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Legislation #: 140918 Introduction Date: 10/23/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project Area 8 of the Arlington Road Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
10/23/2014 Filed by the Clerk's office
10/23/2014 Referred to Planning, Zoning & Economic Development Committee
10/29/2014 Hold On Agenda (11/5/2014)
11/5/2014 Hold Off Agenda

View Attachments
FileTypeSizeDescription
140918 Compared.pdf Compared Version 72K Compared Version
140918 Fact Sheet.pdf Fact Sheet 85K Fact Sheet
Arlington Road TIF - Project Area 8 - Request For Ord (00172211xA7821).docx Request for Ordinance 22K Arlington Road TIF - Proj. 8

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ORDINANCE NO. 140918

 

Approving and designating Redevelopment Project Area 8 of the Arlington Road 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 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, Ordinance No. 100089, As Amended, passed on January 28, 2010, and Ordinance No. 130986, passed on December 19, 2013, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, the City Council accepted the recommendations of the Commission as to the Arlington Road Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

 

WHEREAS, the Redevelopment Plan contemplates 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 (the “Act”).

 

Section 2. That the area selected for Redevelopment Project Area 8 legally described as follows:

 

All that part of the Northeast Quarter of Section 2, Township 50 North, Range 32 West, and the Southeast Quarter of Section 35, Township 51 North, Range 32 West, all being in Kansas City, Clay County, Missouri, being described as follows: Commencing at the Northeast corner of the Northeast Quarter of said Section 2; thence North 89 degrees 31 minutes 30 seconds West, along the North line of said Northeast Quarter, 1,492.56 feet to the Point of Beginning of the tract of land to be herein described; thence South 42 degrees 46 minutes 43 seconds East, 240.20 feet; thence South 51 degrees 22 minutes 04 seconds West, 948.75 feet; thence Northwesterly, along a curve to the left, having an initial tangent bearing of North 13 degrees 01 minutes 51 seconds West with a radius of 1,040.00 feet, a central angle of 30 degrees 57 minutes 02 seconds and an arc distance of 561.80 feet; thence North 38 degrees 38 minutes 00 seconds East, 818.62 feet; thence South 42°46'43" East, 488.50 feet to the Point of Beginning. Containing 540,092 square.

 

is approved and designated by the Arlington Road Tax Increment Financing Plan as Redevelopment Project Area 8 (“Project Area 8”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 8. After the total equalized assessed valuation of the taxable real property in Project Area 8 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 8, 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 Area 8 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 Area 8 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 8 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 Area 8 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 Area 8 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 certain taxes, fees and special assessments specifically identified by the Act, 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 Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

 

_____________________________________________

  Approved as to form and legality:

 

  

______________________________

Brian T. Rabineau

Assistant City Attorney