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Legislation #: 970383 Introduction Date: 3/27/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Project 9 (4900 Main) of the Country Club Plaza Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
3/27/1997

Prepare to Introduce

3/27/1997

Referred Planning, Zoning & Economic Development Committee

4/2/1997

Hold On Agenda

4/9/1997

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/9/2002

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
3/21/2007 Advance and Do Pass as a Committee Substitute, Debate
3/22/2007 Passed as Substituted

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970383.pdf Authenticated 221K Authenticated
00076822.XLS Fact Sheet 48K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 970383

 

Approving and designating Project 9 (4900 Main) of the Country Club Plaza 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 passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076 passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on April 17, 1997, the City Council passed Ordinance No. 970374, which approved the Country Club Plaza Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

 

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine 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 Project 9 (4900 Main), legally described as follows:

 

All that part of BLOCK 2, BOARD OF TRADE CENTER, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, more particularly described as follows: Beginning at the Northwest corner of said BLOCK 2; thence South 232'41" West along the West line of said BLOCK 2, being also the East line of BLOCK G, BISMARK PLACE, a subdivision in said City, County and State, according to the recorded plat thereof, a distance of 313.82 feet to the Point of Beginning of a tract of land to be herein described; thence South 8717'55" East, 195.08 feet, more or less to a point on the East line of said BLOCK 2; thence South 232'41" West, along the East line of said BLOCK 2 a distance of 18.84 feet; thence North 8727'19" West along a jog in the East line of said BLOCK 2, a distance of 24.00 feet; thence South 231'41" West along the East line of said BLOCK 2, a distance of 238.88 feet; thence South 8727'19" East along a jog in the East line of said BLOCK 2, a distance of 12.50 feet; thence South 232'41" West along the East line of said BLOCK 2, a distance of 49.82 feet, to a point on the South line of said BLOCK 2, being also the North right-of-way line of 50th Street, as now established; thence North 8707'13" West along the South line of said BLOCK 2 and said North right-of-way line, a distance of 183.59 feet, more or less to the Southwest corner of said BLOCK 2, being also a point on the East line of said BLOCK G; thence North 232'41" East along the West line of said BLOCK 2 and along the East line of said BLOCK G, a distance of 307.00 feet to the Point of Beginning. Also, all of Block 3, BOARD OF TRADE CENTER, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof.

 

is approved and designated as Project 9 (4900 Main).

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 9 (4900 Main). After the total equalized assessed valuation of the taxable real property in Project 9 (4900 Main) exceeds the certified total initial equalized assessed valuation of the taxable real property in such area, 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 Project 9 (4900 Main) 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 (4900 Main) 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. 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, 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 (4900 Main) 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 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, 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.


Section 5. The area selected for Project 9 (4900 Main) includes only those parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvements.

 

________________________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney