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Legislation #: 030404 Introduction Date: 3/27/2003
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 3 of the Pershing Road Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
3/27/2003

Prepare to Introduce

3/27/2003

Referred Planning, Zoning & Economic Development Committee

4/2/2003

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/28/2004

Advance and Do Pass as a Committee Substitute

7/29/2004

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030404

 

Approving and designating Redevelopment Project 3 of the Pershing Road 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 April 3, 2003, the City Council passed Ordinance No. 030401, which accepted the recommendations of the Commission as to the Pershing Road 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 3 legally described as follows:

 

Tract "B" Description - West Portion Railroad Express Building: A tract of land in the West 1/2 of Section 8, Township 49, Range 33 in Kansas City, Jackson County, Missouri, including parts of Marsh's Addition, a subdivision in said Kansas City, together with vacated streets and alleys lying within and lying above elevation 52.50 being more particularly described as follows: Commencing at the intersection of the north line of Pershing Road as established by Ordinance No. 18372, approved February 5, 1914 and the east line of Broadway, as now established; thence South 87E27'19" East, along said north line, a distance of 218.19 feet; thence North 2E32'41" East, a distance of 254.39 feet to the point of beginning of the tract to be described herein; thence North 72E26'43" East, a distance of 43.64 feet; thence South 17E48'39" East, a distance of 17.80 feet; thence South 72E11'21" West, a distance of 35.33 feet; thence South 17E53'46" East, a distance of 189.67 feet; thence South 71E49'51" West, a distance of 27.43 feet; thence North 17E02'08" West, a distance of 26.43 feet; thence North 87E08'05" West, a distance of 21.27 feet; thence South 02E24'49" West, a distance of 64.01 feet; thence South 71E54'00" West, a distance of 1.28 feet; thence North 87E33'58" West, a distance of 54.30 feet; thence North 02E26'02" East, a distance of 22.53 feet; thence North 87E03'18" West, a distance of 115.07 feet; thence North 02E25'53" East, a distance of 14.99 feet; thence North 82E17'58" West, a distance of 72.62 feet to a point on the east line of said Broadway;


thence North 02E25'36" East along said east line, a distance of 5.27 feet to a point on the northern terminus of said Broadway; thence North 87E34'24" West along said northern terminus, a distance of 18.44 feet; thence North 03E24'10" East, a distance of 66.97 feet; thence South 87E30'21" East, a distance of 13.25 feet; thence North 01E52'06" East, a distance of 88.13 feet; thence North 75E17'08" East, a distance of 120.72 feet; thence South 87E25'36" East, a distance of 108.26 feet; to the point of beginning. The above description contains 56,875 square feet or 1.306 acres.

 

Except a tract of land in the West 1/2 of Section 8, Township 49, Range 33 in Kansas City, Jackson County, Missouri including parts of Marsh's Addition, a subdivision in said Kansas City, together with vacated streets and alleys lying within and lying between elevation 52.50 and elevation 58.66 being more particularly described as follows: Commencing at the intersection of the north line of Pershing Road as established by Ordinance No. 18372, approved February 5, 1914 and the east line of Broadway, as now established; thence South 87E27'19" East, along said north line, a distance of 218.19 feet; thence North 2E32'41" East, a distance of 254.39 feet; thence North 72E26'43" East, a distance of 43.64 feet; thence South 17E48'39" East, a distance of 17.80 feet; thence South 72E11'21" West, a distance of 35.33 feet; thence South 17E53'46" East, a distance of 63.70 feet; to the point of beginning of the tract to be described herein; thence continuing South 17E53'46" East, a distance of 64.59 feet; thence South 71E53'20" West, a distance of 26.02 feet; thence North 87E31'23" West, a distance of 252.58 feet; thence North 02E35'37" East, a distance of 64.40 feet; thence South 87E31'39" East, a distance of 240.24 feet; thence North 71E05'19" East, a distance of 9.43 feet to the point of beginning.

 

Also except that part of the first said tract of land lying within a strip of land 27.00 feet in width though part of the West 1/2 of Section 8, Township 49, Range 33 in Kansas City, Jackson County, Missouri including parts of Marsh's Addition, a subdivision in said Kansas City, together with vacated streets and alleys lying within said strip of land and lying within 13.50 feet on each side of the following described centerline: Commencing at the intersection of the north line of Pershing Road as established by Ordinance No. 18372, approved February 5, 1914 and the east line of Broadway, as now established; thence South 87E27'19" East along the north line of said Pershing Road a distance of 229.37 feet to the true point of beginning of the centerline to be herein described; thence North 2E24'49" East, a distance of 10.22 feet to a point hereinafter referred to as point "A"; thence continuing thence North 2E24'49" East, a distance of 34.50 feet to a point hereinafter referred to as point "B"; thence continuing North 2E24'49" East, a distance of 24.59 feet to a point hereinafter referred to as point "C"; thence continuing North 2E24'49" East, a distance of 8.64 feet to the point of termination of said centerline. Said strip of land extends below a grade plane running from elevation 56.68 at the point of beginning and decreasing at a straight grade to elevation 55.63 at said point "A" and continuing at said elevation to said point "B" and then decreasing at a straight grade to elevation 55.51 at the above described point "C" and continuing at said elevation to the point of termination. The above elevations are based upon the city datum of Kansas City, Missouri.

 

Tract "D" Description - East Portion Railroad Express Building: A tract of land in the West 1/2 of Section 8, Township 49, Range 33 in Kansas City, Jackson County, Missouri including parts of Marsh's Addition and parts of Ludlow Place, both subdivisions in said Kansas City, together with vacated streets and alleys lying within and being more particularly described as follows: Commencing at the intersection of the north line of Pershing Road as established by Ordinance No. 18372, approved February 5, 1914, and the east line of Broadway, as now established; thence South 87E27'19" East, along said north line, a distance of 218.19 feet; thence North 2E32'41" East, a distance of 254.39 feet; thence North 72E26'43" East, a distance of 43.64 feet to the point of beginning of the tract to be described herein; thence South 17E48'39" East, a distance of 17.80 feet; thence South 72E11'21" West, a distance of 35.33 feet; thence South 17E53'46" East, a distance of 189.67 feet; thence South 71E49'51" West, a distance of 27.43 feet; thence North 17E02'08" West, a distance of 26.43 feet; thence North 87E08'05" West, a distance of 21.27 feet; thence South 02E24'49" West, a distance of 64.01 feet; thence North 71E54'00" East, a distance of 303.67 feet; thence North 18E06'40" West, a distance of 27.25 feet; thence North 71E52'01" East, a distance of 75.80 feet; thence South 18E58'57" East, a distance of 7.66 feet; thence North 71E42'40" East, a distance of 0.95 feet; thence South 18E17'20" East, a distance of 31.27 feet; thence North 71E53'14" East, a distance of 134.97 feet; thence North 17E24'59" West, a distance of 243.64 feet; thence South 69E49'07" West, a distance of 59.30 feet; thence South 72E26'43" West, a distance of 353.94 feet; to the point of beginning. The above description contains 104,990 square feet or 2.410 acres.

 

is approved and designated as the Pershing Road Tax Increment Financing Plan Redevelopment Project 3 ("Project 3").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 3. After the total equalized assessed valuation of the taxable real property in Project 3 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 3, 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 Project 3 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 3 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 3 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 3 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