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Legislation #: 971000 Introduction Date: 7/10/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
7/10/1997

Prepare to Introduce

7/10/1997

Referred Planning, Zoning & Economic Development Committee

7/16/1997

Hold On Agenda

8/6/1997

Hold On Agenda

8/20/1997

Hold Off Agenda

1/20/1999

Hold Off Agenda

1/9/2002

Released


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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:

 

 

 

___________________________________

Assistant City Attorney