ORDINANCE NO. 940724
Approving and designating Redevelopment Project G2 of the
First Amendment to the Eleventh Street Corridor 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 December 10, 1992, the City Council
adopted Ordinance No. 921355, which accepted the recommendations of the
Commission as to the Eleventh Street Corridor Tax Increment Financing Plan
("Original Redevelopment Plan") and designated the Original
Redevelopment Area to be a conservation area; and
WHEREAS, on ____________________, the City Council
passed Ordinance No. 940721, which approved the First Amendment to the Eleventh
Street Corridor Tax Increment Financing Plan ("Amended Redevelopment
Plan") and designated the Amended Redevelopment Area as a conservation
area; and
WHEREAS, the Amended Redevelopment Plan and
ordinance contemplate the implementation of the Amended Redevelopment Plan
through sixteen (16) separate Redevelopment Projects in addition to those
called for in the Original Redevelopment Plan 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 G2 legally described as follows:
Beginning at the intersection of the north
right-of-way line of West 9th Street and the east lot line of Lot 12,
Block 2, LUCAS PLACE; thence west along the north right-of-way line of
West 9th Street to the east right-of-way line of Washington Street; thence
north along the east right-of-way line of Washington Street to the
south lot line of Lot 8, Block 2, LUCAS PLACE; thence east along the south
lot line of Lot 8, Block 2, LUCAS PLACE, to the center line of the vacated
north-south alley lying between Washington Street and Bank Street;
thence south along the center line of the vacated north-south alley lying
between Washington Street and Bank Street; thence west along the north
right-of-way line of West 9th Street to the point of beginning, all
now included in and a part of Kansas City, Jackson County, Missouri.
is approved and designated as the First Amendment to the
Eleventh Street Corridor Tax Increment Financing Plan Redevelopment Project G2
("Project G2").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project G2. After the total equalized assessed valuation of the taxable
real property in Project G2 exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project G2, 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 the Project G2 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 G2 over and above the initial equalized assessed
value of each such unit of property in the area selected for Project G2 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 Project G2 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.
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Approved as to form and
legality:
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Acting City Attorney