ORDINANCE NO. 911446
Approving Redevelopment Project 11 of the Winchester
Center Tax Increment Financing Plan as a Redevelopment Project and adopting Tax
Increment Financing therein.
WHEREAS, the City Council of Kansas City, Missouri
(the "City Council"), by Ordinance No. 54556 adopted on November 24,
1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the
Tax Increment Financing Commission of Kansas City, Missouri (the "Commission");
and
WHEREAS, on November 6, 1991, the Commission adopted
a resolution recommending to the City Council the adoption of a redevelopment
plan entitled the "Winchester Center Tax Increment Financing Plan"
(the "Redevelopment Plan"); and
WHEREAS, on ________________________, the City
Council adopted Ordinance No. 911435, which accepted the recommendations of the
Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found
the Redevelopment Area to be a conservation area; designated the Redevelopment
Area as a redevelopment area pursuant to the Act; approved an agreement with
the Commission; and authorized the Commission to take all such action as may be
needed to effectuate the Plan; and
WHEREAS, the Redevelopment Plan and Ordinance No.
911435 contemplate the separate approval of each Redevelopment Project and the
adoption of Tax Increment Financing therein at the discretion of the City
Council; 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 Redevelopment Project 11 legally
described as:
Beginning at the intersection of the West
right-of-way line of Interstate 435, as now established, and the
Northerly right-of-way line of 67th Street, as now established; thence
along the Northerly right-of-way line of 67th Street to a point on the
West line of the East 15 feet of Lot 75, Swope Park Ridge; thence North
along the West line of the East 15 feet of said Lot 75 and the West
line of the East 15 feet of Lot 50, Swope Park Ridge 340 feet, more or
less; thence Northeasterly along a straight line to a point on the West
right-of-way line of Bennington Avenue, as now established; thence North
along the West right-of-way line of Bennington Avenue 170.23 feet to
the point of intersection with the South right- of-way line of 66th
Street, as now established; thence continuing North along the West
right-of-way line of Bennington Avenue to its intersection with the
westerly extension of the South lot line of Tract 2, Winchester
Office Center West; thence East along the westerly and easterly extensions
of the South lot line and the South lot line of Tract 2, Winchester Office
Center West to its intersection with the East right-of-way line of
Winchester Avenue, as it now exists; thence South along the East
right-of-way of Winchester Avenue to its intersection with the North lot
line of Lot 3, Schuette Heights; thence East along the North lot line of
Lot 3, Schuette Heights to its intersection with the East lot line of
said Lot 3; thence South along the East lot line of said Lot 3 to its
intersection with the South lot line of Lot A, Winchester Office Center;
thence East along the South lot line of said Lot A to its intersection
with the West right-of-way line of Interstate 435; thence South along
the West right-of-way line of Interstate 435 to the Point of Beginning,
all included in and a part of Kansas City, Jackson County, Missouri.
is hereby approved.
Section 3. Tax increment allocation financing is
hereby adopted for Redevelopment Project 11. After the total equalized
assessed valuation of the taxable real property in the area selected for
Redevelopment Project 11 exceeds the certified total initial equalized assessed
value of all taxable real property in the area selected for such Redevelopment
Project, the ad valorem taxes and payments in lieu of taxes, if any, arising
from the levies upon taxable real property in the area selected for such
Redevelopment Project by taxing districts and tax rates determined in the
manner provided in Subsection 2 of Section 99.855, RSMo, each year after the
effective date of this ordinance until Redevelopment Project Costs have been
paid shall be divided as follows:
a. That portion of taxes levied upon each
taxable lot,
block, 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 Redevelopment Project 11 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.
b. 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 Redevelopment Project 11 over and above the initial
equalized assessed value of each such unit of property in the area
selected for Redevelopment Project 11 shall be allocated to and, when
collected, shall be paid to the City Treasurer, who shall deposit such
payments in lieu of taxes into the Winchester Center Special Allocation
Fund of the City for the purpose of paying Redevelopment Costs and
obligations incurred in the payment thereof.
Section 4. In addition to the payments in lieu of
taxes described above, and subject to annual appropriation, fifty percent (50%)
of the total additional revenue from taxes which are imposed by the
municipality or other taxing districts, and which are generated by economic
activities within the area selected for Redevelopment Project 11 over the
amount of such taxes generated by economic activities within the area selected
for Redevelopment Project 11 in the calendar year prior to the approval of
Redevelopment Project 11 by ordinance, while tax increment financing remains in
effect, but excluding taxes imposed on sales or 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 treasurer or other
designated financial officer of the municipality, who shall deposit such funds
in a separate segregated Winchester Center Economic Activities account within
the Winchester Center Special Allocation Fund for the retirement of obligations
or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.
_____________________________________________
Approved as to form and
legality:
___________________________________
Assistant City Attorney