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Legislation #: 941446 Introduction Date: 10/27/1994
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Shoal Creek Parkway Redevelopment Project C of the Shoal Creek Parkway Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
10/27/1994

Prepare to Introduce

10/27/1994

Referred Plans And Zoning Committee

11/2/1994

Hold Off Agenda

7/12/1995

Hold Off Agenda

1/24/1996

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/17/2001

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

11/3/2004 Advance and Do Pass, Debate
11/4/2004 Passed

View Attachments
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941446.pdf Authenticated 187K Passed Copy

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ORDINANCE NO. 941446

 

Approving and designating Shoal Creek Parkway Redevelopment Project C of the Shoal Creek Parkway 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. 941443, which approved the Shoal Creek Parkway Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through eleven (11) 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 C, legally described as follows:

 

All that part of the Southeast Quarter of Section 16, Township 51, Range 32, Kansas City, Clay County, Missouri, described as follows: Commencing at the southeast corner of said Section 16; thence South 89 degrees 56 minutes 53 seconds West along the south line of the Southeast Quarter of said Section 16, a distance of 490.03 feet to the point of beginning of the tract of land herein to be described; thence South 89 degrees 56 minutes 53 seconds West along the south line of the Southeast Quarter of said Section 16, a distance of 794.75 feet to a point on the easterly line of the right-of-way of Interstate Route 435; thence North 7 degrees 24 minutes 02 seconds East along said easterly right-of-way line, a distance of 48.85 feet; thence North 13 degrees 21 minutes 50 seconds West along said easterly right-of-way, a distance of 405.84 feet; thence North 41 degrees 05 minutes 17 seconds East along said easterly right-of-way line, a distance of 217.08 feet; thence North 49 degrees 01 minutes 54 seconds East, a distance of 22.80 feet; thence northeasterly along a curve to the left, having the last described course as a tangent, having a radius of 2,009.86 feet, an arc distance of 281.50 feet; thence South 39 degrees 43 minutes 21 seconds East, a distance of 381.48 feet; thence South 56 degrees 00 minutes 59 seconds East, a distance of 112.56 feet; thence South 43 degrees 48 minutes 19 seconds East, a distance of 56.47 feet; thence South 26 degrees 17 minutes 46 seconds East, a distance of 124.59 feet; thence South 89 degrees 26 minutes 51 seconds East, a distance of 95.00 feet; thence South 0 degrees 33 minutes 09 seconds West, a distance of 310.27 feet to the point of beginning.

 

is approved and designated as Shoal Creek Parkway Redevelopment Project Area C.

 

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

 

 

 

___________________________________

Acting City Attorney