COMMITTEE SUBSTITUE FOR
ORDINANCE NO.951475
Approving
Redevelopment Project F of the Tower Properties Downtown Redevelopment Tax
Increment Financing Plan as a Redevelopment Project and adopting Tax Increment
Financing therein.
WHEREAS, the City
Council of Kansas City, Missouri, by Ordinance No. 54556 adopted on November
24, 1982, amended 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 August 9,
1995, the Commission adopted Resolution No. 95-76 recommending to the City
Council the adoption of a redevelopment plan entitled the "Tower
Properties Downtown Redevelopment Tax Increment Financing Plan" (the
"Redevelopment Plan"); and
WHEREAS, on November 27,
1995, the City Council adopted Ordinance No. 951469, which accepted the
recommendations of the Commission as to the Redevelopment Plan; approved the
Redevelopment Plan; found the Redevelopment Area to be a blighted area;
designated the Redevelopment Area as a redevelopment area pursuant to the Act;
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. 951469 contemplate the implementation of
the Redevelopment Plan through a number of separate Redevelopment Projects and
the adoption of Tax Increment Financing for each Project 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 must 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 F legally described as:
TRACT
II: All that part of Lots 11 to 20, both inclusive, Block 2, RIDGE'S PLACE, a
subdivision of land in Kansas City, Jackson County, Missouri, described as
follows: Beginning at the intersection of the South line of 9th Street and
the East line of Main Street as said streets are now established, said point
being 25 feet South of the North line of Lot 11; thence East along the South
line of 9th Street, 117.05 feet to the East line of said lots; thence South
along said East line 208.50 feet; thence West at right angles from the last
described course, 116.37 feet to a point on the East line of Main Street;
thence North along said East line, 208.84 feet to the Point of Beginning, together
with the West 1/2 of the vacated alley lying East of and adjacent thereto.
TRACT
III: All that part of Lot 20, Block 2, RIDGE'S PLACE, together with the North
half of Lot 19, SWOPE'S ADDITION, a subdivision of land in Kansas City, Jackson
County, Missouri, described as follows: Beginning at the Southeast corner of
the North half of Lot 19; thence North along the East line of Lot 19 and Lot
20, 47.36 feet to a point which is 208.50 feet South of the South line of 9th
Street, as now established; thence West at right angles from the last described
course, 116.37 feet to a point on the East line of Main Street, as now
established; thence South along said East line 46.84 feet to the Southwest
corner of the North half of Lot 19; thence East along the South line of the
North half of Lot 19, 116.22 feet to the Point of Beginning, together with the
West 1/2 of the vacated alley lying East of and adjacent thereto, EXCEPT the
West 1/2 of the vacated alley lying East of and adjacent to the South 21 feet
of said Lot 20, and also EXCEPT all of the tract of land described in the
Special Warranty Deed recorded as Document No. 2005K52091 in the office of the
Recorder of Deeds for said County and State, being more particularly described
as follows; the West half of the vacated alley lying East of and adjoining the
North 26.94 feet of Lot 19, SWOPE'S ADDITION, a subdivision in Kansas City,
Jackson County, Missouri.
is approved and designated as the Tower
Properties Downtown Redevelopment Tax Increment Financing Plan Redevelopment
Project F ("Redevelopment Project F'").
Section 3. Tax increment
allocation financing is adopted for Redevelopment Project F. After the total
equalized assessed valuation of the taxable real property in the area selected
for Redevelopment Project F 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 will 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 F will be allocated to and, when collected, will 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 F over and above the initial equalized
assessed value of each such unit of property in the area selected for
Redevelopment Project F will be allocated to and, when collected, will be paid
to the City Treasurer, who must deposit such payments in lieu of taxes into the
Tower Properties Downtown Redevelopment Special Allocation Fund of the City for
the purpose of paying Redevelopment 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 are deemed delinquent and will be assessed a penalty of 1%
per month.
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 F over the amount of such taxes generated by economic activities within
the area selected for Redevelopment Project F in the calendar year prior to the
approval of Redevelopment Project F 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,
will be allocated to, and paid by the collecting officer to the treasurer or
other designated financial officer of the municipality, who must deposit such
funds in a separate segregated Tower Properties Downtown Redevelopment Economic
Activities account within the Tower Properties Downtown Redevelopment 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:
___________________________________
Heather A.
Brown
Assistant City Attorney