ORDINANCE NO. 921358

Approving and designating Project C of the Eleventh Street Corridor Tax Increment Financing Plan 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. 921355, which approved the Eleventh Street Corridor Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through five separate Redevelopment Projects and the adoption of tax increment financing in each of the areas selected for such Redevelopment Projects; 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 C legally described as follows:

Beginning at the southwest corner of Lot 12, Block 16, ASHBURNS ADDITION; thence north along the west lot line of Lots 12 through 20, inclusive, Block 16, ASHBURNS ADDITION, to a point 4 feet south of the north lot line of Lot 21, Block 16, ASHBURNS ADDITION; thence east 108.3 feet along a line 4 feet south of and parallel to the south lot line of Lot 21, Block 16, ASHBURNS ADDITION; thence north along a line 108.3 east of parallel to the west lot line of Lots 20 through 22, inclusive, Block 16, ASHBURNS ADDITION, and the west lot line of Lot 5, Block 12, ASHBURNS ADDITION, to the north lot line of Lot 5, Block 12, ASHBURNS ADDITION; thence east along the north lot line of Lots 5 through 12, inclusive, Block 12, ASHBURNS ADDITION, to east lot line of Lot 12, Block 12, ASHBURNS ADDITION; thence south along the east lot line of Lot 12, Block 12, ASHBURNS ADDITION, and continuing south along the east lot line of Lots 1 through 11, inclusive, Block 16, ASHBURNS ADDITION, to the south lot line of Lot 11, Block 16, ASHBURNS ADDITION; thence west along the south lot line of Lots 11 and 12, Block 16, ASHBURNS ADDITION, to the point of beginning, all now included in and a part of Kansas City, Jackson County, Missouri.

is approved and designated as the Eleventh Street Corridor Redevelopment Project C.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area. After the total equalized assessed valuation of the taxable real property in the area exceeds the certified total initial equalized assessed valuation of the taxable real property in the area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such area 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 or real property in such area 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 over and above the initial equalized assessed value of each such unit of property in such area 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.

Section 4. In addition to the payments in lieu of taxes described in subsection 2 of Section 3 above, 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 Eleventh Street Corridor Redevelopment Project C 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.

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Approved as to form and legality:

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Assistant City Attorney