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ORDINANCE NO. 991478
Approving
and designating Project 13 of the First Amendment to the Power and Light
District Tax Increment Financing Plan, as amended, as a Redevelopment Project
and adopting tax increment financing therein.
WHEREAS,
the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on
November 24, 1982, and thereafter amended in certain respects by Ordinance No.
911076, passed on August 29, 1991, created the Tax Increment Financing
Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS,
on August 28, 1997, the City Council passed Ordinance No. 970992, which
approved the Power and Light District Tax Increment Financing Plan, as amended
("Redevelopment Plan") and designated the Redevelopment Area as a
blighted area; and
WHEREAS,
on September 15, 1999, the Commission approved Resolution No. 9_13_99 (the
"Resolution") recommending to the City Council the approval of the
First Amendment to the Redevelopment Plan ("the First Amendment");
and
WHEREAS,
on ___________________, the City Council passed Ordinance No. 991464,
approving the First Amendment which document contemplates the implementation of
the Redevelopment Plan through twenty_two (22) separate Redevelopment Projects
(to be approved in 23 separate ordinances) instead of the nine projects
designated in the Redevelopment Plan 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 Project 13, legally described as follows:
All of Lots 1 through, 4 inclusive, Block 8, REIDS
ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to
the recorded plat thereof, being more particularly described as follows:
Beginning at the Northwest corner of said Lot 1, being
also a point of intersection of the South right_of_way line of 13th Street with
the East right_of_way line of Baltimore Avenue, as said street and avenue are
now both established; thence East along said South right_of_way line and along
the North line of said Lot 1, a distance of 108.10 feet to the Northeast corner
thereof; thence South along the East line of said Lots 1 through 4, inclusive,
a distance of 100 feet to the Southeast corner of said Lot 4; thence West along
the South line of said Lot 4, a distance of 108.10 feet to the Southwest corner
thereof; thence North along the West line of said Lot 4 through 1, inclusive,
and along the East right_of_way line of said Baltimore
Avenue, a distance of 100 feet to the Point of
Beginning. Containing 0.248 acres, more or less.
is approved and designated as Project 13.
Section 3. Tax increment allocation
financing is hereby adopted for taxable real property in the above described area
selected for Project 13. After the total equalized assessed valuation of the
taxable real property in Project 13 exceeds the certified total initial
equalized assessed valuation of the taxable real property in such area, 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 Project 13
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 13 over and above the initial equalized assessed value of each such
unit of property 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 60
days of the due date will be deemed delinquent and assessed a penalty of 1% per
month.
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 Project 13 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 13 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