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Legislation #: 110604 Introduction Date: 8/4/2011
Type: Ordinance Effective Date: 9/11/2011
Sponsor: None
Title: Approving and designating Redevelopment Project 21 of the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
8/4/2011 Filed by the Clerk's office
8/4/2011 Referred to Planning, Zoning & Economic Development Committee
8/17/2011 Hold On Agenda (8/31/2011)
8/31/2011 Advance and Do Pass as a Committee Substitute, Debate
9/1/2011 Passed as Substituted

View Attachments
FileTypeSizeDescription
110604.pdf Authenticated 2444K Authenticated
KCI 10th ED Fact Sheet.pdf Fact Sheet 23K Economic Development Fact Sheet
Project 21.XLS Advertise Notice 99K fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110604

 

Approving and designating Redevelopment Project 21 of the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

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“Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on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 September 1, 2011, the City Council passed Committee Substitute for Ordinance No. 110603, which accepted the recommendations of the Commission as to the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

 

WHEREAS, the Redevelopment Plan and Committee Substitute for Ordinance No. 110603 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. That 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. That the area selected for Redevelopment Project 21 legally described as follows:

 

A tract of land in the Fractional Southwest Quarter (Platte County) of Section 3, Township 51 North, Range 33 West in Kansas City, Platte County, Missouri described as follows: Commencing at the Northwest corner of said Fractional Southwest Quarter (Platte County); thence South 00 degrees 29 minutes 03 seconds West, along the West line of said Fractional Southwest Quarter, 369.35 feet to the point of beginning of the tract of land to be herein described, said point also being on the Southerly right of way line of Tiffany Springs Road as now established: thence Easterly along said Southerly right of way line, along a curve to the right having an initial tangent bearing of North 76 degrees 33 minutes 59 seconds East with a radius of 660.00 feet, a central angle of 07 degrees 55 minutes 06 seconds and an arc distance of 91.21 feet; thence North 84 degrees 29 minutes 05 seconds East, along said Southerly right of way line, 253.01 feet; thence Easterly along said Southerly right of way line, along a curve to the left being tangent to the last described course with a radius of 740.00 feet, a central angle of 20 degrees 19 minutes 09 seconds and an arc distance of 262.43 feet; thence North 64 degrees 09 minutes 55 seconds East, along said Southerly right of way line, 78.20 feet to a point on the Westerly right of way line of N. Platte Purchase Drive as now established; thence Southerly along said Westerly right of way line, along a curve to the right having an initial tangent bearing of South 22 degrees 33 minutes 32 seconds East with a radius of 700.00 feet, a central angle of 23 degrees 27 minutes 05 seconds and an arc distance of 286.51 feet; thence South 00 degrees 53 minutes 33 seconds West, along said Westerly right of way line, 228.57 feet; thence South 05 degrees 53 minutes 35 seconds West, along said Westerly right of way line, 172.08 feet; thence South 10 degrees 39 minutes 48 seconds West, along said Westerly right of way line 236.74 feet to a point on the Northerly right of way line of Missouri State Highway No. 152 as now established; thence South 75 degrees 32 minutes 42 seconds West, along said Northerly right of way line, 436.45 feet; thence South 47 degrees 36 minutes 56 seconds West, along said Northerly right of way line, 322.93 feet to a point on the West line of said Fractional Southwest Quarter; thence North 00 degrees 29 minutes 03 seconds East, along said West line, 1094.56 feet to the point of beginning. Containing 14.95 acres, more or less.

 

is approved as designated by the Tenth Amendment to the KCI Corridor Tax Increment Financing Plan as Redevelopment Project 21 (“Project 21”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 21. After the total equalized assessed valuation of the taxable real property in Project 21 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 21, 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 project 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 21 shall be allocated to and, when collected, shall be paid by the Platte 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 21 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 21 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project 21 Costs within the Redevelopment Area, 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. That 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 21 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage 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, which are necessary to the payment of Project 21 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Cecilia Abbott

Assistant City Attorney