COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 911390

Approving and designating Phase VII of the Briarcliff West Tax Increment Financing Plan as a Redevelopment Project Area 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, created the Tax Increment Financing Commission of Kansas City, Missouri (the Commission); and

WHEREAS, on April 11, 1990, the Commission adopted a resolution recommending to the City Council the adoption of a redevelopment plan entitled the Briarcliff West Tax Increment Financing Plan (the Redevelopment Plan); and

WHEREAS, on April 26, 1990, said date being within 14 to 90 days after the April 11, 1990 Commission hearing, Ordinance No. 65497 approving the Redevelopment Plan and Ordinance No. 900104 approving and designating Phase VII of the Redevelopment Plan as a separate Redevelopment Project Area and adopting tax increment financing therein were introduced in the City Council; and

WHEREAS, on May 3, 1990, the City Council passed Ordinance No. 65497, which accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; declared the Redevelopment Plan Area and each proposed Redevelopment Project Area as blighted; approved Rock Quarry Redevelopment Corporation d/b/a Briarcliff West as the Developer; approved an agreement with the Commission; and authorized the execution of a redevelopment contract; and

WHEREAS, the Redevelopment Plan and Ordinance No. 65497 contemplate the designation of each phase of the Redevelopment Plan as a separate Redevelopment Project Area at the discretion of the City Council and the adoption of Tax Increment Financing therein; and

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 900099 and Committee Substitutes for Ordinance Nos. 900100 and 900101, adopted on September 19, 1991, approved and designated Phases I, II, III and IV of the Redevelopment Plan as Redevelopment Project Areas and adopted tax increment financing therein; and

WHEREAS, Ordinance No. 900104, approving and designating Phase VII as a Redevelopment Project Area and adopting tax increment financing therein has not been acted upon and is being held off the docket of the City Council; and

WHEREAS, on September 11, 1991, the commission adopted a resolution recommending to the City Council the approval of an amendment to the Redevelopment Plan (the First Amended Redevelopment Plan); and

WHEREAS, on November 21, 1991, the City Council, passed Ordinance No. 911387, which accepted the recommendations of the Commission as to the First Amended Redevelopment Plan; approved the First Amended Redevelopment Plan; declared the Redevelopment Area and each

proposed Redevelopment Project Area as blighted; approved Missouri Rental Machinery Company d/b/a Briarcliff West Development Company as the developer; approved an agreement with the Commission; and authorized the execution of a First Amended Development Contract; and

WHEREAS, the First Amended Redevelopment Plan contemplates the designation of the remaining phases of the First Amended Redevelopment Plan as separate Redevelopment Project Areas and the adoption of the tax increment financing therein at the discretion of the City Council; and

WHEREAS, on September 11, 1991, the Commission and the Redeveloper entered into the First Amended and Restated Tax Increment Financing Contract (Contract No. 2"); and

WHEREAS, on September 14, 1994, the Commission adopted a resolution recommending to the Council the approval of a second amendment to the Briarcliff West Tax Increment Financing Plan (the Second Amended Redevelopment Plan); and

WHEREAS, on October 12, 1994, the Commission authorized the substitution of Briarcliff Development Company for Missouri Rental Machinery, d/b/a Briarcliff Development Company as the Developer to implement the Redevelopment Plan; and

WHEREAS, on November 17, 1994, the Council passed Ordinance No. 941342, as amended, which accepted the recommendations of the Commission as to the Second Amended Redevelopment Plan; approved the Second Amended Redevelopment Plan and designated the Redevelopment Area therein as a Redevelopment Area as provided in Section 99.820.1(1) R.S.Mo.; approved a Second Amended Agreement with the Commission; and authorized the execution of a Second Amended Redevelopment Contract; and

WHEREAS, on January 20, 1995, the Commission and the Redeveloper entered into a Second Amended and Restated Tax Increment Financing Contract (Contract No. 3"); and

WHEREAS, on April 9, 1997, the Commission adopted a resolution recommending to the Council the approval of a third amendment to the Briarcliff West Tax Increment Financing Plan (the Third Amendment to the Plan); and

