ORDINANCE NO. 051015

Approving and designating Redevelopment Project Area C of the Hotel Phillips Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 April 6, 2000, the City Council passed Ordinance No. 000382, which approved the Hotel Phillips Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

WHEREAS, on ________, 2005, the City Council passed Ordinance No. _______, which approved the First Amendment to the Hotel Phillips Tax Increment Financing Plan and designated an expanded redevelopment area; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through a number of Redevelopment Projects and the adoption of tax increment financing in each of the areas selected; 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 Area C legally described as follows:

TRACT III (City Center Square): Lots 1 thru 10, inclusive Block 19, Ashburns Addition and Lots 1 thru 10, Smarts Partition No. 1, except part in streets and part of east one half Government Lot 1 of Northwest Quarter, Section 5 49 33 all DAF beginning at the intersection of the north line of 12th street and west line of Main St at a point 25.4 feet + north of south line of said Quarter section thence along the west line of Main, deeded 267.79 feet +, platted 267.85 feet to a point on a the south line of 11th Street, deeded 4 feet, platted 3 feet west of the northeast corner of Lot 1, Smarts Partition No. 1 thence west along the south line of 11th street, deeded 254.79 feet, platted 253.4 feet to the east line of Baltimore thence south along said east line 267 feet + to the north line of 12th street thence east along said north line deed 254.47 feet +, platted 252.6 feet to the point of beginning and all vacated rights-of-way lying adjacent and contiguous thereto.

 is approved and designated as Redevelopment Project Area C.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Redevelopment Project Area B After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area B exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area B 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 or real property in the area selected for Redevelopment Project Area C 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 Redevelopment Project Area C over and above the initial equalized assessed value of each such unit of property 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 60 days of the due date will be deemed delinquent and assessed a penalty of 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 Redevelopment Project Area C 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