ORDINANCE NO. 080725
Approving and designating
Redevelopment Project 7 of the Brywood Centre Tax Increment Financing Plan 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
________________, 2008, the City Council passed Ordinance No. 080___, which
accepted the recommendations of the Commission as to the Brywood Centre Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through a number of 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 Redevelopment Project 7 legally described as follows:
All that Part of Lot
1, THE BRYWOOD CENTRE, being located in Kansas City, a subdivision of land in Kansas City and Raytown, all in the Northeast Quarter of Section 6, Township 48 North of
the Base Line, Range 32 West of the Fifth Principal Meridian in Jackson County,
Missouri being more particularly described as follows:
NOTE: This
description is based on the plat of The Brywood Centre, as filed for record in
Book 32 at Page 61.
Commencing at the
Northwest corner of said Lot 1, said point lying on the Easterly right-of-way
of Booth Avenue as established by the plat of Brywood Centre; thence South
872355 East 1439.14 feet, along the North line of said Lot 1, to the common
line between the Cities of Kansas City and Raytown, Missouri; thence South
022757 West 582.21 feet, along said common line, to the point of beginning
of the tract herein described; thence South 022757 West 156.78 feet,
continuing along said common line, to the Southeast corner of said Lot 1 and a
point on the Northerly right-of-way line of 63rd Street Trafficway,
as now established; thence South 84 03 43 West 26.55 feet, along the South
line of said Lot 1 and said Northerly right-of-way line; thence North 87 15
10 West 133.58 feet, along said South line and Northerly right-of-way line; thence
North 02 27 57 East 160.00 feet; thence South 87 32 03 East 159.84 feet
to the point of beginning, containing 25,585 square feet or 0.59 acres. Subject
to survey and all easements and restrictions of record.
is approved and designated as the
Brywood Centre Tax Increment Financing Plan Redevelopment Project 7 (Project
7).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 7. After the total equalized
assessed valuation of the taxable real property in Project 7 exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project 7, 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 7 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 7 over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project 7 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 7 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.
_____________________________________________
Approved as to
form and legality:
______________________________
Heather A. Brown
Assistant City Attorney