ORDINANCE NO. 911516
Approving and designating Phase X of the Universal
Floodwater Detention Tax Increment Financing Plan as a Redevelopment Project
Area and adopting tax increment financing therefor.
WHEREAS, the City Council of Kansas City, Missouri
(the "City Council"), by Ordinance No. 54556 passed on November 24,
1982, created the Tax Increment Financing Commission of Kansas City, Missouri
(the "Commission") and by Ordinance No. 911076, modified the composition
of the Commission in accordance with State law; and
WHEREAS, on November 14, 1990, the Commission
adopted a resolution recommending to the City Council the adoption of a
redevelopment plan entitled the "Universal Floodwater Detention Tax Increment
Financing Plan" (the "Redevelopment Plan"); and
WHEREAS, on January 10, 1991, said date being within
14 to 90 days after the November 14, 1990 Commission hearing, Committee
Substitute for Ordinance No. 910047, as amended, approving the Redevelopment
Plan and Committee Substitute for Ordinance No. 910056 approving and
designating Phase X of the Redevelopment Plan as a separate Redevelopment
Project Area and adopting tax increment financing therefor were introduced
before the City Council; and
WHEREAS, on April 18, 1991, the City Council passed
Committee Substitute for Ordinance No. 910047, as amended, which accepted the
recommendations of the Commission as to the Redevelopment Plan; approved the
Redevelopment Plan; declared the Redevelopment Area and each proposed
Redevelopment Project Area as blighted; approved Universal Land Development
Co., Ltd. as the developer; approved an agreement with the Commission;
authorized the execution of a development contract; and designated the Phase I
Redevelopment Project Area as a redevelopment project area; and
WHEREAS, the Redevelopment Plan as approved by
Committee Substitute for Ordinance No. 910047, as amended, contemplate the
designation of each subsequent phase of the Redevelopment Plan as a separate
Redevelopment Project Area at the discretion of the City Council and the
adoption of tax increment financing therefor; and
WHEREAS, Committee Substitute for Ordinance No.
910056, approving and designating Phase X as a Redevelopment Project Area and
adopting tax increment financing therein has not been acted upon and is being
held off the docket of the City Council; and
WHEREAS, on September 11, 1991, the Commission
adopted a resolution recommending to the City Council the approval of an
amendment to the Redevelopment Plan (the "First Amended Redevelopment
Plan"); and
WHEREAS, on __________________________, 1991, the
City Council passed Ordinance No. 911507, which accepted the recommendation of
the Commission as to the First Amended Redevelopment Plan; approved the First
Amended Redevelopment Plan; declared the Redevelopment Area and each proposed
Redevelopment Project Area as blighted; approved Universal Land Development
Co., Ltd., as the developer; approved an agreement with the Commission; and
authorized the execution of a First Amended Development Contract; and
WHEREAS, the First Amended Redevelopment Plan as
approved by Ordinance No. 911507 contemplate the designation of the remaining
phases of the First Amended Redevelopment Plan as separate Redevelopment
Project Areas and the adoption of tax increment financing therein at the
discretion of the City Council; and
WHEREAS, it is the intention of the Council to
release Committee Substitute for Ordinance No. 910056 at the semi-annual
docketing pursuant to Council Rule 28-A; 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. That the area set forth in the First
Amended Redevelopment Plan as Phase X and legally described as:
All that part of Section 24, Township 50, Range 33,
in the City of Kansas City, Jackson County, Missouri, described as
follows: Commencing at the northeast corner of Tract "AA",
EXECUTIVE PARK, SIXTH PLAT, a subdivision of land in said city, county and
state; thence North 215'57" East, a distance of 60.00 feet, to a
point in the northerly right of way line of Executive Drive, as now
established; thence North 8744'03" West, along said northerly right
of way line, a distance of 457.72 feet; the North 215'57" East, departing
from said northerly right of way line, a distance of 582.00 feet, to
the point of beginning; thence continuing North 215'57" East, a
distance of 646.10 feet; thence South 8744'03" East, a distance of
120.00 feet; thence North 215'57" East, a distance of 858.15 feet,
