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Legislation #: 120089 Introduction Date: 1/26/2012
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER WAGNER AND COUNCILMEMBER DAVIS
Title: Approving and designating Redevelopment Project 5 of the Antioch Crossing Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefore.

Legislation History
DateMinutesDescription
1/25/2012 Filed by the Clerk's office
1/26/2012 Referred to Planning, Zoning & Economic Development Committee
2/1/2012 Hold Off Agenda

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Fact Sheet 0K NO FACT SHEET SUBMITTED TO THE CITY CLERK'S OFFICE
00143573.DOCX Legal Description 26K Legal Description

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ORDINANCE NO. 120089

 

Approving and designating Redevelopment Project 5 of the Antioch Crossing Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefore.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on _______________, 2012, the City Council passed Ordinance No. ______, which accepted the recommendations of the Commission as to the Antioch Crossing Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan and Ordinance No. ______ contemplate the implementation of the Redevelopment Plan through a number of 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. That 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. That the area selected for Redevelopment Project 5 legally described as follows:

 

From a point which is the Northwest corner of LOT 52, in Beulmar Acres, a subdivision in Kansas City, Clay County; thence Northeasterly along the Northwest line of Lots 52 and 37 of said subdivision, a curve to the right, having a radius of 1392.69 feet, a distance of 302.75 feet to a jog; thence Southeasterly along said jog a distance of 5 feet; thence Northwesterly along the Northwesterly line of Lots 39 and 37 of said subdivision; being a curve to the right, having a radius of 1387.69 feet, a distance of 130.55 feet to the Point of Beginning; thence South 28 degrees 38 minutes 23 seconds East a distance of 156.26 feet; thence North 61 degrees 21 minutes 37 seconds East a distance of 34.0 feet; thence South 28 degrees 38 minutes 23 seconds East a distance of 40.0 feet; thence North 61 degrees 21 minutes 37 seconds East a distance of 71.0 feet; thence South 28 degrees 38 minutes 23 seconds East a distance of 34.0 feet; thence North 61 degrees 21 minutes 37 seconds East a distance of 95.0 feet; thence Northwesterly along the Westerly line of Chouteau Trafficway as now established, being a curve to the right having a radius of 630 feet, a distance of 200.0 feet; thence Southwesterly along the Southerly line of Vivion Road as now established, being a curve to the left having a radius of 1392.69 feet, a distance of 196.49 feet to a jog; thence Southwesterly along said jog a distance of 5 feet; thence continuing along the Southerly line of Vivion Road, being a curve to the left, having a radius of 1387.65 feet, a distance of 14.77 feet to the Point of Beginning.

and being more particularly described as follows:

A tract of land being part of Lots 39 and 40 in Beulmar acres, a subdivision of land in the Northwest quarter of the Southwest quarter of Section 31, Township 51 North, Range 32 West, Kansas City, Clay County, Missouri being more particularly described as follows:

Commencing at the Northwest corner of said Lot 39 of said Beulmar Acres; Thence along the Northwesterly line of said Lot 39 on a curve to the right, having an initial tangent bearing on North 63 degrees 28 minutes 06 seconds East, a radius of 1387.69 feet and an arc length of 83.17 feet; thence South 28 degrees 38 minutes 23 seconds East, a distance of 5.02 feet to the South right-of-way line of Vivion Road, as it is now established and the point of beginning of the tract of land to be described; thence along said South right-of-way line on a curve to the right, having an initial tangent bearing of North 66 degrees 55 minutes 14 seconds East, a radius of 1382.69 feet and an arc length of 200.90 feet to a point on the West right-of-way line of Chouteau Trafficway, as it is now established; thence Southeasterly along said west right-of-way line on a curve to the left, having an initial tangent veering of South 17 degrees 56 minutes 52 seconds East, a radius of 640.0 feet and an arc length of 192.38 feet; thence South 61 degrees 21 minutes 39 seconds West, a distance of 86.19 feet; thence North 28 degrees 38 minutes 23 seconds West, a distance of 34.82 feet; thence South 60 degrees 48 minutes 23 seconds West, a distance of 70.70 feet; thence North 31 degrees 27 minutes 47 seconds West, a distance of 41.64 feet; thence South 58 degrees 16 minutes 53 seconds West, a distance of 31.98 feet; thence North 28 degrees 39 minutes 23 seconds West, a distance of 151.42 feet to the point of beginning..

is approved and designated by the Antioch Crossing Tax Increment Financing Plan as Redevelopment Project 5 (“Project 5”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 5. After the total equalized assessed valuation of the taxable real property in Project 5 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 5, 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 project 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 5 shall be allocated to and, when collected, shall be paid by the Clay 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 5 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 5 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project 5 Costs within the Redevelopment Area, 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. That 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 5 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage 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, which are necessary to the payment of Project 5 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

 

_____________________________________________

 

Approved as to form and legality:

 

 

   ______________________________

Cecilia Abbott

Assistant City Attorney