ORDINANCE NO. 930861

Approving and designating Project 1b of the Santa Fe 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. 930859, which approved the Santa Fe Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through thirty-five 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 1b legally described as follows:

Part of Tract B, PACE, a subdivision of land in Kansas City, Jackson County, Missouri, together with part of the Northwest 1/4 of Section 26, Township 48 North, Range 33 West of the 5th P.M. and all lying east of the St. Louis and San Francisco Railroad right of way and all more particularly described as follows: Commencing at the southeast corner of said Tract B; thence North 8639'36" West (all bearings herein are referenced to the "Missouri Coordinate System of 1983, West Zone") on the south line of said Tract B, 122.83 feet to the point of beginning; thence North 4139'36" West, 56.27 feet to a point 162.62 feet westerly from the west line of Lot 2 of said PACE subdivision; thence North 320'24" East on a line 162.62 feet westerly from and parallel with, the west line of said Lot 2, 593.21 feet to a point of curvature; thence northeasterly on a curve to the right (said curve having a radius of 863.81 feet, chord bearing North 1352'51" East, chord distance 316.05 feet) an arc length of 317.83 feet; thence North 6534'41" West, 137.40 feet to the north line of said Tract B; thence North 8639'36" West on the north line of said Tract B, 364.38 feet, said point being 713.21 feet easterly from the northwest corner of said Tract B; thence North 6754'32" West, 164.18 feet to a point 52.78 feet northerly from, as measured perpendicular to, the north line of said Tract B; thence North 8639'36" West on a line 52.78 feet northerly from, and parallel with, the north line of said Tract B, 720 feet more or less to the east right of way line of the St. Louis San Francisco Railroad; thence southeasterly on said easterly right of way line to a point 210.00 feet northerly from, as measured perpendicular to, the westerly prolongation of the most southerly line of said Tract B; thence easterly on a line 210.00 feet northerly from, and parallel with, said westerly prolongation to a point 492.62 feet westerly from, as measured perpendicular to, the east line of said Tract B; thence North 320'24" East on a line 492.62 feet westerly from, and parallel with, the east line of said Tract B, 375.00 feet; thence South 8639'36" East, 200.00 feet; thence South 320'24" West, 545.21 feet thence South 4820'24" West, 56.27 feet to the north right of way line of Bannister Road; thence South 8639'36" East on said north right of way line, 209.58 feet to the point of beginning.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Santa Fe Redevelopment Project 1b. After the total equalized assessed valuation of the taxable real property in the area exceeds the certified total initial equalized assessed valuation of the taxable real property in the area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in the area selected for the Redevelopment 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 Santa Fe Redevelopment Project 1b 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in the area selected for Santa Fe Redevelopment Project 1b 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 Santa Fe Redevelopment Project 1b 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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Acting City Attorney