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COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 001589
Approving and designating Project Area 3B-2 of
the Parvin Road Corridor Tax Increment Financing Plan as a Redevelopment
Project and adopting tax increment financing therein.
WHEREAS, the City Council of Kansas
City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and
thereafter repealed and amended in certain respects by Committee Substitute to
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 December 14, 2000, the
City Council passed Ordinance No. 001638, which approved the Parvin Road
Corridor Tax Increment Financing Plan and designated the Redevelopment Area as
an economic development area (the Redevelopment Plan); and
WHEREAS, the Redevelopment Plan and
ordinances contemplate the implementation of the Redevelopment Plan through
four separate Redevelopment Project Areas 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
Parvin Road Corridor Redevelopment Project Area 3B-2 legally described as
follows:
All that part of Section
2 and 11, Township 50, Range 32, Kansas City, Clay County, Missouri, being
described as follows: Commencing at the Southwest corner of the Southwest
Quarter of said Section 2; thence South 89o2430 East, along the
South line of said Southwest Quarter, 1355.12 feet to the True Point of
Beginning of the tract to be herein described; thence North 01o1551
West, 508.68 feet; thence North 73o0934 East, 218.63 feet; thence
North 0o0000 East, 228.71 feet; thence North 45o0000
East, 76.33 feet; thence North 0o0000 East, 334.76 feet; thence
North 90o0000 East, 607.33 feet; thence South 11o1133
East, 483.97 feet; thence South 59o4323 East, 238.77 feet; thence
South 89o0525 East, 430.18 feet; thence South 0o5435
West, 76.50 feet; thence South 89o1630 East, 165.00 feet; thence
South 0o3953 West, 148.55 feet; thence North 88o4112
West, 525.49 feet; thence North 75o4826 West, 239.64 feet; thence
South 49o4029 West, 302.12 feet; thence South
0o3622 West, 968.39 feet; thence North 89o3417 West,
737.38 feet; thence North 01o1551 West, 727.47 feet to the True
Point of Beginning. Containing 37.25 acres, more or less.
is approved and designated as Parvin Road
Corridor Project Area 3B-2 (the "Redevelopment Project").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for the Redevelopment Project. After the total equalized assessed valuation of
the taxable real property in the Redevelopment Project exceeds the certified
total initial equalized assessed valuation of the taxable real property in the
Redevelopment Project, 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 or real property in the area selected for the Redevelopment
Project shall be allocated to and, when collected, shall be paid by the Clay
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 the Redevelopment Project over and above the initial equalized assessed
value of each such unit of property 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 60 days of the due date will be deemed delinquent and assessed a
penalty of 1% per month.
Section
4. In addition to the payments in lieu of taxes described in subsection 2 of
Section 3 above, 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 the Redevelopment Project 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