ORDINANCE NO. 960312
Approving and designating Redevelopment Project VII 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 ________________________, the City
Council passed 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 twelve (12)
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 VII 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: Beginning at the southwest corner
of said Fractional Northwest Quarter; thence North 0 30'58" East,
along the west line of said Fractional Northwest Quarter, 2270.12 feet;
thence South 89 29'02" East, 893.59 feet; thence easterly, along a
curve to the left, having a radius of 450.00 feet, an arc distance of
140.80 feet; thence South 16 15'34" East, 290.17 feet; thence South 0
09'54" West, 731.81 feet; thence South 75 22'40" East, 78.18
feet; thence South 15 04'53" West, 297.28 feet; thence South 0
38'25" East, 393.16 feet; thence South 15 23'22 East, 64.03 feet; thence
South 72 35'53" West, 322.53 feet; thence North 89 29'15" West,
610.00 feet; thence South 0 30'58" West, 271.59 feet; thence South 89
29'15" East, 270.00 feet; thence South 0 30'58" West, 150.04
feet to a point on the south line of said Fractional Northwest Quarter;
thence North 89 29'15" West, along said south line, 500.00 feet to the
true point of beginning. Containing 50.48 acres, more or less. Except
that part on the south and west being used for road right of way.
is approved and designated as the Barry Towne Tax
Increment Financing Plan Redevelopment Project VII ("Project VII").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project VII. After the total equalized assessed valuation of the taxable
real property in Project VII exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project VII, 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 VII 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 VII
over and above the initial equalized assessed value of each such unit of
property in the area selected for Project VII 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 VII 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:
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Assistant City Attorney