COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 050262

Approving and designating Redevelopment Project 5 of the Blue Ridge Mall 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  WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982 and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and 

WHEREAS, on February 24, 2005, the City Council passed Ordinance No. 041238, which accepted the recommendations of the Commission as to the Blue Ridge Mall 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 6 Redevelopment Projects described in the Redevelopment Plan and the adoption of tax increment financing in 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. Redevelopment Project 5 is hereby approved, and the area selected for the Redevelopment Project legally described as follows:

All that part of a tract of land in the Southwest Quarter of the Southeast Quarter of Section 21, Township 49 North, Range 32 West which includes a portion of Lot 1, STERLING SQUARE, a subdivision of land in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, being more particularly described as follows:

Commencing at the Southeast corner of said Quarter, Quarter Section; thence North 86 degrees 38 minutes 06 seconds West along the South line of said Quarter, Quarter Section, a distance of 258.55 feet; thence North 03 degrees 21 minutes 54 seconds East, perpendicular to the last described course, a distance of 20 feet to a point on the Northerly right-of-way line of 43rd Street, as now established; thence North 86 degrees 38 minutes 06 seconds West, perpendicular to the last described course, along the Northerly right-of-way line of said 43rd Street, being also along a line 20 feet North of and parallel with the South line of said Quarter, Quarter Section, a distance of 530.87 feet, more or less, to an angle point in said Northerly right-of-way line, said point being 10 feet South of the Southeast corner of said Lot 1, as measured along the Southerly prolongation of the Easterly line of said Lot 1; thence North 01 degree 58 minutes 58 seconds East (North 01 degree 58 minutes 51 seconds East, Plat), along the Southerly prolongation of the Easterly line of said Lot 1, being also along a jog in said Northerly right-of-way line, a distance of 10 feet, more or less, to the Southeast corner of said Lot 1, said point being 30 feet North of the South line of said Quarter, Quarter Section as measured perpendicular to the South line thereof; thence North 86 degrees 38 minutes 06 seconds West along the Southerly line of said Lot 1, being also along the Northerly right-of-way line of said 43rd Street, along a line 30 feet North of and parallel with the South line of said Quarter, Quarter Section, a distance of 420.72 feet, thence Westerly, Northwesterly and Northerly along a curve to the right, tangent to the last described course, having a radius of 15 feet and a central angle of 88 degrees 37 minutes 04 seconds, an arc length of 23.20 feet to a point on the Westerly line of said Lot 1, being also a point on the Easterly right-of-way line of Northern Avenue, as now established; thence North 1 degree 58 minutes 58 seconds East (North 01 degree 58 minutes 51 seconds East, Plat) along the Westerly line of said Lot 1, being also along said Easterly right-of-way line, a distance of 344.14 feet; thence Northerly and Northwesterly along a curve to the left, tangent to the last described course, having a radius of 395 feet and a central angle of 26 degrees 12 minutes 09 seconds, an arc length of 180.64 feet, more or less, to a point 45.53 feet Southeasterly of an angle point in the Westerly line of said Lot 1 as measured along the Westerly line thereof and along said Easterly right-of-way line; thence South 87 degrees 16 minutes 22 seconds East, no longer along said Westerly line or said Easterly right-of-way line, a distance of 530.68 feet; thence Easterly and Southeasterly along a curve to the right, tangent to the last described course, having a radius of 315 feet and a central angle of 34 degrees 42 minutes 20 seconds, an arc length of 190.80 feet; thence South 52 degrees 34 minutes 02 seconds East, tangent to the last described curve, a distance of 105.91 feet; thence Southeasterly and Easterly along a curve to the left, tangent to the last described course, having a radius of 215 feet and a central angle of 34 degrees 42 minutes 20 seconds, an arc length of 130.23 feet; thence South 87 degrees 16 minutes 22 seconds East, tangent to the last described curve, a distance of 94.32 feet; thence South 02 degrees 43 minutes 38 seconds West, perpendicular to the last described course, a distance of 398.79 feet to the Point of Beginning. Containing 486,550 square feet or 11.170 acres, more or less.

is approved and designated as the Blue Ridge Mall Tax Increment Financing Plan Redevelopment Project 5 (the “Redevelopment Project Area”). 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the Redevelopment Project Area 5. After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area 5 exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area 5, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such Redevelopment Project Area 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 Redevelopment Project Area 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 Redevelopment Project Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project Area 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 5 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, in accordance with Section 99.845, RSMo, 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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Heather A. Brown

Assistant City Attorney