ORDINANCE NO. 900104

Approving and designating Phase VII of the Briarcliff West Tax Increment Financing Plan as a Redevelopment Project Area and adopting Tax Increment Financing therein.

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WHEREAS, the City Council of Kansas City, Missouri, 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 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 development 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; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. All terms used in this Ordinance shall be con- strued 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 Redevelopment Plan as Phase VII and legally described as follows:

PHASE VII

A tract of land in the Southeast quarter and the fractional Southwest quarter of Section 3, Township 50, Range 33 and the Northeast quarter and the fractional Northwest quarter of Section 10, Township 50, Range 33, Kansas City, Clay County, Missouri, being bounded and described as follows: Commencing at the Southeast corner of the fractional Southwest quarter of said Section 3; thence North 0 37'03" East, along the East line of said fractional Southwest quarter, 240.03 feet; thence North 89 22'57" West, 92.99 feet to the True Point of Begin- ning of the tract to be herein described; thence North 56 00'00" East, 186.01 feet to a point on the Southwesterly Right of Way line of U.S. Highway Route 169, as now esta- blished; thence Southeasterly, along said Right of Way line, on a curve to the Left, having a radius of 1807.04 feet, an arc distance of 565.48 feet; thence North 54 57'11" East, along said Right of Way line, 45.00 feet; thence Southeaster- ly, along said Right of Way line, on a curve to the Left, having a radius of 1762.04 feet, an arc distance of 244.87 feet; thence South 45 37'36" East, along said Right of Way line, 248.60 feet; thence South 46 46'26" East, along said Right of Way line, 235.90 feet; thence South 45 32'42" East, along said Right of Way line, 206.79 feet; thence South 30 38'51" East, along said Right of Way line, 338.05 feet; thence South 18 39'45" West, along said Right of Way line, 40.22 feet; thence South 28 15'21" East, along said Right of Way line, 39.78 feet; thence North 86 51'28" East, along said Right of Way line, 32.86 feet; thence South 17 22'07" East, along said Right of Way line, 362.87 feet; thence South 29 17'28" East, along said Right of Way line, 79.33 feet; thence South 9 25'11" East, along said Right of Way line, 148.72 feet; thence North 69 47'07" West, along said Right of Way line, 87.46 feet; thence South 43 04'25" West, along said Right of Way line, 49.25 feet to a point on the Northeasterly Right of Way line of Missouri State Highway No. 9, as now established; thence North 53 46'06" West, along said Right of Way line, 2514.57 feet; thence North 40 13'03" East, 349.22 feet; thence South 53 46'06" East, 670.00 feet; thence North 36 13'54" East, 285.00 feet; thence North 34 00'00" West, 470.00 feet to the True Point of Beginning. Containing 30.1421 acres, more or less. Subject to any and alleasements and restrictions of record.

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

Section 3. 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 Sub- section 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 real 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 Redevelopments 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 Allocation Fund of the City for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof.

Section 4. Pursuant to Section 99.835, RSMo, if the City issues obligations secured by the Special Allocation Fund to carry out the redevelopment project, the City may pledge all or any part of the funds in the Special Allocation Fund to the payment of the redevelopment projects costs and obligations. Any pledge of funds in the Special Allocation Fund may provide for distribution to the taxing districts of moneys not required for payment and securing of the obligations, and such excess shall be deemed to be surplus funds. The Redevelopment Plan calls for all or part of the pay- ments in lieu of taxes attributable to certain redevelopment project area phases to be treated as surplus funds to the extent such moneys are not required for payment and securing of the obligations. Such surplus funds shall be distributed annually to the taxing districts in the redevelopment project area by being paid by the City Treasurer to the Clay County Collector, who shall immediately thereafter make distribution to the respective taxing districts in the same manner and proportion as the most recent distribution by the Collector to the affected districts of real property taxes from real property in the redevelopment project area.

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Approved as to form and legality:

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Assistant City Attorney