ORDINANCE NO. 911442

Approving Redevelopment Project 7 of the Winchester Center Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

WHEREAS, the City Council of Kansas City, Missouri (the "City Council"), by Ordinance No. 54556 adopted on November 24, 1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on November 6, 1991, the Commission adopted a resolution recommending to the City Council the adoption of a redevelopment plan entitled the "Winchester Center Tax Increment Financing Plan" (the "Redevelopment Plan"); and

WHEREAS, on ________________________, the City Council adopted Ordinance No. 911435, which accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment Area to be a conservation area; designated the Redevelopment Area as a redevelopment area pursuant to the Act; approved an agreement with the Commission; and authorized the Commission to take all such action as may be needed to effectuate the Plan; and

WHEREAS, the Redevelopment Plan and Ordinance No. 911435 contemplate the separate approval of each Redevelopment Project and the adoption of Tax Increment Financing therein at the discretion of the City Council; 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 Redevelopment Project 7 legally described as:

All of Lots 52 and 53 and that part of Lots 49 through 56, inclusive and that part of Lots 75 through 78 inclusive, SWOPE PARK RIDGE, a subdivision, according to the recorded plat thereof, together with all of Lots 1 through 9, inclusive and Lots 25 through 31, inclusive and that part of Lots 10, 11, 12, 32, 33 and 34, SWOPE PARK RESURVEY, a subdivision, according to the recorded plat thereof, including that part of 66th Street and Park Ridge Avenue, as said street and avenue are now both established, said parcel of land is bounded on the North by the North right-of-way line of 65th Street, and on the East by the West right-of-way line of Bennington Avenue, and on the Southwesterly side by the Northeasterly right-of-way line of the Kansas City Southern Railway Company and on the South by the Northerly right-of-way line of 67th Street, as all streets and avenue are now established and also bounded on the South and on the East by the following described line:

Beginning at a point on the East line of Lot 49 of said SWOPE PARK RIDGE, 170.23 feet North of the Southeast corner thereof; thence Southwesterly along a straight line to a point on the West line of the East 15 feet of said Lot 51; thence South along the West line of the East 15 feet of said Lot 51 and along the West line of the East 15 feet of said Lot 75, 340 feet; more or less to a point on the Northerly right-of-way line of said 67th Street.

is hereby approved.

Section 3. Tax increment allocation financing is hereby adopted for Redevelopment Project 7. After the total equalized assessed valuation of the taxable real property in the area selected for Redevelopment Project 7 exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid shall be divided as follows:

a. That portion of taxes levied upon each taxable lot,

block, 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 Redevelopment Project 7 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.

b. 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 Redevelopment Project 7 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 7 shall be allocated to and, when collected, shall be paid to the City Treasurer, who shall deposit such payments in lieu of taxes into the Winchester Center Special Allocation Fund of the City for the purpose of paying Redevelopment Costs and obligations incurred in the payment thereof.

Section 4. In addition to the payments in lieu of taxes described above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project 7 over the amount of such taxes generated by economic activities within the area selected for Redevelopment Project 7 in the calendar year prior to the approval of Redevelopment Project 7 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or 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 treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated Winchester Center Economic Activities account within the Winchester Center Special Allocation Fund for the retirement of obligations or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney