ORDINANCE NO. 030408

Approving and designating Redevelopment Project 7 of the Pershing Road 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. 030401, which accepted the recommendations of the Commission as to the Pershing Road Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through eight (8) 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 7 legally described as follows:

Commencing at the intersection of the west right-of-way line of Main Street, as established by Document No. K-495009, in Book K-1092, at Page 1154, and accepted by Ordinance No. 53181, passed August 17, 1981, with the northerly right-of-way line of Pershing Road as established by the Ordinance of Kansas City, Missouri No. 18372, approved February 5, 1914; thence south 72 degrees 20 minutes 36 seconds west, along said northerly right-of-way line, a distance of 717.97 feet; thence north 87 degrees 27 minutes 19 seconds west, continuing along said northerly right-of-way line a distance of 682.09 feet, to a point on the east right-of-way line of Broadway; thence north 02 degrees 25 minutes 36 seconds east, along said east right-of-way line a distance of 63.47 feet; thence north 87 degrees 34 minutes 24 seconds west a distance of 80.00 feet, to the northeast corner of Lot 6, Block C, Jamesons Subdivision, a subdivision in Kansas City, Jackson County, Missouri; thence north 87 degrees 31 minutes 19 seconds west, along the north line of said Lot 6, a distance of 130.21 feet (plat 130.00 feet) to the north west corner of said Lot 6, said point being the point of beginning of the herein described area; thence south 02 degrees 24 minutes 09 seconds west, along the west line of Lots 6,7,8 & 9, said Block C, a distance of 99.40 (Plat 100.00 feet), said point also being the northerly right-of-way line of Pershing Road; thence north 02 degrees 36 minutes 29 seconds east, along a jog in said right-of-way, a distance of 8.00 feet; thence north 87 degrees 23 minutes 31 seconds west, continuing along said

northerly right-of-way line, a distance of 278.83 feet; thence north 03 degrees 18 minutes 24 seconds east, a distance of 29.95 feet; thence north 87 degrees 19 minutes 28 seconds west, a distance of 39.95 feet; thence north 03 degrees 14 minutes 29 seconds east, a distance of 39.09 feet; thence north 02 degrees 14 minutes 43 seconds east, a distance of 84.91 feet; thence south 79 degrees 57 minutes 01 seconds east, a distance of 336.60 feet, to the northerly prolongation of the west line of Lot 6, Block C said Jamesons Subdivision; thence south 02 degrees 24 minutes 09 seconds west, along said northerly prolongation, a distance of 19.00 feet, to the point of beginning.

is approved and designated as the Pershing Road Tax Increment Financing Plan Redevelopment Project 7 ("Project 7").

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 7. After the total equalized assessed valuation of the taxable real property in Project 7 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 7, 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 Project 7 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 7 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 7 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 7 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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Assistant City Attorney