ORDINANCE NO. 961379

Approving and Designating Project III of the Power and Light District Tax Increment Financing Plan as a Redevelopment Project and Adopting Tax Increment Financing Therein.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by ordinance No. 911076 passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on , 1996, the City Council passed Ordinance No. 961376, which approved the Power and Light District Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through ten 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 Project III, legally described as follows:

Block 109 - Parcels 32-1 and 32-2 All of Lots 13 through 17, inclusive, together with the South 11 feet of Lot 12, Block 14, REID'S ADDITION, and all of Lots 71 and 72, together with the South 22 feet of Lot 70, Block 5, McGEE'S ADDITION, together with the South half of a vacated alley lying North of the South 11 feet of said Lot 12 and that part of vacated alley lying East of the East line of said Lots 12 through 17, inclusive, both subdivisions in Kansas City, Jackson County, Missouri, according to the recorded plats thereof, being more particularly described as follows: Beginning at the Southwest corner of said Lot 17, being also the point of intersection of the North right-of-way line of 13th Street with the East right-of-way line of Baltimore Avenue, as said street and avenue are now both established; thence North along the East line of said Lots 17 through 12, inclusive and along said East right-of-way line, a distance of 145 feet to a point on the centerline of a vacated alley; thence East along the centerline of said vacated alley, a distance of 116.44 feet to a point on the East line of the Northwest Quarter of the Southwest Quarter of Section 5, Township 49, Range 33; thence South along the East line of said Quarter-Quarter Section, a distance of 24 feet to a point of intersection with the Westerly prolongation of the North line of the South 22 feet of said Lot 10; thence East along said Westerly prolongation and along said North line, a distance of 138.25 feet to a point on the West right-of-way line of Main Street, as now established; thence South along said West right-of-way line, a distance of 121 feet to a point of intersection with the North right-of-way line of said 13th Street; thence West along said North right-of-way line and along the South line of said Lot 72 and its Westerly prolongation and along the South line of said Lot 17, a distance of 254.69 feet to the Point of Beginning.

is approved and designated as Project III.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project III. After the total equalized assessed valuation of the taxable real property in Project III exceeds the certified total initial equalized assessed valuation of the taxable real property in such area, 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 Project III 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 III over and above the initial equalized assessed value of each such unit of property 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 60 days of the due date are deemed delinquent and will be assessed a penalty of 1% per month.

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 Project III 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 III includes only those parcels of real property and improvements thereon which will be substantially benefitted by the proposed redevelopment project improvements.

_________________________________________________________________

Approved as to form and legality:

_________________________________________

Assistant City Attorney