COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 970380
Approving and designating Project 6 (Halls
Block) of the Country Club Plaza 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 amended in certain respects by Ordinance No. 911076
passed on August 29, 1991, created the Tax Increment Financing Commission of
Kansas City, Missouri (the "Commission"); and
WHEREAS, on April 17, 1997, the City Council passed Ordinance No. 970374, which approved the Country
Club Plaza Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area as a conservation area; and
WHEREAS, the
Redevelopment Plan and Ordinance contemplate the implementation of the
Redevelopment Plan through nine 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 Project 6 (Halls Block), legally described as follows:
Lot 79, COUNTRY CLUB
PLAZA, a subdivision in Kansas City, Jackson County, Missouri, according
to the recorded plat thereof. Less and except the following businesses:
Country Club Bank's Walk-Up Facility- 4770 Wyandotte Street Mail Boxes, Etc.
(One Stop Business Cor.) 4741 Central Street Omni Photo, Inc. 4777 Central
Street
is approved and designated as Project 6 (Halls
Block).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project 6 (Halls Block). After the total
equalized assessed valuation of the taxable real property in Project 6 (Halls
Block) exceeds the certified total initial equalized assessed valuation of the
taxable real property in such area, 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 Project 6 (Halls Block) 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 6 (Halls Block) 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 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,
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 6 (Halls Block) 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 or 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.
Section 5. The area
selected for Project 6 (Halls Block) includes only those parcels of real
property and improvements thereon which will be substantially benefited by the
proposed redevelopment project improvements.
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Approved as
to form and legality:
___________________________________
Heather A.
Brown
Assistant City Attorney