ORDINANCE NO. 961376

Accepting the Recommendations of the Tax Increment Financing Commission as to the Power and Light District Tax Increment Financing Plan, Approving the Power and Light District Tax Increment Financing Plan and Designating a Redevelopment Area, Establishing the Effective Date, and Expressing the Intent of the Council.

WHEREAS, the Council by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076 passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing district, closed said public hearing on July 31, 1996, and on July 31, 1996, adopted its resolution recommending to the City Council the approval of the Power and Light District Tax Increment Financing Plan (the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan is a comprehensive program intended to reduce or eliminate blight and enhance the tax base within the Redevelopment Area through the implementation of ten 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. The recommendation of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit "A" is accepted and the Redevelopment Plan, a copy of which is attached as Exhibit "B," is approved and adopted.

Section 2. All terms used in this Ordinance will be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 3. The following-described area is designated a Redevelopment Area:

All of or part of Blocks 7, 8, 10, and 14, REID'S ADDITION and all of or part of Blocks 5, 6, 7, 8, 13, 14 and 15, McGEE'S ADDITION, and all of or part of Blocks E, L, and K, 2nd RESURVEY OF REID'S ADDITION all subdivisions, according to the recorded plat thereof, including alleys and vacated alleys and also including part of the following streets and avenue: 13th Street, 14th Street, Main Street, Wyandotte Street and Baltimore Avenue, as said streets and avenue are all now established, all in Section 5, Township 49, Range 33 in Kansas City, Jackson County, Missouri, being more particularly described as follows:

Beginning at the point of intersection of the South right-of-way line of 13th Street with the West right-of-way line of Baltimore Avenue, as said street and avenue are now both established; thence North along the Northerly prolongation of said West right-of-way line, a distance of 194.50 feet to a point of intersection with the Westerly prolongation the centerline of a East-West vacated alley; thence East along said Westerly prolongation and along said vacated alley centerline, a distance of 176.44 feet to a point of intersection with the centerline of a North-South vacated alley; thence South along said vacated alley centerline, a distance of 24 feet to a point of intersection with the Westerly prolongation of the North line of the South 22 feet of Lot 70, Block 5 of said McGEE'S ADDITION; thence East along said Westerly prolongation and along the North line of the South 22 feet of said Lot 70; and its Easterly prolongation, a distance of 173.25 feet to a point of intersection with the centerline of the 70 foot right-of-way of Main Street, as now established; thence South along said centerline, a distance of 121 feet to a point of intersection with the Westerly prolongation of the South line of Lot 63, Block 4 of said McGEE'S ADDITION; thence East along said Westerly prolongation and along the South line of said Lot 63 and along the North right-of-way line of said 13th Street, a distance of 590 feet to the point of intersection with the West right-of-way line of Grand Avenue, as now established; thence South along Northerly prolongation of the East line of Block 8 of said McGEE'S ADDITION, a distance of 49.5 feet to the Northeast corner of said Block 8, being also a point of intersection of the South right-of-way line of said Main Street with the West right-of-way line of said Grand Avenue; thence South along the East line of said Block 8 and its Southerly prolongation and along the East line of Block 13 of said McGEE'S ADDITION and along said West right-of-way line, a distance of 742.50 feet to Southeast corner of Lot 176 of said Block 13, being also a point intersection with the North right-of-way of U.S. Interstate Highway Route No. 35, as now established; thence West along said North right-of-way line, the following courses and distances; thence West, 759 feet to a jog therein; thence North along said jog, a distance of 0.50 feet; thence West along said North right-of-way line, a distance of 200.19 feet to a point on the West right-of-way line of said Baltimore Avenue; thence North along said West right-of-way line and along the North right-of-way of said U.S. Interstate Highway Route No. 35, a distance of 33 feet; thence continuing along said North right-of-way line the following courses and distances; thence West, 138.5 feet; thence North, 24 feet; thence West, 142 feet to a point on the West line of Lot 15, Block 10 of said REID'S ADDITION; thence North along the West line of said Block 10 and its Northerly prolongation and along the West line of Block K of said 2ND. RESURVEY OF REID'S ADDITION and its Northerly prolongation to a point of intersection with the North right-of-way line of 14th Street, as now established, being also the Southwest corner of Block F of said 2nd RESURVEY OF REID'S ADDITION; thence East along the South line of Block F of said 2nd RESURVEY OF REID'S ADDITION and along the North right-of-way line of said 14th Street, a distance of 300 feet to the Southeast corner of said Block F, being also a point on the West right-of-way line of said Baltimore Avenue; thence North along the East line of said Block F and its Northerly prolongation and along the East line of Lots 1 through 12, inclusive, Block 7 of said REID'S ADDITION, a distance of 445.50 feet to the Point of Beginning. Containing 19.903 acres, more or less.

