COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 960314
Approving and designating Redevelopment Project
V 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 Committee Substitute for 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
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 V legally described as follows:
All that part of the
Fractional Northwest Quarter of Section 10, Township 51, Range 33, Kansas City,
Clay County, Missouri, being bounded and described as follows: Commencing at
the Southeast corner of the Fractional Northwest Quarter of said Section 10; thence
North 89o2915 West, along the South line of said Fractional
Northwest Quarter, 634.77 feet to the True Point of Beginning of the tract to
be herein described; thence continuing North 89o2915 West, along
said South line, 381.13 feet; thence North 00o3102 East, 512.14
feet; thence North 82o4555 East, 300.75 feet; thence South 15o2322
East, 35.18 feet; thence South 54o1419 East, 147.51; thence
Southerly, along a curve to the left, having an initial tangent bearing of
South 35o4539 West, and a radius of 250.00 feet, an arc distance
of 153.44 feet; thence South 00o3543 West, 292.50 feet to the True
Point of Beginning. Containing 4.66 acres, more or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project V ("Project V").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project V. After the total equalized
assessed valuation of the taxable real property in Project V exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project V, 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 V 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 V over and above the initial
equalized assessed value of each such unit of property in the area selected for
Project V 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 V 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.
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Approved as
to form and legality:
_____________________________
Heather
A. Brown
Assistant City Attorney