ORDINANCE NO. 930209

Approving and designating Project 2 of the Searcy Creek 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, the City Council passed Ordinance No. 930207, which approved the Searcy Creek Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates 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 2 is legally described as follows:

Beginning at the intersection of the south Township line of Township 51 and the centerline of Searcy Creek Parkway; thence northerly along the centerline of Searcy Creek Parkway to the centerline of N.E. 51st Street; thence east and southeasterly along the centerline of N.E. 51st Street, N.E. Ridgeway Avenue and N.E. 50th Street to its point of intersection with the southerly projection of the east right of way line of N. Bristol Avenues; thence south along a straight line approximately 336 feet east of and parallel to the east right of way line of N. Winchester Avenue a distance of approximately 700 feet to its point of intersection with the easterly projection of the centerline of N.E. 49th Street; thence west along the easterly project of the centerline and the centerline of N.E. 49th Street to a point 503 feet west of the west right of way line of N. Winchester Avenue; thence south along a straight line 503 feet west of and parallel to the west right of way line of N. Winchester Avenue to the south Township line of Township 51; thence west along the south Township line of Township 51 to the point of beginning, all included in and a part of Kansas City, Clay County, Missouri.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Redevelopment Project 2. After the total equalized assessed valuation of the taxable real property in Redevelopment Project 2 exceed the certified total initial equalized assessed valuation of the taxable real property in such development area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such Redevelopment Project Area 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 Redevelopment Project 2 shall be allocated to and, when collected, shall be paid by the Clay 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 2 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. Such payments in lieu of taxes shall be considered surplus funds and distributed to the taxing districts pursuant to Section 99.835.

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 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.

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Approved as to form and legality:

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Assistant City Attorney