SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 990349
Approving
and designating Redevelopment Project C of the Savoy Hotel Tax Increment
Financing Redevelopment Plan, as a Redevelopment Project, and adopting tax
increment financing therein.
WHEREAS, pursuant to the Real Property Tax Increment
Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes
of Missouri, 1986, as amended ("the Act"), the City Council of Kansas
City, Missouri by Ordinance No. 54556, passed on November 24, 1982 and
thereafter repealed and amended in certain respects by Committee Substitute to
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 18, 1999, the City of Kansas City,
Missouri, adopted the Savoy Hotel Tax Increment Financing Plan by Ordinance No.
990346, which approved the Redevelopment Plan, (hereinafter the
"Redevelopment Plan") and designated the Redevelopment Area,
described therein, as a conservation area; and
WHEREAS, the Redevelopment Plan, as it may be amended
from time to time in accordance with the Act, contemplates implementation
through three (3) separate Redevelopment Projects, and the adoption of tax
increment financing in the area selected for each Redevelopment Project; 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
C is legally described as follows:
Beginning at the intersection of the south
right-of-way line of 9th Street and the west right-of-way line of Central
Street; thence south along the west right-of-way line of Central Street to the
south lot line of Lot 9, Block 4, ASHBURNS ADDITION; thence west along the
south lot line of Lot 9, Block 4 to the center line of the north-south alley
lying between Broadway Boulevard and Central Street; thence north along the
north-south alley lying between Broadway Boulevard and Central Street to the
south right-of-way line of 9th Street; thence east along the south right-of-way
line of 9th Street to the point of beginning, all now included in and a part of
Kansas City, Jackson County, Missouri.
Legal: "All of Lots 1, 2, 3, 4 and the north 11.0
feet of Lot 5, Block 4, ASHBURNS ADDITION, a subdivision of land in Kansas
City, Jackson County, Missouri."
The south 14 feet of Lot 5 and all of Lot 6, Block 4,
ASHBURNS ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof.
Lots 7, 8, and 9, Block 4, ASHBURNS ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.
is
approved and designated as Redevelopment Project C (hereinafter referred to
herein as "Project C"). Project C includes only those parcels of real
property and improvements thereon which will be directly and substantially
benefitted by the Redevelopment Project improvements therein.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above-described area selected
for Project C. After the total equalized assessed valuation of the taxable real
property in Project C exceeds the certified total initial equalized assessed
valuation of the taxable real property in the Project C, 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
penalties and interest 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 or real property in the area
selected for Project C 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 C, and any applicable penalty and interest over and above the
initial equalized assessed value of each such unit of property 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 60 days of the due date
will be deemed delinquent and assessed a penalty of 1% per month.
Section 4. In addition to the payments in lieu of
taxes described in subsection 2 of Section 3 above, 50% of the total additional
revenue from taxes penalties and interest which are imposed by the City or
taxing districts, and which are generated by economic activities within the
area selected for the Project C 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 personal property taxes, taxes imposed on sales of charges for
sleeping rooms paid by transient guests of hotels and motels, taxes levied
pursuant to Section 70.500 RSMo, taxes levied pursuant to Section 94.660 RSMo
licenses, fees or special assessments and personal property taxes, other than
payments in lieu of taxes, and penalties and interest thereon shall be
allocated to, and paid by the local political subdivision 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:
_____________________________
Heather
A. Brown
Assistant City Attorney