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Legislation #: 971518 Introduction Date: 10/23/1997
Type: Ordinance Effective Date: 12/28/1997
Sponsor: None
Title: Approving and designating Project C-2 of the Grand Boulevard Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
10/23/1997

Prepare to Introduce

10/23/1997

Referred Planning, Zoning & Economic Development Committee

10/29/1997

Hold Off Agenda

12/17/1997

Advance and Do Pass

12/18/1997

Passed


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ORDINANCE NO. 971518

 

Approving and designating Project C-2 of the Grand Boulevard Corridor Tax Increment Financing Plan 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 November 26, 1996, the City Council passed Committee Substitute for Ordinance No. 961441, which approved the Grand Boulevard Corridor Tax Increment Financing Plan and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, on ____________, 1997, the City Council passed Ordinance No. 971516, which approved the First Amendment to the Grand Boulevard Corridor Tax Increment Financing Plan (the "First Amendment") and designated the Redevelopment Are as a blighted area (the Grand Boulevard Corridor Tax Increment Financing Plan as amended by the First amendment shall be collectively referred to herein as the "Redevelopment Plan"); and

 

WHEREAS, the Redevelopment Plan, Committee Substitute for Ordinance No. 961441 and Ordinance No. 971516 contemplate the implementation of the Redevelopment Plan through eleven (11) 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 Project C-2, legally described as follows:

 

Beginning at the intersection of the centerline of 11th Street and the centerline of Grand Boulevard; thence North along the centerline of Grand Boulevard to the centerline of 10th Street; thence East along the centerline of 10th Street to the centerline of McGee Street; thence South along the centerline of McGee Street to the centerline of 11th Street; thence West along the centerline of 11th Street to the point of beginning, all included now and a part of Kansas City, Jackson County, Missouri.

 

is approved and designated as Project C-2.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project C-2. After the total equalized assessed valuation of the taxable real property in project C-2 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 C-2 shall be allocated to, and when collected, shall be paid by the Jackson County Collector and the City Treasurer to the respected 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 i the current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the area selected for Project C-2 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 C-2 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 or charges for sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personals 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 C-2 includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney