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Legislation #: 140374 Introduction Date: 5/8/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project Area B of the Bannister _ Wornall Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
5/7/2014 Filed by the Clerk's office
5/8/2014 Referred to Planning, Zoning & Economic Development Committee
5/14/2014 Hold Off Agenda

View Attachments
FileTypeSizeDescription
140372 Fact Sheet.pdf Fact Sheet 258K Fact Sheet
Request for Ordinance Bannister Wornall Redevelopment Project B (00168240xA7821).docx Request for Ordinance 21K Request for Ordinance Bannister & Wornall Redevelopment Project B

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ORDINANCE NO. 140374

 

Approving and designating Redevelopment Project Area B of the Bannister & Wornall Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

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 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, Ordinance No. 100089, As Amended, passed on January 28, 2010, and Ordinance No. 130986, passed on December 19, 2013, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council accepted the recommendations of the Commission as to the Bannister & Wornall Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan contemplates 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. 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 Redevelopment Project Area B legally described as follows:

 

All that part of the Northeast Quarter of Section 30, Township 48 North, Range 33 West, in the City of Kansas City, Jackson County, Missouri, being more particularly described as follows: Commencing at the southeast corner of the Northeast Quarter of said Section 30; thence North 87 degrees 27 minutes 05 seconds West, along the south line of the Northeast Quarter of said Section 30, a distance of 63.49 feet; thence North 2 degrees 32 minutes 55 seconds East, a distance of 56.91 feet to the intersection of the north right-of-way of Bannister Road, established by Document No. K500077 in Book K1101, at page 312 and the west right-of-way of Wornall Road established by Document No. K-982203 in Book K2147 at page 1287; thence along the northerly right-of-way line of said Bannister Road, for the following three (3) courses; thence North 87 degrees 38 minutes 14 seconds West, a distance of 856.84 feet; thence North 2 degrees 21 minutes 46 seconds East, a distance of 35.00 feet; thence North 87 degrees 38 minutes 14 seconds West, a distance of 129.11 feet to a point on the easterly plat line of Ward Parkway Office Park South, a platted subdivision of land in the City of Kansas City, Jackson County, Missouri; thence along the easterly plat line of said Ward Parkway Office Park South, for the following two (2) courses; thence North 0 degrees 47 minutes 30 seconds East measured (North 6 degrees 45 minutes 17 seconds East platted), a distance of 38.64 feet; thence North 42 degrees 37 minutes 00 seconds East measured (North 42 degrees 34 minutes 47 seconds East platted), a distance of 180.01 feet to the point of beginning; thence along the easterly plat line of said Ward Parkway Office Park South, for the following three (3) courses; thence North 47 degrees 23 minutes 00 seconds West measured (North 47 degrees 25 minutes 13 seconds West platted), a distance of 85.00 feet; thence North 42 degrees 37 minutes 00 seconds East measured (North 42 degrees 34 minutes 47 seconds East platted), a distance of 379.00 feet; thence North 33 degrees 22 minutes 40 seconds East measured (North 33 degrees 20 minutes 27 seconds East platted), a distance of 8.53 feet; thence S 88 degrees 03 minutes 26 seconds East, a distance of 245.03 feet; thence South 1 degree 56 minutes 34 seconds West, a distance of 93.83 feet; thence South 2 degrees 44 minutes 33 seconds East, a distance of 122.42 feet; thence South 1 degree 56 minutes 34 seconds West, a distance of 128.54 feet; thence North 88 degrees 03 minutes 26 seconds West, a distance of 344.39 feet; thence South 88 degrees 34 minutes 47 seconds West, a distance of 97.80 feet to the point of beginning. Containing 3.0861 acres, more or less.

 

is approved and designated by the Bannister & Wornall Tax Increment Financing Plan as Redevelopment Project Area B (“Project Area B”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area B. After the total equalized assessed valuation of the taxable real property in Project Area B exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area B, 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 Project Area B 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 Area B over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area B 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 Project Area B Costs within the Redevelopment Area, 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 Project Area B 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 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, which are necessary to the payment of Project Area B Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

_____________________________________________

  Approved as to form and legality:

 

  

______________________________

Brian T. Rabineau

Assistant City Attorney