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Legislation #: 021190 Introduction Date: 10/3/2002
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Project 11A of the River Market Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
10/3/2002

Prepare to Introduce

10/3/2002

Referred Planning and Zoning Committee

10/9/2002

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
1/19/2011 Release
2/10/2011 Released

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021190.pdf Other 125K Authenticated and Additional Documents

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ORDINANCE NO. 021190

 

Approving and designating Project 11A of the River Market 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 December 16, 1999, the City Council adopted Ordinance No. 991556, which accepted the recommendations of the Commission as to the River Market Tax Increment Financing Plan ("Redevelopment Plan"), and designated the Redevelopment Area therein to be a conservation area; and

WHEREAS, on October 4, 2001, the City Council adopted Ordinance No. 011388, which accepted the recommendations of the Commission as to the First Amendment to the River Market Tax Increment Financing Plan ("Redevelopment Plan"), and

 

WHEREAS, on _______________, 2002, the City Council passed Ordinance No. 021189, which approved the Second Amendment to the River Market Tax Increment Financing Plan; and

 

WHEREAS, the Redevelopment Plan, Committee Substitute for Ordinance No. 991556, Ordinance No. 011388 and Ordinance No. 021189 contemplate the implementation of the Redevelopment Plan through sixteen (16) 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 11A, legally described as follows:

 

The East 18.5 feet of Lot 18, all of lots 19 through 23, inclusive, except that part in 4th Street and except the East 6 feet of said Lot 23, together with the South of the vacated alley lying North of and adjoining; also Lot 24, except the East 6 feet and all of Lots 25 to 30, inclusive except to the West 17.5 feet of said Lot 30, together with the North of the vacated alley, lying South of and adjoining said last described premises, in O. CASE AND BALIS SUBDIVISION OF LAND IN OLD TOWN, a subdivision in Kansas City, Jackson County, Missouri.

 


The East six (6) feet of Lots 23 and 24, together with the East six (6) feet of the vacated alley lying between Lots 23 and 24, O. CASE AND BALIS SUBDIVISION OF LAND IN OLD TOWN, a subdivision of Kansas City, Jackson County, Missouri.

 

is approved and designated as Project 11A.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 11A. After the total equalized assessed valuation of the taxable real property in Project 11A 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 11A shall be allocated to, and when collected, shall be paid by the Jackson County Collector and the City Treasurer to the respected 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 the current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the area selected for Project 11A 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 Project 11A 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 or charges for sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personals 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 11A includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

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Assistant City Attorney