ORDINANCE NO. 980656
Approving
and designating Project No. 15A, included in the Second Amendment to the Civic
Mall Tax Increment Financing Plan, as a Redevelopment Project and adopting tax
increment financing therein.
WHEREAS,
the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on
November 24, 1982 and thereafter repealed and amended in certain respects by
Committee Substitute to 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 ("Redevelopment
Plan") and designated the area described therein as a Redevelopment Area;
and
WHEREAS,
on March 20, 1997, the City Council passed Ordinance No. 970236, which
approved the First Amendment to the Civic Mall Tax Increment Financing Plan
("First Amendment") and designated the area described therein as a
Redevelopment Area; and
WHEREAS,
on _________________, the City Council passed Ordinance No. 980654, which
approved the Second Amendment to the Civic Mall Tax Increment Financing Plan
("Second Amendment") and designated the area described therein as a
Redevelopment Area; and
WHEREAS,
the Redevelopment Plan, as amended by Ordinance No. 941589, Ordinance No.
970236 and Ordinance No. 980654, contemplates the implementation of the
Redevelopment Plan, as amended, through forty-four (44) separate Redevelopment
Projects (including nine (9) additional Redevelopment Projects authorized by
the Second Amendment in Ordinance No. 980654) 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 Project No. 15A legally described as follows:
Beginning at the Northwest corner of Lot 7, Block 6,
of RICE'S ADDITION, also being a point of the North line of Admiral Blvd. as
established by Ordinance 15,550 passed October 10, 1900; thence North 252 feet
along West line of Lots 8, 9, 10, 11, 12, Block 6, RICE'S ADDITION, to South
line of Right-of Way of Intercity Freeway (also know as 6th Street); thence
East a distance of 288 feet along said South line of Intercity Freeway to its
point of intersection with West line of vacated Holmes St.; thence continuing
East a distance of 50 feet, along South line of 6th Street, as established by
Ordinance 31324 to its point of intersection with West line of Lot 8, Block 4,
RICE'S ADDITION; thence South a distance of 237 feet along West line of Lots 8
and 9, Block 4, across vacated 6th Street Trafficway and along West line of
Lots 1 and 2, Block 5, RICE'S ADDITION, to North line of Admiral Blvd. as
established by said Ordinance 15,550, said point begin Northwest corner of Lot
3, Block 5, RICE'S ADDITION, thence West along North line of said Lot 3,
prolonged West to West line of vacated Holmes Street; thence South along West
line of vacated Holmes Street to a point 10 feet North of North line of Lot 18,
Block 6, RICE'S ADDITION; thence West and parallel with North line of said Lot
18 and its prolongation West to West line of vacated alley in Block 6 in said
RICE'S ADDITION; thence South along West line of said mentioned alley to the
North line of said Lot 7, Block 6, in said RICE'S ADDITION, thence West along
the North line of said Lot 7, to the point of beginning; except all that part
of Lots 11, 12, 13 and 14, Block 6, RICE'S ADDITION, a subdivision and all that
part of vacated Holmes Street, in Kansas City, Jackson County, Missouri,
described as follows: Beginning at the point of intersection of the South line
of the Intercity Freeway, as now established, and the East line of vacated
Holmes Street; thence South 0 degrees, 08 minutes East along said East line,
84.00 feet; thence due West 98.53 feet; thence due South 16.00 feet; thence due
West, 49.33 feet; thence due North, 16.00 feet; thence due West 78.33 feet to a
point on the East outside line of an existing building; thence North 0 degrees,
06 minutes, 49 seconds West along said East outside line and the Northerly
prolongation thereof, 84.00 feet to the South line of said Intercity Freeway;
thence due East 226.16 feet to the point of beginning.
is
approved and designated as the Civic Mall Redevelopment Project No. 15A
(hereinafter referred to herein as the "Redevelopment Project No.
15A"). The area selected for said Redevelopment
Project
includes only those parcels of real property and improvements thereon which
will be directly and substantially benefitted by the Redevelopment Project
improvements therein.
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for the Redevelopment Project No.
15A. After the total equalized assessed valuation of the taxable real property
in the Redevelopment Project Area exceeds the certified total initial equalized
assessed valuation of the taxable real property in the Redevelopment Project
No. 15A, 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 penalties
and interest 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 or real property in the area selected
for Redevelopment Project No. 15A 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 the Redevelopment Project No. 15A, and any applicable penalty and interest
over and above the initial equalized assessed value of each such unit of
property 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 60 days of
the due date will be deemed delinquent and assessed a penalty of 1% per month.
Section
4. In addition to the payments in lieu of taxes described in subsection 2 of
Section 3 above, 50% of the total additional revenue from taxes penalties and
interest which are imposed by the City or taxing districts, and which are
generated by economic activities within the area selected for the Redevelopment
Project No. 15A 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 personal
property taxes, taxes imposed on sales of charges for sleeping rooms paid by
transient guests of hotels and motels, taxes levied pursuant to 70.500
RSMo, taxes levied pursuant to 94.660 RSMo licenses, fees or special
assessments and personal property taxes, other than payments in lieu of taxes,
and penalties and interest thereon shall be allocated to, and paid by the local
political subdivision 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