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Legislation #: 040161 Introduction Date: 2/12/2004
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 7 of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
2/12/2004

Waive Charter Requirements City Council

2/11/2004

Prepare to Introduce

2/12/2004

Referred Planning, Zoning & Economic Development Committee

2/18/2004

Hold On Agenda

2/25/2004

Hold On Agenda

3/3/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
7/18/2007 Hold Off Agenda
7/16/2008 Hold Off Agenda
2/19/2014 Advance and Do Pass as Second Committee Substitute, Debate
2/20/2014 Passed As Second Substitute

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040161.pdf Authenticated 253K Authenticated
040161 Fact Sheet.pdf Fact Sheet 103K Fact Sheet

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SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 040161

 

Approving and designating Redevelopment Project 7 of the 1200 Main/South Loop 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 March 4, 2014, the City Council passed Ordinance No. 040154, which accepted the recommendations of the Commission as to the 1200 Main/South Loop Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through 7 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 7 legally described as follows:

 

A fee simple condominium interest in an elevated condominium unit to be created by the filing of a condominium plat and plan creating a condominium unit over and above the ground and containing customary utility, maintenance, use and access rights over the northern 160 feet of:

 

Lots 1 through 12 of Block 8 of Reid’s Addition to Kansas City, County of Jackson, State of Missouri, according to the recorded plat thereof.

 

Lots 1, 2, 3 and 4 of Block E of Second Resurvey of Reid’s Addition, a subdivision in the City of Kansas City, County of Jackson, State of Missouri, according to the recorded plat thereof.

 


Lots 73 through 81, Block 6 of McGee’s Addition to Kansas City, County of Jackson, State of Missouri, according to the recorded plat thereof.

 

is approved and designated as the 1200 Main/South Loop Tax Increment Financing Plan Redevelopment Project 7 (“Project 7").


Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 7. After the total equalized assessed valuation of the taxable real property in Project 7 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 7, 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 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 7 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 Project 7 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 7 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, certain economic activity taxes, which are described by Section 99.845.2 and which currently include 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 7 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 or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to section 70.500, taxes levied for the purpose of public transportation pursuant to section 94.660, taxes imposed on sales pursuant to subsection 2 of section 67.1712 for the purpose of operating and maintaining a metropolitan park and recreation district, licenses, fees or special assessments other than payments in lieu of taxes and penalties and interest thereon, any sales tax imposed by a county with a charter form of government and with more than six hundred thousand but fewer than seven hundred thousand inhabitants, for the purpose of sports stadium improvement or levied by such county under section 238.410 for the purpose of the county transit authority operating transportation facilities, or for redevelopment plans and projects adopted or redevelopment projects approved by ordinance after August 28, 2013, taxes imposed on sales under and pursuant to section 650.399 for the purpose of emergency communication systems, 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:

 

 

___________________________________

M. Margaret Sheahan Moran

Assistant City Attorney