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.

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Approved as to form and legality:

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Assistant City Attorney