COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 960310
Approving and designating Redevelopment Project
IX 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 IX legally described as follows:
All that part of the Fractional
Southwest Quarter of Section 3, the Southeast Quarter of Section 4 and
Northeast Quarter of Section 9 and the Fractional Southwest quarter of Section
10, all in Township 51, Range 33, Kansas City, Platte County, Missouri, being
bounded and described as follows: Beginning at the Northeast corner of the
Fractional Southwest Quarter of said Section 10, being also a point in the
centerline of North Platte Purchase Drive, as now established; thence South
003058 West, along the East line of said Fractional Southwest Quarter,
1461.11 feet; thence South 892451 West, 187.78 feet; thence North 350444
West, 370.59; thence North 003058 East, 298.63 feet; thence Northwesterly,
along a curve to the right, having an initial tangent bearing of North 52o3603
West, and a radius of 330.00 feet, an arc distance of 37.82 feet; thence North
460202 West, 389.77 feet; thence Northwesterly, along a curve to the right,
tangent to the last described course, having a radius of 430.00 feet an arc
distance of 226.45 feet; thence Northwesterly, along a curve to the left,
having a common tangent with the last described course, and a radius of 275.00
feet, an arc distance of 277.42 feet; thence North 003058 East, 546.95 to a
point on the Southerly right-of-way line of Missouri Highway No. 152, as now
established; thence North 871318 East, along said right-of-way line, 341.45
feet; thence North 712049 East, along said right-of-way line, 604.67 feet;
thence North 833411 East, along said right-of-way line, 109.78 to a point on
the East line of the Fractional Southwest Quarter of said Section 3, being also
a point on the aforementioned centerline of North Platte Purchase Drive; thence
South 003058 West, along said East line, 584.06 feet to the True Point of Beginning.
Containing 30.87 acres, more or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project IX ("Project IX").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project IX After the total equalized
assessed valuation of the taxable real property in Project IX exceeds the
certified total initial equalized assessed valuation of the taxable real
property in Project IX, 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 IX 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 IX over and above the initial
equalized assessed value of each such unit of property in the area selected for
Project IX 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 IX 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