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Legislation #: 021401 Introduction Date: 11/21/2002
Type: Ordinance Effective Date: 12/6/2002
Sponsor: None
Title: Approving and designating Redevelopment Project 1 of the Downtown Library District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
11/21/2002

Prepare to Introduce

11/21/2002

Referred Planning, Zoning & Economic Development Committee

11/25/2002

Advance and Do Pass

11/26/2002

Passed


View Attachments
FileTypeSizeDescription
Other 0K Financial Plan is on file in the Clerk's Office
021401.pdf Other 348K Authenticated and Additional Documents

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ORDINANCE NO. 021401

 

Approving and designating Redevelopment Project 1 of the Downtown Library District 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 ______________________, the City Council passed Ordinance No. 021400, which accepted the recommendations of the Commission as to the Downtown Library District Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a conservation area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through one Redevelopment Project and the adoption of tax increment financing the area selected for such Redevelopment 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 Redevelopment Project 1 legally described as follows:

 

Parcel Number 1(a): Commencing at the intersection of the centerline of Baltimore Avenue and Ninth Street; thence proceeding easterly along the centerline of Ninth Street to the intersection of the centerline of Ninth Street and the centerline of Main Street; thence proceeding southerly along the centerline of Main Street to the intersection of the centerline of Main Street and the centerline of Tenth Street; thence proceeding westerly along the centerline of Tenth Street to the intersection of the centerline of Tenth Street and the centerline of Baltimore Avenue; thence proceeding northerly along the centerline of Baltimore Avenue to the Point of Beginning.

 

Parcel Number 1(b): All of Lots 1 through 5, Block 8, together with the west half of the vacated alley lying east of and adjacent to said Lots and the south half of the vacated alley lying north of and adjacent to said Lots, all in Ashburns Addition, Kansas City, Jackson County, Missouri; All of Lots 6 through 10, Block 8, together with the east half of the vacated alley lying west of and adjacent to said Lots and the south half of the vacated alley lying north of and adjacent to said Lots, all in Ashburns Addition, Kansas City, Jackson County, Missouri; the south 5 feet of Lot 12, Block 2, Ashburns Addition together with the north half of the vacated alley


lying south of and adjacent to said portion of the Lot and the west half of the vacated alley lying east of and adjacent to said portion of the Lot, all in Ashburns Addition, Kansas City, Jackson County, Missouri; and all of Lots 8 through 11, Block 2, Ashburns Addition together with the north half of the vacated alley lying south of and adjacent to said Lots and the east half of the vacated alley lying west of and adjacent to said Lots.

 


is approved and designated as the Downtown Library District Tax Increment Financing Plan Redevelopment Project 1 (Project 1").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, 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 1 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 Project 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1 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 Project 1 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:

 

 

___________________________________

Assistant City Attorney