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