COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960318
Approving and designating Redevelopment Project I of the
Barry Towne 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 ________________________, the City
Council passed Ordinance No. 960307, which accepted the recommendations of the
Commission as to the Barry Towne Tax Increment Financing Plan
("Redevelopment Plan") and designated the Redevelopment Area to be an
economic development area; and
WHEREAS, the Redevelopment Plan and ordinance
contemplate the implementation of the Redevelopment Plan through twelve (12)
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 I legally described as follows:
All that part of the Southeast Quarter and the Fractional
Southwest Quarter of Section 3, and all that part of the Northeast Quarter
and Fractional Northwest Quarter of Section 10, all in Township 51, Range
33, Kansas City, Clay County, Missouri, being bounded and described as
follows: Commencing at the Southeast Quarter of said Fractional Northwest
Quarter; thence North 89 29'15" West, along the south line of said
Fractional Northwest Quarter, 588.51 feet; thence North 0 30'45"
East, 435.71 feet to the true point of beginning of the tract to be herein
described; thence North 54 14'19" West 147.51 feet; thence North 15
23'22" West, 64.03 feet; thence North 0 38'25" West, 393.16
feet; thence North 15 04'53" East, 297.28 feet; thence North 75
22'40" West, 78.18 feet; thence North 0 09'54" East 731.81 feet;
thence North 16 15'34" West, 290.17 feet; thence easterly, along a
curve to the left, having an initial tangent bearing of North 72
35'18" East, a radius of 450.00 feet, an arc distance of 162.86 feet;
thence North 51 51'07" East, 754.63 feet; thence northeasterly,
easterly and southeasterly, along a curve to the right, tangent to the
last described course, having a radius of 450.00 feet, an arc distance of
1020.55 feet; thence South 1 47'31" West, 1073.07 feet; thence
southwesterly along a curve to the right, tangent to the last described
course, having a radius of 650.00 feet, an arc distance of 350.89 feet;
thence South 39 35'13" West, 654.53 feet; thence southwesterly, along
a curve to the left, tangent to the last described course having a radius
of 500.00 feet, an arc distance of 106.05 feet; thence North 62 33'54"
West, 109.51 feet; thence northwesterly, along a curve to the left,
tangent to the last described course, having a radius of 500.00 feet, an
arc distance of 107.98 feet; thence North 74 56'20" West 127.03 feet;
thence southwesterly, along a curve to the left, tangent to the last
described course, having a radius of 250.00 feet, an arc distance of
302.38 feet to the true point of beginning. Containing 65.30 acres, more
or less.
is approved and designated as the Barry Towne Tax
Increment Financing Plan Redevelopment Project I ("Project I").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project I. After the total equalized assessed valuation of the taxable
real property in Project I exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project I, 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 I 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 I over
and above the initial equalized assessed value of each such unit of property
in the area selected for Project 1 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 I 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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Assistant City Attorney