ORDINANCE NO. 080928
Approving and designating
Redevelopment Project C-1 of the Southtown Urban Life Development 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
________________, 2008, the City Council passed Ordinance No. 080___, which
accepted the recommendations of the Commission as to the Southtown Urban Life
Development Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through a number of 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 C-1 legally described as follows:
All that part of the
Northeast Quarter of Section 4, Township 48, Range 33, in Kansas City, Jackson
County, Missouri, described as follows: Commencing at the Southeast corner of
said Quarter Section; thence North 86 58' 41" West, along the South line
of said Quarter Section, a distance of 1426.70 feet; thence North 03 01'
19" East, along a line normal to the preceding course, a distance of 30.00
feet to a point on the South right of way line of 63rd Street, as
now established, said point being the Southwest corner of Lot 126, Beachwood a
subdivision in said City, County and State; said point being also the point of beginning;
thence North 02 19' 05" East, along the West line of said Beachwood, a
distance of 165.00 feet to the Northwest corner of Lot 123, of said Beachwood;
thence South 86 58' 41" East, along the North line of said Lot 123, a
distance of 127.41 feet to the Northeast corner of said Lot 123, said point
being also a point on the West right of way line of Brooklyn Avenue, as now
established; thence North 02 15' 10" East, along said West right of way
line, a distance of 224.58 feet; thence South 87 29' 34" East, a distance
of 74.73 feet to a point of curvature; thence Easterly, along a curve to the
right, tangent to the last described course, having a radius of 475.00 feet, an
arc distance of 164.73 feet to a point of tangency; thence South 67 37'
20" East, a distance of 51.40 feet to a point of curvature; thence
Southwesterly, along a curve to the right, tangent to the last described
course, having a radius of 15.00 feet, an arc distance of 25.96 feet to a point
of compound curvature;
Thence
Southwesterly, along a curve to the right, having a common tangent with the
last described course, a radius of 266.00 feet, an arc distance of 59.78 feet
to a point of reverse curvature; thence Southerly, along a curve to the left,
having a common tangent with the last described course, a radius of 334.00
feet, an arc distance of 241.35 feet to a point of tangency; thence South 03
01' 19" West, a distance of 55.26 feet to a point on the North right of
way of said 63rd Street; thence North 86 58' 41" West, along said North
right of way line, a distance of 297.84 feet to the point of beginning. Containing
2.37 acres, more or less.
is approved and designated as the
Southtown Urban Life Development Tax Increment Financing Plan Redevelopment
Project C-1 (Project C-1).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project C-1. After the total equalized
assessed valuation of the taxable real property in Project C-1 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 1, 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 the Project C-1 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 Project C-1 over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project 1 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 Project C-1 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:
______________________________
Heather A. Brown
Assistant City Attorney