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ORDINANCE NO. 040878
Approving and designating
Redevelopment Project Area 2 of the Prospect North 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1982 and thereafter repealed and amended in certain respects by Committee
Substitute to 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 March
23, 2000, the City Council passed Committee Substitute for Ordinance No.
991307, As Amended, which approved the Prospect North 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 three 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 Area 2 legally described as follows:
Tract
A: All that part of the Southwest Quarter of Section 7 and the Northwest Quarter
of Section 18, Township 51, Range 32, Kansas City, Clay County, Missouri,
described as follows: Commencing at the Northeast corner of the Northwest
Quarter of said Section 18, also being the Southeast corner of the Southwest
Quarter of said Section 7; thence South 00 degrees 21 minutes 49 seconds West
along the East line of the Northwest Quarter of said Section 18, a distance of
65.44 feet; thence North 89 degrees 38 minutes 11 seconds West, a distance of
199.28 feet to the Point of Beginning of the tract of land herein to be
described, said point being on the Westerly right-of-way line of Missouri State
Route M-1; thence South 45 degrees 52 minutes 42 seconds East along said
right-of-way line, a distance of 37.67 feet; thence continuing along said right-of-way
line South 04 degrees 18 minutes 26 seconds West, a distance of 145.34 feet;
thence continuing along said right-of-way line South 01 degrees 32 minutes 50
seconds East, a distance of 300.17 feet; thence continuing along said
right-of-way line South 02 degrees 16 minutes 16 seconds West, a distance of
300.17 feet; thence continuing along said right-of-way line South 01 degrees 16
minutes 19 seconds East, a distance of 74.78 feet; thence South 88 degrees 43
minutes 41 seconds West, a distance of 188.11 feet; thence Southerly along a
curve to the left having an initial tangent bearing of South 02 degrees 04
minutes
24 seconds East and a radius of 280.00 feet, an arc distance of 42.85 feet;
thence South 79 degrees 09 minutes 33 seconds West, a distance of 40.00 feet;
thence Northwesterly along a curve to the left having an initial tangent
bearing of North 10 degrees 50 minutes 27 seconds West and a radius of 15.00
feet, an arc distance of 22.49 feet; thence Westerly along a compound curve to
the left having a radius of 280.00 feet, an arc distance of 100.99 feet; thence
South 62 degrees 36 minutes 23 seconds West, a distance of 27.57 feet; thence
Southwesterly along a curve to the left being tangent to the last described
course having a radius of 15.00 feet, an arc distance of 23.56 feet; thence
South 62 degrees 36 minutes 23 seconds West, a distance of 50.00 feet; thence
North 27 degrees 23 minutes 37 seconds West, a distance of 43.32 feet; thence
South 62 degrees 36 minutes 23 seconds West, a distance of 174.07 feet; thence
North 69 degrees 13 minutes 54 seconds West, a distance of 347.45 feet to the
Easterly right-of-way line of North Agnes Avenue; thence North 20 degrees 46
minutes 06 seconds East along said right-of-way line, a distance of 209.32
feet; thence continuing along said right-of-way line Northerly along a curve to
the left being tangent to the last described course having a radius of 480.00
feet, an arc distance of 408.56 feet; thence continuing along said right-of-way
line North 28 degrees 00 minutes 00 seconds West, a distance of 393.22 feet;
thence continuing along said right-of-way line Northerly along a curve to the
right being tangent to the last described course having a radius of 270.07
feet, an arc distance of 198.64 feet to the Southerly right-of-way line of
Maple Woods Parkway; thence South 66 degrees 51 minutes 51 seconds East along
said right-of-way line, a distance of 275.65 feet; thence continuing along said
right-of-way line Easterly along a curve to the left being tangent to the last
described course having a radius of 1575.00 feet, an arc distance of 601.41
feet; thence continuing along said right-of-way line South 88 degrees 44
minutes 33 seconds East, a distance of 216.78 feet to the Point of
Beginning. Said tract of land contains 20.36 acres more or less.
and also
Tract
B: All that part of the Northwest Quarter of Section 18, Township 51,
Range 32, Kansas City, Clay County, Missouri, described as follows:
Commencing at the Northeast corner of the Northwest Quarter of said Section 18;
thence South 00 degrees 21 minutes 49 seconds West along the East line of the
Northwest Quarter of said Section 18, a distance of 78.41 feet; thence North 89
degrees 38 minutes 11 seconds West, a distance of 1270.19 feet to the Point of
Beginning of the tract of land herein to be described, said point also being on
the West line of the East Half of the Northwest Quarter of said Section 18 and
also being on the Westerly right-of-way line of North Agnes Avenue; thence
South 28 degrees 00 minutes 00 seconds East along said right-of-way line, a
distance of 365.38 feet; thence continuing along said right-of-way line along a
curve to the right being tangent to the last described course having a radius
of 420.00 feet, an arc distance of 357.49 feet; thence continuing along said
right-of-way line South 20 degrees 46 minutes 06 seconds West, a distance of
209.32 feet; thence North 69 degrees 13 minutes 54 seconds West, a distance of
132.30 feet to the West line of the East Half of the Northwest Quarter of said
Section 18; thence North 00 degrees 18 minutes 59 seconds East along the West
line of the East Half of the Northwest Quarter of said Section 18, a distance
of 309.92 feet; thence North 24 degrees 43 minutes 01 seconds West, a distance
of 31.88 feet; thence Northerly along a curve to the right being tangent to the
last described course having a radius of 230.00 feet, an arc distance of 137.15
feet; thence North 09 degrees 26 minutes 59 seconds East, a distance of 202.73
feet to the West line of the East Half of the Northwest Quarter of said Section
18; thence North 00 degrees 18 minutes 59 seconds East along the West line of
the East Half of the Northwest Quarter of said Section 18, a distance of 144.74
feet to the Point of Beginning. Said tract of land contains 3.14 acres more or
less.
is approved and designated as
Redevelopment Project Area 2.
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Redevelopment Project Area 2. After the
total equalized assessed valuation of the taxable real property in
Redevelopment Project Area 2 exceeds the certified total initial equalized
assessed valuation of the taxable real property in Redevelopment Project Area
2, 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 or real property in the area selected
for Redevelopment Project Area 2 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 Redevelopment Project Area 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 Redevelopment Project Area 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 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