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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 911513
Approving and designating
Phase VII of the Universal Floodwater Detention Tax Increment Financing Plan as
a Redevelopment Project Area and adopting tax increment financing therefor.
WHEREAS, the City
Council of Kansas City, Missouri (the City Council), by Ordinance No. 54556
passed on November 24, 1982, created the Tax Increment Financing Commission of
Kansas City, Missouri (the Commission) and by Ordinance No. 911076, modified
the composition of the Commission in accordance with State law; and
WHEREAS, on
November 14, 1990, the Commission adopted a resolution recommending to the City
Council the adoption of a redevelopment plan entitled the Universal Floodwater
Detention Tax Increment Financing Plan (the Redevelopment Plan); and
WHEREAS, on April
18, 1991, the City Council passed Committee Substitute for Ordinance No.
910047, as amended, which accepted the recommendations of the Commission as to
the Redevelopment Plan; approved the Redevelopment Plan, declared the
Redevelopment Area and each proposed Redevelopment Project Area as blighted;
approved Universal Land Development Co., Ltd. as the developer; approved an
agreement with the Commission; authorized the execution of a development
contract; and designated the Phase I Redevelopment Project Area as a
redevelopment project area; and
WHEREAS, the
Redevelopment Plan as approved by Committee Substitute for Ordinance No.
910047, as amended, contemplate the designation of each subsequent phase of the
Redevelopment Plan as a separate Redevelopment Project Area at the discretion
of the City Council and the adoption of tax increment financing therefor; and
WHEREAS, on
September 11, 1991, the Commission adopted a resolution recommending to the
City Council the approval of an amendment to the Redevelopment Plan (the First
Amended Redevelopment Plan); and
WHEREAS, on
December 19, 1991, the City Council passed Committee Substitute for Ordinance
No. 911507, which accepted the recommendation of the Commission as to the First
Amended Redevelopment Plan; approved the First Amended Redevelopment Plan;
declared the Redevelopment Area and each proposed Redevelopment Project Area as
blighted; approved Universal Land Development Co., Ltd., as the developer;
approved an agreement with the Commission; and authorized the execution of a
First Amended Development Contract; and
WHEREAS, the
First Amended Redevelopment Plan as approved by Ordinance No. 911507
contemplate the designation of the remaining phases of the First Amended
Redevelopment Plan as separate Redevelopment Project Areas and the adoption of
tax increment financing therein at the discretion of the City Council; 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. That
the area set forth in the First Amended Redevelopment Plan as Phase VII and
legally described as:
The property is a subdivision
and survey of all that part of the North One-Half (1/2) of Section 25, Township
50, Range 33 in the City of Kansas City, Jackson County, Missouri, described as
follows:
Beginning
at the Northwest corner of Tract A EXECUTIVE PARK FORTY-SEVENTH PLAT, a
subdivision of land in said City, County and State, according to the recorded
plat thereof; thence South 2 degrees 15 minutes 57 seconds West along the West
line of said Tract A and its Southerly extension, a distance of 240.00 feet to
a point on the North Right-of-Way line of Front Street, as now established;
thence North 87 degrees 42 minutes 53 seconds West along said North
Right-of-Way line, a distance of 319.67 feet; thence North 2 degrees 15 minutes
57 seconds East, a distance of 240.00 feet; thence South 87 degrees 42 minutes
53 seconds East, a distance of 319.67 feet, to the Point of Beginning,
containing 76,720.8 square feet of 1.7613 acres, more or less.
is hereby designated as a
blighted area and is further approved and designated as the Phase VII
Redevelopment Project Area.
Section 3. All
of the Redevelopment Projects contained within the Phase VII Redevelopment
Project Area are hereby approved.
Section 4. Tax
increment allocation financing is hereby adopted for the Phase VII
Redevelopment Project Area. After the total equalized assessed valuation of
the taxable real property in the Phase VII Redevelopment Project Area exceeds
the certified total initial equalized assessed value of all taxable real
property in such Redevelopment Project Area, the ad valorem taxes and payments
in lieu of taxes, if any, arising from the levies upon taxable real property in
such Redevelopment Project Area by taxing districts and tax rates determined in
the manner provided in Subsection 2 of Section 99.855, RSMo, each year after
the effective date of this Ordinance until redevelopment project costs and
redevelopment costs have been paid shall be divided as follows:
(a) 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 Phase VII
Redevelopment Project Area 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;
(b) 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
Phase VII Redevelopment Project Area over and above the initial equalized
assessed value of each such unit of property in the Phase VII Redevelopment
Project Area shall be allocated to and, when collected, shall be paid to the
City Treasurer, who shall deposit such payments in lieu of taxes into the
Special Allocation Fund of the City for the purpose of paying redevelopment
project costs and redevelopment costs incurred in any of the Redevelopment
Areas, 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 5. In
addition to the payments in lieu of taxes described above, and subject to annual
appropriation, fifty percent (50%) of the total additional revenue from taxes
which are imposed by the City municipality or other taxing districts, and which
are generated by economic activities within the Phase VII Redevelopment Project
Area over the amount of such taxes generated by economic activities within the
Phase VII Redevelopment Project Area in the calendar year prior to the adoption
of the Phase VII Redevelopment Project Area by ordinance, while tax increment
financing remains in effect, but excluding taxes imposed on sales or 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
treasurer or other designated financial officer of the municipality, who shall
deposit such funds in a separate segregated account within the Universal
Floodwater Detention Account of the Special Allocation Fund for the retirement of
obligations or payment of Redevelopment Project Costs and Redevelopment Costs
as defined in the First Amended Redevelopment Plan.
__________________________________________________________________
Approved
as to form and legality:
______________________________________
Assistant
City Attorney