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Legislation #: 010361 Introduction Date: 3/8/2001
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Project 1 of the Tower Properties Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
3/8/2001

Prepare to Introduce

3/8/2001

Referred Planning, Zoning & Economic Development Committee

3/14/2001

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
7/18/2007 Hold Off Agenda
7/16/2008 Hold Off Agenda
1/18/2012 Release
1/19/2012 Released

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ORDINANCE NO. 010361

 

Approving and designating Project 1 of the Tower Properties 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WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 ____________________, the City Council passed Ordinance No. 010362, which approved the Second Amendment to the Tower Properties Tax Increment Financing Plan and designated the Redevelopment Area as an economic development area (the Redevelopment Plan); and

 

WHEREAS, the Redevelopment Plan and ordinances contemplate the implementation of the Redevelopment Plan through a series of 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 Tower Properties Redevelopment Project 1 legally described as follows:

 

A part of Lots 15, 16 and 17, Block 2, Lot Coffmans Addition, all of Lots 18 and 17; and Lot 16, except the south 16.30 feet thereof, in Block 3, of T.H. Swopes 2nd Addition, a portion of the vacated north-south alley, lying west of and adjoining said Block 3, portions of Lots 14 and 27 inclusive, Ross & Scarritts Addition, and portions of vacated 7th Street, 8th Street and Delaware Street, adjoining said Lots 14 and 27, all more particularly described as follows:

 

Beginning at a point on the prolongation West of a line drawn 16.30 feet north of and parallel with the South line of Lot 16 Block 3, in said T.H. Swope 2nd Addition, said point being on the east line of Baltimore Avenue as now established; thence North 0E08'10" West, parallel with said east line, 175.79 feet to the south line of 7th Street, as now established; thence South 89E56'10" East along said south line and its prolongation east, 228.03 feet; thence easterly and southeasterly along a curve to the right from the last described course as a tangent, having a radius of 38 feet, a distance of 9.00 feet to a point on the north line, 74.68 feet west of the northeast corner of Lot 26, in said Ross & Scarritts Addition; thence continuing southeasterly along the last described curve, 28.67 feet; thence continuing southeasterly and southerly along a curve to the right, having a common tangent with the last described curve and a


radius of 79 feet, a distance of 44.29 feet; thence South 1E01'20" East, tangent to the last described curve, 123.06 feet; thence southerly along a curve to the right, from the last described course as a tangent, having a radius of 1009 feet, a distance of 122.15 feet; thence South 5E54'50" West, tangent to the last described curve, 9.21 feet to the south line, 48.5 feet west of the southeast corner of Lot 14, in said Ross & Scarritts Addition; thence continuing South 5E54'50" West 11.11 feet; thence North 89E55'40" West along the prolongation east of the north line of 8th Street, as now established between Delaware Street and Baltimore Avenue, 52.17 feet; thence North 1E01'20" West, 148.39 feet to a point on the prolongation east of a line drawn 16.30 feet north of and parallel with the south line of Lot 16, in said T.H. Swopes 2nd Addition; thence North 89E55'40" West along said prolongation and along said parallel line, 212.31 feet to the point of beginning, all in Kansas City, Jackson County, Missouri.

 

Excepting therefrom the following described tract to-wit:

 

Lots 14, 15, 16, 17 and 18, Ross & Scarritts Addition, a subdivision in Kansas City, Jackson County, Missouri and all that part of Lot 19, Ross & Scarritts Addition, that lies south of the easterly prolongation of a line drawn 16.30 feet north at right angles from the south line of Lot 16 of Block 3 of T.H. Swopes 2nd Addition, except that part of said Lots 14 to 19, inclusive, now in Main Street, together with that part of 8th Street and of Delaware Street lying south of said easterly prolonged line that was vacated by Ordinance No. 24054 passed July 2, 1959, recorded in Book B-5225 at page 546, Document No. B-314671, more particularly described as follows: Beginning at the point of intersection of the prolongation east of a line drawn 16.20 feet north of and parallel with the south line of Lot 16 of Block 3 of T.H. Swopes 2nd Addition with the westerly line of Lot 19 of Ross & Scarritts Addition, being on the former easterly line of Delaware Street, thence South 9E42'40" East along said former easterly street line to the southwestern corner of Lot 14 of Ross & Scarritts Addition, thence east along the south lot line 29.43 feet to a point 48.50 feet west of the southeast corner of said Lot 14, thence South 5E54'50" West 11.11 feet, thence North 89E55'40" West 52.17 feet along the prolongation east of the north line of 8th Street as established between Delaware Street and Baltimore Avenue, thence North 1E01'20" West 148.39 feet to a point on said prolongation east of a line drawn 16.30 feet north of and parallel with the south line of Lot 16 of Block 3 of T.H. Swopes 2nd Addition and thence east along said prolonged line to the point of beginning.

 

is approved and designated as Tower Properties Project 1 (the "Redevelopment Project").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Redevelopment Project. After the total equalized assessed valuation of the taxable real property in the Redevelopment Project exceeds the certified total initial equalized assessed valuation of the taxable real property in the Redevelopment Project, 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 or real property in the area selected for the Redevelopment Project shall be allocated to and, when collected, shall be paid by the Clay 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 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 which are imposed by the City or taxing districts, and which are generated by economic activities within the area selected for the Redevelopment Project 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:

 

 

 

___________________________________

Assistant City Attorney