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Legislation #: 061322 Introduction Date: 11/30/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 1 of the 39th _ Prospect Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefore; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
11/28/2006 Filed by the Clerk's office
11/30/2006 Referred to Planning, Zoning & Economic Development Committee
12/13/2006 Hold Off Agenda
7/18/2007 Hold Off Agenda
11/25/2013 Advance and Do Pass as a Committee Substitute, Debate
11/26/2013 Passed as Substituted

View Attachments
FileTypeSizeDescription
061322.pdf Authenticated 284K Authenticated
061322 Fact Sheet.pdf Fact Sheet 244K Revised Fact Sheet
00072421.doc Legal Description 34K Legal Description
00073097.doc Other 23K Request for Ordinance

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 061322

Approving and designating Redevelopment Project 1 of the 39th & Prospect Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefore; and directing the City Clerk to transmit copies of this ordinance.

Top of Form

 WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on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 December 14, 2006, the City Council passed Ordinance No. 061319, which accepted the recommendations of the Commission as to the 39th & Prospect Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

  WHEREAS, on September 20, 2012, the City Council passed Ordinance No. 120731, which approved the First Amendment to the Redevelopment Plan, and which amendment did, among other things, modify the legal description for Redevelopment Project 1; and

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through a number of 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 the Act.

  Section 2. The area selected for Redevelopment Project 1 legally described as follows:

All of Lots 9 through 32, Reed's Place, a subdivision of land in Kansas City, Jackson County, Missouri, more particularly described as follows: Beginning at the southeast corner of said Lot 16, said point also being on the west right-of-way line of Prospect Avenue and on the north right-of-way line of 39th Street as said streets are now established; thence North 87 degrees 38 minutes 30 seconds West along the south line of said Lots 16 through 25 and along the north right-of-way line of said 39th Street, a distance of 252.00 feet to the southwest corner of said Lot 25, said point also being on the east right-of-way line of Wabash Avenue, as now established; thence North 2 degrees 25 minutes 09 seconds East, along the west line of said Lots 25 through 32 and along the east right-of-way line of said Wabash Avenue, a distance of 353.00 feet to the northwest corner of said Lot 32; thence South 87 degrees 40 minutes 08 seconds East, along the north line of said Lots 32 and 9, a distance of 252.00 feet, to the northeast corner of said Lot 9, said point also being on the west right-of-way line of said Prospect Avenue; thence South 2 degrees 25 minutes 09 seconds West along the east line of said Lots 9 through 16 and along the west right-of-way line of said Prospect Avenue, a distance of 353.00 feet, to the point of beginning. The above described tract of land contains 88,956 square feet, equal to 2.042 acres, more or less, to be hereinafter known as: “Lot 1, Aldi 39th and Prospect” upon recording of the final plat

is approved and designated as the 39th & Prospect Tax Increment Financing Plan Redevelopment Project 1 (Project 1).

  Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, 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 1 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 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1 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 1 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 taes, 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. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney