ORDINANCE NO. 060014
Approving and designating
Redevelopment Project 5 of the Baltimore Place 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
________________, 2005, the City Council passed Ordinance No. 050___, which
accepted the recommendations of the Commission as to the Baltimore Place 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. 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 5 legally described as follows:
Lot 19 except the South
0.66 feet, and all of Lots 20 thru 22 inclusive, Block 2 of Ashburns Addition,
a subdivision in Kansas City, Jackson County, Missouri, and Lots 17 and 18 and
the south .66 feet of Lot 19, Block 2, Ashburns Addition, a subdivision in Kansas City, Jackson County, Missouri.
is approved and designated as the
Baltimore Place Tax Increment Financing Plan Redevelopment Project 5 (Project
5).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 5. After the total equalized
assessed valuation of the taxable real property in Project 5 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 5, 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 5 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 5 over and above the initial equalized assessed value
of each such unit of property in the area selected for Project 5 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 5 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.
_____________________________________________
Approved as to
form and legality:
______________________________
Heather A. Brown
Assistant City Attorney