Printer Friendly Version
ORDINANCE NO. 030083
Approving
and designating Redevelopment Project 4 of the Performing Arts District 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 ______________________, the City Council passed Ordinance No. 030079, which
accepted the recommendations of the Commission as to the Performing Arts
District Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area to be a blighted area; and
WHEREAS,
the Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through eight (8) 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 4 legally described as follows:
TRACT
1:
Lots 10, 11, 12 and the North 22 feet of Lot 13,
Block 1, KING AND BOUTONS ADDITION, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof.
TRACT
2:
Lots 5, 6, 7, 8 and 9, Block 1, KING AND BOUTONS
ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to
the recorded plat thereof.
TRACT
3:
Lots 29 through 36 both inclusive, Block 1, KING
AND BOUTONS ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof.
Subject
to all matters of record.
AND
Lot 28, Block 1, KING & BOUTONS ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.
AND
The North 23 feet of Lot 27, Block 1, KING AND
BOUTONS ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof. (Also
commonly
known and numbered as 1653 Washington, Kansas City, Missouri.)
Subject
to, but conveying, all easements, covenants, restrictions, and reservations of
record, if any.
AND
All
of Lots 13, 14 and 15, except the North 22 feet of Lot 13, Block 1, KING AND
BOUTONS ADDITION, a subdivision in Kansas City, Jackson County, Missouri.
AND
Lots 16 and 17, the North 1/2 of Lot 18, the
East 1/2 of the South 1/2 of Lot 18, the East 1/2 of Lots 19 and 20, the North
1/2 of Lot 24, all of Lots 25 and 26 and the South 3 feet of Lot 27, Block 1,
KING AND BOUTONS ADDITION, a subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, known and numbered as
1660-1664 Broadway, and 1655-1659 Washington Street, Kansas City, Missouri.
Lots 21, 22, 23 and the South 1/2 of Lot 24,
Block 1, KING & BOUTONS ADDITION, a subdivision in Kansas City, Jackson
County, Missouri.
Subject to easements, reservations, covenants
and restrictions, if any, now appearing of record.
AND
The West 1/2 of the South 13 feet of Lot 18, and
the West 1/2 of Lots 19 and 20, Block 1, KING AND BOUTONS ADDITION, a
subdivision in Kansas City, Jackson County, Missouri.
is
approved and designated as the Performing Arts District Tax Increment Financing
Plan Redevelopment Project 4 (Project 4").
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for Project 4. After the total
equalized assessed valuation of the taxable real property in Project 4 exceeds
the certified total initial equalized assessed valuation of the taxable real
property in Project 4, 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 4
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 4 over and above the initial equalized assessed value of each such
unit of property in the area selected for Project 4 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 4 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:
___________________________________
Assistant
City Attorney