COMMITTEE SUBSTITUTE FOR ORDINANCE NO.
990708
Approving
and designating Redevelopment Project 9 of the 19th Terrace & Central Tax
Increment Financing Plan as a Redevelopment Project and adopting tax increment
financing therein.
WHEREAS, pursuant to the Real Property Tax Increment
Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes
of Missouri, 1986, as amended ("the Act"), 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thereafter repealed and amended in certain respects by Committee Substitute to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, created the Tax
Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, on June 3, 1999, the City Council passed
Ordinance No. 990702, which approved the 19th Terrace & Central Tax
Increment Financing Plan (the "Redevelopment Plan") and designated
the Redevelopment Area as a Conservation area; and
WHEREAS, this ordinance was introduced on May 20,
1999; and
WHEREAS, the Redevelopment Plan and ordinance
contemplate the implementation of the Redevelopment Plan through twenty (20)
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 Redevelopment Project
9 legally described as follows:
Lots 1-5, Block 10 & the W of the alley lying
adjacent to the East and all areas to the center lines of public streets and
alleys adjacent to the foregoing, Goodrich Addition, a subdivision in Kansas
City, Jackson County, Missouri.
is
approved and designated as 19th Terrace & Central Redevelopment Project
Area 9 (hereinafter referred to herein as the "Redevelopment Project
Area"). The Redevelopment Project Area includes only those parcels of real
property and improvements thereon which will be directly and substantially benefitted
by the Redevelopment Project improvements therein.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above-described area selected
for the Redevelopment Project Area. After the total equalized assessed
valuation of the taxable real property in the Redevelopment Project Area
exceeds the certified total initial equalized assessed valuation of the taxable
real property in the Redevelopment Project 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
penalties and interest 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 or real property in the area
selected for 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 area selected
for the Redevelopment Project Area, and any applicable penalty and interest
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 will be deemed delinquent and 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 penalties and interest which are imposed by the City or
taxing districts, and which are generated by economic activities within the
area selected for the Redevelopment Project Area 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 personal property taxes, taxes imposed on sales of
charges for sleeping rooms paid by transient guests of hotels and motels, taxes
levied pursuant to Section 70.500 RSMo, taxes levied pursuant to Section 94.660
RSMo licenses, fees or special assessments and personal property taxes, other
than payments in lieu of taxes, and penalties and interest thereon shall be
allocated to, and paid by the local political
subdivision
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:
________________________________
Heather
A. Brown
Assistant City Attorney