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Legislation #: 940718 Introduction Date: 6/9/1994
Type: Ordinance Effective Date: 6/26/1994
Sponsor: None
Title: Approving and designating Project 1c of the Uptown Theater Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
6/9/1994

Prepare to Introduce

6/9/1994

Referred Plans And Zoning Committee

6/15/1994

Advance and Do Pass

6/16/1994

Passed


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ORDINANCE NO. 940718

 

Approving and designating Project 1c of the Uptown Theater 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 ____________________, the City Council passed Ordinance No. 940715, which approved the Uptown Theater Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through five (5) 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 Project 1c legally described as follows:

 

Beginning at the intersection of the west right-of-way line of Broadway Boulevard and the south lot line of Lot 8, MCGEE PLACE IN WESTPORT; thence south along the west right-of-way line of Broadway Boulevard to the south lot line of Lot 15, MCGEE PLACE IN WESTPORT, thence west along the south lot line of Lot 15, MCGEE PLACE IN WESTPORT, to the west lot line of Lot 15, MCGEE PLACE IN WESTPORT; thence north along the west lot line of Lots 13, 14 and 15, MCGEE PLACE IN WESTPORT, to the south lot line of Lot 23, MCGEE PLACE IN WESTPORT; thence west 13 feet along the south lot line of Lot 23, MCGEE PLACE IN WESTPORT; thence north along a line 13 feet west of and parallel to the east lot line of Lot 23, MCGEE PLACE IN WESTPORT, to the south lot line of Lot 24, MCGEE PLACE IN WESTPORT; thence west along the south lot line of Lot 24, MCGEE PLACE IN WESTPORT, to the east right-of-way line of Washington Street, as it now exists; thence north along the east right-of-way line of Washington Street to the north lot line of Lot 24, MCGEE PLACE IN WESTPORT; thence east along the north lot line of Lot 24, MCGEE PLACE IN WESTPORT, to the west lot line of Lot 10, MCGEE PLACE IN WESTPORT; thence north along the west lot line of Lots 10 and 9, MCGEE PLACE IN WESTPORT, to the south lot line of Lot 8, MCGEE PLACE IN WESTPORT; thence east along the south lot line of Lot 8, MCGEE PLACE IN WESTPORT, to the point of beginning, now all included in and a part of the City of Kansas City, Jackson County, Missouri.

 

is approved and designated as Project 1c of the Uptown Theater Tax Increment Financing Plan ("Project 1c").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1c. After the total equalized assessed valuation of the taxable real property in Project 1c exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1c, 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 1c 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 1c over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1c 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 1c 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.

 

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Approved as to form and legality:

 

 

 

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Acting City Attorney