ORDINANCE NO. 970994

Approving and designating Redevelopment Project II of the Power and Light District Tax Increment Financing Plan, as amended, 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 ________________________, the City Council passed Ordinance No. 970992, which accepted the recommendations of the Commission as to the Power and Light District Tax Increment Financing Plan, as amended ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted development area; and

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine (9) separate Redevelopment Projects and the adoption of tax increment financing for such Redevelopment Project; 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 II legally described as follows:

All that part of Lots 9, 10, 11 and 12, Block F, 2nd RESURVEY OF REID'S ADDITION, a subdivision according to the recorded plat thereof and that part of Lots 8, 9, 10 and 11 and all of Lots 1 through 7, inclusive and all of Lots 27, 28 and 29 and that part of Lots 25 and 26 all in Block 7, REID'S ADDITION, a subdivision, according to the recorded plat thereof, including parts of alleys and part of the West Half of Baltimore Avenue, as now established, all in Kansas City, Jackson County, Missouri, being more particularly described as follows: Beginning at the Northwest corner of Lot 29, Block 7 of said REID'S ADDITION; thence East along the North line of said Lot 29 and its Easterly prolongation, a distance of 158 feet to a point on the West line of Lot 7 of said Block 7; thence North along the West line of Lots 7, 6, 5, 4, 3, 2 and 1 of said Block 7 and along the East line of an alley, a distance of 175 feet to the Northwest corner of said Lot 1; thence East along the North line of said Lot 1 and its Easterly prolongation and along the South right-of-way line of 13th Street, as now established, a distance of 172 feet to a point on the centerline of the 60 foot right-of-way for Baltimore Avenue, as now established; thence South along said centerline, a distance of 175 feet to a point 30 feet East of the Southeast corner of Lot 7 of said Block 7; thence Southwesterly along a curve to the left, having an initial tangent bearing of South 74 degrees 45 minutes 10 seconds West, a radius of 540 feet and a central angle of 39 degrees 41 minutes 30 seconds, an arc distance of 374.09 feet; thence West along a straight line, perpendicular to the West line of Lot 12, Block F of said 2nd RESURVEY OF REID'S ADDITION, a distance of 30 feet to a point on the West line of said Lot 12; thence North along the West line of said Lot 12 and along the West line of Lots 25 through 29, inclusive, Block 7 of said REID'S ADDITION and along the East right-of-way line of Wyandotte Street, as now established, a distance of 210.79 feet to the Point of Beginning. Containing 1.381 acres, more or less.

is approved and designated as the Power and Light District Tax Increment Financing Plan Redevelopment Project II ("Project II").

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project II. After the total equalized assessed valuation of the taxable real property in Project II exceeds the certified total initial equalized assessed valuation of the taxable real property in Project II, 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 II 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 II over and above the initial equalized assessed value of each such unit of property in the area selected for Project II 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 II 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.

Section 5. The area selected for Project II includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

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Approved as to form and legality:

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Assistant City Attorney