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Legislation #: 930879 Introduction Date: 8/5/1993
Type: Ordinance Effective Date: 4/6/2003
Sponsor: None
Title: Approving and designating Project 3f of the Santa Fe Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
8/18/1993

Prepare to Introduce

8/19/1993

Referred Plans And Zoning Committee

8/25/1993

Hold On Agenda

9/8/1993

Hold Off Agenda

7/27/1994

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

7/21/1999

Hold Off Agenda

1/17/2001

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/15/2001

Hold On Agenda

1/15/2003

Hold On Agenda

3/19/2003

Do Pass

3/20/2003

Add to Consent Docket

3/27/2003

Passed


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ORDINANCE NO. 930879

 

Approving and designating Project 3f of the Santa Fe 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 ____________________, the City Council passed Ordinance No. 930859, which approved the Santa Fe Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through thirty-five 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 3f legally described as follows:

 

Part of the South 1/2 of Section 23, Township 48 North, Range 33 West of the 5th P.M., Kansas City, Jackson County, Missouri described as follows: Commencing at the northwest corner of Lot 2, PACE, a subdivision of land in Kansas City, Jackson County, Missouri; thence North 100'38" West (all bearings herein are referenced to the "Missouri Coordinate System of 1983, West Zone") 1656.98 feet; thence North 3930'12" East, 1679.40 feet to the point of beginning; thence continuing North 3930'12" East, 534.68 feet; thence South 5029'48" East, 574.68 feet; thence North 8736'52" East, 72.33 feet; thence northeasterly on a curve to the left (said curve having a radius of 1500.00 feet, chord bearing North 2414'57" East, chord distance 1124.83 feet) an arc length of 1153.01 feet to a point of tangency; thence North 213'42" East, 745 feet more or less to the south right of way line of 87th Street; thence easterly on said south right of way line to the west line of the Northeast 1/4 of the Southeast 1/4 of said Section 23; thence southerly on said west line 785 feet more or less to a point 825 feet southerly from the north line of the Southeast 1/4 of said Section 23; thence southerly 116 feet more or less to a point of curvature, said point being North 2531'28" East, 5919.10 feet from the northwest corner of said Lot 2; thence southwesterly on a curve to the right (said curve having a radius of 1500.01 feet, chord bearing South 2730'07" West, chord distance 1280.84 feet) an arc length of 1323.34 feet to a point of tangency; thence South 5239'47" West, 376.02 feet to a point of curvature; thence southwesterly on a curve to the left (said curve having a radius of 1500.00 feet, chord bearing South 5148'28" West, chord distance 44.78 feet) an arc distance of 44.78 feet; thence North 5029'48" West, 759.23 feet to the point of beginning.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Santa Fe Redevelopment Project 3f. After the total equalized assessed valuation of the taxable real property in the area exceeds the certified total initial equalized assessed valuation of the taxable real property in the area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in the area selected for the Redevelopment 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 Santa Fe Redevelopment Project 3f 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 over and above the initial equalized assessed value of each such unit of property in the area selected for Santa Fe Redevelopment Project 3f 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 Santa Fe Redevelopment Project 3f 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