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Legislation #: 071178 Introduction Date: 11/1/2007
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 9 of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
10/29/2007 Filed by the Clerk's office
11/1/2007 Referred to Planning, Zoning & Economic Development Committee
11/7/2007 Hold On Agenda (11/19/2007)
11/19/2007 Hold Off Agenda
7/31/2017 Release
7/31/2017 Released

View Attachments
FileTypeSizeDescription
1200 Main-South Loop TIF Plan - Project 9 (00089228).DOC Legal Description 29K 1200 Main/South Loop TIF Plan - Project 9 Legal Description
1200 Main 7th Amnd Project Ordinance Request -Project 9 (00089220).DOC Request for Ordinance 24K 1200 Main/South Loop TIF Plan - Project 9 Request for Ordinance
1200 Main 7th Amd Ordinance Fact Sheet -Project 9 (00089209).XLS Fact Sheet 68K 1200 Main/South Loop TIF Plan - Project 9 Ordinance Fact Sheet

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ORDINANCE NO. 071178

 

Approving and designating Redevelopment Project 9 of the 1200 Main/South Loop 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 March 4, 2004, the City Council passed Ordinance No. 040154, which accepted the recommendations of the Commission as to the the1200 Main/South Loop Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Council has amended the Redevelopment Plan by passage of Ordinance Nos. 040738, 041244, 051060, 051415 and 070950; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through several 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 9 legally described as follows:

 

Block 109: Tower Description: All that part of Lots 13 through 17 and Lot 12 except the north 14 feet thereof, Block 1, Reids Addition, a subdivision in Kansas City, Jackson County, Missouri, being more particularly described as follows:

 

All of the following described property lying between the elevations of 878.91 and 887.21.

 

Beginning at the southwest corner of Lot 17, Block 1, Reid's Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the west line of said Block 1, said line having a bearing of North 0205'45" East, a distance of 137.89 feet (Deed=138.00 feet) to a point 14.00 feet south of the northwest corner of Lot 12, thence east, parallel to and 14.00 feet south of the north line of said Lot 12, with a bearing of South 8714'10" East, a distance of 28.69 feet; thence south with a bearing of South 0139'14" West, a distance of 8.29 feet; thence west with a bearing of North 8742'56" West, a distance of 3.78 feet; thence south with a bearing of South 0206'03" West, a distance of 15.77 feet; thence west with a bearing of North 8742'56" West, a distance of 4.90 feet; thence south with a bearing of South 0233'11" West, a distance of 13.00 feet; thence east with a bearing of South 8742'56" East, a distance of 5.00 feet; thence south with a bearing of South 0206'03" West, a distance of 64.72 feet; thence west with a bearing of North 8753'57" West, a distance of 5.00 feet; thence south with a bearing of South 0215'46" West, a distance of 12.02 feet; thence east with a bearing of South 8743'31" East, a distance of 17.82 feet; thence south with a bearing of South 0154'24" West, a distance of 24.19 feet to a point on the south line of Lot 17, Block 1, of the aforementioned Reids Addition, said point also being on the north right of way line of W. 13th Street; thence west along said line with a bearing of North 8710'56" West, a distance of 37.83 feet to the point of beginning.

 

Together with all of the following described property lying between the elevations of 887.21 and 905.34.

 

Beginning at the southwest corner of Lot 17, Block 1, Reid's Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the west line of said Block 1, said line having a bearing of North 0205'45" East, a distance of 137.89 feet (Deed=138.00 feet) to a point 14.00 feet south of the northwest corner of Lot 12; thence east, parallel to and 14.00 feet south of the north line of said Lot 12, with a bearing of South 8714'10" East, a distance of 45.00 feet; thence south with a bearing of South 0139'14" West, a distance of 23.92 feet; thence west with a bearing of North 8742'56" West, a distance of 20.21 feet; thence south with a bearing of South 0206'03" West, a distance of 89.76 feet; thence west with a bearing of North 8743'31" West, a distance of 4.42 feet; thence south with a bearing of South 0154'24" West, a distance of 24.03 feet to a point on the south line of Lot 17, Block 1, of the aforementioned Reids Addition, said point also being on the north right of way line of W. 13th Street; thence west along said line with a bearing of North 8710'56" West, a distance of 20.62 feet to the point of beginning.

 

Together with all of the following described property lying between the elevations of 905.34 and 946.81.

 

Beginning at the southwest corner of Lot 17, Block 1, Reid's Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the west line of said Block 1, said line having a bearing of North 0205'45" East, a distance of 137.89 feet (Deed=138.00 feet) to a point 14.00 feet south of the northwest corner of Lot 12; thence east, parallel to and 14.00 feet south of the north line of said Lot 12 with a bearing of South 8714'10" East, a distance of 77.08 feet; thence south with a bearing of South 0225'17" West, a distance of 24.63 feet; thence west with a bearing of North 8734'43" West, a distance of 19.47 feet; thence north with a bearing of North 012557 East, a distance of 0.93 feet; thence west with a bearing of North 874256 West, a distance of 32.49 feet; thence south with a bearing of South 0206'03" West, a distance of 89.76 feet; thence east with a bearing of South 8743'07" East, a distance of 32.23 feet; thence south with a bearing of South 0209'59" West, a distance of 24.37 feet to a point on the south line of Lot 17, Block 1, of the aforementioned Reids Addition, said point also being on the north right of way line of W. 13th Street; thence west along said line with a bearing of North 8710'56" West, a distance of 57.16 feet to the point of beginning.

 

Together with all of the following described property lying between the elevations of 946.81 and 959.33.

 

Beginning at the southwest corner of Lot 17, Block 1, Reid's Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the west line of said Block 1, said line having a bearing of North 0205'45" East, a distance of 137.89 feet (Deed=138.00 feet) to a point 14.00 feet south of the northwest corner of Lot 12; thence east, parallel to and 14.00 feet south of the north line of said Lot 12, with a bearing of South 8714'10" East, a distance of 78.12 feet; thence south with a bearing of South 0225'17" West, a distance of 25.62 feet; thence west with a bearing of North 8734'43" West, a distance of 19.60 feet; thence south with a bearing of South 0207'14" West, a distance of 15.51 feet; thence west with a bearing of North 8752'46" West, a distance of 20.92 feet; thence south with a bearing of South 0207'14" West, a distance of 36.26 feet; thence east with a bearing of South 8752'46" East, a distance of 20.92 feet; thence south with a bearing of South 0207'14" West, a distance of 60.44 feet to a point on the south line of Lot 17, Block 1, of the aforementioned Reids Addition, said point also being on the north right of way line of W. 13th Street; thence west along said line with a bearing of North 8710'56" West, a distance of 58.33 feet to the point of beginning.

 

Together with all of the following described property lying above the elevation of 959.33.

 

Beginning at the southwest corner of Lot 17, Block 1, Reid's Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the west line of said Block 1, said line having a bearing of North 0205'45" East, a distance of 137.89 feet (Deed=138.00 feet) to a point 14.00 feet south of the northwest corner of Lot 12; thence east, parallel to and 14.00 feet south of the north line of said Lot 12, with a bearing of South 8714'10" East a distance of 78.12 feet; thence south with a bearing of South 0225'17" West, a distance of 25.62 feet; thence west with a bearing of North 8734'43" West, a distance of 19.60 feet; thence south with a bearing of South 0207'14" West., a distance of 112.21 feet to a point on the south line of Lot 17, Block 1, of the aforementioned Reids Addition, said point also being on the north right of way line of W. 13th Street; thence west along said line with a bearing of North 8710'56" West, a distance of 58.33 feet to the point of beginning.

 

is approved and designated as the the1200 Main/South Loop Tax Increment Financing Plan Redevelopment Project 9 (Project 9").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 9. After the total equalized assessed valuation of the taxable real property in Project 9 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 9, 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 12 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 9 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 9 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 9 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:

  

 

___________________________________

Heather A. Brown

Assistant City Attorney