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Legislation #: 940734 Introduction Date: 6/9/1994
Type: Ordinance Effective Date: 12/6/2002
Sponsor: None
Title: Approving and designating Redevelopment Project O of the First Amendment to the Eleventh Street Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
6/9/1994

Prepare to Introduce

6/9/1994

Referred Plans And Zoning Committee

6/15/1994

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

11/25/2002

Advance and Do Pass

11/26/2002

Passed


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ORDINANCE NO. 940734

 

Approving and designating Redevelopment Project O 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 O legally described as follows:

 

Beginning at the intersection of the south right-of-way line of West 9th Street and the east right-of-way line of Bank Street; thence south along the east right-of-way line of Bank Street to the intersection with a line approximately 306.45 feet south of and parallel to the south right-of-way to the easterly extension of the south lot line of Lot 2, REPLAT OF TRACT I QUALITY HILL PHASE TWO, said point being 306.45 feet more or less, from the south right-of-way line of West 9th Street; thence west along a straight line 306.45 feet, more or less, south of and parallel to the south right-of-way line of West 9th Street a distance of 72 feet to the east lot line of Lot 2, REPLAT OF TRACT I QUALITY HILL PHASE TWO; thence south along the east lot line of Lot 2, REPLAT OF TRACT 1 QUALITY HILL PHASE TWO, to the north right-of-way line of West 10th Street; thence west along the north right-of-way line of West 10th Street to the west lot line of Lot 2, REPLAT OF TRACT 1 QUALITY HILL PHASE TWO; thence north along the west lot line of Lot 2, REPLAT OF TRACT 1 QUALITY HILL PHASE TWO, to the north lot line of Lot 2, REPLAT OF TRACT 1 QUALITY HILL PHASE TWO; thence east along the north lot line of Lot 2, REPLAT OF TRACT 1 QUALITY HILL PHASE TWO, to the west right-of-way line of Bank Street; thence north along the west right-of-way line of Bank Street to the south right-of-way line of West 9th Street; thence east along the south 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 O ("Project O").

 

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