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Legislation #: 051205 Introduction Date: 9/29/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: 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.  

Legislation History
DateMinutesDescription
9/28/2005 Filed by the Clerk's office
9/29/2005 Referred to Planning, Zoning & Economic Development Committee
10/5/2005 Advance and Do Pass, Debate
10/6/2005 Passed

View Attachments
FileTypeSizeDescription
051205.pdf Authenticated 139K Authenticated
00053328.DOC Other 36K ord. request
00053329.DOC Fact Sheet 19K fact sheet

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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.

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  Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney