Legislation #: |
960316 |
Introduction Date: |
3/28/1996 |
Type: |
Ordinance |
Effective Date: |
7/8/2001 |
Sponsor: |
COUNCILMEMBERS LOAR, FORD, DANAHER AND GLOVER |
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Title: |
Approving and designating Redevelopment Project IIIA of the Barry Towne Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor. |
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Legislation History |
Date | Minutes | Description |
3/28/1996
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| Prepare to Introduce |
3/28/1996
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| Referred Planning, Zoning & Economic Development Committee |
4/3/1996
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| Hold On Agenda |
4/10/1996
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| Hold On Agenda |
4/24/1996
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| Hold On Agenda |
5/1/1996
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| Hold On Agenda |
5/22/1996
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| Hold On Agenda |
5/29/1996
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| Hold Off Agenda |
7/8/1998
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| Hold Off Agenda |
1/20/1999
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| Hold Off Agenda |
6/27/2001
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| Advance and Do Pass as a Committee Substitute |
6/28/2001
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| Passed as Substituted |
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Printer Friendly Version
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
00o3535 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 06o1948 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 43o5831
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 16o 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 62o3354 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 27o2606 East, and a radius of 500.00
feet, an arc distance of 106.05 feet; thence North 39o3515 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 01o4731 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 69o1833 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 06o4705
West, and a radius of 5839.58 feet, an arc distance of 665.22 feet; thence
South 00o1528 West, along said right-of-way line, 449.46 feet;
thence South 25o5917 West, along said right-of-way line, 130.59
feet; thence South 37o3201 West, along said right-of-way line,
281.73 feet; thence South 52o0025 West, along said right-of-way
line, 98.41 feet; thence South 46o2842 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 08o2139
West, along said right-of-way line, 211.32 feet; thence South 28o0500
West, along said right-of-way line, 79.61 feet; thence South 71o1301
West, along said right-of-way line, 105.94 feet; thence South 84o4752
West, along said right-of-way line, 100.50 feet; thence North 89o2931
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.
_____________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney
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