KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 070949 Introduction Date: 9/6/2007
Type: Ordinance Effective Date: 12/28/2008
Sponsor: None
Title: Approving and designating Redevelopment Project 14 of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
9/4/2007 Filed by the Clerk's office
9/6/2007 Referred to Finance and Audit Committee
9/12/2007 Hold On Agenda (9/26/2007)
9/26/2007 Hold On Agenda (10/3/2007)
10/3/2007 Hold Off Agenda
10/10/2007 Hold Off Agenda
12/3/2008 Hold On Agenda (12/10/2008)
12/10/2008 Do Pass as a Committee Substitute
12/11/2008 Assigned Third Read Calendar as Substituted
12/18/2008 Passed as Substituted

View Attachments
FileTypeSizeDescription
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=070949 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=070949
070949.pdf Authenticated 238K Authenticated
Economic Development Project Fact Sheet.pdf Fact Sheet 67K Economic Development Project Fact Sheet
1200 Main-South Loop Project 14 legal 8.24.07 (00086609).DOC Legal Description 27K Redevelopment Project 14 Legal Description
1200 Main-South Loop - Project 14 Request for Ordinance (00086586).DOC Request for Ordinance 24K Redevelopment Project 14 Request for Ordinance
1200 Main-South Loop 6th Amd Ordinance Fact Sheet-Project 14 (00086583).XLS Fact Sheet 45K Redevelopment Project 14 Ordinance Fact Sheet

Printer Friendly Version

COMMITTTEE SUBSTITUTE FOR ORDINANCE NO. 070949

 

Approving and designating Redevelopment Project 14 of the 1200 Main/South Loop 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 March 4, 2004, the City Council passed Ordinance No. 040154, which accepted the recommendations of the Commission as to the 1200 Main/South Loop Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Council has amended the Redevelopment Plan by passage of Ordinance Nos. 040738, 041244, 051060, 051415, and 070502; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through several separate Redevelopment Projects 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 14 legally described as follows:

 

All of the following part of Lot 1, K. J. & J. ADDITION, a subdivision of land in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, lying above a horizontal plane, passing through an elevation of 911.7, NAVD88 Vertical Datum and below a horizontal plane, passing through an elevation of 929.7, NAVD88 Vertical Datum:

 

Commencing at the Southeast corner of said Lot 1, also being a point on the Northerly right-of-way line of 12th Street and the Westerly right-of-way line of Walnut Street, as now established; thence North 87 degrees 22 minutes 28 seconds West along the Southerly line of said Lot 1 and the Northerly right-of-way line of said 12th Street, a distance of 111.33 feet; thence North 02 degrees 29 minutes 38 seconds East and no longer along the Southerly line of said Lot 1 and the Northerly right-of-way line of said 12th Street, a distance of 1.33 feet; thence South 87 degrees 30 minutes 22 seconds East, a distance of 0.66 feet; thence North 02 degrees 29 minutes 38 seconds East, a distance of 8.93 feet; thence North 87 degrees 30 minutes 23 seconds West, a distance of 0.59 feet; thence North 02 degrees 29 minutes 38 seconds East, a distance of 2.06 feet; thence North 87 degrees 43 minutes 56 seconds West, a distance of 13.72 feet to the Point of Beginning of the tract of land to be described herein; thence South 38 degrees 28 minutes 30 seconds East, a distance of 1.29 feet; thence South 02 degrees 16 minutes 04 seconds West, a distance of 2.05 feet; thence South 40 degrees 01 minutes 22 seconds West, a distance of 1.28 feet; thence North 87 degrees 50 minutes 02 seconds West, a distance of 61.39 feet; thence North 38 degrees 28 minutes 30 seconds West, a distance of 1.31 feet; thence North 02 degrees 16 minutes 04 seconds East, a distance of 2.05 feet; thence North 40 degrees 01 minutes 22 seconds East, a distance of 1.28 feet; thence North 02 degrees 16 minutes 04 seconds East, a distance of 9.47 feet; thence South 45 degrees 56 minutes 44 seconds West, a distance of 18.74 feet; thence North 87 degrees 49 minutes 32 seconds West, a distance of 25.20 feet; thence North 47 degrees 16 minutes 31 seconds West, a distance of 20.50 feet; thence North 02 degrees 08 minutes 27 seconds East, a distance of 25.62 feet; thence North 47 degrees 28 minutes 53 seconds East, a distance of 18.96 feet; thence North 87 degrees 43 minutes 56 seconds West, a distance of 9.83 feet; thence South 40 degrees 01 minutes 22 seconds West, a distance of 1.29 feet; thence North 87 degrees 43 minutes 56 seconds West, a distance of 2.05 feet; thence North 38 degrees 28 minutes 30 seconds West, a distance of 1.30 feet; thence North 02 degrees 22 minutes 00 seconds East, a distance of 64.46 feet; thence South 88 degrees 37 minutes 56 seconds East, a distance of 22.25 feet; thence North 01 degrees 22 minutes 04 seconds East, a distance of 3.20 feet; thence South 88 degrees 37 minutes 56 seconds East, a distance of 0.37 feet; thence North 01 degrees 22 minutes 04 seconds East, a distance of 8.69 feet; thence South 88 degrees 37 minutes 56 seconds East, 2.08 feet; thence North 01 degrees 22 minutes 04 seconds East, a distance of 2.27 feet; thence North 29 degrees 49 minutes 49 seconds East, a distance of 8.40 feet; thence Easterly along a curve to the left, having an initial tangent bearing of South 58 degrees 17 minutes 12 seconds East, a radius of 50.70 feet, a central angle of 64 degrees 55 minutes 25 seconds and an arc length of 57.45 feet; thence South 87 degrees 58 minutes 08 seconds East, a distance of 24.03 feet; thence North 01 degrees 24 minutes 15 seconds East, a distance of 3.10 feet; thence North 76 degrees 18 minutes 20 seconds East, a distance of 8.67 feet; thence South 87 degrees 09 minutes 57 seconds East, a distance of 11.03 feet; thence North 02 degrees 50 minutes 03 seconds East, a distance of 1.05 feet; thence South 87 degrees 20 minutes 42 seconds East, a distance of 84.23 feet; thence South 02 degrees 39 minutes 18 seconds West, a distance of 2.01 feet; thence South 87 degrees 20 minutes 42 seconds East, a distance of 25.62 feet; thence South 02 degrees 39 minutes 18 seconds West, a distance of 0.38 feet; thence South 87 degrees 20 minutes 42 seconds East, a distance of 4.79 feet to a point on the Westerly right-of-way line of said Walnut Street; thence South 02 degrees 29 minutes 38 seconds West along the Westerly right-of-way line of said Walnut Street, a distance of 66.65 feet; thence North 87 degrees 30 minutes 19 seconds West and no longer along the Westerly right-of-way line of said Walnut Street, a distance of 113.26 feet; thence South 02 degrees 29 minutes 38 seconds West, a distance of 54.10 feet; thence North 87 degrees 37 minutes 38 seconds West, a distance of 12.74 feet; thence South 02 degrees 29 minutes 38 seconds West, a distance of 20.44 feet; thence South 87 degrees 43 minutes 56 seconds East, a distance of 1.02 feet to the Point of Beginning.

 

is approved and designated as the the1200 Main/South Loop Tax Increment Financing Plan Redevelopment Project 14 (Project 14").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 14. After the total equalized assessed valuation of the taxable real property in Project 14 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 14, 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 of real property in the area selected for the Project 14 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 Project 14 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 14, if any, 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 14 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