ORDINANCE NO. 970999
Approving and designating Redevelopment Project VII of
the Power and Light District Tax Increment Financing Plan, as amended, 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. 970992, which accepted the recommendations of the
Commission as to the Power and Light District Tax Increment Financing Plan, as
amended ("Redevelopment Plan") and designated the Redevelopment Area
to be a blighted development area; and
WHEREAS, the Redevelopment Plan and Ordinance
contemplate the implementation of the Redevelopment Plan through nine (9)
separate Redevelopment Projects and the adoption of tax increment financing for
such Redevelopment Project; 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:
The South Half of Lot 191 and all of Lots 192
through 194, inclusive and all of Lots 201, 202 and 203 all in Block 14,
McGEE'S ADDITION, a subdivision, according to the recorded plat thereof,
being more particularly described as follows: Beginning at the Southeast
corner of Back Lot 194; thence West along the South line of said Lot 194
and along the North right-of-way line of U.S. Interstate Highway Route No.
35 (Truman Rd.), as now established, a distance of 245.50 feet to the
Southwest corner of said Lot 203; thence North along the West line of said
Lots 203, 202 and 201 and along the East right-of-way line of Main Street,
as now established, a distance of 148.50 feet to the Northwest corner of
said Lot 201; thence East along the North line of said Lot 201 and its
Easterly prolongation, a distance of 130 feet to the Southwest corner of Lot
191 of said Block 14; thence North along the West line of said Lot 191,
24.75 feet to the Northwest corner of the South Half of said Lot 191;
thence East along the North line of said South Half, a distance of 115.50
feet to the Northeast corner of said South Half; thence South along the
East line of the South Half of said Lot 191 and the East line of said Lots 192,
193 and 194 and along the West right-of-way line of Walnut Street, as now
established, a distance of 173.25 feet to the Point of Beginning.
Containing 0.903 acres, more or less.
is approved and designated as the Power and Light
District 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.
Section 5. The area selected for Project VII
includes only those parcels of real property and improvements thereon which
will be substantially benefitted by the proposed redevelopment project
improvements.
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Approved as to form and
legality:
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Assistant City Attorney