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Legislation #: 110400 Introduction Date: 5/19/2011
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 1 of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
5/19/2011 Filed by the Clerk's office
5/19/2011 Referred to Plans, Zoning & Economic Development Committee
5/25/2011 Hold Off Agenda
12/4/2013 Advance and Do Not Pass as a Committee Substitute, Debate
12/5/2013 Failed

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http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110400 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110400
revised fact sheet.XLS Advertise Notice 94K revised fact sheet
revised fact sheet.XLS Advertise Notice 95K revised fact sheet
00137497.DOCX Request for Ordinance 20K Ordinance Request for Project 1 in the First Amendment to the Amended and Restated Three Trails District TIF Plan.
00137490.XLS Fact Sheet 95K Approval of Project 1 in the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110400

 

Approving and designating Redevelopment Project 1 of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 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“Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on May 19, 2011, the City Council passed Committee Substitute for Ordinance No. 110364, As Amended, which accepted the recommendations of the Commission as to the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through a number of 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. That 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. That the area selected for Redevelopment Project 1 legally described as follows:

 

All that part of Lot 1 and all of Lots 2 and 3, 3-Trails Village Square, all of Tracts II, VI, VII, VIII, IX, X, and A, and all that part of Tracts III and V, Replat of Bannister Mall Tracts I Thru X Inclusive, all that part of Lot 2, Benjamin Plaza Second Plat, all of Lot 2 and part of Lot 3, Benjamin Plaza Third Plat, and all that part of Hillcrest Road and 93rd Street, together with unplatted tracts of land, subdivisions and land all lying in the Northeast Quarter of Section 26 and the Northwest Quarter of Section 25, Township 48 North, Range 33 West, in Kansas City, Jackson County, Missouri, described as follows: Beginning at the Southeast corner of Tract VII, Replat of Bannister Mall Tracts I Thru X Inclusive, said point also lying on the North right of way line of Bannister Road; thence North 87 degrees 05 minutes 15 seconds West along the North line of said road a distance of 205.06 feet to a point; thence North 87 degrees 07 minutes 14 seconds West along the North line of said road a distance of 662.25 feet to a point; thence North 87 degrees 07 minutes 59 seconds West along the North line of said road a distance of 392.11 feet to a point on the East right of way of Interstate Highway 435; thence North 33 degrees 09 minutes 00 seconds West along the East line of said highway a distance of 166.10 feet to a point; thence North 19 degrees 14 minutes 50 seconds East along the East line of said highway a distance of 253.14 feet to a point; thence North 28 degrees 23 minutes 24 seconds East along the East line of said highway a distance of 2435.74 feet to a point; thence South 66 degrees 17 minutes 50 seconds East a distance of 682.74 feet to a point; thence in a Northeasterly direction along a curve to the right whose initial tangent bears North 23 degrees 42 minutes 10 seconds East, having a radius of 120.00 feet, through a central angle of 123 degrees 15 minutes 24 seconds, an arc distance of 258.15 feet to a point; thence North 0 degrees 50 minutes 36 seconds East a distance of 213.82 feet to a point on the North line of the Northwest Quarter of said Section 25; thence South 86 degrees 50 minutes 24 seconds East along the North line of the Northwest Quarter of said Section 25 a distance of 632.22 feet to a point; thence South 1 degree 30 minutes 56 seconds West a distance of 1321.74 feet to a point; thence North 88 degrees 29 minutes 04 seconds West a distance of 65.42 feet to a point; thence in a Southwesterly direction along a curve to the left, having a radius of 700.00 feet, through a central angle of 89 degrees 21 minutes 56 seconds, an arc distance of 1091.81 feet to a point; thence South 2 degrees 09 minutes 00 seconds West a distance of 562.92 feet to a point on the North line of said Bannister Road; thence North 87 degrees 50 minutes 44 seconds West along the North line of said road a distance of 125.32 feet to a point; thence North 85 degrees 07 minutes 03 seconds West along the North line of said road a distance of 274.59 feet to a point; thence North 80 degrees 08 minutes 22 seconds West along the North line of said road a distance of 126.49 feet to the point of beginning and containing 102.8 Acres, more or less.

 

is approved and designated as the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan Redevelopment Project 1 (“Project 1”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, 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 1 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 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project 1 Costs within the Redevelopment Area, 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. That 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 1 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, which are necessary to the payment of Project 1 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney