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Legislation #: 970996 Introduction Date: 7/10/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project IV of the Power and Light District Tax Increment Financing Plan, as amended, as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
7/10/1997

Prepare to Introduce

7/10/1997

Referred Planning, Zoning & Economic Development Committee

7/16/1997

Hold On Agenda

8/6/1997

Hold On Agenda

8/20/1997

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/9/2002

Released


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ORDINANCE NO. 970996

 

Approving and designating Redevelopment Project IV of the Power and Light District Tax Increment Financing Plan, as amended, 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. 970992, which accepted the recommendations of the Commission as to the Power and Light District Tax Increment Financing Plan, as amended ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted development area; and

 

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine (9) separate Redevelopment Projects and the adoption of tax increment financing for such 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 IV legally described as follows:

 

All that part of Lots 7, 8 and 9, Block 10, REID'S ADDITION, a subdivision, according to the recorded plat thereof, including part of vacated alleys in Kansas City, Jackson County, Missouri, being more particularly described as follows: Commencing at the point of intersection of the South right-of-way line of 14th Street with the West right-of-way line of Baltimore Avenue, as said street and avenue are now both established; thence South along said West right-of-way line, 104.5 feet to the Point of Beginning of the parcel of land to be herein described; thence continuing South along said West right-of-way line, 64 feet to a point on the North right-of-way line of U.S. Interstate Highway Route No. 35 (Truman Road), as now established; thence West along said North right-of-way line, 138.5 feet to a jog therein; thence North along said jog, 24 feet; thence continuing North along the East line of Lots 15 and 16 of said Block 10 and along the West line of a vacated alley, a distance of 56 feet to a point on the South line of Lot 7, Block K of 2nd RESURVEY OF REID'S ADDITION, a subdivision in said City, County and State, according to the recorded plat thereof; thence East along the South line of Lots 7, 6, 5, 4, 3, 2 and 1 of said Block K and along the North line of a vacated alley, a distance of 138.5 feet to a point on the West right-of-way line of said Baltimore Avenue and the Point of Beginning. Containing 0.254 acres, more or less. is approved and designated as the Power and Light District Tax Increment Financing Plan Redevelopment Project IV ("Project IV").

 

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

 

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

 

_____________________________________________

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney