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Legislation #: 030084 Introduction Date: 1/23/2003
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 5 of the Performing Arts District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
1/23/2003

Prepare to Introduce

1/23/2003

Referred Planning, Zoning & Economic Development Committee

1/29/2003

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
7/18/2007 Hold Off Agenda
7/16/2008 Hold Off Agenda
7/18/2013 Release
7/19/2013 Released

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030084.pdf Other 199K addl documents
Contracts 0K Contract is on file in the City Clerk's Office

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ORDINANCE NO. 030084

 

Approving and designating Redevelopment Project 5 of the Performing Arts District 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. 030079, which accepted the recommendations of the Commission as to the Performing Arts District Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through eight (8) 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 5 legally described as follows:

 

All of LOTS 19 through 26 inclusive and that part of LOTS 10 through 18 inclusive and that part of LOT 27, BLOCK 2, J.H. McGEES ADDITION, a subdivision in Kansas City, Jackson County, Missouri, and all that part of the vacated alley lying within said Block 2, all being more particularly described as follows:

Beginning at the point of intersection of the West right-of-way line of Baltimore Avenue with the South right-of-way line of U.S. Interstate Highway Route No. 35, as said avenue and highway are now established; thence South 2 degrees 06 minutes 31 seconds West along the West right-of-way line of said Baltimore Avenue, a distance of 415.37 feet; thence Southerly, Southwesterly and Westerly along a curve to the right, tangent to the last described course, having a radius of 15 feet and a central angle of 90 degrees 30 minutes 16 seconds, an arc distance of 23.69 feet to a point on the North right-of-way line of 16th Street; thence North 87 degrees 23 minutes 20 seconds West along said North right-of-way, a distance of 265.19 feet to a point on the West line of said Lot 27, being also a point on the East right-of-way line of Wyandotte Street, as now established; thence North 2 degrees 05 minutes 31 seconds East along the West line of said Lot 27 the 19 inclusive and along said East right-of-way line, a distance of 430.50 feet to the Northwest corner of said Lot 19, being also a point on the South right-of-way line of said U.S. Interstate Highway Route No. 35; thence South 87


degrees 23 minutes 20 seconds East along the North line of Lot 19 and its Easterly prolongation and along the North line of said Lot 18 and along said South right-of-way line, a distance of 230.45 feet to the point of beginning

 

is approved and designated as the Performing Arts District Tax Increment Financing Plan Redevelopment Project 5 (Project 5").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 5. After the total equalized assessed valuation of the taxable real property in Project 5 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 5, 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 the Project 5 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 5 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 5 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 Project 5 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:

 

 

 

___________________________________

Assistant City Attorney