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ORDINANCE NO. 030086
Approving
and designating Redevelopment Project 7 of the Performing Arts District 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 ______________________, the City Council passed Ordinance No. 030079, which
accepted the recommendations of the Commission as to the Performing Arts
District Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area to be a blighted area; and
WHEREAS,
the Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through eight (8) 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:
Beginning at the Northwest corner of Lot 96 of
Block 8 of said J.H. McGEES ADDITION, a subdivision in Kansas City, Jackson
County, Missouri, being also the point of intersection of the South
right-of-way line of 16th Street with the East right-of-way line of Broadway,
as said streets are now both established; thence South 1 degree 59 minutes 07
seconds West along the West line of said Lot 96 through 103, inclusive, and
along said East right-of-way line, a distance of 615.93 feet to a point of
intersection with the North right-of-way line of 17th Street, as now
established; thence South 87 degrees 23 minutes 20 seconds East along said
North right-of-way line and along the South line of Lots 6 and 5 of said DEANS
ADDITION, a distance of 562.08 feet to a point of intersection with the
centerline of a vacated 15 foot wide alley; thence North 2 degrees 03 minutes
55 seconds East along said vacated centerline, 140 feet; thence South 87
degrees 23 minutes 20 seconds East, 140 distant North of and parallel with the
North right-of-way of said 17th Street, a distance of 171.51 feet to a point on
the West right-of-way line of Wyandotte Street, as now established; thence
North 2 degrees 05 minutes 31 seconds East along said West right-of-way line, a
distance of 20.98 feet to a point of intersection with the Westerly
prolongation of the South line of Lot 23 of said BOWMANS SUBDIVISION; thence
South 87 degrees 23 minutes 21 seconds East along said Westerly prolongation
and along the South line of said Lot 23, a
distance
of 192.19 feet to the Southeast corner thereof; thence North 2 degrees 06
minutes 01 seconds East along the East line of said Lots 23, 21, 19, 17, 15 and
13 and its Northerly prolongation, a distance of 320.14 feet to a point on the
South line of Lot 11 of said BOWMANS SUBDIVISION; thence South 87 degrees 23
minutes 21 seconds East along said South line, 8 feet to a point on the
Southeast corner thereof; thence North 2 degrees 06 minutes 01 seconds East
along the East line of Lots 11 and 9 of said BOWMANS SUBDIVISION, a distance
of 134.80 feet to the Northeast corner thereof, being also a point on the South
right-of-way line of said 16th Street; thence North 87 degrees 23 minutes 27
seconds West along the North line of said Lot 9 and along said South
right-of-way line, a distance of 24.16 feet; thence the following courses and
distances along said South right-of-way line; thence Westerly and Southwesterly
along a curve to the left, having an initial tangent bearing of South 89
degrees 03 minutes 27 seconds West, a radius of 390 feet and a central angle of
4 degrees 51 minutes 44 seconds, and arc distance of 33.10 feet; thence South
84 degrees 11 minutes 41 seconds West, tangent to the last described curve, a
distance of 260.86 feet; thence Southwesterly, Westerly and Northwesterly along
a curve to the right, tangent to the last described course, having a radius of
435 feet and a central angle of 14 degrees 35 minutes 39 seconds, an arc
distance of 110.80 feet; thence North 81 degrees 12 minutes 40 seconds West,
tangent to the last described curve, a distance of 385.85 feet; thence
Northwesterly and Westerly along a curve to the left, tangent to the last
described course, having a radius of 390 feet and a central angel of 6 degrees
10 minutes 40 seconds, an arc distance of 42.05 feet; thence North 87 degrees
23 minutes 20 seconds West, tangent to the last described curve, a distance of
83.64 feet to the point of beginning.
EXCEPT:
All
that of the above described real property lying West of the East right-of-way
line of vacated Wyandotte Avenue contained therein.
is approved and designated as
the Performing Arts District 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:
___________________________________
Assistant
City Attorney