COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 050834

Approving and designating Redevelopment Project 1 of the Antioch Mall Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefore and recognizing Eastbourne Investments, Ltd. as the developer for Project 1.

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 2, 2006, the City Council passed Ordinance No. 050833, which accepted the recommendations of the Commission as to the Antioch Mall Tax Increment Financing Plan ("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 9 Redevelopment Projects and the adoption of tax increment financing in the area selected for such Redevelopment Project; 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 1 legally described as follows:

TRACT I:

All of Lots 1 through 12, inclusive, Block 1, Resurvey of Blocks 1 and 3, ANTIOCH, an addition in and to the City of Kansas City, Clay County, Missouri, together with the West 20 feet of Block 1, GREEN HAVEN PLAZA NO. 2, lying South of Lot 11, Block 1, Resurvey of Blocks 1 and 3, ANTIOCH, an addition in and to the City of Kansas City, Clay County, Missouri, and including to the centerline of all abutting streets.

TRACT II:

(PARCEL A)

Lot 4, Clay County, Missouri, previously described as follows: All that part of Block 3, ANTIOCH, a subdivision in Kansas City North, Clay County, Missouri, according to the recorded plat thereof, lying South of a line drawn at right angles to the Easterly line of said Block from a point in said Easterly line which is 150 feet North of the Southeast corner of said Block 3, measured along the Easterly line of said Block 3, and including to the centerline of all abutting streets.

(PARCEL B)

Lot 3, and the South 20 feet of Lot 2, Block 3, RESURVEY OF BLOCKS 1 AND 3, ANTIOCH, a subdivision of Clay County, Missouri, and including to the centerline of all abutting streets.

(PARCEL C)

All of Lot 2, except the North 50 feet thereof measured parallel to the North line of said lot, and except the South 20 Feet thereof measured parallel to the South line of said Lot, Block 3, RESURVEY OF BLOCKS 1 AND 3, ANTIOCH, a subdivision in Kansas City, Clay County, Missouri, and including to the centerline of all abutting streets.

(PARCEL D)

Lot 1 and the North 50 feet of Lot 2, in Block 3, RESURVEY OF BLOCKS 1 AND 3, ANTIOCH, a subdivision in Kansas City, Clay County, Missouri, and including to the centerline of all abutting streets.

KCATA TRACT:

All of Lot 2, ANTIOCH GREEN, a subdivision in Kansas City, Clay County, Missouri, according to the recorded plat thereof, and including to the centerline of all abutting streets.

TRACT III:

(PARCEL A)

Part of Block 2, ANTIOCH, a subdivision in Kansas City, Clay County, Missouri, being a part of the Northwest of Section 31, Township 51, Range 32, Kansas City, Clay County, Missouri, described as follows: Beginning at a point on the Northeasterly Right-of-Way line of Chouteau Trafficway, as shown on the plat of ANTIOCH, a subdivision in Clay County, the Northerly portion of which is a replat of part of the plat of GREEN HAVEN WEST, a subdivision in Clay County, said point being 50.00 feet Southerly along said Right-of-Way line, from the intersection of said Chouteau Right-of-Way and the West Right-of-Way line of Kansas Avenue, which was platted as Valley View Drive, and as shown on said plat of GREEN HAVEN WEST; thence South 66 Degrees 44 Minutes 02 Seconds East 165.42 feet along the Southerly line of the Big Shoal Greenway, Tract Number 106, as conveyed by Antioch Shopping Center, Inc., to the Southwest corner of Lot 79, GREEN HAVEN, a subdivision in Clay County, said corner being on the common subdivision boundary line between the plat of GREEN HAVEN and the plat of ANTIOCH, said common line also being the platted centerline of a ravine, said corner further being on the North Right-of-Way line of Northeast 54^th Street; thence Southerly along said common line and centerline to the Northwest corner of Lot 115, GREEN HAVEN, said corner being on the South Right-of-Way line of Northeast 54^th Street, said corner being South 30 Degrees 29 Minutes 21 Seconds West 50.03 feet from the Southwest corner of Lot 79, by direct measurement; thence continuing along said common line and centerline, to the Southwest corner of Lot 115, GREEN HAVEN, said corner being South 02 Degrees 51 Minutes 43 Seconds East 190.83 feet from the Northwest corner of said Lot 115, by direct measurement; thence North 76 Degrees 47 Minutes 55 Seconds West 108.67 feet along a prolongation of the South line of Lots 111, 112, 113, 114 and 115, GREEN HAVEN, to a point on a curve in the Easterly Right-of-Way line of Chouteau Trafficway; thence Northerly along said Right-of-Way line, on a curve to the left having an initial tangent bearing of North 04 Degrees 25 Minutes 13 Seconds East, a delta of 21 Degrees 27 Minutes 13 Seconds, and a radius of 741.16 feet, an arc distance of 277.52 feet to the point of beginning, and including to the centerline of all abutting streets.

(PARCEL B)

The South 500 feet of Block 2, ANTIOCH, a subdivision in Kansas City, Clay County, Missouri, and including to the centerline of all abutting streets.

TRACT IV:

(PARCEL A)

Lot 39, except the East 130 feet, as measured along the Northerly and Southerly lot lines thereof, GREEN HAVEN, a subdivision in Kansas City, Clay County, Missouri, and including to the centerline of all abutting streets.

(PARCEL B)

Lot 40, except the East 130 Feet, as measured along the Northerly and Southerly lot lines thereof, GREEN HAVEN, a subdivision in Kansas City, Clay County, Missouri.

(PARCEL C)

Lot 41, except the East 130 feet, as measured along the Northerly and Southerly lot lines thereof, GREEN HAVEN, a subdivision in Kansas City, Clay County, Missouri.

(PARCEL D)

Lot 42, except the East 130 feet, as measured along the Northerly and Southerly lot lines thereof, GREEN HAVEN, a subdivision in Kansas City, Clay County, Missouri.

(PARCEL E)

Lot 43, GREEN HAVEN, a subdivision in Kansas City, Clay County, Missouri, except beginning at the Northeast corner of Lot 43; thence 145 feet Westerly along the boundaries of Lots 111 and 112; thence Southerly on a line parallel with the Easterly line of Lot 43 to the South line of said lot; thence Easterly along the Southern boundary of said Lot 43, to the East line of said lot; thence North along the Eastern line of the lot to the point of beginning.

is approved and designated as the Antioch Mall Tax Increment Financing Plan Redevelopment Project 1 (Project 1").

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, 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 1 shall be allocated to and, when collected, shall be paid by the Clay 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 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1 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, 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 1 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 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 in a separate segregated account within the Special Allocation Fund.

Section 5. That the developer of Project 1 shall be Eastbourne Investments, Ltd., subject to the terms of a development agreement with the Tax Increment Financing Commission of Kansas City, Missouri.

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Approved as to form and legality:

______________________________

Heather A. Brown

Assistant City Attorney