ORDINANCE NO. 051205
Approving and designating
Civic Mall Redevelopment Project 422 Admiral of the Civic Mall 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
December 8, 1994, the City Council passed Ordinance No. 941589, which approved
the Civic Mall Tax Increment Financing Plan and designated the Redevelopment
Area as a blighted area; and
WHEREAS, on March
3, 1997, the City Council passed Ordinance No. 970236, which approved the First
Amendment to the Civic Mall Tax Increment Financing Plan and designated an
altered Redevelopment Area; and
WHEREAS, on June
18, 1998, the City Council passed Ordinance No. 980654, which approved the
Second Amendment to the Civic Mall Tax Increment Financing Plan and designated
an expanded Redevelopment Area; and
WHEREAS, on July
8, 2004, the City Council passed Ordinance No. 040706. which approved the Third
Amendment to the Civic Mall Tax Increment Financing Plan and designated an
expanded Redevelopment Area, including the 422 Admiral Project; 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 the 422 Admiral Project, legally described as follows:
BLOCK 13: An
undivided 1/2 interest in Lots 15, 16, and 17, except parts thereof now in
Locust Street and in Admiral Boulevard, Block 8, Rices Addition, a subdivision
in Kansas City, Jackson County, Missouri, according to the recorded plat
thereof and all of Lots 1-3 and the West 1/2 of vacated Locust Lane located
east and of and adjacent, Keyes
Subdivision, Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.
is approved and designated as
Civic Mall Redevelopment Project 422 Admiral.
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Civic Mall Redevelopment Project 422
Admiral. After the total equalized assessed valuation of the taxable real
property in Civic Mall Redevelopment Project 422 Admiral exceeds the certified
total initial equalized assessed valuation of the taxable real property in
Civic Mall Redevelopment 422 Admiral, 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 Civic Mall Redevelopment Project 422
Admiral 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 Civic Mall Redevelopment
Project 422 Admiral over and above the initial equalized assessed value of each
such unit of property in the area selected for Civic Mall Redevelopment Project
422 Admiral 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 Civic Mall Redevelopment
Project 422 Admiral 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:
______________________________
Heather
A. Brown
Assistant City Attorney