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Legislation #: 051528 Introduction Date: 12/15/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 12 of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
12/13/2005 Filed by the Clerk's office
12/15/2005 Referred to Planning, Zoning & Economic Development Committee
1/4/2006 Hold Off Agenda
7/18/2007 Hold Off Agenda
4/20/2016 Advance and Do Pass, Debate
4/21/2016 Passed

View Attachments
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051528.pdf Authenticated 138K Authenticated
051528 Fact Sheet.pdf Fact Sheet 161K Fact Sheet

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ORDINANCE NO. 051528

 

Approving and designating Redevelopment Project 12 of the 1200 Main/South Loop 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 March 4, 2004, the City Council passed Ordinance No. 040154, which accepted the recommendations of the Commission as to the the1200 Main/South Loop Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Council has amended the Redevelopment Plan by passage of Ordinance Nos. 040738 and 041244; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through several 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 12 legally described as follows:

 

Block 112: Lots 16, 17 and 18, except the North 3.72 inches of said Lot 16, and all of Lots 21 through 27, BLOCK 2, MCGEES ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, including the east half of the alley adjacent to Lots 16 (except the North 3.72 inches of Lot 16), 17 and 18 and the west half of the alley adjacent to Lots 21 through 27.

 

is approved and designated as the the1200 Main/South Loop Tax Increment Financing Plan Redevelopment Project 12 (Project 12").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 12. After the total equalized assessed valuation of the taxable real property in Project 12 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 12, 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 12 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 12 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 12 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 12 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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Heather A. Brown

Assistant City Attorney