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November 24, 1982, and thereafter repealed and amended in certain respects by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.
__________________________________________________________________
Approved
as to form and legality:
___________________________________
Heather A. Brown
Assistant City Attorney