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Legislation #: 130738 Introduction Date: 9/26/2013
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS CIRCO, TAYLOR, SHARP AND JAMES, JR.
Title: Approving and designating Redevelopment Project Area 1 of the Bannister _ I-435 Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
9/25/2013 Filed by the Clerk's office
9/26/2013 Referred to Planning, Zoning & Economic Development Committee
10/2/2013 Hold On Agenda (10/9/2013)
10/9/2013 Hold Off Agenda
1/20/2015 Release
1/14/2015 Release
2/2/2015 Released

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ORDINANCE NO. 130738

 

Approving and designating Redevelopment Project Area 1 of the Bannister & I-435 Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended, 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, As Amended, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council accepted the recommendations of the Commission as to the Bannister & I-435 Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan contemplates 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. That 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 selected for Redevelopment Project Area 1 legally described as follows:

 

All that part of Tracts III and V, Replat of Bannister Mall, Tracts I Through X, Inclusive, a subdivision, and all that part of Lots 1 and 3, and Tract A, 3-Trails Village Square, a subdivision, and all that part of Lot 2, Benjamin Plaza Second Plat, a subdivision, and all that part of Lots 3A and 3B, Certificate of Survey of Benjamin Plaza Third Plat, a subdivision, and all that part of the Southwest Quarter of Section 24 and the Northwest Quarter of Section 25, Township 48 North, Range 33 West, all in the City of Kansas City, Jackson County, Missouri, more particularly described as follows: commencing at the southwest corner of the Northwest Quarter of said Section 25, thence North 02 degrees 08 minutes 59 seconds East, with the west line of the Northwest Quarter of said Section 25, a distance of 903.16 feet to a point on the west right-of-way line of Hillcrest Road and the easterly line of Tract A, 3-Trails Village Square; thence with the west right-of-way line of Hillcrest Road and the east line of said Tract A on a curve to the right having a radius of 1057.00 feet, a central angle of 00 degrees 19 minutes 28 seconds, with an initial tangent bearing of North 21 degrees 03 minutes 29 seconds East, an arc distance of 5.99 feet; thence North 21 degrees 22 minutes 58 seconds East (North 21 degrees 23 minutes 22 seconds East, plat), with the west right-of-way line of Hillcrest Road and the east line of said Tract A, a distance of 27.23 feet; thence North 90 degrees 00 minutes 00 seconds West, and no longer with the west right-of-way line of Hillcrest Road, and also no longer with the east line of said Tract A, a distance of 11.00 feet to a point on the west line of said Tract A; thence continuing North 90 degrees 00 minutes 00 seconds West, a distance of 654.47 feet to the point of beginning; thence continuing North 90 degrees 00 minutes 00 seconds West, a distance 192.94 feet to a point on the westerly line of Tract V, Replat of Bannister Mall, Tracts I Through X, Inclusive, and the easterly line of Lot 1, 3-Trails Village Square; thence continuing North 90 degrees 00 minutes 00 seconds West, a distance of 165.57 feet to a point on the southerly line of said Lot 1, and the northerly line of Tract II, Replat of Bannister Mall, Tracts I Through X, Inclusive; thence continuing North 90 degrees 00 minutes 00 seconds West, a distance of 174.92 feet; thence North 00 degrees 00 minutes 00 seconds East, a distance of 70.83 feet to a point on the northerly line of said Tract II and the southerly line of said Lot 1; thence continuing North 00 degrees 00 minutes 00 seconds East, a distance of 39.45 feet to a point on the northerly line of said Tract II and the southerly line of said Lot 1; thence continuing North 00 degrees 00 minutes 00 seconds East, a distance of 50.47 feet to a point on the northerly line of said Tract II and the southerly line of said Lot 1; thence continuing North 00 degrees 00 minutes 00 seconds East, a distance of 52.24 feet; thence North 90 degrees 00 minutes 00 seconds West, a distance of 96.69 feet to a point on the northerly line of said Tract II and the southerly line of said Lot 1; thence continuing North 90 degrees 00 minutes 00 seconds West, a distance of 156.08 feet to a point on the west line of said Tract II, and the easterly right-of-way line of Interstate 435; thence North 28 degrees 22 minutes 49 seconds East (North 28 degrees 23 minutes 51 seconds East, plat) with the west line of said Tract II, and (North 28 degrees 23 minutes 13 seconds East, plat) with the west line of said Lot 1, and (North 28 degrees 23 minutes 51 seconds East, plat) with the west line of Tract III, Replat of Bannister Mall, Tracts I Through X, Inclusive, and with the east right-of-way line of Interstate 435, a distance of 1984.98 feet; thence South 61 degrees 37 minutes 11 seconds East ,and no longer with the west line of Tract III and also no longer with the easterly right-of-way line of Interstate 