4, and a part of the North half of the East-West alley south of Pershing Road, Waldo Tract; all of Lot 13, 14 and part of Lot 15, Waldo Place; and part of Lot 51 and all of Lot 52, Waldo Ridge, subdivisions in Kansas City, Jackson County, Missouri, according to the recorded plats thereof, being more particularly described as follows:

Beginning at the Southeast corner of said Lot 1, Waldo Tract; thence N 89 31' W along the South line of said Lots 1, 2, 3 and 4, Waldo Tract a distance of 1 foot, thence S 00 29' W a distance of 7.5 feet; thence N 89 31' W a distance of 101.3 feet; thence N 00 29' E along the West line of said Lot 4 and the Southerly prolongation a distance of 127.4 feet to the Northwest corner of said Lot 4 said point also being the South right-of-way line of Pershing Road; thence S 89 31' E along said South right-of-way line a distance of 176.2 feet; thence N 70 18' E continuing along said South right-of-way line a distance of 44.5 feet to a point

on the West right-of-way line of Wyandotte Street; thence S 00 29' W along said West right-of-way line a distance of 100.3 feet; thence N 89 31' W a distance of 115.7 feet to a point on the East line of said Lot 1, Waldo Tract; thence S 00 29' W along said East line a distance of 35.0 feet to the point of beginning.

Parking Garage - phase 1:

(Part of Penn Valley Park Tracts 20 & 22)

Tract of land being part of Lots 43 through 51 Waldo Ridge, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, being more particularly described as follows:

Beginning at a point 15 feet North of the Southwest corner of said Lot 51, Waldo Ridge; thence N 89 31' W a distance of 115.7 feet; thence S 00 29' W a distance of 13.6 feet; thence S 32 52' W a distance of 214.9 feet to the intersection of the East line of Waldo Tract and the West line of the land condemned by Kansas City, Missouri, for park purposes by Ordinance No. 52958, approved July 29, 1926; thence N 00 29' E a distance of 195.2 feet to the point of beginning.

Parking Garage - phase 2:

(Part of Tract 9 and Tracts 13 & 14)

Tract of land being part of Lots 39, 40 and 41; part of Lots 42 and 43; all of Lot 44 and part of Lot 45, also a part of vacated Waldo Avenue and a part of a 15.0 foot vacated alley, all being part of the Waldo Tract, being more particularly described as follows:

Beginning at a point 15 feet West of the Northeast corner of said Lot 38, Waldo Tract; thence S 89 31' E a distance of 15.0 feet; thence N 00 29' E a distance of 7.5 feet to the centerline of the East-West alley South of Pershing Road; thence S 89 31' E a distance of 101.3 feet to a point on the West line of the one (1) foot strip reserved of the Waldo Tract; thence S 00 29' E on the West line of said one (1) foot strip reserved a distance of 42.5 feet; thence S 89 31' E a distance of 1 foot to a point on the East line of said one (1) foot strip reserved; thence S 89 31' E on the East line of said one (1) foot strip reserved a distance of 110.15 feet to the intersection of said East line of Waldo Tract and the West line of the land condemned by Kansas City, Missouri, for park purposes by Ordinance No. 52958, approved July 29, 1926; thence S 32 52' W on the Westerly line of said park land a distance of 109.1 feet to a point on the South line of said Lot 43; thence N 89 31' W along the South line of said Lots 43, 44 and 45 a distance of 60.3 feet; thence N 00 29' E a distance of 235.9 feet to the point of beginning.

is approved.

Section 3. Tax increment allocation financing is adopted for Redevelopment Project 8. After the total equalized assessed valuation of the taxable real property in the area selected for Redevelopment Project 8 exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid will be divided as follows:

a. That portion of taxes levied upon each taxable lot, block, 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 Redevelopment Project 8 will be allocated to and, when collected, will 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.

b. 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 Redevelopment Project 8 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 8 will be allocated to and, when collected, will be paid to the City Treasurer, who must deposit such payments in lieu of taxes into the Summit Special Allocation Fund of the City for the purpose of paying Redevelopment Costs and obligations incurred in the payment thereof. Any payments in lieu of taxes which are not paid within 60 days of the due date are deemed delinquent and will be assessed a penalty of 1% per month.

Section 4. In addition to the payments in lieu of taxes described above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project 8 over the amount of such taxes generated by economic activities within the area selected for Redevelopment Project 8 in the calendar year prior to the approval of Redevelopment Project 8 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or 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, will be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who must deposit such funds in a separate segregated Summit Economic Activities account within the Summit Special Allocation Fund for the retirement of obligations or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney