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Legislation #: 930881 Introduction Date: 8/19/1993
Type: Ordinance Effective Date: 4/6/2003
Sponsor: None
Title: Approving and designating Project 4b of the Santa Fe Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
8/18/1993

Prepare to Introduce

8/19/1993

Referred Plans And Zoning Committee

8/25/1993

Hold On Agenda

9/8/1993

Hold Off Agenda

7/27/1994

Hold Off Agenda

7/12/1995

Hold Off Agenda

1/24/1996

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

7/21/1999

Hold Off Agenda

1/17/2001

Hold Off Agenda

1/9/2002

Hold Off Agenda

3/19/2003

Do Pass

3/20/2003

Add to Consent Docket

3/27/2003

Passed


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ORDINANCE NO. 930881

 

Approving and designating Project 4b of the Santa Fe 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. 930859, which approved the Santa Fe Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through thirty-five 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 4b legally described as follows:

 

Part of the North 1/2 of Section 26, Township 48 North, Range 33 West of the 5th P.M., Kansas City, Jackson County, Missouri described as follows: Commencing at the northwest corner of Lot 2, PACE, a subdivision of land in Kansas City, Jackson County, Missouri; thence North 320'24" East (all bearings herein are referenced to the "Missouri Coordinate System of 1983, West Zone") on the west line of Lot 1 of said PACE subdivision 238.00; thence South 8639'36" East on the north line of said Lot 1, 307.21 feet; thence North 320'24" East, on said north line, 135.00 feet; thence South 8639'36" East on said north line, 238.54 feet; thence South 6241'55" East on said north line, 173.88 feet to the point of beginning; thence North 2057'36" East, 481.05 feet; thence South 6902'24" East, 161.77 feet to a point of curvature; thence northeasterly on a curve to the left (said curve having a radius of 400.00 feet, chord bearing North 8231'11" East, chord distance 380.99 feet) an arc length of 397.10 feet; thence South 3555'13" East on a line radial to last described curve, 157.84 feet; thence South 1401'40" East, 258.94 feet; thence South 6136'44" East, 102.66 feet to a point on the westerly right of way line of Interstate Highway No. 435; thence South 2823'16" West on said right of way line, 213.38 feet to a point 200.00 feet right of centerline station 791+00; thence South 3737'04" West on said right of way line, 54.70 feet to the northeast corner of said Lot 1; thence westerly on the north line of said Lot 1 to the point of beginning.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Santa Fe Redevelopment Project 4b. After the total equalized assessed valuation of the taxable real property in the area exceeds the certified total initial equalized assessed valuation of the taxable real property in the area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in the area selected for the Redevelopment 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 Santa Fe Redevelopment Project 4b 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in the area selected for Santa Fe Redevelopment Project 4b 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 Santa Fe Redevelopment Project 4b 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:

 

 

 

___________________________________

Acting City Attorney