ORDINANCE NO. 921268
Approving and designating Project IX of the Hickman Mills
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. 921259, which approved the Hickman Mills Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, the Redevelopment Plan and ordinance
contemplates the implementation of the Redevelopment Plan through thirteen
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 IX legally described as follows:
PROJECT IX: Part of the Southwest 1/4 of the
Southeast 1/4 of Section 26, Township 48, Range 33, and part of the
Northwest 1/4 of the Northeast 1/4 of Section 35, Township 48, Range 33,
including part of Tracts 4 and 5 and part of Marion Park Drive, in
"MARION INDUSTRIAL PARK, 2ND PLAT", a subdivision, all in Kansas
City, Jackson County, Missouri, described as follows: Beginning at a
point on the east line of the Southwest 1/4 of the Southeast 1/4 of said
Section 26 that is 1035 feet south of the northeast corner thereof; thence
south along the east line of said 1/4 1/4 sections, a distance of 825
feet; thence west, a distance of 1100 feet; thence northerly, a distance
of 825 feet; thence east, a distance of 1087 feet to the point of
beginning.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for the Hickman Mills Redevelopment Project IX. After the total equalized
assessed valuation of the taxable real property in the Hickman Mills
Redevelopment Project IX exceeds the certified total initial equalized assessed
valuation of the taxable real property in the area selected for the
redevelopment project, the ad valorem taxes, and payment in lieu of taxes, if
any, arising from the levies upon the taxable real property in the area selected
for the Redevelopment 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 or real property in the area
selected for the Hickman Mills Redevelopment Project IX 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 the redevelopment project over and above the initial
equalized assessed value of each such unit of property in the area
selected for Hickman Mills Redevelopment Project IX 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.
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 Hickman Mills
Redevelopment Project IX 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