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