Also to include beginning at the Northeast corner of said Lot 1, being also a point intersection of the South right-of-way line of 13th Street with the West right-of-way line of Baltimore Avenue, as said street and avenue are now both established; thence South along said West right-of-way line and along the East line of said Lots 1-7, inclusive, a distance of 175 feet to the Southeast corner of said Lot 7; thence West along the South line of said Lot 7, 142 feet to the Southwest corner thereof; thence North along the West line of said Lots 7-1, inclusive, a distance of 175 feet to the Northwest corner of said Lot 1; thence East along the North line of said Lot 1 and along the South right-of-way line of said 13th Street, a distance of 142 feet to the point of beginning, containing 24,850 sq. ft. or .0570 acres, more or less.

And

All of Lots 8 through 12, inclusive and all of Lots 25 through 29, inclusive, together with that part of the North-South alley adjacent to the East line of said Lots 25 through 29, inclusive and the East-West alley adjacent to the South line of said Lots 12 and 25, inclusive Block 7, REID'S ADDITION, a subdivision, according to the recorded plat thereof, also of Lots 1 through 12, inclusive, Block F, 2ND RESURVEY OF REID'S ADDITION, a subdivision, according to the recorded plat thereof all in Kansas City, Jackson County, Missouri, being more particularly described as follows:

Beginning at the Southwest corner of Lot 12, Block F of said 2ND RESURVEY OF REID'S ADDITION, being also a point of intersection of the North right-of-way line of 14th Street with the East right-of-way line of Wyandotte Street, as said streets are now both established: North along the West line of said Lot 12 and it's Northerly prolongation and along the West line of Lots 25 through 29, inclusive, Block 7 of said REID'S ADDITION and along East right-of-way line of said Wyandotte Street, a distance of 270.50 feet to the Northwest corner of Lot 29 of said Block 7; thence East along the North line of said Lot 29 and it's Easterly prolongation and along the North Line of Lot 8 of said Block 7, a distance of 300 feet to the Northeast corner of said Lot 8, being also a point on the West right-of-way line of Baltimore Avenue, as now established; thence South along the East line of Lots 8 through 12, inclusive, of said Block 7 and it's Southerly prolongation and along the East line of Lot 1, Block F of said 2ND RESURVEY OF REID'S ADDITION and along the West right-of-way of said Baltimore Avenue, a distance of 270.50 feet to the Southeast corner of Lot 1 of said Block F, being also a point of intersection of said West right-of-way line with the North right-of-way line of said 14th. Street, thence West along said North right-of-way and along the South line of Lots 1 through 12, inclusive, of said Block F, a distance of 300 feet to the Point of Beginning. Containing 81,150 square feet or 1.863 acres, more or less.

Section 4. The Council finds that:

(a) The Redevelopment Area as a whole is a blighted area, and has not been subject to growth and development through investment by private enterprise and would not

reasonably be anticipated to be developed without the adoption of the

Redevelopment Plan;

(b) The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole;

(c) The estimated dates of completion of the respective Redevelopment Projects and retirement of any obligations incurred to finance Redevelopment Project Costs have

been stated in the Redevelopment Plan, and are not more than 23 years from the

adoption of any ordinance approving a Redevelopment Project within the

Redevelopment Area;

(d) A plan has been developed for relocation assistance for businesses and residences.

(e) The annual appropriation of 100% of net new City taxes, generated from all operations and activities within the Redevelopment Area, is in conformance with the

policy expressed by the Council in Committee Substitute for Resolution No. 941748,

as further amended..

Section 5. The Commission is authorized to issue obligations in one or more series secured by the Power and Light District Tax Increment Financing Plan Account of the Special Allocation Fund to finance Redevelopment Project Costs and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556.

Section 6. Any obligations authorized herein will contain a recital that they are issued pursuant to Sections 99.800 to 99.865 of the Missouri Real Property Tax Increment Allocation Redevelopment Act.

Section 7. Pursuant to the provisions of the Redevelopment Plan, the Council approves the pledge of all funds that are deposited into the Power and Light District Tax Increment Financing Plan Account of the Special Allocation Fund to the payment of Redevelopment Project Costs and obligations, and authorizes the Commission to pledge such funds on its behalf.

Section 8. Pursuant to the provisions of the Redevelopment Plan, the Council states its intent to issue Neighborhood Improvement District Bonds in an amount allowable under the policy expressed in Committee Substitute for Resolution No. 941748, as further amended, upon proper petition and to annually appropriate 100% of all net new City taxes generated from any and all operations and activities from within the Redevelopment Area.

Section 9. This ordinance shall not become effective until the latter of the following: expiration of ten (10) days after the date the Council approves this ordinance or the date on which the Tax Increment Financing Commission files notice with the City Clerk that the Tax Increment Financing Commission has entered into an agreement providing for implementation of the Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney