ORDINANCE NO. 951471
Approving Redevelopment Project B of the Tower Properties
Downtown Redevelopment 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 adopted on November 24, 1982, amended 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 August 9, 1995, the Commission adopted
Resolution No. 95-76 recommending to the City Council the adoption of a
redevelopment plan entitled the "Tower Properties Downtown
RedevelopmentTax Increment Financing Plan" (the "Redevelopment
Plan"); and
WHEREAS, on _____________, the City Council adopted
Ordinance No. 951469, which accepted the recommendations of the Commission as
to the Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment
Area to be a blighted area; designated the Redevelopment Area as a
redevelopment area pursuant to the Act; and authorized the Commission to take
all such action as may be needed to effectuate the Plan; and
WHEREAS, the Redevelopment Plan and Ordinance No.
951469 contemplate the implementation of the Redevelopment Plan through 8
separate Redevelopment Projects and the adoption of Tax Increment Financing for
each Project 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 must 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 B legally described as:
Ross & Scarritts Addition, north 23.25 feet of
Lot 55 and all of Lots 56 thru 61, located on Walnut Street in Kansas
City, Missouri.
is approved and designated as the Tower Properties
Downtown Redevelopment Tax Increment Financing Plan Redevelopment Project B
("Redevelopment Project B'").
Section 3. Tax increment allocation financing is
adopted for Redevelopment Project B. After the total equalized assessed
valuation of the taxable real property in the area selected for Redevelopment
Project B exceeds the certified total initial equalized assessed value of all
taxable real property in the area selected for such Redevelopment Project, the
ad valorem taxes and payments in lieu of taxes, if any, arising from the levies
upon taxable real property in the area selected for such Redevelopment Project
by taxing districts and tax rates determined in the manner provided in
Subsection 2 of Section 99.855, RSMo, each year after the effective date of
this ordinance until Redevelopment Project Costs have been paid will be divided
as follows:
a. That portion of taxes levied upon each
taxable lot, block, 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 Redevelopment Project B will be
allocated to and, when collected, will 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.
b. 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 Redevelopment
Project B over and above the initial equalized assessed value of each such
unit of property in the area selected for Redevelopment Project B will be
allocated to and, when collected, will be paid to the City Treasurer, who
must deposit such payments in lieu of taxes into the Tower Properties
Downtown Redevelopment Special Allocation Fund of the City for the purpose
of paying Redevelopment Costs and obligations incurred in the payment
thereof. Any payments in lieu of taxes which are not paid within 60 days
of the due date are deemed delinquent and will be assessed a penalty of 1%
per month.
Section 4. In addition to the payments in lieu of
taxes described above, and subject to annual appropriation, fifty percent (50%)
of the total additional revenue from taxes which are imposed by the
municipality or other taxing districts, and which are generated by economic
activities within the area selected for Redevelopment Project B over the amount
of such taxes generated by economic activities within the area selected for
Redevelopment Project B in the calendar year prior to the approval of Redevelopment
Project B by 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, will be
allocated to, and paid by the collecting officer to the treasurer or other
designated financial officer of the municipality, who must deposit such funds
in a separate segregated Tower Properties Downtown Redevelopment Economic
Activities account within the Tower Properties Downtown Redevelopment Special
Allocation Fund for the retirement of obligations or payment of Redevelopment
Project Costs as defined in the Redevelopment Plan.
_____________________________________________
Approved as to form and
legality:
___________________________________
City Attorney