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