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.
_____________________________________________
Approved as to form and
legality:
___________________________________
Assistant City Attorney