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ORDINANCE NO. 980655
Approving
and designating Project No. 14, included in the Second Amendment to the Civic
Mall 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November 24, 1982 and thereafter repealed and amended in certain respects by
Committee Substitute to 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 December 8, 1994, the City Council passed Ordinance No. 941589, which
approved the Civic Mall Tax Increment Financing Plan ("Redevelopment
Plan") and designated the area described therein as a Redevelopment Area;
and
WHEREAS,
on March 20, 1997, the City Council passed Ordinance No. 970236, which
approved the First Amendment to the Civic Mall Tax Increment Financing Plan
("First Amendment") and designated the area described therein as a
Redevelopment Area; and
WHEREAS,
on _________________, the City Council passed Ordinance No. 980654, which
approved the Second Amendment to the Civic Mall Tax Increment Financing Plan
("Second Amendment") and designated the area described therein as a
Redevelopment Area; and
WHEREAS,
the Redevelopment Plan, as amended by Ordinance No. 941589, Ordinance No.
970236 and Ordinance No. 980654, contemplates the implementation of the
Redevelopment Plan, as amended, through forty-four (44) separate Redevelopment
Projects (including nine (9) additional Redevelopment Projects authorized by
the Second Amendment in Ordinance No. 980654) 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 No. 14 legally described as follows:
That City Block legally described as beginning at the
intersection of the center line of Admiral Blvd. and the center line of Locust
Street; thence Easterly along the center line of Admiral Blvd. to the center
line of Cherry Street; thence North along the center line of Cherry Street to
the center line of 6th Street; thence West along the center line of 6th Street
to the center line of Locust Street; thence South along the center line of
Locust Street to the Point of Beginning, all included in and a part of Kansas
City, Jackson County, Missouri.
is
approved and designated as the Civic Mall Redevelopment Project No. 14
(hereinafter referred to herein as the "Redevelopment Project No.
14"). The area selected for said Redevelopment
Project
includes only those parcels of real property and improvements thereon which
will be directly and substantially benefitted by the Redevelopment Project
improvements therein.
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for the Redevelopment Project No.
14. After the total equalized assessed valuation of the taxable real property
in the Redevelopment Project Area exceeds the certified total initial equalized
assessed valuation of the taxable real property in the Redevelopment Project
No. 14, 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 penalties
and interest 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 or real property in the area selected
for Redevelopment Project No. 14 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 the Redevelopment Project No. 14, and any applicable penalty and interest
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 60 days of the due date
will be deemed delinquent and assessed a penalty of 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 penalties and
interest which are imposed by the City or taxing districts, and which are
generated by economic activities within the area selected for the Redevelopment
Project No. 14 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 personal
property taxes, taxes imposed on sales of charges for sleeping rooms paid by
transient guests of hotels and motels, taxes levied pursuant to 70.500
RSMo, taxes levied pursuant to 94.660 RSMo licenses, fees or special
assessments and personal property taxes, other than payments in lieu of taxes,
and penalties and interest thereon shall be allocated to, and paid by the local
political subdivision 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:
_______________________________________
Assistant
City Attorney