COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 940570
Approving
and designating Project F of the Southtown Corridor/31st & Baltimore 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 May 19, 1994, the City Council passed Ordinance No. 940564, which approved
the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan
("Redevelopment Plan") and designated the Redevelopment Area as a
conservation area; and
WHEREAS,
the Redevelopment Plan and ordinance contemplates the implementation of the
Redevelopment Plan through fourteen (14) 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 Project F legally described as follows:
Lots 212-224, Park Gate, a subdivision in the
City of Kansas City, Jackson County, Missouri, except that part in roads.
is
approved and designated as Project F of the Southtown Corridor/31st &
Baltimore Tax Increment Financing Plan ("Project F").
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for Project F. After the total
equalized assessed valuation of the taxable real property in Project F exceeds
the certified total initial equalized assessed valuation of the taxable real
property in Project F, 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 F
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 F over and above the initial equalized assessed value of each such
unit of property in the area selected for Project F 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 F 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