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Legislation #: 941595 Introduction Date: 11/28/1994
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Civic Mall Redevelopment Project Block No. 83A of the Civic Mall Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
11/28/1994

Prepare to Introduce

11/28/1994

Referred Plans And Zoning Committee

12/7/1994

Hold Off Agenda

7/12/1995

Hold Off Agenda

1/24/1996

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/17/2001

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

12/8/2004 Advance and Do Pass, Consent
12/9/2004 Passed

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ORDINANCE NO. 941595

 

Approving and designating Civic Mall Redevelopment Project Block No. 83A of the Civic Mall 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. 941589, which approved the Civic Mall 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 twenty-six (26) 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 Block No. 83A, legally described as follows:

 

That half city block legally described as beginning at the intersection of the centerline of 10th Street and the centerline of Holmes Street; thence east along the centerline of 10th Street to the centerline of Charlotte Street; thence south along the centerline of Charlotte Street to the easterly extension of the north lot line of Lot 8, Block 12, PEERY PLACE ADDITION; thence west along the easterly extension of said line and the north lot line of Lot 8, Block 12, PEERY PLACE ADDITION, and the north lot line of Lot 89, Block 23, SMART'S THIRD ADDITION, and the westerly extension of said lot line to the centerline of Holmes Street; thence north along the centerline of Holmes Street to the point of beginning, all included in and a part of Kansas City, Jackson County, Missouri.

 

is approved and designated as Civic Mall Redevelopment Project Area Block No. 83A.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Civic Mall Redevelopment Project Area Block No. 83A. After the total equalized assessed valuation of the taxable real property in Civic Mall Redevelopment Project Area Block No. 83A exceeds the certified total initial equalized assessed valuation of the taxable real property in Civic Mall Redevelopment Project Area Block No. 83A, 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 Civic Mall Redevelopment Project Area Block No. 83A 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 Civic Mall Redevelopment Project Area Block No. 83A over and above the initial equalized assessed value of each such unit of property in the area selected for Civic Mall Redevelopment Project Area Block No. 83A 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 Civic Mall Redevelopment Project Area Block No. 83A 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:

 

 

 

___________________________________

Acting City Attorney