COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 960309
Approving and designating Redevelopment Project
X of the Barry Towne Tax Increment Financing Plan 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 June 6,
1996, the City Council passed Committee Substitute for Ordinance No. 960307,
which accepted the recommendations of the Commission as to the Barry Towne Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area to be an economic development area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through a number of 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 Redevelopment Project X legally described as follows:
All that part of the
Southeast Quarter of Section 4 and the Northeast Quarter of Section 9, both in
Township 51, Range 33, Kansas City, Platte County, Missouri, being bounded and
described as follows: Commencing at the Southeast corner of the Southeast
Quarter of said Section 4; thence North 89o3923 West, along the
South line of said Southeast Quarter, 995.11 feet to the True Point of
Beginning of the tract to be herein described; thence continuing North 89o3923
West, along said South line, 328.90 feet; thence North 58o4503
West, 176.63 feet to a point on the Southerly right-of-way line of Missouri
Highway No. 152, as now established; thence Easterly, along said right-of-way
line, along a curve to the left, having an initial tangent bearing of North 82o0453
East, and a radius of 3959.72 feet, an arc distance of 408.46 feet; thence
North 88o0841 East, along said right-of-way line, 214.52 feet;
thence North 64o0646 East, along said right-of-way line, 623.75
feet; thence North 87o1318 East, along said right-of-way line,
42.45 feet; thence South 00o3058 West, 546.95 feet; thence
Westerly, along a curve to the left, having an initial tangent bearing of North
73o3938 West, and a radius of 275.00 feet, an arc distance of
76.77 feet; thence North 89o3923 West, 170.22 feet; thence
Westerly, along a curve to the left, tangent to the last described course,
having a radius of 329.52 feet, and an arc distance of 140.94 feet; thence
South 65o5017 West, 38.73 feet; thence Westerly, along a curve to
the right, tangent to the last described course, having a radius of 803.02
feet, and an arc distance of 145.41 feet; thence Westerly, along a curve to the
left, having a common tangent with the last described course, and a radius of
415.74 feet, an arc distance of 87.32 feet; thence North 25o1838
West, 226.16 feet to the True Point of Beginning. Containing 8.26 acres, more
or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project X ("Project X").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project X After the total equalized
assessed valuation of the taxable real property in Project X exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project X, 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 X 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 X over and above the initial equalized assessed value
of each such unit of property in the area selected for Project X 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 X 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.
_____________________________________________
Approved as
to form and legality:
_______________________________
Heather
A. Brown
Assistant City Attorney