ORDINANCE NO. 961377
Approving and Designating Project I of the Power and
Light District Tax Increment Financing Plan as a Redevelopment Project and
Adopting Tax Increment Financing Therein.
WHEREAS, the City Council of Kansas City, Missouri
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, on , 1996, the City
Council passed Ordinance No. 961376, which approved the Power and Light
District Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area as a blighted area; and
WHEREAS, the Redevelopment Plan and Ordinance
contemplate the implementation of the Redevelopment Plan through 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. 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 Project I, legally
described as follows:
Block 125 All of Block 7, McGEE'S ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the
recorded plat thereof, being more particularly described as follows:
Beginning at the point of intersection of the South right-of-way line of 13th
Street with the East right-of-way line of Main Street, as said streets
are now both established; thence East along said South right-of-way line
and along the North line of said Block 7, a distance of 245.50 feet to the
Northeast corner thereof, being also a point of intersection with the West
right-of-way line of Walnut Street, as now established; thence South along
said West right-of-way line and along the East line of said Block 8, a
distance of 445.50 feet to the Southeast corner thereof, being also a
point of intersection with the North right-of- way line of 14th Street, as
now established; thence West along said North right-of-way line and along
the South line of said Block 7, a distance of 245.50 feet to the Southwest
corner thereof being also the point of intersection with the East
right-of-way line of said Walnut Street; thence North along said East
right-of-way line and along the West line of said Block 8, a distance of
445.50 feet to the Point of Beginning.
Block 126 All of Block 8, McGEE'S ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the
recorded plat thereof, being more particularly described as follows:
Beginning at the point of intersection of the South right-of-way line of 13th
Street with the East right-of-way line of Walnut Street, as said streets
are now both established; thence East along said South right-of-way line
and along the North line of said Block 8, a distance of 247.50 feet to the
Northeast corner thereof, being also a point of intersection with the West
right-of-way line of Grand Avenue, as now established; thence South along
said West right-of-way line and along the East line of said Block 8, a
distance of 445.50 feet to the Southeast corner thereof, being also a
point of intersection with the North right-of- way line of 14th Street, as
now established; thence West along said North right-of-way line and along
the South line of said Block 8, a distance of 247.50 feet to the Southwest
corner thereof, being also the point of intersection with the East
right-of-way line of said Walnut Street; thence North along said East
right-of-way line and along the West line of said Block 8, a distance of
445.50 feet to the Point of Beginning.
is approved and designated as Project I.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project I. After the total equalized assessed valuation of the taxable
real property in Project I exceeds the certified total initial equalized assessed
valuation of the taxable real property in such area, 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 Project I 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 I over
and above the initial equalized assessed value of each such unit of property
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 60 days of the due date
are deemed delinquent and will be assessed a penalty of 1% per month.
Section 4. In addition to the payments in lieu of
taxes described in subsection 2 of Section 3 above, 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 I
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.
Section 5. The area selected for Project I includes
only those parcels of real property and improvements thereon which will be
substantially benefitted by the proposed redevelopment project improvements.
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Approved as to form and
legality:
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Assistant City Attorney