WHEREAS, on July 31, 1997, the Council passed Ordinance No. 970713, which accepted the recommendations of the Commission as to the Third Amendment to the Redevelopment Plan; approved the Third Amendment to the Briarcliff West Tax Increment Financing Plan and designated the Redevelopment Area therein described as a Redevelopment Area as provided by Section 99.820 R.S.Mo.; (collectively the Briarcliff West Tax Increment Financing Plan, as amended, shall be referred to herein as the Plan); and

WHEREAS, on August 17, 1999, the Commission and the Redeveloper entered into the Third Amended and Restated Agreement; 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 set forth in the First Amended Redevelopment Plan as Phase VII and legally described as follows:

All that part of the south of fractional Section 3-T.50-R33, and part of the NE 1/4 of Fractional section 10-T.50_R.33, Kansas City, Clay County, Missouri being described as follows: Beginning at a point on the west line of the SE 1/4 of said fractional Section 3, said point being N 00 degrees-37'-03" E, along said west line, 27.76 feet from the SW corner of said SE 1/4; thence Northwesterly, along a curve to the left having a radius of 488.00 feet and an initial tangent bearing of N 72 degrees-47'-51" W, an arc distance of 10.47 feet; thence Northwesterly, along a curve to the right having a radius of 776.00 feet and tangent to the last described curve, an arc distance of 233.23 feet; thence Northwesterly, along a curve to the left having a radius of 974.00 feet and tangent to the last described curve, an arc distance of 65.92 feet; thence N 60 degrees-41'-03" W, 104.69 feet; thence Southwesterly, along a curve to the left having a radius of 15.00 feet and tangent to the last described course, an arc distance of 21.96 feet to the Southeasterly right-of-way line of North Briarcliff parkway (Eastbound) as established by the plat of Briarcliff West - First Plat A subdivision in said Kansas City; thence Northeasterly, along said right-of-way line on a curve to the left having a radius of 2890.79 feet and an initial tangent bearing of N 35 degrees - 25'-26" E, an arc distance of 143.06 feet; thence N 37 degrees-51'-09" E, continuing along said line, 177.16 feet; thence Northeasterly, continuing along said line on a curve to the right having a radius of 917.01 feet and tangent to the last described course, an arc distance of 155.74 feet (Plat = 153.05) to the Southwesterly right-of-way line of U.S. Highway No. 169; thence S 58 degrees-48'54" E, along said right-of-way line 62.32 feet to a point 224.31 feet from and opposite centerline station 523+26.07; thence S 14 degrees-5600 E, continuing along said line, 265.57 feet to a point 221.50 feet from and opposite centerline Station 525+60; thence S 28 degrees-0611 E, continuing along said line, 102.79 feet to a point 207.00 feet from and opposite to centerline station 526+00; thence S 35 degrees-1447 E, continuing along said line, 128.31 feet; thence S 30 degrees-4040 W, 123.02 feet; thence Northwesterly, on a curve to the left having a radius of 488.00 feet and an initial tangent bearing of N 61 degrees-4239 W, an arc distance of 94.43 feet to the point of beginning.

is hereby designed as a blighted area and is further approved and designated as the Phase VII Redevelopment Project Area.

Section 3. All of the Redevelopment Projects contained within the Phase VII Redevelopment Project Area are hereby approved.

Section 4. Tax increment allocation financing is hereby adopted for the Phase VII Redevelopment Project Area. After the total equalized assessed valuation of the taxable real property in the Phase VII Redevelopment Project Area exceeds the certified total initial equalized assessed value of all taxable real property in such Redevelopment Project Area, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such Redevelopment Project Area 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 shall be divided as follows:

(1) 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 Phase VII Redevelopment Project Area 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 reach property in the Phase VII Redevelopment Project Area over and above the initial equalized assessed value of each such unit of property in the Phase VII Redevelopment Project Area shall be allocated to and, when collected, shall be paid to the City Treasurer, who shall deposit such payments in lieu of taxes into the Special Association 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 60 days of the due date are deemed delinquent and will be assessed a penalty of 1% per month.

Section 5. 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 Phase V Redevelopment Project Area over the amount of such taxes generated by economic activities within the Phase V Redevelopment Project Area in the calendar year prior to the adoption of the Phase V Redevelopment Project Area 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 of personal property taxes, other than payments in lieu of taxes, shall be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated account within the Briarcliff West Account of the special allocation fund for the retirement of obligations or payment of Redevelopment Project Costs and Redevelopment Costs as defined in the First Amended Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney