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Legislation #: 050494 Introduction Date: 4/28/2005
Type: Resolution Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project Area 17 of the River Market Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
4/27/2005 Filed by the Clerk's office
4/28/2005 Referred to Planning, Zoning & Economic Development Committee
5/18/2005 Immediate Adoption
5/19/2005 Adopted

View Attachments
FileTypeSizeDescription
050494.pdf Authenticated 185K Authenticated
5th amendment for River Market TIF.pdf Other 94K ordinance request
River Market TIF Plan - Project 17.pdf Fact Sheet 186K fact sheet
No File Other 0K A copy of the Plan is on file in the Office of the City Clerk.

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RESOLUTION NO. 050494

 

Approving and designating Redevelopment Project Area 17 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 WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 December 16, 1999, the City Council passed Ordinance No. 991556, which approved the River Market Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area and on October 4, 2001, passed Ordinance No. 011388 which approved the First Amendment to the River Market Tax Increment Financing Plan and designated the Redevelopment Area, as amended, as a conservation area; and

 

WHEREAS, on October 4, 2001, the City Council passed Ordinance No. 021189, which accepted the recommendations of the Commission as to the Second Amendment to the Redevelopment Plan; and

 

WHEREAS, on July 15, 2004, the City Council passed Ordinance No. 040774, which accepted the recommendations of the Commission as to the Third Amendment to the Redevelopment Plan; and

 

WHEREAS, on September 16, 2004, the City Council passed Ordinance No. 040992, which accepted the recommendations and the Commission as to the Fourth Amendment to the Redevelopment Plan; and

 

WHEREAS, on _________________, 2005, the City Council passed Ordinance No. ________, which accepted the recommendations of the Commission as to the Fifth Amendment to the Redevelopment Plan; and

 

WHEREAS, the Redevelopment Plan, as amended, and Ordinance Nos. 991556, 011388, 021189, 04774, 040992, and 050___, contemplate the implementation of the Redevelopment Plan through 17 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 Area 17, legally described as follows:

 

All that part of Lots 31 and 34, Block 4, OLD TOWN, a subdivision in Kansas City, Jackson, County, Missouri, more particularly described as follows: Beginning at the Southeast corner of said Lot 31, said corner also being the intersection of the North right-of-way of 2ndStreet and West right-of-way of Main Street as now established; thence South 75 degrees 42 minutes 07 seconds West along the South line of said Lot 31and along the North right-of-way line of 2ndStreet a distance of 76.43 feet; thence North 14 degrees 10 minutes 03 seconds West a distance of 108.07 feet; thence North 75 degrees 27 minutes 29 seconds East a distance of 47.07 feet; thence North 87 degrees 08 minutes 49 seconds East a distance of 29.88 feet to a point on the East line of said Lot 34, said point also being on the West right-of-way line of Main Street; thence South 14 degrees 12 minutes 23 seconds East along the East line of said Lot 34 and Lot 31 and the West right-of-way line of Main Street a distance of 102.34 feet to the Point of Beginning. Containing 8,108 square feet or 0.19 acres. All bearings are referenced to the Missouri State Plane Coordinate System of the 1983 West Zone Station JA-104.

 

is approved and designated as River Market Redevelopment Project Area 17 (hereinafter referred to herein as the "Redevelopment Project Area"). The area selected for said Redevelopment Project includes only those parcels of real property and improvements thereon which will be directly and substantially benefited 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