COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 001587
Approving and designating Project Area 3A 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thereafter repealed and amended in certain respects by Committee Substitute to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 3A legally described as
follows:
All that part of Section
2 and 3, Township 50, Range 32, Kansas City, Clay County, Missouri, being
described as follows: Commencing at the Southwest corner of the Northeast
Quarter of said Section 2; thence North 0o3915 East, along the
West line of said Northeast Quarter, 361.23 feet to the True Point of Beginning
of the tract to be herein described; thence South 88o4115 East,
561.27 feet; thence North 78o5650 East, 614.25 feet; thence South
01o1848 West, 536.91 feet; thence South 20o0322 East,
80.00 feet; thence South 69o5638 West, 31.30 feet; thence South 01o1848
West, 588.72 feet; thence North 65o4729 East, 181.73 feet; thence
South 0o3455 West, 660.10 feet; thence North 89o1630
West, 984.72 feet; thence South 0o3606 West, 630.50 feet; thence
North 89o1630 West, 487.33 feet; thence North 05o2307
West, 630.43 feet; thence North 05o5614 West, 317.17 feet; thence
North 31o3430 West, 341.21 feet; thence North 88o4115
West, 328.79 feet; thence North 01o1845 East, 67.33 feet; thence
North 89o2407 West, 758.96 feet; thence North 0o3553
East, 337.13 feet; thence Southwesterly, along a curve to the left, having an
initial tangent bearing of South 75o3804 West, a radius of 2825.99
feet, an arc distance of 1224.28 feet; thence South 47o1921 West,
884.14 feet; thence Southwesterly, along a curve to the right, tangent to the
last described course, having a radius of 861.33 feet, an arc distance of
588.66 feet; thence North 0o4050 East, 1152.54 feet; thence South
89o1910 East, 424.62 feet; thence North 65o4536 East,
565.87 feet; thence North 29o4936 West, 231.44
feet; thence North 60o1024 East, 956.90 feet; thence South 26o3629
East, 192.24 feet; thence North 63o2331 East, 269.54 feet; thence
North 26o3629 West, 167.80 feet; thence North 78o1612
East, 455.33 feet; thence South 11o4348 East, 70.30 feet; thence
South 88o4115 East, 1546.83 feet to the True Point of Beginning.
Containing 144.82 acres, more or less.
is approved and designated as Parvin Road
Corridor Project Area 3A (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.
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Approved
as to form and legality:
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Heather
A. Brown
Assistant City Attorney