ORDINANCE NO. 930875
Approving and designating Project 3b of the Santa Fe 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. 930859, which approved the Santa Fe 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 thirty-five
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 3b legally described as follows:
Part of the Southwest 1/4 of Section 23, Township
48 North, Range 33 West of the 5th P.M., Kansas City, Jackson County,
Missouri described as follows: Commencing at the northwest corner of Lot
2, PACE, a subdivision of land in Kansas City, Jackson County,
Missouri; thence North 100'38" West (all bearings herein are
referenced to the "Missouri Coordinate System of 1983, West
Zone") 1656.98 feet; thence North 3930'12" East, 516.23 feet;
thence North 549'46" West, 1403.57 feet to the point of beginning;
thence North 8721'58" West, 878.11 feet; thence North 5533'00"
West, 102.21 feet; thence North 3427'00" East, 255.47 feet to a
point of curvature; thence northeasterly on a curve to the right
(said curve having a radius of 1000.00 feet, chord bearing North
6247'44" East, chord distance 949.58 feet) an arc length of 989.45
feet; thence South 238'02" West, 699.15 feet; thence South
549'46" East, 44.77 feet to the point of beginning.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for the Santa Fe Redevelopment Project 3b. After the total equalized assessed
valuation of the taxable real property in the area exceeds the certified total
initial equalized assessed valuation of the taxable real property in the area,
the ad valorem taxes, and payment in lieu of taxes, if any, arising from the
levies upon the taxable real property in the area selected for the
Redevelopment 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 the Santa Fe Redevelopment Project 3b 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 the redevelopment project over and above the initial
equalized assessed value of each such unit of property in the area
selected for Santa Fe Redevelopment Project 3b 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 Santa Fe Redevelopment Project 3b 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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Acting City Attorney