ORDINANCE NO. 941597
Approving and designating Civic Mall Redevelopment
Project Block No. 82A of the Civic Mall 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. 941589, which approved the Civic Mall 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 twenty-six
(26) 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 Block No. 82A, legally described as follows:
That half city block legally described as beginning
at the intersection of the centerline of 10th Street and the
centerline of Cherry Street; thence east along the centerline of 10th
Street to the centerline of Holmes Street; thence south along the
centerline of Holmes Street to the easterly extension of the north lot
line of Lot 81, Block 20, CONT. SMART'S ADDITION NO. 3; thence west
along the easterly extension of said line and the north lot line of Lot
81, Block 20, CONT. SMART'S ADDITION NO. 3, and the north lot line of Lot
45, Block 17, SMART'S ADDITION NO. 3, and the westerly extension of
said lot line to the centerline of Cherry Street; thence north along the
centerline of Cherry Street to the point of beginning, all included in and
a part of Kansas City, Jackson County, Missouri.
is approved and designated as Civic Mall Redevelopment
Project Area Block No. 82A.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Civic Mall Redevelopment Project Area Block No. 82A. After the total
equalized assessed valuation of the taxable real property in Civic Mall
Redevelopment Project Area Block No. 82A exceeds the certified total initial
equalized assessed valuation of the taxable real property in Civic Mall
Redevelopment Project Area Block No. 82A, 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 Civic Mall Redevelopment Project Area Block No. 82A 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 Civic Mall Redevelopment Project Area Block No. 82A over
and above the initial equalized assessed value of each such unit of
property in the area selected for Civic Mall Redevelopment Project Area
Block No. 82A 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 Civic Mall Redevelopment Project Area Block No. 82A 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:
___________________________________
Acting City Attorney