ORDINANCE NO. 951481
Approving and designating Eleventh Street Corridor
Redevelopment Project T of the Eleventh Street Corridor Tax Increment Financing
Plan, as amended, 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 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 December 10, 1992, the City Council
adopted Ordinance No. 921355, which approved the Eleventh Street Corridor Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a conservation area; and
WHEREAS, on June 23, 1994, the City Council passed
Ordinance No. 940721, which approved the First Amendment to the Eleventh Street
Corridor Tax Increment Financing Plan ("First Amendment"); and
WHEREAS, the City Council passed Ordinance No.
951478, which approved the Second Amendment to the Eleventh Street Corridor Tax
Increment Financing Plan (the "Second Amendment") and designated the
area described therein as a Redevelopment Area; and
WHEREAS, the Redevelopment Plan and Ordinance No.
921355, Ordinance No. 940721 and Ordinance No. 951478 contemplate the
implementation of the Redevelopment Plan, as amended, through twenty-seven (27)
total Redevelopment Projects (including six (6) additional Redevelopment
Projects authorized by the Second Amendment in Ordinance No. 951478) and the
adoption of tax increment financing in the areas selected for such
Redevelopment Project; 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 Eleventh Street
Corridor Redevelopment Project T legally described as follows:
All of Lot 7, Block 2, Coates Addition, all now
included in and a part of Kansas City, Jackson County, Missouri.
is approved and designated as the Eleventh Street
Corridor Redevelopment Project T ("Project T").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project T. After the total equalized assessed valuation of the taxable
real property in Project T exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project T, 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 T 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 T 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 and delinquencies.
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 T
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.
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Approved as to form and
legality:
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Assistant City Attorney