ORDINANCE NO. 910052

Approving and designating Phase VI of the Universal Floodwater Detention Tax Increment Financing Plan as a Redevelopment Project Area and adopting tax increment financing therefor.

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WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24, 1982, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on November 14, 1990, the Commission adopted a resolution recommending that the City Council approve a redevelopment plan entitled the "Universal Floodwater Detention Tax Increment Financing Plan" (the "Redevelopment Plan"); and

WHEREAS, the City Council has accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; declared the Redevelopment Plan Area and each proposed Redevelopment Project Area as blighted; adopted tax increment allocation financing with respect to the first phase of the Redevelopment Plan; approved Universal Land Development Co., Ltd. as the developer; approved an agreement with the Commission; and authorized the execution of a development contract; and

WHEREAS, the Redevelopment Plan and Ordinance No. 910047 contemplate the designation of each subsequent phase of the Redevelopment Plan as a separate Redevelopment Project Area at the discretion of the City Council and the adoption of tax increment financing therein; 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, 1986, as amended (RSMo).

Section 2. That the area set forth in the Redevelopment Plan as Phase VI and legally described in Exhibit "A", attached hereto and incorporated herein by reference, is hereby declared as a blighted area and is further approved and designated as the Phase VI Redevelopment Project Area.

Section 3. That tax increment allocation financing is hereby adopted for the Phase VI Redevelopment Project Area. After the total equalized assessed valuation of the taxable real property in the Phase VI Redevelopment Project Area exceeds the certified total initial equalized assessed value of all taxable real property in such Redevelopment Project Area, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such Redevelopment Project Area by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this Ordinance until redevelopment project costs have been paid shall be divided as follows:

(a) 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 Phase VI Redevelopment Project Area 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;

(b) 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 Phase VI Redevelopment Project Area over and above the initial equalized assessed value of each such unit of property in the Phase VI Redevelopment Project Area shall be allocated to and, when collected, shall be paid to the City Treasurer, who shall deposit such payments in lieu of taxes into the Special Allocation Fund of the City for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof.

Section 4. That, in addition to the payments in lieu of taxes described above, fifty percent of the total funds from taxes imposed by the City, or other local taxing districts, which are generated by operations and activities within the Phase VI Redevelopment Project Area, while tax increment financing remains in effect for such Redevelopment Project Area, excluding licenses, fees or special assessments other than payments in lieu of taxes, shall be allocated to, and when collected shall be paid to, the City Treasurer, who shall deposit such funds in the Special Allocation Fund.

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Approved as to form and legality:

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Assistant City Attorney