ORDINANCE NO. 971732, AS AMENDED
Approving and designating Union Hill
Redevelopment Project X1 of the Union Hill Increment Financing Plan as a
Redevelopment Project and adopting tax increment financing therein.
WHEREAS, 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thereafter repealed and amended in certain respects by Committee Substitute to
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 December 18, 1997, the
City Council passed Ordinance No. 971698, which approved the Union Hill Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a conservation area; and
WHEREAS, the Redevelopment Plan and
ordinance contemplate the implementation of the Redevelopment Plan through 40
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 X1 legally described as follows:
A tract of land
consisting of the east 6 feet of South 130 feet of Lot 1 and South 130 feet of
Lot 2, Dunveigh Heights and vacated ally lying north of and adjacent to said
lots; and a second tract which is Part of Lot 1 & Part of Tract A, Tract I,
Founders at Union Hill - First Plat; formerly known as Coleman Place all Lots
15 thru 24 Block 5 & all vacated alley lying west of & adjacent also
Dunveigh Heights east 6 feet of south 130 feet Lot 1 & vacated alley north
of & adjacent Dunveigh Heights West 15 feet of south 130 feet Lot 1 &
south 130 feet Lot 2, subdivisions in Kansas City, Jackson County, Missouri.
is approved and designated as Union Hill
Redevelopment Project X1 (the "Redevelopment Project").
Section 3. Tax increment allocation
financing is hereby adopted for taxable real property in the above described
area selected for the Redevelopment Project. After the total equalized
assessed valuation of the taxable real property in the Redevelopment Project
exceeds the certified total initial equalized assessed valuation of the taxable
real property in the Redevelopment Project, 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 or real property in the area selected for
the Redevelopment Project 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 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 the Redevelopment Project 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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Heather
A. Brown
Assistant City Attorney