ORDINANCE NO. 970965

Approving and designating Redevelopment Project I of the 79th & Wornall 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. 970964, which accepted the recommendations of the Commission as to the 79th & Wornall Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted development area; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through one (1) separate Redevelopment Projects and the adoption of tax increment financing for such Redevelopment Project; 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 I legally described as follows:

A tract of land located in the Northeast Quarter of the Northeast Quarter, of the Southeast Quarter of Section 18, Township 48 North, Range 33 West, in Kansas City, Jackson County, Missouri, being more particularly described as follows: Commencing at the southeast corner, of the Northeast Quarter of the Northeast Quarter of said Southeast Quarter; thence South 89 55'58" West along the south line of said Northeast Quarter, of the Northeast Quarter of the Southeast Quarter, a distance of 30.00 feet to the point of beginning of the tract of land to be described, said point also being on the west right of way line of Wornall Road; thence continuing South 89 55'58" West along said south line a distance of 307.77 feet to the east right of way line of Washington Street; thence North 00 05'31" West along the east right of way line of Washington Street, a distance of 159.84 feet; thence continuing along said east right of way line on a curve to the right, tangent to the last described course, having a radius of 294.62 feet, and an arc distance of 66.85 feet; thence North 12 54'28" East continuing along said east right of way line a distance of 197.10 feet; thence continuing along said east right of way line on a curve to the left, tangent to the last described course, having a radius of 344.62 feet, and an arc distance of 78.37 feet; thence North 00 50'56" West continuing along said east right of way line a distance of 125.30 feet to a point on the south right of way line of 79th Street; thence South 89 59'20" East along said right of way line a distance of 240.50 feet to a point on the west right of way line of Wornall Road; thence South 00 50'56" East parallel with and 30.00 feet distance from the east line of said Northeast Quarter, of the Northeast Quarter, of the Southeast Quarter, along said west right of way line a distance of 620.91 feet to the point of beginning. Contains 170.719 square feet or 3.92 acres more or less.

is approved and designated as the 79th & Wornall Tax Increment Financing Plan Redevelopment Project I ("Project I").

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