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