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ORDINANCE NO. 990253
Approving
and designating Redevelopment Project B of the Brush Creek Corridor Tax
Increment Financing Plan as a Redevelopment Project and adopting tax increment
financing therein.
WHEREAS,
pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, 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No. 54556, passed on November 24, 1982, and thereafter repealed and amended in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 to 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 , 1999, the City Council passed Ordinance
No. 990251, which approved the Brush Creek Corridor Tax Increment Financing
Plan (the "Redevelopment Plan") and designated the Redevelopment Area
as a blighted area; and
WHEREAS,
the Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through four (4) 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 B legally described as follows:
Beginning at the intersection of the center line of
Kensington Avenue and 51st Street then north approximately 200 feet then west
approximately 150 feet then north to the south right of way line of Blue
Parkway then west to the center line of Jackson Avenue then south approximately
100 feet then generally west approximately 450 feet then southwest
approximately 350 feet to the south property line then east along the south
property line to the centerline of Kensington Avenue.
is
approved and designated as Redevelopment Project Area B (hereinafter referred
to herein as the "Redevelopment Project Area"). The Redevelopment
Project Area includes only those parcels of real property and improvements thereon
which will be directly and substantially benefitted by the Redevelopment
Project improvements therein.
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above-described area selected for the Redevelopment Project
Area. After the total equalized assessed valuation of the taxable real
property in the Redevelopment Project Area exceeds the certified total initial
equalized assessed valuation of the taxable real property in the Redevelopment
Project 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 penalties
and interest 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 or real property in the area selected
for the Redevelopment Project Area 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 the Redevelopment Project Area, and any applicable penalty and interest
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 60 days of
the due date will be deemed delinquent and assessed a penalty of 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 penalties and
interest which are imposed by the City or taxing districts, and which are
generated by economic activities within the area selected for the Redevelopment
Project Area 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 personal
property taxes, taxes imposed on sales of charges for sleeping rooms paid by
transient guests of hotels and motels, taxes levied pursuant to
Section 70.500 RSMo, taxes levied pursuant to Section 94.660 RSMo
licenses, fees or special assessments and personal property taxes, other than
payments in lieu of taxes, and penalties and interest thereon shall be
allocated to, and paid by the local political subdivision 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:
______________________________________
Assistant
City Attorney