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Legislation #: 970997 Introduction Date: 7/10/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
7/10/1997

Prepare to Introduce

7/10/1997

Referred Planning, Zoning & Economic Development Committee

7/16/1997

Hold On Agenda

8/6/1997

Hold On Agenda

8/20/1997

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/9/2002

Released


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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.

 

_____________________________________________

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney