ORDINANCE NO. 120686

Approving and designating Redevelopment Project A of the Towne Center Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefore.

WHEREAS, the City Council accepted the recommendations of the Commission as to the Towne Center Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan contemplates the implementation of the Redevelopment Plan through a number of 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. That 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. That the area selected for Redevelopment Project A legally described as follows:

All that part of the Southeast Quarter of Section 9, the Southwest Quarter of Section 10, the Northwest Quarter of Section 15, and the Northeast Quarter of Section 16, all in Township 51 North, Range 32 West, of the Fifth Principal Meridian, in the City of Kansas City, Clay County, Missouri, more particularly described as follows: commencing at the northeast corner of the Northeast Quarter of said Section 16, said point being the common corner to Sections 9, 10, 15, and 16, thence South 88 degrees 42 minutes 51 seconds East, with the north line of the Northwest Quarter of said Section 15, a distance of 871.30 feet to a point on the west right-of-way of Shoal Creek Parkway, said point being the point of beginning; thence South 25 degrees 05 minutes 50 seconds West, with the west right-of-way of Shoal Creek Parkway, a distance of 621.24 feet; thence North 64 degrees 41 minutes 18 seconds West, and no longer with the west right-of-way of Shoal Creek Parkway, a distance of 126.89 feet to a point of curvature; thence on a curve to the right having a radius of 1145.00 feet, a central angle of 33 degrees 54 minutes 41 seconds, an arc distance of 677.69 feet to a point on the east line of the Northeast Quarter of said Section 16; thence continuing on a curve to the right with a radius of 1145.00 feet, a central angle of 04 degrees 28 minutes 30 seconds, an arc distance of 89.43 feet to a point on the south line of the Southeast
Quarter of said Section 9; thence continuing on a curve to the right having a radius of 1145.00 feet, a central angle of 00 degrees 51 minutes 54 seconds, an arc distance of 17.29 feet; thence North 25 degrees 26 minutes 13 seconds West, a distance of 93.54 feet to a point of curvature; thence on a curve to the left having a radius of 1555.00 feet, a central angle of 33 degrees 30 minutes 16 seconds, an arc distance of 909.31 feet; thence North 58 degrees 56 minutes 29 seconds West, a distance of 40.65 feet; thence on a curve to the right having a radius of 325.00 feet, a central angle of 14 degrees 05 minutes 17 seconds, with an initial tangent bearing of North 43 degrees 24 minutes 42 seconds East, an arc distance of 79.91 feet; thence North 57 degrees 29 minutes 59 seconds East, a distance of 185.91 feet to a point of curvature; thence on a curve to the left having a radius of 375.00 feet, a central angle of 07 degrees 05 minutes 15 seconds, an arc distance of 46.39 feet; thence North 50 degrees 24 minutes 44 seconds East, a distance of 131.76 feet; thence North 39 degrees 35 minutes 16 seconds West, a distance of 437.39 feet; thence North 50 degrees 24 minutes 44 seconds East, a distance of 268.51 feet; thence North 08 degrees 12 minutes 50 seconds West, a distance of 348.25 feet to a point on the south right-of-way of Missouri Highway Route 152; thence North 81 degrees 47 minutes 10 seconds East, with the south right-of-way of Missouri Highway Route 152, a distance of 442.04 feet; thence continuing with the south right-of-way of Missouri Highway Route 152, North 83 degrees 36 minutes 45 seconds East, a distance of 90.18 feet to a point on the west line of the Southwest Quarter of said Section 10; thence continuing North 83 degrees 36 minutes 45 seconds East, with the south right-of-way of Missouri Highway Route 152, a distance of 371.10 feet; thence continuing with the south right-of-way of Missouri Highway Route 152, South 78 degrees 22 minutes 36 seconds East, a distance of 405.76 feet; thence continuing with the south right-of-way of Missouri Highway Route 152, on a curve to the left having a radius of 1497.40 feet, a central angle of 15 degrees 59 minutes 31 seconds, with an initial tangent bearing of South 78 degrees 30 minutes 06 seconds East, an arc distance of 417.95 feet; thence South 72 degrees 35 minutes 51 seconds East, continuing with the south right-of-way of Missouri Highway Route 152, a distance of 86.95 feet; thence continuing with the south right-of-way of Missouri Highway Route 152, South 00 degrees 35 minutes 18 seconds West, a distance of 190.00 feet; thence continuing with the south right-of-way of Missouri Highway Route 152, South 89 degrees 24 minutes 42 seconds East, a distance of 43.09 feet to a point on the west right-of-way of Shoal Creek Parkway; thence with the west right-of-way of Shoal Creek Parkway on a curve to the right having a radius of 3557.05 feet, a central angle of 23 degrees 42 minutes 52 seconds, with an initial tangent bearing of South 01 degrees 22 minutes 58 seconds West, an arc distance of
1472.24 feet; thence continuing with the west right-of-way of Shoal Creek parkway, South 25 degrees 05 minutes 50 seconds West, a distance of 317.19 feet to the point of beginning. The above described tract contains 3,484,800 square feet, or 80.00 acres.

is approved and designated by the Towne Center Tax Increment Financing Plan as Redevelopment Project A (“Project A”).

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project A. After the total equalized assessed valuation of the taxable real property in Project A exceeds the certified total initial equalized assessed valuation of the taxable real property in Project A, 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 project 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 A 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 A over and above the initial equalized assessed value of each such unit of property in the area selected for Project A shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project A Costs within the Redevelopment Area, 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. That 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 A over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage 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, which are necessary to the payment of Project A Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

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Approved as to form and legality:

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Brian T. Rabineau

Assistant City Attorney