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Legislation #: 090497 Introduction Date: 6/4/2009
Type: Ordinance Effective Date: 6/21/2009
Sponsor: COUNCILMEMBER MARCASON
Title: 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.

Legislation History
DateMinutesDescription
6/4/2009 Filed by the Clerk's office
6/4/2009 Referred to Finance and Audit Committee
6/10/2009 Advance and Do Pass, Debate
6/11/2009 Passed

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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Act"), the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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. 

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Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney