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ORDINANCE NO. 000904
Approving
and designating Plaza East Project IV of the Brush Creek Corridor Tax Increment
Financing Plan, as amended, a Redevelopment Project and adopting tax increment
financing therein.
WHEREAS,
pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended
("the Act"), 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No. 54556, passed on November 24, 1982, and thereafter repealed and amended in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,
the Brush Creek Corridor Tax Increment Financing Plan (the "Plan")
was approved by the Commission and approved by the Council on March 11, 1999,
by Ordinance No. 990251 ("the Ordinance"); and
WHEREAS,
on June 8, 2000, the Council passed Committee Substitute for Ordinance No.
000606, which approved the First Amendment to the Brush Creek Corridor Tax
Increment Financing Plan and designated the area described therein as a
conservation area; and
WHEREAS,
the Plan, as amended, contemplates the implementation of the Plan through a
series of separate Redevelopment Projects and the adoption of tax increment
financing in each of the areas selected for such Redevelopment Project, 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 the Plaza East Project IV, legally described as
follows:
Beginning at the southeast corner of the intersection
of 48th Street and Tracy Avenue and follows the Tracy Avenue right-of-way south
to the Brush Creek channel, then extending along the edge of Brush Creek in a
northeasterly direction to the back property line of parcels on the east side
of Virginia Avenue, then straight north to the southern boundary of Phase I of
the Plaza Eats TIF Project, then west to the Virginia Avenue right-of-way, and
then southwesterly at an angle to the point of beginning at Tracy Avenue and
48th Street, Kansas City, Jackson County, Missouri.
is
approved and designated as the Plaza East Project IV (hereinafter referred to
as the "Redevelopment Project Area"). The Redevelopment Project Area
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 Area. 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
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, 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 the Redevelopment Project Area 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 Area, 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 Area 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 Section 70.500
RSMo, taxes levied pursuant to Section 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