COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 960311
Approving and designating Redevelopment Project
VIII of the Barry Towne 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 June 6,
2996, the City Council passed Committee Substitute for Ordinance No. 960307,
which accepted the recommendations of the Commission as to the Barry Towne Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area to be an economic development area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through a number of separate Redevelopment Projects 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 Redevelopment Project VIII legally described as follows:
A tract of land in
the Fractional Southwest Quarter of Section 3 and the Fractional Northwest
Quarter of Section 10, both in the Township 51, Range 33, Kansas City, Clay
County, Missouri, being bounded and described as follows: Commencing at the
Southwest Quarter of the Fractional Northwest Quarter of said Section 10; thence
North 003058 East, along the West line of said Fractional Northwest Quarter,
2376.43 feet to the True Point of Beginning of the tract to be herein
described, said point being also the intersection of the centerline of North
Platte Purchase Drive, as now established with the centerline of Northwest 88th
Street, as now established; thence continuing North 003058 East, along said
West line 257.56 feet to the Southwest corner of said Fractional Southwest
Quarter; thence North 003058 East, along the West line of said Fractional
Southwest Quarter, 584.06 feet to a point on the Southerly right-of-way line of
Missouri Highway No. 152, as now established; thence North 833411 East,
along said right-of-way line, 86.32 feet; thence North 662003 East, along
said right-of-way line, 543.45 feet; thence North 402457 East, along said
right-of-way line, 96.91 feet; thence South 000000 East, 1136.65 feet to a
point on the aforementioned centerline of Northwest 88th Street;
thence Westerly, along said centerline, along a curve to the right, having an
initial tangent bearing of South 830711 West, and a radius of 1494.00 feet,
an arc distance of 192.92 feet; thence North 892854 West, along said
centerline, 461.46 to the True Point of Beginning. Containing 14.34 acres,
more or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project VIII ("Project
VIII").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project VIII. After the total equalized
assessed valuation of the taxable real property in Project VIII exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project VIII, 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 VIII 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 VIII over and above the initial
equalized assessed value of each such unit of property in the area selected for
Project VIII 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 VIII 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