ORDINANCE NO. 971000
Approving and designating Redevelopment Project VIII 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 VIII legally described as follows:
Four (4) parcels of land, being the East 60 feet of
Lots 109 through 117, inclusive, Block 8 and the West 60 feet of Lots 118
through 126, inclusive, Block 9 and the West 60 feet of Lots 163 and 164,
Block 12 and all of Lots 172 through 176, inclusive and all of Lots 181
through 185, inclusive, Block 13, all blocks in McGEE'S ADDITION, a subdivision
in Kansas City, Jackson County, Missouri, according to the recorded plat
thereof, being more particularly described as follows: Beginning at
the Northwest corner of Lot 118 of said Block 9; thence East along the
North line of said Lot 118 and along the South right-of-way line of 13th
Street, as now established, a distance of 60 feet; thence South along East
line of the West 60 feet of said Block 9, a distance of 445.50 feet to a
point on the South line of Lot 126 of said Block 9; thence West along said
South line and along the North right-of-way line of 14th Street, as now
established, a distance of 60 feet to the Southwest corner of said Lot 126;
thence North along the West line of said Lots 126 through 118, inclusive
of said Block 9 and along the East line of Grand Avenue, as now
established, a distance of 445.50 feet to the Point of Beginning.
Containing 0.614 acres, more or less. Also, beginning at the Northeast
corner of Lot 109 of said Block 8; thence South along the East line of
Lots 109 through 147, inclusive of said Block 8 and along the West
right-of-way line of Grand Avenue, as now established, a distance of
445.50 feet to the Southeast corner of said Lot 117; thence West along the
South line of said Lot 117 and along the North right-of-way line of 14th
Street, as now established, a distance of 60 feet; thence North along the
West line of the East 60 feet of Block 8 of said McGEE'S ADDITION, a distance
of 445.50 feet to a point on the North line of Lot 109 of said Block 8;
thence East along said North line and along the South right-of-way line of
13th Street, as now established, 60 feet to the Point of Beginning.
Containing 0.614 acres, more or less. Also, beginning at the Northwest
corner of Lot 163 of said Block 12; thence East along the North line of
said Lot 163 and along the South right-of-way line of 14th Street, as now
established, a distance of 60 feet; thence South along the East line of the
West 60 feet of said Block 12, a distance of 99 feet to a point on the
South line of said Lot 164; thence West along said South line, 66 feet to
the Southwest corner thereof; thence North along the West line of said
Block 12 and along the East right-of-way line of Grand Avenue, as now
established; a distance of 99 feet to the Point of Beginning. Containing 0.136
acres, more or less. Also, beginning at the Northeast corner of Lot
172 of said Block 13; thence South along the East line of said Lot 172 and
Lots 173 through 176, inclusive, and along the West right-of-way line of Grand
Avenue, as now established, a distance of 247.50 feet to the Southeast
corner of said Lot 176; thence West along the South line of Lots 176 and 185 of
said Block 13 and along the North right-of-way line of U.S. Interstate
Highway Route No. 35 (Truman Road) , as now established, a distance of
247.50 feet to the Southwest corner of said Lot 185; thence North along
the West line of Lots 185 through 181, inclusive of said Block 13 and
along the East right-of-way line of Walnut Street, as now established, a
distance of 247.50 feet to the Northwest corner of said Lot 181; thence
East along the North lines of said Lots 181 and 172 and along the South
right-of-way line of 14th Street, as now established, a distance of 247.50
feet to the Point of Beginning. Containing 1.406 acres, more or less.
is approved and designated as the Power and Light
District Tax Increment Financing Plan Redevelopment Project VIII ("Project
VIII").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project VIII. After the total equalized assessed valuation of the taxable
real property in Project VIII exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project VIII, 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 VIII 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 VIII
over and above the initial equalized assessed value of each such unit of
property in the area selected for Project VIII 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 VIII 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 VIII
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:
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Assistant City Attorney