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Legislation #: 060012 Introduction Date: 1/5/2006
Type: Ordinance Effective Date: 5/30/2010
Sponsor: None
Title: Approving and designating Redevelopment Project 3 of the Baltimore Place Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
1/3/2006 Filed by the Clerk's office
1/5/2006 Referred to Finance and Audit Committee
1/11/2006 Hold Off Agenda
7/18/2007 Hold Off Agenda
5/12/2010 Do Pass as a Committee Substitute
5/13/2010 Assigned Third Read Calendar as Substituted
5/20/2010 Passed as Substituted

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060012.pdf Authenticated 158K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=060012 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=060012
00058190.doc Other 52K Ordinance Fact Sheet for Baltimore Place TIF Plan - Project 3

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 060012

Approving and designating Redevelopment Project 3 of the Baltimore Place 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, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and 

WHEREAS, on February 2, 2006, the City Council passed Ordinance No. 060010, which accepted the recommendations of the Commission as to the Baltimore Place Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, on January 7, 2008, the City Council passed Ordinance No. 071344, which accepted the recommendations of the Commission as to the First Amendment to the Baltimore Place Tax Increment Financing Plan; and

WHEREAS, the City Council passed Ordinance No. 100385, which approved the Second Amendment to the Baltimore Place Tax Increment Financing Plan; and  

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through a number of separate Redevelopment Projects 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 Redevelopment Project 3 legally described as follows: 

All of Lot 92, Block 13, Hubbard’s Addition, a subdivision in Kansas City, Jackson County, Missouri, except the East part thereof  in alley and except the West part thereof in Wyandotte Street;

Also all that part of Lots 90 and 91, Block 13, Hubbard’s Addition, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, described as follows:   Beginning at the intersection of the South line of 8th Street and the East line of Wyandotte Street, as said streets are now established, thence South along said East line of Wyandotte Street 60.5 feet, more or less, to the North line of said Lot 92, Hubbard’s Addition, thence East along said North line of said Lot 92, to the West line of an alley conveyed to Kansas City by Deed recorded in Book B-255, Page 547, thence North along said West line of said alley to the South line of 8th Street, thence West along said South line of 8th Street to the point of beginning.

is approved and designated as the Baltimore Place Tax Increment Financing Plan Redevelopment Project 3 (“Project 3”).

  Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 3. After the total equalized assessed valuation of the taxable real property in Project 3 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 3, 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 3 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 3 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 3 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 3 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 Section 70.500, RSMo, taxes levied for the purpose of public transportation pursuant to Section 94.660, RSMo, licenses, fees or special assessments, other than payments in lieu of taxes and penalties and interest thereon, 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