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Legislation #: 021191 Introduction Date: 10/3/2002
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Project 11B of the River Market Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
10/3/2002

Prepare to Introduce

10/3/2002

Referred Planning and Zoning Committee

10/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
7/25/2008 Hold Off Agenda
1/19/2011 Release
2/10/2011 Released

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021191.pdf Other 126K Authenticated and Additional Documents

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ORDINANCE NO. 021191

 

Approving and designating Project 11B of the River Market Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

 

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the Commission); and

 

WHEREAS, on December 16, 1999, the City Council adopted Ordinance No. 991556, which accepted the recommendations of the Commission as to the River Market Tax Increment Financing Plan ("Redevelopment Plan"), and designated the Redevelopment Area therein to be a conservation area; and

WHEREAS, on October 4, 2001, the City Council adopted Ordinance No. 011388, which accepted the recommendations of the Commission as to the First Amendment to the River Market Tax Increment Financing Plan ("Redevelopment Plan"), and

 

WHEREAS, on _______________, 2002, the City Council passed Ordinance No. 021189, which approved the Second Amendment to the River Market Tax Increment Financing Plan; and

 

WHEREAS, the Redevelopment Plan, Committee Substitute for Ordinance No. 991556, Ordinance No. 011388 and Ordinance No. 021189 contemplate the implementation of the Redevelopment Plan through sixteen (16) 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 11B, legally described as follows:

 

Lot 1, except the East 25 feet thereof, also except from all of the above Lot any part thereof in streets and roads, in O. CASE AND BALIS SUBDIVISION OF LAND 28 IN OLD TOWN, Kansas City, Jackson County, Missouri, together with that part of vacated Broadway that lies West of the West line of Lot 1 in the above Addition and East of a straight line drawn between the Northwest corner of Lot 4 and the Northwest corner of Lot 1 in the above addition.

 

Lots 2 and 3, except the East 27.5 feet and all of Lots 4, 5, 6, 7, and 8, except the East 2.5 feet thereof, also except the from all of the above Lots any part thereof in streets and roads, in O. CASE AND BALIS SUBDIVISION OF LAND 28 IN OLD TOWN, Kansas City, Jackson County, Missouri, together with that part of vacated Broadway that lies West of the


West line of Lots 2 and 3 in the above Addition and East of a straight line drawn between the Northwest corner of Lot 4 and the Northwest corner of Lot 1 in the above addition.

 

The East twenty-five (25) feet of Lot 1, the East twenty-seven and five tenths (27.5) of Lots 2 and 3, the East two and five tenths (2.5) feet of Lots 4, 5, 6, 7 and 8, all of Lots 10 and 11, Lot 12, except the East four and thirty-five hundredths (4.35) feet thereof, the West two and five tenths (2.5) of Lot 36, all of Lot 37, together with all of the vacated alley lying East of said portions of Lots 1 through 8 and West of said Lots 10 and 37, all of the vacated alley lying North of Lot 10, all of the north half of the vacated alley lying South of Lot 37 and said portion of Lot 36, and all of the South half of the vacated alley lying North of Lot 11 and said portion of Lot 12, except that portion in 4th Street, all in O. CASE AND BALIS SUBDIVISION OF LAND IN OLD TOWN, a subdivision in Kansas City, Jackson County, Missouri.

 

The East 4.35 feet of Lot 12, all of lots 13 through 18, inclusive, except that part in 4th Street and except the East 18.5 feet of said Lot 18, together with the South of the vacated alley lying North of and adjoining; also Lot 30, except the East 2.5 feet and all of Lots 31 to 36, inclusive except to the West 2.5 feet of said Lot 36, together with the North of the vacated alley, lying South of and adjoining said last described premises, in O. CASE AND BALIS SUBDIVISION OF LAND IN OLD TOWN, a subdivision in Kansas City, Jackson County, Missouri.

 

is approved and designated as Project 11B.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 11B. After the total equalized assessed valuation of the taxable real property in Project 11B exceeds the certified total initial equalized assessed valuation of the taxable real property in such area, 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 11B shall be allocated to, and when collected, shall be paid by the Jackson County Collector and the City Treasurer to the respected 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 the current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the area selected for Project 11B 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 which are imposed by the City or taxing districts, and which are generated by economic activities within the area selected for Project 11B 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 or charges for sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personals 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.

 

Section 5. The area selected for Project 11B includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney