KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 200354 Introduction Date: 5/14/2020
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project Area 5 of the Linwood Shopping Center Tax Increment Financing Plan and authorizing tax increment financing; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
5/11/2020 Filed by the Clerk's office
5/14/2020 Referred to Neighborhood Planning and Development Committee
5/20/2020 Hold Off Agenda

View Attachments
FileTypeSizeDescription
Presentation.pptx Other 784K Power Point
Fact Sheet.pdf Fact Sheet 89K Fact Sheet

Printer Friendly Version

ORDINANCE NO. 200354

 

Approving and designating Redevelopment Project Area 5 of the Linwood Shopping Center Tax Increment Financing Plan and authorizing tax increment financing; and directing the City Clerk to transmit copies of this ordinance.

 

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Council of Kansas City, Missouri (the “Council”) by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, Ordinance No. 100089, passed on January 28, 2010, Ordinance No. 130986, passed on December 19, 2013, and Committee Substitute for Ordinance No. 140823, as amended, passed on June 18, 2015 (the “Authorizing Ordinances”) created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

 

WHEREAS, on June 16, 2016, the Council passed Ordinance No. 160448, which accepted the recommendations of the Commission as to the Linwood Shopping Center Tax Increment Financing Plan, approved the Redevelopment Plan as a comprehensive effort intended to reduce or eliminate blight and enhance the tax base within the Redevelopment Area described by the Plan (“Redevelopment Area”) through the implementation of certain improvements (the “Project Improvements”) within redevelopment projects described by the Plan (“Redevelopment Projects”); and

 

WHEREAS, the Linwood Shopping Center Tax Increment Financing Plan was amended by Committee Substitute for Ordinance No. 190524, passed on July 11, 2019 and by Committee Substitute for Ordinance No. 200063, passed on February 13, 2020 (the Linwood Shopping Center Tax Increment Financing Plan, as amended by the foregoing Ordinances shall hereafter be referred to as the “Plan”); and

WHEREAS, the Third Amendment to the Plan (the “Third Amendment”) was proposed to the Commission, which (1) modifies the boundaries of Redevelopment Project Area 4, (2) establishes a new Redevelopment Project Area 5, (3) modifies the Estimated Redevelopment Project Costs related to Redevelopment Projects 4 and 5, (4) modifies the Sources of Funds for Redevelopment Projects 4 and 5, (5) modifies the employment and construction totals for Redevelopment Projects 4 and 5, (6) modifies the Development Schedule and (7) modifies certain exhibits to and sections of the Plan that are in furtherance of the foregoing; and

WHEREAS, after all proper notices were given, the Commission, which has been duly constituted, convened a public hearing on April 14, 2020 to consider approval of the Third Amendment and approval and designation of Redevelopment Project Area 5 and, after receiving comments from all interested persons and taxing districts with respect to the designation of Redevelopment Project Area 5, the Commission closed the public hearing and passed Resolution No. 4-15-20, which includes a recommendation for the Council to approve the designation of Redevelopment Project Area 5. 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: 

 

All that certain real property, situate in Kansas City, Jackson County, Missouri, described as follows:

 

CDC-KC Linwood Square 1st Plat, Lot 2.

 

is approved and designated as the Linwood Shopping Center Tax Increment Financing Plan Redevelopment Project Area 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 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 Jackson County Collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing;

 

2. Subject to Section 99.845.1(3) and (15), 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 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. If the voters in a taxing district vote to approve an increase in such taxing district’s levy rate for ad valorem tax on real property, any additional revenues generated within an existing redevelopment project area that are directly attributable to the newly voter-approved incremental increase in such taxing district’s levy rate shall not be considered payments in lieu of taxes subject to deposit into a special allocation fund without the consent of such taxing district. Revenues will be considered directly attributable to the newly voter-approved incremental increase to the extent that they are generated from the difference between the taxing district's actual levy rate currently imposed and the maximum voter-approved levy rate at the time that the redevelopment project was adopted.

 

  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 adoption of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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 Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs and obligations incurred in the payment thereof. If the voters in a taxing district vote to approve an increase in such taxing district’s sales tax or use tax, other than the renewal of an expiring sales or use tax, any additional revenues generated within an existing redevelopment project area that are directly attributable to the newly voter-approved incremental increase in such taxing district’s levy rate shall not be considered economic activity taxes subject to deposit into a special allocation fund without the consent of such taxing district.

 

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

 

______________________________________________

 

Approved as to form and legality:

 

 

_______________________________

Katherine Chandler

Assistant City Attorney