ORDINANCE NO. 081129
Approving and designating Shoal
Creek Parkway Redevelopment Project Z of the Shoal Creek Parkway 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
November 10, 1994, the City Council passed Ordinance No. 941443, which accepted
the recommendations of the Commission as to the Shoal Creek Parkway Tax
Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment
Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and the 8 amendments thereto and the corresponding
ordinances 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 Z legally described as follows:
All that part of the
Southeast and Southwest Quarter of Section 34, Township 52 North, Range 32
West, Kansas City, Clay County, Missouri, being described as follows:
Commencing at the Southeast corner of said Southeast Quarter; thence South
891808 East, along the South line of said Southeast Quarter, 787.12 feet;
thence North 000331 West, 131.19 feet to the centerline of Northeast 96th
Street, as now established, said point being the True Point of Beginning of the
Tract to be herein described; thence South 895629 West, along said
centerline, 359.53 feet; thence North 885531 West, along said centerline,
467.23 feet; thence North 010420 East, 64.00 feet; thence Northwesterly,
along a curve to the right, having an Initial Tangent Bearing of North
885531 West, a radius of 15.00 feet, a central angle of 855200, an arc
distance of 54.29 feet to a point of the East Right-of-Way line of North Tullis
Drive, as now established; thence North 000331 West, along said East
Right-of-Way line, 174.55 feet; thence Northerly, along said East Right-of-Way
line, on a curve to the left, tangent to the last described course, having a
radius of 812.00 feet, a central angle of 170522, an arc distance of 242.19
feet; thence North 170853 West, along said East Right-of-Way line, 73.53
feet to the Southwest corner of Lot 57, Benson Place-Second Plat, a subdivision
of land in Kansas City, Clay County, Missouri; thence North 721231 East,
along the South line of said Benson Place-Second Plat, 77.95 feet; thence South
765328 East, along said South line, 361.38 feet; thence North 890725
East, along said South line 140.25 feet; thence North 781306 East, along
said South line 129.50 feet; thence North 750042 East along said South line
and the South line of Benson Place-First Plat, a subdivision of land in Kansas
City, Missouri 231.64 feet; thence South 000331 West, 621.08 feet to the
True Point of Beginning. Containing 11.27 acres, more or less.
is approved and designated as the
Shoal Creek Parkway Tax Increment Financing Plan Redevelopment Project Z
(Project Z).
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project Z. After the total equalized
assessed valuation of the taxable real property in Project Z exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project Z, 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 Z shall be allocated to and,
when collected, shall be paid by the Clay 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 Z over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project Z 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 Z 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.
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Approved as to
form and legality:
______________________________
Heather A. Brown
Assistant City Attorney