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Legislation #: 110606 Introduction Date: 8/4/2011
Type: Ordinance Effective Date: 9/11/2011
Sponsor: None
Title: Approving and designating Redevelopment Project 23 of the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
8/4/2011 Filed by the Clerk's office
8/4/2011 Referred to Planning, Zoning & Economic Development Committee
8/17/2011 Hold On Agenda (8/31/2011)
8/31/2011 Advance and Do Pass as a Committee Substitute, Debate
9/1/2011 Passed as Substituted

View Attachments
FileTypeSizeDescription
110606.pdf Authenticated 2279K Authenticated
KCI 10th ED Fact Sheet.pdf Fact Sheet 23K Economic Development Fact Sheet
project 23.XLS Advertise Notice 99K fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110606

 

Approving and designating Redevelopment Project 23 of the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on September 1, 2011, the City Council passed Committee Substitute for Ordinance No. 110603, which accepted the recommendations of the Commission as to the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

 

WHEREAS, the Redevelopment Plan and Committee Substitute for Ordinance No. 110603 contemplate the implementation of the Redevelopment Plan through a number of 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. That 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. That the area selected for Redevelopment Project 23 legally described as follows:

 

A tract of land in the Fractional Northwest Quarter of Section 34, Township 52 North, Range 33 West in Kansas City, Platte County, Missouri described as follows: Commencing at the Southwest corner of said Fractional Northwest Quarter (Platte County); thence North 00 degrees 36 minutes 36 seconds East along the West line of said Fractional Northwest Quarter, 142.82 feet to the point of beginning of the tract of land to be herein described; thence continuing North 00 degrees 36 minutes 36 seconds East along said West line, 1,001.87 feet; thence South 67 degrees 28 minutes 24 seconds East, 681.67 feet to a point on the East line of said Fractional Northwest Quarter (Platte County), said point also being on the East line of Platte County and the West line of Clay County; thence South 00 degrees 35 minutes 09 seconds West, along the East line of said Fractional Northwest Quarter and on said County lines, 780.81 feet to a point on the North line of N.E. 100th Street (Maple Woods Parkway); thence South 89 degrees 44 minutes 54 seconds West, along said North line, 522.43 feet; thence Northwesterly along said North line, along a curve to the left having an initial tangent bearing of North 42 degrees 01 minutes 02 seconds West with a radius of 150.00 feet, a central angle of 29 degrees 30 minutes 51 seconds and an arc distance of 77.27 feet; thence North 89 degrees 19 minutes 31 seconds West, along said North line, 46.00 feet to the point of beginning. Containing 13.17 acres, more or less. Subject to that part in public street right-of-way on the West side of the tract.

 

is approved as designated by the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as Redevelopment Project 23 (“Project 23”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 23. After the total equalized assessed valuation of the taxable real property in Project 23 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 23, 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 project 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 23 shall be allocated to and, when collected, shall be paid by the Platte 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 23 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 23 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project 23 Costs within the Redevelopment Area, 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. That 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 23 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage 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, which are necessary to the payment of Project 23 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Cecilia Abbott

Assistant City Attorney