ORDINANCE NO. 021400

Accepting the recommendations of the Tax Increment Financing Commission as to the Downtown Library District Tax Increment Financing Plan; approving the Downtown Library District Tax Increment Financing Plan; designating a Redevelopment Area; and establishing the effective date.

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, the Downtown Library District Tax Increment Financing Plan (the Redevelopment Plan) was proposed to the Commission; and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts with respect to the Redevelopment Plan, closed said public hearing on November 9, 2002, adopted its Resolution No. 10-06-02(the Resolution) recommending to the City Council the approval of the Plan (the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan is a comprehensive program intended to reduce or eliminate blight and enhance the tax base within the Redevelopment Area through the implementation of one Redevelopment Project and the adoption of tax increment financing for each of the areas selected for such Redevelopment Project; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendation of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit "A", is hereby accepted and the Redevelopment Plan, a copy of which is attached hereto as Exhibit "B", is hereby approved and adopted.

Section 2. 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 (the "Act").

Section 3. The following described area is hereby designated a Redevelopment Area:

Commencing at the intersection of the centerline of Baltimore Street and Ninth Street; thence proceeding easterly along the centerline of Ninth Street to the intersection of the centerline of Ninth Street and the centerline of Main Street; thence proceeding southerly along the centerline of Main Street to its intersection with the easterly extension of a line 5.75 feet south of and parallel to the north lot line of Lot 4, Smarts Partition No. 3; thence west along a line 5.75 feet south of and parallel to the north lot line of Lot 4, Smarts Partition No. 3 to its intersection with the centerline of the north-south alley lying between Main Street and Baltimore Avenue; thence north along the centerline of the north-south alley lying between Main Street

and Baltimore Avenue to its intersection with the centerline of Tenth Street; thence west along the centerline of Tenth Street to its intersection with the centerline of Baltimore Avenue; thence south along the centerline of Baltimore Avenue to its intersection with the westerly extension of the north lot line of Lot 8, Block 18, Ashburns Addition; thence east along the north lot line of Lot 8, Block 18, Ashburns Addition, a distance of 113.5 feet; thence south along a line 113.5 feet west of parallel to the west lot line of Lots 8 and 9, Block 18, Ashburns Addition to its intersection with a line 8.33 feet north of and parallel to the south lot line of Lot 9, Block 18, Ashburns Addition; thence east along a line 8.33 feet north of and parallel to the south lot line of Lot 9, Block 18, Ashburns Addition and the north lot line of Lot 5, Smarts Partition No. 2 to its intersection with the centerline of Main Street; thence southerly along the centerline of Main Street to the intersection of the centerline of Main Street and the centerline of Eleventh Street; thence proceeding westerly along the centerline of Eleventh Street to the intersection of the centerline of Eleventh Street and the centerline of Baltimore Avenue; thence proceeding southerly along the centerline of Baltimore Avenue to the intersection of the centerline of Baltimore Avenue and the centerline of Twelfth Street; thence proceeding westerly along the centerline of Twelfth Street to the intersection with the southerly extension of the east lot line of Lot 11, Block 20, Ashburns Addition; thence northerly along the east lot line of Lots 11, 12, 13 and 14, Block 20, Ashburns Addition to the north lot line of Lot 14, Block 20, Ashburns Addition; thence westerly along the north lot line of Lot 14, Block 20, Ashburns Addition to the west lot line of Lot 14, Block 20, Ashburns Addition; thence southerly along the west lot line of lots 11, 12, 13 and 14, Block 20, Ashburns Addition to the intersection with the centerline of Twelfth Street; thence westerly along the centerline of Twelfth Street to the intersection of the centerline of Twelfth Street and the centerline of Wyandotte Street; thence proceeding northerly along the centerline of Wyandotte Street to the intersection of the centerline of Wyandotte Street and the centerline of Tenth Street; thence proceeding westerly along the centerline of Tenth Street to the intersection of the centerline of Tenth Street and the centerline of the north-south alley located on the north side of Tenth Street between Wyandotte Street and Central Street; thence proceeding northerly along the centerline of the north-south alley to the intersection of the centerline of said north-south alley and the centerline of the east-west alley located on the west side of Wyandotte Street between Tenth Street and Ninth Street; thence proceeding easterly along the centerline of this east-west alley to the intersection of the centerline of the east-west alley and the centerline of Wyandotte Street; thence proceeding northerly along the centerline of Wyandotte Street to its intersection with the westerly extension of the north lot line of Lot 16, Block 2, Ashburns Addition; thence easterly along said westerly extension and the north lot line of Lot 16, Block 2, Ashburns Addition to its intersection with the centerline of the north-south alley lying between Wyandotte Street and Baltimore Avenue; thence north along the centerline of the north-south alley lying between Wyandotte Street and Baltimore Avenue to its intersection with the westerly extension of the north lot line of Lot 6, Block 2, Ashburns Addition; thence east along the north lot line of Lot 6, Block 2, Ashburns Addition to its intersection with the centerline of Baltimore Avenue; thence north along the centerline of Baltimore Avenue to the point of beginning, all now included in and a part of the City of Kansas City, Jackson County, Missouri.

Section 4. In accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that:

(a) The Redevelopment Area as a whole is a conservation area, to wit: approximately 66% of the gross building square footage within the Redevelopment Area is 35 years old or older, and 88% will be 35 years or older in 2003; there is evidence of dilapidation, obsolescence, illegal use of structures, structures which do not meet code requirements, excessive vacancies, overcrowding of structures, excessive land coverage and other potential blighting factors;

(b) The Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan;

(c) The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole;

(d) The area selected for Redevelopment Project includes only those parcels of real property and improvements thereon which will be directly and substantially benefitted by the Redevelopment Project improvements;

(e) The estimated dates of completion of the respective Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area;

(f) A plan has been developed for relocation assistance for businesses and residences;

(g) A cost-benefit analysis showing the impact of the Redevelopment Plan on each taxing district at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act; and

(h) The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment.

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the Downtown Library District Tax Increment Financing Plan Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 6. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the Downtown Library District Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Assistant City Attorney