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Legislation #: 071172 Introduction Date: 11/1/2007
Type: Ordinance Effective Date: 12/28/2008
Sponsor: None
Title: Approving and designating Redevelopment Project 1A of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
10/29/2007 Filed by the Clerk's office
11/1/2007 Referred to Finance and Audit Committee
11/7/2007 Hold On Agenda (11/19/2007)
11/19/2007 Hold Off Agenda
12/3/2008 Hold On Agenda (12/10/2008)
12/10/2008 Do Pass
12/11/2008 Assigned to Third Read Calendar
12/18/2008 Passed

View Attachments
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http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=071172 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=071172
071172.pdf Authenticated 139K Authenticated
1200 Main-South Loop TIF Plan -Project 1A (00089221).DOC Legal Description 20K 1200 Main/South Loop TIF Plan - Project 1A Legal Description
1200 Main 7th Amd Ordinance Fact Sheet- Project 1A (00089203).XLS Fact Sheet 69K 1200 Main/South Loop TIF Plan - Project 1A Ordinance Fact Sheet
1200 Main 7th Amnd Project Ordinance Request-Project 1A (00089213).DOC Request for Ordinance 29K 1200 Main/South Loop TIF Plan - Project 1 A Request for Ordinance

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ORDINANCE NO. 071172

 

Approving and designating Redevelopment Project 1A 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 the1200 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 070950; 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 1A legally described as follows:

 

Unit 1 and 2, Block 110, of Replat of K.C. Live, a condominium subdivision in Kansas City, Jackson County, Missouri, except that part thereof of described as: That portion of Unit 2, Block 110, Replat of K.C. Live, a condominium subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, which will be further re-platted as a condominium unit or units for the development and construction of residential improvements in such portion of such Unit 2 as developer elects to develop for residential use pursuant to the Master Development Agreement dated April 24, 2004, between City of Kansas City, Missouri, and Kansas City Live, LLC, as amended.

 

is approved and designated as the the1200 Main/South Loop Tax Increment Financing Plan Redevelopment Project 1A (Project 1A").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1A. After the total equalized assessed valuation of the taxable real property in Project 1A exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1A, 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 12 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 1A over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1A 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 1A 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