435, a distance of 44.73 feet to a point of curvature; thence on a curve to the left having a radius of 448.00 feet, a central angle of 20 degrees 01 minute 45 seconds, an arc distance of 156.61 feet; thence South 81 degrees 38 minutes 56 seconds East, a distance of 387.09 feet to a point on the northerly line of said Tract III and the westerly line of said Lot 1; thence continuing South 81 degrees 38 minutes 56 seconds East, a distance of 365.69 feet to a point on the east line of said Lot 1 and the west right-of-way line of Hillcrest Road; thence continuing South 81 degrees 38 minutes 56 seconds East, a distance of 111.08 feet to a point on the east right-of-way line of Hillcrest Road and the west line of Lot 2, Benjamin Plaza Second Plat; thence continuing South 81 degrees 38 minutes 56 seconds east, a distance of 38.91 feet; thence on a curve to the left having a radius of 831.00 feet, a central angle of 02 degree 00 minutes 02 seconds, with an initial tangent bearing of South 16 degrees 27 minutes 08 seconds West, an arc distance of 29.02 feet to a point on the westerly line of said Lot 2, and the northerly line of Tract 3A, Certificate of Survey of Benjamin Plaza Third Plat; thence continuing on said curve to the left having a radius of 831.00 feet, a central angle of 13 degrees 19 minutes 39 seconds, an arc distance of 193.30 feet to a point of compound curvature; thence on a curve to the left having a radius of 557.00 feet, a central angle of 01 degree 34 minutes 38 seconds, an arc distance of 15.33 feet to a point on the south line of said Lot 3A and the north line of Lot 3B, Certificate of Survey of Benjamin Plaza Third Plat; thence continuing on said curve to the left having a radius of 557.00 feet, a central angle of 17 degrees 00 minutes 30 seconds, an arc distance of 165.35 feet; thence South 74 degrees 11 minutes 04 seconds West, a distance of 138.46 feet to a point on the west line of said Lot 3B and the east right-of-way line of Hillcrest Road; thence continuing South 74 degrees 11 minutes 04 seconds West, a distance of 121.69 feet to a point on the west right-of-way line of Hillcrest Road and the east line of Lot 1, 3-Trails Village Square; thence continuing South 74 degrees 11 minutes 04 seconds West, a distance of 342.85 feet to a point on the westerly line of Lot 1, 3-Trails Village Square and the west line of Tract III, Replat of Bannister Mall, Tracts I Through X, Inclusive; thence continuing South 74 degrees 11 minutes 04 seconds West, a distance of 3.19 feet to a point on the easterly line of said Lot 1 and the southerly line of said Tract III; thence continuing South 74 degrees 11 minutes 04 seconds West, a distance of 570.96 feet; thence on a curve to the left having a radius of 1734.00 feet, a central angle of 03 degrees 25 minutes 27 seconds, with an initial tangent bearing of South 16 degrees 20 minutes 39 seconds East, an arc distance of 103.63 feet to a point of reverse curvature; thence on a curve to the right having a radius of 242.00 feet, a central angle of 00 degrees 05 minutes 14 seconds, an arc distance of 0.37 feet to a point on the easterly line of said Lot 1, and the westerly line of Lot 3, 3-Trails Village Square; thence continuing on said curve to the right having a radius of 242.00 feet, a central angle of 35 degrees 26 minutes 14 seconds, an arc distance of 149.68 feet; thence South 15 degrees 45 minutes 24 seconds West, a distance of 62.80 feet to a point on the west line of said Lot 3 and the easterly line of said Lot 1; thence continuing South 15 degrees 45 minutes 24 seconds West, a distance of 310.49 feet to a point on the easterly line of said Lot 1, and the westerly line of Tract V, Replat of Bannister Mall, Tracts I Through X, Inclusive; thence continuing South 15 degrees 45 minutes 24 seconds West, a distance of 120.54 feet; thence South 00 degrees 00 minutes 00 seconds East, a distance of 318.63 feet to the point of beginning. The above described tract contains 1,542,084 square feet, or 35.40 acres.

 

is approved and designated by the Bannister & I-435 Tax Increment Financing Plan as Redevelopment Project Area 1 (“Project Area 1”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 1. After the total equalized assessed valuation of the taxable real property in Project Area 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 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 project 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 Area 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 Area 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 1 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project Area 1 Costs within the Redevelopment Area, 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. That 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 Area 1 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage 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, which are necessary to the payment of Project Area 1 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

_____________________________________________

  Approved as to form and legality:

 

  

______________________________

Brian T. Rabineau

Assistant City Attorney