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ORDINANCE NO. 040197
Approving
and designating Redevelopment Project 2 of the Downtown Library District Tax
Increment Financing Plan 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 November 26, 2002, the City Council passed Ordinance No. 021400, which
accepted the recommendations of the Commission as to the Downtown Library
District Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area to be a conservation area; and
WHEREAS,
on ______________, 2004, the City Council passed Ordinance No. 040196,
accepting the recommendations as to the First Amendment to the Downtown Library
District Tax Increment Financing Plan ("Redevelopment Plan"); and
WHEREAS,
the Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through 2 Redevelopment Projects and the adoption of tax
increment financing the area 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 Redevelopment Project 2 legally described as follows:
All of Lots 12, 13 and 14 and the south 15 feet of Lot
15, Block 17, ASHBURNS ADDITION, and described as: Commencing at the southwest
corner of Lot 12, Block 17, ASHBURNS ADDITION; thence north along the west lot
lines of Lots 12, 13, 14 and 15 to a point 15 feet north of the south lot line
of Lot 15, Block 17, ASHBURNS ADDITION; thence east along a line 15 feet north
of and parallel to the south lot line of Lot 15, Block 17, ASHBURNS ADDITION
and its easterly extension to the center line of the north-south alley located
between Wyandotte Street and Baltimore Avenue; thence south along the center
line of the north-south alley located between Wyandotte Street and Baltimore
Avenue to the easterly extension of the south lot line of Lot 12, Block 17,
ASHBURNS ADDITION; thence west along said easterly extension and the south lot
line of Lot 12, Block 17, ASHBURNS ADDITION, to the Point of Beginning.
is
approved and designated as the Downtown Library District Tax Increment
Financing Plan
Redevelopment Project 2 (Project
2").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in the
above described area selected for Project 2. After the total equalized
assessed valuation of the taxable real property in Project 2 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 2, 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 2 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 2 over and above the initial equalized assessed value
of each such unit of property in the area selected for Project 2 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 2 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.
_____________________________________________
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant
City Attorney