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COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 941450
Approving and designating Shoal Creek Parkway
Redevelopment Project G 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 November 10, 1994, 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, an amendment to the
Redevelopment Plan entitled "The First Amendment to the Shoal Creek Tax
Increment Financing Plan" ("First Amendment") affecting the area
described therein was proposed to the Commission; and
WHEREAS, the First Amendment
expanded the boundaries of the Redevelopment Area and provided for the use of
tax increment financing revenues to assist in financing construction of certain
portions of Shoal Creek Parkway and sidewalks, street lights and appurtenances;
and
WHEREAS, the Commission having been
duly constituted and its members appointed; and, after all proper notice was
given, the Commission met in public hearing and after receiving the comments of
all interested persons and taxing districts, closed said public hearing on
August 13, 1997 and on August 13, 1997, adopted Resolution No. 8_5_97
("Resolution") recommending that the City Council approve the First
Amendment and designate the area described therein as a Redevelopment Area
under the Act; and
WHEREAS, on October 2, 1997, the
Council passed Ordinance No. 971310, approving the First Amendment to the Shoal
Creek Tax Increment Financing Plan and designating an expanded Redevelopment
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 G, legally described as follows:
All of that Part of the
Southeast Quarter and the Southeast Quarter of the Southwest Quarter of Section
11, Township 51, Range 32, and the Northwest Quarter of the Northeast Quarter
of Section 14, Township 51, Range 32, Kansas City, Clay County, Missouri, as
described as follows: Beginning at the intersection of the south right_of_way
line of N.E. Barry Road and the east right_of_way line of N.E. Flintlock Road;
thence southerly and southwesterly along the easterly right_of_way line of N.E.
Flintlock Road to a point 580 feet, more or less, northeasterly of the South
line of Section 11, Township 51, Range 32; thence South 61 degrees 56 minutes
19 seconds East, a distance of 944.48 feet to the westerly right_of_way line of
Interstate Route
35; thence northeasterly along the westerly
right_of_way of Interstate Route 31 to the westerly right_of_way line of N.
Church Road; thence northerly and northwesterly along the westerly right_of_way
line of N. Church Road to the south right_of_way line of N.E. Barry Road;
thence west along the south right_of_way line of N.E. Barry Road to the Point
of Beginning.
is approved and designated as Shoal Creek Parkway
Redevelopment Project Area G, effective December 14, 1995. The actions of all
City officials and the Tax Increment Financing Commission of Kansas City,
Missouri, in allocating, paying, depositing, receiving and/or disbursing
payments in lieu of taxes or economic activity taxes in accordance with
Sections 3 and 4 of this ordinance, but prior to the effective date of this
ordinance, are hereby ratified and approved.
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 G. After the
total equalized assessed valuation of the taxable real property in Shoal Creek
Parkway Redevelopment Project Area G exceeds the certified total initial equalized
assessed valuation of the taxable real property in Shoal Creek Parkway
Redevelopment Project Area G, 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 Section 2
of this ordinance until redevelopment costs have been paid or until tax
increment financing is no longer in effect, whichever first occurs, 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 G shall be allocated to and, when collected, shall be paid by the Clay
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 G 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 G 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 G
over the amount of such taxes generated by economic activities within such area
in the calendar year prior to the effective date of Section 2 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 (Economic Activity 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.
_____________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney