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SECOND COMMITTEE
SUBSTITUTE FOR ORDINANCE NO. 970089
Approving
and designating Redevelopment Project No. 6 of the Uptown Tax Increment
Financing Plan, as amended, as a Redevelopment Project and adopting tax
increment financing therein.
WHEREAS,
the Council 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repealed and amended in certain respects by Committee Substitute for Ordinance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 June 16, 1994, the Council passed Ordinance No. 940715 which approved the
Uptown Tax Increment Financing Plan (Redevelopment Plan) and designated the
Redevelopment Area as a blighted area; and
WHEREAS,
on February 6, 1997, the Council passed Committee Substitute for Ordinance No.
970083, which approved the First Amendment to the Uptown Tax Increment
Financing Plan ("First Amendment); and
WHEREAS,
the Redevelopment Plan, as amended, and Ordinance No. 940715 and Committee
Substitute for Ordinance No. 970083 contemplate the implementation of the
Redevelopment Plan, as amended, through a number of separate Redevelopment
Projects (including 6 additional Redevelopment Projects authorized by the
First Amendment in Committee Substitute for Ordinance No. 970083) and the
adoption of tax increment financing in the areas selected for such
Redevelopment Project; NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. All terms used in this ordinance not otherwise defined herein, 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 Uptown Redevelopment Project No. 6, legally described
as follows:
Beginning at the intersection of the west
right-of-way line of Broadway Boulevard, as it now exists, and the north
right-of-way line of 39th Street, as it now exists; thence west along the north
right-of-way line of 39th Street to the east right-of-way line of Washington
Street, as it now exists; thence north along the east right-of-way line of
Washington Street to the north lot line of Lot 2, A.B.H. MCGEES ADDITION;
thence east along the north lot line of Lot 2, A.B.H. MCGEES ADDITION, to the
west right-of-way line of Broadway Boulevard; thence south along the west
right-of-way line of Broadway Boulevard to the point of beginning, now all
included in and a part of the City of Kansas City, Jackson County, Missouri.
is
approved and designated as Uptown Redevelopment Project No. 6 (hereinafter Project
No. 6"), provided that no reimbursable project costs shall be paid from
tax increment financing revenues
except to the City or to a
redeveloper approved by both the Commission and the City.
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for Project No. 6. After the
total equalized assessed valuation of the taxable real property in Project No.
6 exceeds the certified total initial equalized assessed valuation of the
taxable real property in Project No. 6, 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 Project No. 6 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 No. 6 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 Project No. 6 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