ORDINANCE NO. 090497
Amending Ordinance No. 990932, by
enacting new sections to adopt tax increment financing within Project 2b and
Project 2c of the 19th Terrace & Central Tax Increment Financing Plan;
approving and designating Project 2b and Project 2c as Redevelopment Projects
and adopting tax increment financing therefor.
WHEREAS, pursuant to
the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800
to 99.865 of the Revised Statutes of Missouri, 1986, as amended ("the
Act"), the City Council of Kansas City, Missouri by Ordinance No. 54556,
passed on November 24, 1982, and thereafter repealed and amended in certain
respects by Committee Substitute to 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 June 3, 1999,
the City Council passed Ordinance No. 990702, which approved the 19th Terrace &
Central Tax Increment Financing Plan (the "Redevelopment Plan") and
designated the Redevelopment Area as a Conservation area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan with a number of separate Redevelopment Projects and the
adoption of tax increment financing in each of the areas selected for such
Redevelopment Projects; and
WHEREAS, on June 15,
2000, the Council passed Committee Substitute for Ordinance No. 000778,
accepting the recommendations of the Tax Increment Financing
Commission as to and approving the First Amendment to the 19th Terrace and
Central Tax Increment Financing Plan; and
WHEREAS, on August 5,
2004, the Council passed Committee Substitute for Ordinance No. 040871,
accepting the recommendations of the Tax Increment Financing
Commission as to and approving the Second Amendment to the 19th Terrace and
Central Tax Increment Financing Plan; and
WHEREAS, on February
1, 2007, the Council passed Ordinance No. 070088, accepting the
recommendations of the Tax Increment Financing Commission as to and approving
the Third Amendment to the 19th Terrace and Central Tax Increment Financing
Plan; and
WHEREAS,
the Third Amendment provided for the division of Redevelopment Project 2 into three
areas: Projects 2a, 2b and 2c; and
WHEREAS, Ordinance No. 990932 was introduced on July 8, 1999,
within the period of time required by Section 99.820.1, RSMo; and
WHEREAS,
Ordinance No. 990932, in its original form included the legal descriptions for
all of the area contained in Projects 2a, 2b and 2c, and would have approved
tax increment financing in all of those areas as Redevelopment Project Area 2;
and
WHEREAS,
Ordinance No. 990932 was amended by Planning, Zoning and Economic Development Committee
through a committee substitute, to adopt tax increment financing in
Redevelopment Project 2a only and the Council approved Committee Substitute for
Ordinance No. 990932 on February 1, 2007; and
WHEREAS,
the Council wishes to adopt tax increment financing for Redevelopment Projects
2b and 2c; NOW, THEREFORE,
BE IT ORDAINED BY THE
COUNCIL OF KANSAS CITY:
Section A. That
Committee Substitute for Ordinance No. 990932 is hereby amended by enacting 4
new sections to be numbered and to read as follows:
Section
5. The area selected for Redevelopment Project Area 2b legally described as
follows:
All of Lots 6 11, including the vacated alley East
of and adjacent to Lots 6 11, and Lots 28 30, including the vacated alley
north of and adjacent to Lots 28- 30, Block 8, Goodrich Addition, a subdivision
in Kansas City, Jackson County, Missouri.
is
approved and designated as 19th Terrace & Central Redevelopment Project
Area 2b.
Section
6. The area selected for Redevelopment Project Area 2c legally described as
follows:
Lots 20 (except the North 3.55 feet thereof) and all
of Lots 21 26, including the alley lying West of and adjacent to Lot 20
(except the North 3.55 feet thereof) and Lots 21 26, and all of Lot 27,
including the vacated alley lying North of and adjacent to Lot 27, Block 8,
Goodrich Addition, a subdivision in Kansas City, Jackson County, Missouri.
is
approved and designated as 19th Terrace & Central Redevelopment Project
Area 2c (hereinafter referred to herein, along with 19th Terrace & Central
Redevelopment Project Area 2b, as the "Redevelopment Project
Areas"). The Redevelopment Project Areas include only those parcels of
real property and improvements thereon which will be directly and substantially
benefited by the Redevelopment Project improvements therein.
Section
7. Tax increment allocation financing is hereby adopted for taxable real
property in the above-described areas selected for the Redevelopment Project
Areas. After the total equalized assessed valuation of the taxable real
property in the Redevelopment Project Areas exceeds the certified total initial
equalized assessed valuation of the taxable real property in the Redevelopment
Project Areas, the ad valorem taxes, and payments in lieu of taxes, if any,
arising from the levies upon the taxable real property in such projects 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 penalties and interest 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 or real
property in the area selected for the Redevelopment Project Areas 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 the Redevelopment Project Areas, and any
applicable penalty and interest over and above the initial equalized assessed
value of each such unit of property 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 60 days of the due date will be deemed delinquent and assessed a
penalty of 1% per month.
Section
8. In addition to the payments in lieu of taxes described in subsection 2 of
Section 7 above, 50% of the total additional revenue from taxes penalties and
interest which are imposed by the City or taxing districts, and which are
generated by economic activities within the area selected for the Redevelopment
Project Areas 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, licenses, fees, or assessments as
enumerated in Section 99.845, RSMo, other than payments in lieu of taxes, and
penalties and interest thereon, shall be allocated to, and paid by the local
political subdivision 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.
_____________________________________________________
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant City Attorney