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Legislation #: 071266 Introduction Date: 11/20/2007
Type: Resolution Effective Date: 12/6/2007
Sponsor: COUNCILMEMBER HERMANN
Title: Authorizing the Board of the Enhanced Enterprise Zone 3 of Kansas City to offer a tax incentive for speculative industrial or warehouse buildings.

Legislation History
DateMinutesDescription
11/16/2007 Filed by the Clerk's office
11/20/2007 Referred to Finance and Audit Committee
11/28/2007 Be Adopted
11/29/2007 Assigned to Third Read Calendar
12/6/2007 Passed

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071266.pdf Authenticated 104K Authenticated
fact sheet.xls Advertise Notice 62K fact sheet

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RESOLUTION NO. 071266

 

Authorizing the Board of the Enhanced Enterprise Zone 3 of Kansas City to offer a tax incentive for speculative industrial or warehouse buildings.

 

WHEREAS, the City Council has determined that it is proper and fitting to establish an enhanced enterprise zone (EEZ) program pursuant to the provisions of Senate Bill No. 1155 to provide certain incentives for businesses to locate or expand in the designated zone; and

 

WHEREAS, pursuant to Resolution No. 050846 of the City Council, the Economic Development Corporation of Kansas City, Missouri, prepared and submitted, on behalf of the City, an application for designation of Enhanced Enterprise Zone 2 and the State approved the application; and

 

WHEREAS, the City Council through adoption of Resolution No. 051068 designated the boundaries of the Enhanced Enterprise Zone and, in accordance with the provisions of Senate Bill No. 1155, directed that improvements to real property shall be exempt from assessment and payment of 50% of the ad valorem taxes on such improvements for a period of ten (10) years upon application for such exemption; and

 

WHEREAS, the Missouri General Assembly passed Senate Bill 282 (SCS), effective August 28, 2007, which authorizes tax abatement for a speculative industrial or warehouse building constructed by a public entity or a private entity if the land is leased by a public entity under certain circumstances; and

 

WHEREAS, the Council wishes to authorize the Enhanced Enterprise Zone Board for Zone 3 to offer this incentive; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. In accordance with Senate Bill No. 282 (SCS), in addition to the tax abatement currently authorized under Section 135.963, RSMo, all subsequent improvements to real property constructed in accordance with applicable City Codes and Ordinances and located within the Enhanced Enterprise Zone, which are speculative industrial or warehouse buildings as described in subsection 1 of Section 135.963, RSMo, upon application for and approval of such exemption by the City, shall become and remain exempt from assessment and payment of 50% of the ad valorem taxes of the City for a period of two (2) years if the building is owned by a private entity and five (5) years if the building is owned or ground leased by a public entity. This shall not preclude the building receiving an exemption for the remaining time period established by the City if it was occupied by an enhanced business enterprise.  The two and five year time periods indicated for speculative buildings shall not be in addition to the local abatement time period for such facility.  The abatement shall not relieve the assessor or other responsible official from ascertaining the amount of the equalized assessed value of all taxable property annually as required by sections 99.855, 99.957, or 99.1042, RSMo, and shall not have the effect of reducing the payments in lieu of taxes referred to in subdivision (2) of subsection 1 of section 99.845, RSMo, subdivision (2) of subsection 3 of section 99.957, RSMo, or subdivision (2) of subsection 3 of section 99.1042, RSMo, unless such reduction is set forth in the plan approved by the governing body of the municipality pursuant to subdivision (1) of subsection 1 of section 99.820, section 99.942, or section 99.1027, RSMo.

Section 2. That the City hereby requests the Economic Development Corporation of Kansas City, Missouri to draft policies for the operation of this aspect of the enhanced enterprise zone program for presentation to and approval by the Council.

 

Section 3. That the City further requests that the Economic Development Corporation of Kansas City, Missouri, staff and operate the enhanced enterprise zone program, including this aspect of the program, under the general direction of the Economic Development Corporation and the City Council.

 

 

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