ORDINANCE NO. 951364

Approving Redevelopment Project 2 of the Gateway 2000 Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

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

WHEREAS, on September 20, 1995, the Commission adopted a resolution recommending to the City Council the adoption of a redevelopment plan entitled the "Gateway 2000 Tax Increment Financing Plan" (the "Redevelopment Plan"); and

WHEREAS, on September 20, 1995, the City Council adopted Ordinance No. 951362, which accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment Area to be a conservation area; designated the Redevelopment Area as a redevelopment area pursuant to the Act; and authorized the Commission to take all such action as may be needed to effectuate the Plan; and

WHEREAS, the Redevelopment Plan and Ordinance No. 951362 contemplate the separate approval of each Redevelopment Project and the adoption of Tax Increment Financing for each Project at the discretion of the City Council; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. All terms used in this ordinance must be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 2. The Redevelopment Project 2 legally described as:

PHASE II: Part Lot 12 in Block 6; all of Lots 3 thru 7, inclusive, and part of Lots 8 thru 14, inclusive in Block 11 in the "SECOND PLAT OF DEPOT ADDITION"; all of Lots 1 thru 5, inclusive, in "BOVARD AND DICKSON'S SUBDIVISION OF LOTS 1 AND 2, BLOCK 11 IN DEPOT ADDITION"; part of Lots of Lots 1 & 32 in Block 10 in "SKILES AND WESTERN'S ADDITION", together with all or portions of the vacated streets, and alleys adjoining the above mentioned Lots, all being a part of Lot 2 in the Southwest Quarter of Fractional Section 6, Township 49 North, Range 33 West of the Fifth Principal Meridian in Kansas City, Jackson County, Missouri, according to the official plat of said land, filed in the District Land Office at St. Louis, Missouri, dated July 31, 1862 and being more particularly described as follows:

NOTE: Bearings stated in the following description are oriented to Geodetic North, computed from Kansas State Plane Coordinate values assigned to the intersection of the center line of Interstate Highway I-670 with the Kansas/Missouri State Line.

Commencing at a point on the Kansas/Missouri State Line and the West line of the Southwest Quarter of said Fractional Section 6, said point being 1316.35 feet North of the Southwest corner of the Southwest Quarter of said Fractional Section 6; thence South 88 03' 57" East 383.01 o the "true point of beginning";Thence North 1 56' 03" East 390.21 to a point on the North side of a concrete access road and access easement described in Book K-1859 at Page 873; thence South 61 46' 59" East 18.46 feet to the beginning of a curve concave to the North having a radius of 382.84 feet; thence Easterly, along said curve and said North line, 175.63 feet; thence North 55 30' 16" East 25.99 feet to a point on the South right-of-way line of I-670 Highway, as now established. Thence South 88 16' 01" East 30.00 feet, along said South right-of-way line, to a point on the West right-of-way line of Genessee Street as now established; thence South 1 47' 12" West 358.00 feet, along said West right-of-way line; thence North 88 03' 57" West 237.92 feet, to the "true point of beginning" of the tract herein described, containing 84,863 square feet or 1.9482 acres more or less.

is approved.

Section 3. Tax increment allocation financing is adopted for Redevelopment Project 2. After the total equalized assessed valuation of the taxable real property in the area selected for Redevelopment Project 2 exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid will be divided as follows:

a. That portion of taxes levied upon each taxable lot, block, 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 Redevelopment Project 2 will be allocated to and, when collected, will 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.

b. 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 Redevelopment Project 2 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 2 will be allocated to and, when collected, will be paid to the City Treasurer, who must deposit such payments in lieu of taxes into the Gateway 2000 Special Allocation Fund of the City for the purpose of paying Redevelopment 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 above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project 2 over the amount of such taxes generated by economic activities within the area selected for Redevelopment Project 2 in the calendar year prior to the approval of Redevelopment Project 2 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or 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, will be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who must deposit such funds in a separate segregated Gateway 2000 Economic Activities account within the Gateway 2000 Special Allocation Fund for the retirement of obligations or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney