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Legislation #: 130749 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 12 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. 130749

 

Approving and designating Redevelopment Project Area 12 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 12 legally described as follows:

 

All that part of the Southwest Quarter of Section 24, Township 48 North, Range 33 West, and all that part of Tract C-1, Certificate of Survey of Benjamin Plaza Second Plat, a subdivision, all in the City of Kansas City, Jackson County, Missouri, being more particularly described as follows: commencing at the southwest corner of the Northwest Quarter of Section 25, Township 48 North, Range 33 West, thence North 02 degrees 08 minutes 59 seconds East, with the west line of the Northwest Quarter of said Section 25, a distance of 2642.67 feet to the southwest corner of the Southwest Quarter of Section 24, Township 48 North, Range 33 West; thence South 86 degrees 51 minutes 48 seconds East, with the south line of the Southwest Quarter of said Section 24, a distance of 1240.78 feet to a point on the southerly line of said Tract C-1 Certificate of Survey of Benjamin Plaza Second Plat and the northerly line of Lot 2, Benjamin Plaza Second Plat; thence North 02 degrees 13 minutes 27 seconds East (North 02 degrees 14 minutes 29 seconds East, plat), with the southerly line of said Tract C-1 and the northerly line of said Lot 2, a distance of 89.60 feet; thence South 87 degrees 46 minutes 33 seconds East (South 87 degrees 45 minutes 31 seconds East, plat), with the southerly line of said Tract C-1 and the north line of said Lot 2, a distance of 121.87 feet; thence North 02 degrees 13 minutes 27 seconds East, and no longer with the southerly line of said Tract C-1 and the northerly line of said Lot 2, a distance of 113.36 feet to the point of beginning; thence on a curve to the left having a radius of 134.00 feet, a central angle of 53 degrees 18 minutes 39 seconds, with an initial tangent bearing of North 22 degrees 08 minutes 13 seconds West, an arc distance of 124.68 feet; thence North 35 degrees 29 minutes 11 seconds East, a distance of 494.00 feet; thence on a curve to the right having a radius of 621.00 feet, a central angle of 10 degrees 59 minutes 05 seconds, with an initial tangent bearing of South 58 degrees 56 minutes 07 seconds East, an arc distance of 119.06 feet; thence North 37 degrees 59 minutes 11 seconds East, a distance of 230.21 feet to a point on the easterly line of said Tract C-1; thence continuing North 37 degrees 59 minutes 11 seconds East, a distance of 586.01 feet; thence North 52 degrees 15 minutes 32 seconds West, a distance of 44.53 feet to a point of curvature; thence on a curve to the right having a radius of 605.00 feet, a central angle of 56 degrees 24 minutes 14 seconds, an arc distance of 595.58 feet; thence North 04 degrees 08 minutes 42 seconds East, a distance of 348.33 feet to a point on the east right-of-way line of Hillcrest Road; thence continuing North 04 degrees 08 minutes 42 seconds East, a distance of 407.52 feet to a point on the south right-of-way line of E. 87th Street; thence South 86 degrees 46 minutes 56 seconds East, with the south right-of-way line of E. 87th Street, a distance of 58.17 feet to a point on the west right-of-way line of the Kansas City Southern Railway; thence South 08 degrees 23 minutes 29 seconds West, with the west right-of-way line of the Kansas City Southern Railway, a distance of 184.85 feet; thence South 18 degrees 19 minutes 46 seconds East, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 220.00 feet; thence South 38 degrees 14 minutes 32 seconds East, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 264.25 feet; thence South 18 degrees 19 minutes 46 seconds East, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 23.93 feet; thence South 02 degrees 07 minutes 27 seconds West, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 655.81 feet; thence South 86 degrees 48 minutes 55 seconds East, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 278.53 feet; thence South 18 degrees 19 minutes 46 seconds East, continuing with the west right-of-way line of the Kansas City Southern Railway, a distance of 140.64 feet to a point of curvature; thence continuing with the west right-of-way line of the Kansas City Southern Railway, on a curve to the right having a radius of 2814.93 feet, a central angle of 10 degrees 08 minutes 32 seconds, an arc distance of 498.28 feet; thence North 87 degrees 26 minutes 22 seconds West, and no longer with the west right-of-way line of the Kansas City Southern Railway, a distance of 408.22 feet; thence South 02 degrees 33 minutes 38 seconds West, a distance of 197.46 feet; thence South 71 degrees 08 minutes 58 seconds West, a distance of 408.94 feet to a point on the easterly line of Tract C-1 Certificate of Survey of Benjamin Plaza Second Plat; thence continuing South 71 degrees 08 minutes 58 seconds West, a distance of 55.40 feet; thence on a curve to the right having a radius of 557.00 feet, a central angle of 07 degrees 27 minutes 12 seconds, with an initial tangent bearing of South 17 degrees 12 minutes 16 seconds East, an arc distance of 72.46 feet; thence South 84 degrees 06 minutes 27 seconds West, a distance of 427.09 feet to the point of beginning. The above described tract contains 917,866 square feet, or 21.07 acres.

 

is approved and designated by the Bannister & I-435 Tax Increment Financing Plan as Redevelopment Project Area 12 (“Project Area 12”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 12. After the total equalized assessed valuation of the taxable real property in Project Area 12 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 12, 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 12 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 12 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 12 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 12 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 12 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 12 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