COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960316

Approving and designating Redevelopment Project IIIA of the Barry Towne 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 June 6, 1996, the City Council passed Committee Substitute for Ordinance No. 960307, which accepted the recommendations of the Commission as to the Barry Towne Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be an economic development area; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through twelve (12) 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 IIIA legally described as follows:

All that part of the Northeast Quarter and the Fractional Northwest Quarter of Section 10, Township 51, Range 33, Kansas City, Clay County, Missouri, being bounded and described as follows: Commencing at the Southwest corner of the Northeast Quarter of said Section 10; thence North 00^o3535 East, along the West line of said Northeast Quarter, 79.99 feet to a point on the Easterly right-of-way line of N. Madison Avenue, as now established, said point being the True Point of Beginning of the tract to be herein described; thence continuing North 06^o1948 East, along said right-of-way line, 15.92 feet; thence Northerly, along said right-of-way line, along a curve to the right, having an initial tangent bearing of North 43^o5831 West, and a radius of 61.00 feet, an arc distance of 48.86 feet; thence Northerly, along said right-of-way line, along a curve to the right, having a common tangent with the last described course, and a radius of 274.00 feet, an arc distance of 69.30 feet; thence North 16^o 2419 East, along said right-of-way line, 74.40 feet; thence Northerly, along said right-of-way line, tangent to the last described course, having a radius of 495.43 feet, an arc distance of 113.96 feet; thence North 62^o3354 West, 65.04 feet to a point on the Centerline of N. Madison Avenue, as now established; thence Northerly, along said Centerline, along a curve to the right, having an initial tangent bearing of North 27^o2606 East, and a radius of 500.00 feet, an arc distance of 106.05 feet; thence North 39^o3515 East, along said Centerline, 654.53 feet; thence Northerly, along said Centerline, tangent to the last described

course, having a radius of 650.00 feet, an arc distance of 428.77 feet (deed-350.89 feet); thence North 01^o4731 East, 1073.07 feet; thence Northerly, along a curve to the left, tangent to the last described course, having a radius of 450.00 feet, an arc distance of 21.84 feet; thence South 69^o1833 East, 429.91 feet to a point on the Westerly right-of-way line of US Highway No. 169, as now established; thence Southerly, along said right-of-way line, along a curve to the left, having an initial tangent bearing of South 06^o4705 West, and a radius of 5839.58 feet, an arc distance of 665.22 feet; thence South 00^o1528 West, along said right-of-way line, 449.46 feet; thence South 25^o5917 West, along said right-of-way line, 130.59 feet; thence South 37^o3201 West, along said right-of-way line, 281.73 feet; thence South 52^o0025 West, along said right-of-way line, 98.41 feet; thence South 46^o2842 West, along said right-of-way line, 266.74 feet; thence Southerly, along said right-of-way line, along a curve to the left, tangent to the last described course, having a radius of 420.00 feet, an arc distance of 279.91 feet; thence South 08^o2139 West, along said right-of-way line, 211.32 feet; thence South 28^o0500 West, along said right-of-way line, 79.61 feet; thence South 71^o1301 West, along said right-of-way line, 105.94 feet; thence South 84^o4752 West, along said right-of-way line, 100.50 feet; thence North 89^o2931 West, along said right-of-way line, 125.92 feet to the True Point of Beginning. Containing 20.55 acres, more or less.

is approved and designated as the Barry Towne Tax Increment Financing Plan Redevelopment Project IIIA (Project IIIA").

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