ORDINANCE NO. 970997
Approving and designating Redevelopment Project V of the
Power and Light District Tax Increment Financing Plan, as amended, 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 ________________________, the City
Council passed Ordinance No. 970992, which accepted the recommendations of the
Commission as to the Power and Light District Tax Increment Financing Plan, as
amended ("Redevelopment Plan") and designated the Redevelopment Area
to be a blighted development area; and
WHEREAS, the Redevelopment Plan and Ordinance
contemplate the implementation of the Redevelopment Plan through nine (9)
separate Redevelopment Projects and the adoption of tax increment financing for
such Redevelopment Project; 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 V legally described as follows:
All of Lots 2 through 12, inclusive, and that part
of Lot 1, Block K, 2nd RESURVEY OF REID'S ADDITION, a subdivision,
according to the recorded plat thereof and that part of Lot 15 and all of
Lot 16, Block 7, REID'S ADDITION, a subdivision, according to the recorded
plat thereof, including part of a vacated alley in Kansas City, Jackson
County, Missouri, being more particularly described as follows:
Beginning at the Northwest corner of Lot 12, Block K of said 2nd RESURVEY OF
REID'S ADDITION; thence East along the North line of said Lots 12, 11, 10,
9, 8, 7, 6, 5, 4, 3, 2 and 1 and along the South right-of-way line of 14th
Street, as now established, a distance of 280.5 feet to a point of
intersection with the West right-of-way line of Baltimore Avenue, as now
established; thence South along said West right-of-way line, 104.5 feet to a
point on the South line of said Lot 1; thence West along the South line of
said Lots 1 through 7, inclusive, and along the North line of a vacated
alley, a distance of 138.5 feet to a point of intersection with the
Northerly prolongation of the East line of Lot 16 of Block 7 of said
REID'S ADDITION; thence South along said Northerly prolongation and along the
East line of Lots 16 and 15 of said Block 7, a distance of 56 feet to a
point on the North right-of-way line of U.S. Interstate Highway Route No.
35 (Truman Rd.), as now established; thence West along said North
right-of-way line, 142 feet to a point of intersection with the East right-of-way
line of Wyandotte Street, as now established; thence North along said East
right-of-way line and along the West line of Lots 15 and 16, Block 7 of
said REID'S ADDITION and along the West line of Lot 12, Block 7 of said
2nd RESURVEY OF REID'S ADDITION a distance of 159.50 feet to the Point of
Beginning. Containing 0.856 acres, more or less.
is approved and designated as the Power and Light
District Tax Increment Financing Plan Redevelopment Project V ("Project
V").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project V. After the total equalized assessed valuation of the taxable
real property in Project V exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project V, 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 V 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 V over
and above the initial equalized assessed value of each such unit of
property in the area selected for Project V 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 V 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 V 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