ORDINANCE NO. 951035
Approving Redevelopment Project 19 of the Summit Tax
Increment Financing Plan as a Redevelopment Project and adopting Tax Increment
Financing therein.
WHEREAS, the City Council of Kansas City, Missouri
(the "City Council"), by Ordinance No. 54556 adopted on November 24,
1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the
Tax Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, on July 12, 1995, the Commission adopted a
resolution recommending to the City Council the adoption of a redevelopment
plan entitled the "Summit Tax Increment Financing Plan" (the
"Redevelopment Plan"); and
WHEREAS, on ________________________, the City
Council adopted Ordinance No. 951016, which accepted the recommendations of the
Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found
the Redevelopment Area to be a conservation 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.
951016 contemplate the separate approval of each Redevelopment Project and the
adoption of Tax Increment Financing for each Project at the discretion of the
City Council; 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 Redevelopment Project 19 legally
described as:
Beginning at the west right of way line of West
Pennway and a line 66 feet north of and parallel to the south lot line of
Lot 2, Block 6, A.J. Lloyd's Subdivision, thence west along a line 66 feet
north of and parallel to the south lot line of Lot 2, Block 6, A.J.
Lloyd's Subdivision, to the east right of way line of Jefferson Street;
thence north along the east right of way line of Jefferson Street to a
point 8 feet north of the north lot line of Lot 2, Block 6, A.J. Lloyd's
Subdivision; thence east along a line 8 feet north of and parallel to the north
lot line of Lot 2, Block 6, A.J. Lloyd's Subdivision, the west right of
way line of West Pennway; thence south along the west right of way line of
West Pennway to the Point of Beginning, all included in and a part of
Kansas City, Jackson County, Missouri.
is approved.
Section 3. Tax increment allocation financing is
adopted for Redevelopment Project 19. After the total equalized assessed
valuation of the taxable real property in the area selected for Redevelopment
Project 19 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 19 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 19 over and above the initial equalized assessed value of each
such unit of property in the area selected for Redevelopment Project 19 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 Summit 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 19 over the
amount of such taxes generated by economic activities within the area selected
for Redevelopment Project 19 in the calendar year prior to the approval of
Redevelopment Project 19 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 Summit Economic Activities account within the Summit
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:
___________________________________
Assistant City Attorney