to a point on an existing railroad right of way line, recorded as
Document No. K-500318 in Book K-1101 at Page 1076; thence along a
curve to the right, along said right of way line, the initial tangent to
which bears South 8313'11" East, radius of said curve being 5861.22
feet, with a central angle of 441'50", an arc distance of 480.51
feet, to a point of curvature; thence along a curve to the right,
along said right of way line, the initial tangent to which bears South
8937'50" East, radius of said curve being 2877.87 feet, with a
central angle of 444'58", an arc distance of 238.55 feet, to a point
of curvature; thence along a curve to the right, along said right of
way line, the initial tangent to which bears South 8452'52" East,
radius of said curve being 1025.00 feet, with a central angle of
1027'11", an arc distance of 187.00 feet, to a point of curvature;
thence along a curve to the right, along said right of way line, the
initial tangent to which bears South 7425'41" East, radius of said
curve being 5916.22 feet, with a central angle of 039'27", an arc
distance of 67.88 feet, to a point on the west right of way line of
Interstate Highway No. 435, as now established; thence South 124'37"
West, along the west right of way line of said Interstate Highway No.
435, a distance of 1671.44 feet; thence North 8835'23" West,
departing said west right of way line, a distance of 342.00 feet; thence
North 124'37" East, a distance of 273.79 feet; thence North
8744'03" West, a distance of 765.19 feet, to the point of
beginning, containing 1,593,817.68 square feet or 36.59 acres, more
or less.
is hereby designated as a blighted area and is further
approved and designated as the Phase X Redevelopment Project Area.
Section 3. All of the Redevelopment Projects
contained within the Phase X Redevelopment Project Area are hereby approved.
Section 4. Tax increment allocation financing is
hereby adopted for the Phase X Redevelopment Project Area. After the total
equalized assessed valuation of the taxable real property in the Phase X
Redevelopment Project Area exceeds the certified total initial equalized
assessed value of all taxable real property in such Redevelopment Project Area,
the ad valorem taxes and payments in lieu of taxes, if any, arising from the
levies upon taxable real property in such Redevelopment Project Area by taxing
districts and tax rates determined in the manner provided in Subsection 2 of
Section 99.855, RSMo, each year after the effective date of this Ordinance
until redevelopment project costs and redevelopment costs have been paid shall
be divided as follows:
(a) 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 Phase X
Redevelopment Project Area 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;
(b) 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
Phase X Redevelopment Project Area over and above the initial equalized
assessed value of each such unit of property in the Phase X Redevelopment
Project Area shall be allocated to and, when collected, shall be paid to
the City Treasurer, who shall deposit such payments in lieu of taxes into
the Special Allocation Fund of the City for the purpose of paying
redevelopment project costs and redevelopment costs incurred in any of the
Redevelopment Areas, and obligations incurred in the payment thereof.
Section 5. In addition to the payments in lieu of
taxes described above, and subject to annual appropriation, fifty percent (50%)
of the total additional revenue from taxes which are imposed by the
municipality or other taxing districts, and which are generated by economic
activities within the Phase X Redevelopment Project Area over the amount of
such taxes generated by economic activities within the Phase X Redevelopment
Project Area in the calendar year prior to the adoption of the Phase X
Redevelopment Project Area by ordinance, while tax increment financing remains
in effect, but excluding taxes imposed on sales or 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 treasurer or
other designated financial officer of the municipality, who shall deposit such
funds in a separate segregated account within the Universal Floodwater
Detention Account of the Special Allocation Fund for the retirement of
obligations or payment of Redevelopment Project Costs and Redevelopment Costs
as defined in the First Amended Redevelopment Plan.
_____________________________________________
Approved as to form and
legality:
___________________________________
Assistant City Attorney