ORDINANCE NO. 941184
Approving and designating Redevelopment Project 5c of the
Second Amendment to the Winchester Center 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 December 19, 1991, the City Council
adopted Ordinance No. 911435, which accepted the recommendations of the
Commission as to the Winchester Center Tax Increment Financing Plan
("Redevelopment Plan") and designated the Redevelopment Area to be a
conservation area; and
WHEREAS, on October 28, 1993, the City Council
adopted Ordinance No. 931165, which accepted the recommendations of the
Commission as to the First Amended Winchester Center Tax Increment Financing
Plan and designated the Redevelopment Area therein as a conservation area; and
WHEREAS, on ____________________, the City Council
passed Ordinance No. 941181, which approved the Second Amendment to the
Winchester Center Tax Increment Financing Plan ("Second Amended
Redevelopment Plan") and designated the Redevelopment Area therein
("Second Amended Redevelopment Area") as a conservation area; and
WHEREAS, the Second Amendment to the Winchester
Center Tax Increment Financing Plan contemplates the implementation of the
Second Amended Redevelopment Plan through the addition of Redevelopment Project
14 and subdividing Redevelopment Project 5 into three new Redevelopment Projects
designated Redevelopment Project 5a, Redevelopment Project 5b and Redevelopment
Project 5c 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 5c legally described as follows:
Beginning at the southwest corner of Tract 3, Phase
I, Winchester Office Center West, a subdivision in Kansas City,
Jackson County, Missouri; thence North 4650'00" East 142.32 feet;
thence North 0134'00" East 218.49 feet to the point of beginning;
thence North 0134'00" East 295.0 feet, thence North 3550'55"
East 210.65 feet; thence North 0000'00" East 40.03 feet; thence
North 6929'00" East 94.89 feet; thence North 1314' East 145 feet;
thence South 7227' East 406.50 feet; thence South 2358 East 312.30 feet;
thence South 222'06" West 399.78 feet; thence North 8022'55"
West 762.113 feet to the point of beginning.
is approved and designated as the Second Amendment to the
Winchester Center Tax Increment Financing Plan Redevelopment Project 5c
("Project 5c").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project 5c. After the total equalized assessed valuation of the taxable
real property in Project 5c exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project 5c, 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 5c 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 5c over and above the initial equalized assessed
value of each such unit of property in the area selected for Project 5c
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 5c 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.
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Approved as to form and
legality:
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Acting City Attorney