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Legislation #: 050260 Introduction Date: 3/3/2005
Type: Ordinance Effective Date: 12/19/2010
Sponsor: None
Title: Approving and designating Redevelopment Project 3 of the Blue Ridge Mall Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor. 

Legislation History
DateMinutesDescription
3/2/2005 Filed by the Clerk's office
3/3/2005 Referred to Planning and Zoning Committee
3/9/2005 Hold Off Agenda
7/16/2008 Hold Off Agenda
12/8/2010 Advance and Do Pass as a Committee Substitute, Debate
12/9/2010 Passed as Substituted

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050260.pdf Authenticated 148K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=050260 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=050260
Blue Ridge Mall Project 3 Ordinance (00045505).DOC Fact Sheet 26K fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 050260

 

Approving and designating Redevelopment Project 3 of the Blue Ridge Mall 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  WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982 and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and 

 

WHEREAS, on February 24, 2005, the City Council passed Ordinance No. 041238, which accepted the recommendations of the Commission as to the Blue Ridge Mall Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and 

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through 6 Redevelopment Projects described in the Redevelopment Plan and the adoption of tax increment financing in 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. Redevelopment Project 3 is hereby approved, and the area selected for the Redevelopment Project legally described as follows:

 

All that part of a tract of land in the Southwest Quarter of the Southeast Quarter of Section 21, Township 49 North, Range 32 West in Kansas City, Jackson County, Missouri, being more particularly described as follows:

 

Commencing at the Southeast corner of said Quarter, Quarter Section; thence North 01 degree 59 minutes 11 seconds East along the East line of said Quarter, Quarter Section, a distance of 190.01 feet; thence North 86 degrees 38 minutes 06 seconds West along a parallel line with the South line of said Quarter, Quarter Section, a distance of 50.01 feet, more or less, to a point on the Westerly line of Sterling Avenue, as now established 50 feet West of the East line of said Quarter, Quarter Section as measured perpendicular thereto, said point being the Point of Beginning of the tract of land to be herein described; thence continuing North 86 degrees 38 minutes 06 seconds West along the last described course, a distance of 205.86 feet; thence North 02 degrees 43 minutes 38 seconds East, a distance of 446.65 feet, more or less, to a point in the Southerly right-of way line of said U.S. Interstate Highway Route No. 70 and hereby designated as point “A”, said point “A” being located 120.99 feet Southeasterly of an angle point in said Southerly right-of-way line, as measured along the Southerly right-of-way line thereof, said angle point being 500 feet South of the survey centerline of said U.S. Interstate Highway Route No. 70 at Station 448+36.97; thence from the afore mentioned point “A”, South 71 degrees 27 minutes 19 seconds East along said Southerly right-of-way line, a distance of 46.62 feet, more or less, to an angle point in said Southerly right-of-way line, said point being 545 feet South of the survey centerline of said U.S. Interstate Highway Route No. 70 at Station 449+98.43; thence South 87 degrees 01 minutes 45 seconds East along said Southerly right-of-way line, a distance of 137.22 feet, more or less, to an angle point in said Southerly right-of-way line, said point being 544.88 feet South of said survey centerline at Station 451+35.85; thence South 39 degrees 45 minutes 48 seconds East along said Southerly right-of-way line, a distance of 27.23 feet, more or less, to a point on the Westerly right-of-way line of said Sterling Avenue, said point being 50 feet West of the East line of said Quarter, Quarter Section as measured perpendicular thereto; thence South 01 degree 59 minutes 11 seconds West along the Westerly right-of-way line of said Sterling Avenue, along a line 50 feet West of and parallel with the East line of said Quarter, Quarter Section, a distance of 415.60 feet to the Point of Beginning. Containing 88,384 square feet or 2.029 acres, more or less.

 

is approved and designated as the Blue Ridge Mall Tax Increment Financing Plan Redevelopment Project 3 (the “Redevelopment Project Area”). 

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the Redevelopment Project Area 3. After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area 3 exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area 3, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such Redevelopment Project Area 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 Redevelopment Project Area 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 Redevelopment Project Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project Area 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 3 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, in accordance with Section 99.845, RSMo, 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