COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 970378
Approving and
designating Project 4 (Hotel) of the Country Club Plaza 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 April 17, 1997, the City Council passed Ordinance No. 970374, which approved the Country
Club Plaza Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area as a conservation area; and
WHEREAS, the
Redevelopment Plan and Ordinance contemplate the implementation of the
Redevelopment Plan through nine 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 4 (Hotel), legally described as follows:
Lot 93, except the West
10 feet thereof, measured at right angles to the West line of said Lot, and the
West 39 feet of Lot 94, LA SOLANA, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof. The East 11 feet of Lot
94, all of Lot 95, and the West 12, feet of Lot 96, LA SOLANA, a subdivision in
Kansas City, Jackson County, Missouri, according to the recorded plat thereof. The
East 38 feet of Lot 96, and the West 35 feet of Lot 97, LA SOLANA, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof. Lot 99, except the East 5 feet thereof, all of Lot 98, and the
East 15 feet of Lot 97, LA SOLANA, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof. The East 5 feet of
Lot 99, and all of Lot 100, LA SOLANA, a subdivision in Kansas City,
Jackson County, Missouri, according to the recorded plat thereof. The South
66-2/3 feet of the North 250 feet of Lot 24, except the East 30 feet in
Broadway, HOME PLACE, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof. Also described as follows: Beginning
at the Southwest corner of Lot 93 of LA SOLANA, a subdivision in Kansas City,
Jackson County, Missouri, according to the recorded plat thereof, being also a
point on the North right-of-way line of 46th Street Terrace, as now
established; thence North along the West line of said Lot 93 and along the East
right-of-way line of Pennsylvania Avenue, as now established, a distance of
121.22 feet, more or less to a point on the North line of said Lot 93; thence
East along the North line of said Lots 93 through 100, inclusive, a distance of
409.08 feet, more or less to the Northeast corner of said Lot 100 of said LA
SOLANA; thence South along the East line of said Lot 100 and along the West
line of Lot 24 of HOME PLACE, a subdivision, according to the recorded
plat thereof, a distance of 63.55 feet, more or less to the Northwest corner of
the South 66-2/3 feet of said Lot 24; thence East along the North line of said
South 66-2/3 feet, a distance of 89.21 feet, more or less to a point on the
East line of said Lot 24, being also a point on the West right-of-way line of
Broadway, as now established; thence South along said East line and said West
right-of-way line, a distance of 66.67 feet, more or less to the Southeast
corner of said Lot 24; thence West along the South line of said Lot 24 and
along the South line of Lots 100 and 99 and along the North right-of-way line
of said 46th Terrace, a distance of 150 feet, more or less to a point of
intersection with the Northerly prolongation of the West line of TOWNSEND PLACE
CONDOMINIUM, a condominium subdivision, according to the recorded plat thereof;
thence South along said Northerly prolongation, 50 feet to a point on the South
right-of-way line of said 46th Terrace, being also the Northwest corner of said
TOWNSEND PLACE CONDOMINIUM; thence East along said South right-of-way line, a
distance of 337.99 feet more or less to a point of intersection with the
East right-of-way line of said Pennsylvania Avenue; thence North along the
northerly prolongation of said East right-of-way line, 50 feet to a point on
the North right-of-way line of said Pennsylvania Avenue, being also a point on
the South line of Lot 93 of said LA SOLANA; thence West along the South line of
said Lot 93 and along said North right-of-way line, 10 feet, more or less to
the Point of Beginning.
is approved and
designated as Project 4 (Hotel).
Section 3.
Tax increment allocation financing is hereby adopted for taxable real property
in the above described area selected for Project 4 (Hotel). After the total
equalized assessed valuation of the taxable real property in Project 4 (Hotel)
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 4 (Hotel) 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 4 (Hotel) 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 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, 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 4 (Hotel) 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 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,
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 4 (Hotel) includes only those parcels of real
property and improvements thereon which will be substantially benefited by the
proposed redevelopment project improvements.
_______________________________________________________
Approved as
to form and legality:
________________________________
Heather A.
Brown
Assistant City Attorney