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.

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Approved as to form and legality:

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Assistant City Attorney