ORDINANCE NO. 941449

Approving and designating Shoal Creek Parkway Redevelopment Project F of the Shoal Creek Parkway 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 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 ____________________, the City Council passed Ordinance No. 941443, which approved the Shoal Creek Parkway Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through eleven (11) 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 Redevelopment Project F, legally described as follows:

All that part of Sections 3, 4, 10, 11, 14, 15 and 16 of Township 51, Range 32, with the exception of the Shoal Creek Park, in Kansas City, Clay County, Missouri, described as follows: Beginning at the intersection of the centerline of N.E. 96th Street and the northerly extension of the east line of Shoal Creek Park, said point also being located on the north section line of Section 4, Township 51, Range 32; thence east along the north section line of Section 4, Township 51, Range 32, to the intersection with the east quarter section line of the Northwest Quarter of Section 3, Township 51, Range 32; thence south along the east quarter section line of the Northwest Quarter of Section 3, Township 51, Range 32, to the north quarter section line of the Northwest Quarter of the Southeast Quarter of Section 3, Township 51, Range 32; thence east along the north quarter section line of the Northwest Quarter of the Southeast Quarter of Section 3, Township 51, Range 32, to the east quarter section line of the Northwest Quarter of the Southeast Quarter of Section 3, Township 51, Range 32; thence south along the east quarter section line of the Northwest Quarter and the Southwest Quarter of the Southeast Quarter of Section 3, Township 51, Range 32, to the north section line of Section 10, Township 51, Range 32; thence east along the north section line of Section 10, Township 51, Range 32 and Section 11, Township 51, Range 32, to the centerline of N.E. Flintlock Road; thence southerly and westerly along the centerline of N.E. Flintlock Road to the south quarter section line of the Southwest Quarter of the Northwest Quarter of Section 14, Township 51, Range 32; thence west along the south quarter section line of the Southwest Quarter of the Northwest Quarter of Section 14, Township 51, Range 32, and the south line of the north half of Section 15, Township 51, Range 32, to a point approximately 328.35 feet east of the northeast corner of the Southeast Quarter of Section 16, Township 51, Range 32; thence North 64 degrees 53 minutes 57 seconds West, a distance of 483.92 feet; thence South 25 degrees 06 minutes 03 seconds West, a distance of 1,075 feet; thence South 25 degrees 06 minutes 03 seconds West, a distance of 561 feet; thence southwesterly along a curve to the left, the initial tangent having a bearing of South 41 degrees 00 minutes 25 seconds West, having a radius of 2,009.86 feet, an arc distance of approximately 839.46 feet to the easterly right-of-way line of Interstate Route 435; thence northerly along the easterly right-of-way line of Interstate Route 435 to the centerline of N.E. Barry Road, said point located on the north quarter section line of the Northeast Quarter of the Southwest Quarter; thence east along the centerline of N.E. Barry Road to its intersection with the southerly extension of the east line of Shoal Creek Park; thence northerly along the easterly line of Shoal Creek Park to the north quarter section line of the Southeast Quarter of the Northeast Quarter of Section 9, Township 51, Range 32; thence east along the north quarter section line of the Southeast Quarter of the Northeast Quarter of Section 9, Township 51, Range 32; to the west section line of Section 10, Township 51, Range 32; thence north along the west section line of Section 10, Township 51, Range 32, to the north section line of Section 10, Township 51, Range 32; thence east along the north section line of Section 10, Township 51, Range 32, to the west quarter section line of Southeast Quarter of the Southwest Quarter of Section 3, Township 51, Range 32; thence north along the west quarter section line of Southeast Quarter of the Southwest Quarter of Section 3, Township 51, Range 32, to the south quarter section line of the Northwest Quarter of the Southwest Quarter of Section 3, Township 51, Range 32; thence west along the south quarter section line of the Northwest Quarter of the Southwest Quarter of Section 3, Township 51, Range 32, to the west section line of Section 3, Township 51, Range 32; thence north along the west section line of Section 3, Township 51, Range 32, to the south quarter section line of the Southeast Quarter of the Northeast Quarter of Section 4, Township 51, Range 32; thence west along the south quarter section line of the Southeast Quarter of the Northeast Quarter of Section 4, Township 51, Range 32, to the east line of Shoal Creek Park; thence north along the east line of Shoal Creek Park to the centerline of N.E. 96th Street to the Point of Beginning.

is approved and designated as Shoal Creek Parkway Redevelopment Project Area F.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Shoal Creek Parkway Redevelopment Project Area F. After the total equalized assessed valuation of the taxable real property in Shoal Creek Parkway Redevelopment Project Area F exceeds the certified total initial equalized assessed valuation of the taxable real property in Shoal Creek Parkway Redevelopment Project Area F, 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 Shoal Creek Parkway Redevelopment Project Area F 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 Shoal Creek Parkway Redevelopment Project Area F over and above the initial equalized assessed value of each such unit of property in the area selected for Shoal Creek Parkway Redevelopment Project Area F 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 Shoal Creek Parkway Redevelopment Project Area F 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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Acting City Attorney