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Legislation #: 970381 Introduction Date: 3/27/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Project 7 (Park Lane) of the Country Club Plaza Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
3/27/1997

Prepare to Introduce

3/27/1997

Referred Planning, Zoning & Economic Development Committee

4/2/1997

Hold On Agenda

4/9/1997

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

12/15/2004 Advance and Do Pass, Debate
12/16/2004 Passed

View Attachments
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970381.pdf Authenticated 322K Authenticated Ordinance with Fact Sheet
970381.pdf Authenticated 156K Authenticated

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ORDINANCE NO. 970381

 

Approving and designating Project 7 (Park Lane) of the Country Club Plaza Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

 

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076 passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on _____________, 1997, the City Council passed Ordinance No. 970374, which approved the Country Club Plaza Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

 

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine 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 Project 7 (Park Lane), legally described as follows:

 

Lots 1 to 8, inclusive, REES TURPIN'S ADDITION, a subdivision in Kansas City, Jackson County, Missouri according to the recorded plat thereof. Also, a tract of land being part of the Southwest Quarter of the Northwest Quarter of Section 29, Township 49, Range 33, including in that part of the North Half of vacated 46th Street, lying adjacent thereto in Kansas City, Jackson County, Missouri, being more particularly described as follows: Beginning at the most East, Southeast corner of PARKWAY TOWERS CONDOMINIUM SUBDIVISION, a condominium subdivision in said City, County and State, according to the recorded plat thereof, being also a point on the Westerly right-of-way line of J.C. Nichols Parkway, as now established; thence Southeasterly along said Westerly right-of-way line, a distance of 122 feet, more or less to a point on the South line of the North Half of said vacated 46th. Street Way; thence West along said South line, 106.5 feet, more or less; thence North along a straight line, perpendicular to the last described course, a distance of 10 feet to the South, Southeast corner of said PARKWAY TOWERS CONDOMINIUM SUBDIVISION; thence continuing North along the East line of said PARKWAY TOWERS CONDOMINIUM SUBDIVISION, a distance of 107 feet; thence East along a jog in the East line of said PARKWAY TOWERS CONDOMINIUM SUBDIVISION, a distance of 74.69 feet to the Point of Beginning.

 

is approved and designated as Project 7 (Park Lane).

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 7 (Park Lane). After the total equalized assessed valuation of the taxable real property in Project 7 (Park Lane) exceeds the certified total initial equalized assessed valuation of the taxable real property in such area, 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 Project 7 (Park Lane) 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 7 (Park Lane) over and above the initial equalized assessed value of each such unit of property 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, 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 7 (Park Lane) 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 or 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.

 

Section 5. The area selected for Project 7 (Park Lane) includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

 

___________________________________________________________________

 

Approved as to form and legality:

 

 

 

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Assistant City Attorney