ORDINANCE NO. 930869

Approving and designating Project 2g 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 2g legally described as follows:

Part of the Southeast 1/4 of Section 22 and part of the Northeast 1/4 of Section 27, all in 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 Tract B, PACE, a subdivision of land in Kansas City, Jackson County, Missouri; thence North 406'37" East (all bearings herein are referenced to the "Missouri Coordinate System of 1983, West Zone") 401.35 feet to a point on a curve; thence northwesterly on a curve to the right (said curve having a radius of 600.00 feet, chord bearing North 2654'18" West, chord distance 275.19 feet) an arc length of 277.66 feet to a point of tangency; thence North 1338'51" West, 318.39 feet to a point of curvature; thence northwesterly on a curve to the right (said curve having a radius of 2614.93 feet, chord bearing North 946'41" West, chord distance 352.93 feet) an arc length of 353.20 feet to the point of tangency; thence North 554'31" West 251.98 feet, to the point of beginning; thence continuing North 554'31" West, 38.34 feet to a point of curvature; thence northerly on a curve to the right (said curve having a radius of 800.00 feet, chord bearing North 108'26" East, chord distance 196.35 feet) an arc length of 196.85 feet to a point of reverse curvature; thence continuing northerly on a curve to the left (said curve having a radius of 500.00 feet, chord bearing North 226'52" West, chord distance 184.59 feet) an arc length of 185.66 feet to a point of tangency; thence North 1305'06" West, 15.12 feet; thence South 7627'00" West, 246 feet more or less to a point on the easterly right of way line of the St. Louis and San Francisco Railroad; thence southeasterly on said easterly right of way line 400 feet more or less; thence North 8405'29" East, 200 feet more or less 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 2g. 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 2g 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 2g 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 2g 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