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Legislation #: 960319 Introduction Date: 3/28/1996
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS LOAR, FORD AND DANAHER
Title: Approving and designating Redevelopment Project II of the Barry Towne Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
3/28/1996

Prepare to Introduce

3/28/1996

Referred Planning, Zoning & Economic Development Committee

4/3/1996

Hold On Agenda

4/10/1996

Hold On Agenda

4/24/1996

Hold On Agenda

5/1/1996

Hold On Agenda

5/22/1996

Hold On Agenda

5/29/1996

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

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
10/19/2005 Advance and Do Pass as a Committee Substitute, Debate
10/20/2005 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960319 

 

Approving and designating Redevelopment Project II of the Barry Towne 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 June 6, 1996, the City Council passed Ordinance No. 960307, which accepted the recommendations of the Commission as to the Barry Towne Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be an economic development area; and

 

WHEREAS, the Council has passed Ordinance Nos. 011203 and 040807 accepting the recommendations of the Commission as to the First and Second Amendments to the Redevelopment Plan; 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 II legally described as follows:

 

All that part of the Southeast Quarter and the Fractional Southwest Quarter of Section 10, Township 51, Range 33, Kansas City, Clay County, Missouri, being bounded and described as follows: Beginning at the Northwest corner of the Southeast Quarter of said Section 10; thence South 89o2915 East, along the North line of said Southeast Quarter, 751.37 feet to a point on the Westerly right-of-way line of U.S. Highway No. 169, as now established; thence South 10o1332 East, along said right-of-way line, 301.45 feet; thence Westerly, on a curve to the left, having an initial tangent bearing of North 14o1756 West, and a radius of 80.55 feet, an arc distance of 118.69 feet; thence South 76o5504 West, 137.72 feet; thence South 00o4207 West, 387.09 feet; thence South 88o5503 East, 294.89 feet to a point on the Westerly right-of-way line of US Highway No. 169, as now established; thence South 10o1332 East, along said right-of-way line, 332.67 feet; thence North 89o2325 West, 940.12 feet to a point on the East line of the Fractional Southwest Quarter of said Section 10; thence South 00o3635 West, along said East line, 116.46 feet; thence North 35o3813 West, 238.34 feet; thence North 89o2915 West, 222.00 feet; thence North 00o0945 East, 162.00 feet; thence North 89o2915 West, 94.50 feet; thence North 00o0945 East, 185.67 feet; thence North 89o2915 West, 34.78 feet; thence North 00o0945 East, 185.35 feet; thence North 89o2915 West, 562.72 feet; thence North 00o1013 East, 375.90 feet to a point on the North line of said Fractional Southwest Quarter; thence South 89o2915 East, along said North line, 1061.96 feet to the Point of Beginning. Containing 31.63 acres, more or less.

 

is approved and designated as the Barry Towne Tax Increment Financing Plan Redevelopment Project II ("Project II").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project II. After the total equalized assessed valuation of the taxable real property in Project II exceeds the certified total initial equalized assessed valuation of the taxable real property in Project II, 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 II 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 II over and above the initial equalized assessed value of each such unit of property in the area selected for Project II 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 II 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