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Legislation #: 180119 Introduction Date: 2/15/2018
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating the 9th _ Main Redevelopment Project of the 9th _ Main Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
2/15/2018 Filed by the Clerk's office
2/15/2018 Referred to Planning, Zoning & Economic Development Committee
2/21/2018 Advance and Do Pass, Debate
2/22/2018 Passed

View Attachments
FileTypeSizeDescription
180119.pdf Authenticated 167K Authenticated
180119 Exhibit.pdf Exhibit 79K Exhibit
180119 Fact Sheet.pdf Fact Sheet 385K Fact Sheet
9th Main TIF Plan Approving Project Area Ordinance.docx Request for Ordinance 22K 9th and Main TIF Plan - Project Area Ordinance

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ORDINANCE NO. 180119

 

Approving and designating the 9th & Main Redevelopment Project of the 9th & Main Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) ; and

WHEREAS, the City Council accepted the recommendations of the Commission, in part, approved the 9th & Main Tax Increment Financing Plan (the “Redevelopment Plan“) and designated the Redevelopment Area as a conservation area; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That 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. That the area selected for the 9th & Main Redevelopment Project legally described as follows:

All that part. of Lot 194, Ross & Scarritt’s Addition and a part of Government Lot 2 of the Northwest Quarter of Section 5, Township 49, Range 33, all being in Kansas City, Jackson County, Missouri, described as follows: Beginning at the Northwest corner of 9th Street and Main Street; thence South 90 degrees 00 minutes 00 seconds West, along the North line of 9th Street, 133.51 feet; thence North 00 degrees 01 minutes 56 seconds West, 159.83 feet; thence North 89 degrees 58 minutes 04 seconds East 71.95 feet; thence North 00 degrees 01 minutes 56 seconds West 14.01 feet; thence North 89 degrees 58 minutes 04 seconds East, 22.89 feet; thence North 00 degrees 23 minutes 00 seconds East 101.66 feet to the South line of 8th Street; thence South 89 degrees 57 minutes 44 seconds East 19.31 feet to the Westerly line of Main Street; thence Southerly along a curve to the left, a radius of 448.00 feet and an arc length of 97.50 feet; thence South 07 degrees 03 minutes 36 seconds East 97.93 feet; thence Southerly along a curve to the right a radius of 699.00 feet and an arc length of 73.06 feet; thence South 01 degrees 04 minutes 17 seconds East, 8.21 feet to the Point of Beginning, and shown as Tract 2 on the Survey recorded July 20, 2011, as Document No. 2011E0066677, in Survey Book S-12 at Page 95.

is approved and designated by the 9th & Main Tax Increment Financing Plan as the 9th & Main Redevelopment Project Area.

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the 9th & Main Redevelopment Project. After the total equalized assessed valuation of the taxable real property in the 9th & Main Redevelopment Project exceeds the certified total initial equalized assessed valuation of the taxable real property in the 9th & Main 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 project 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 9th & Main Redevelopment Project 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 9th & Main Redevelopment Project over and above the initial equalized assessed value of each such unit of property in the area selected for the 9th & Main Redevelopment Project shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of the 9th & Main Redevelopment Project Area Costs identified by the Redevelopment Plan, 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. That 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 the 9th & Main Redevelopment Project over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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, which are necessary to the payment of Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

_____________________________________________

Approved as to form and legality:

 

______________________________

Brian T. Rabineau

Assistant City Attorney