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ORDINANCE NO. 991060
Approving
and designating Project 4, of the First Amendment to the 22nd & Main Tax
Increment Financing Plan as 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No. 54556, passed on November 24, 1982, and thereafter repealed and amended in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 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 ______________, 1999, the City Council passed Ordinance No. 991058, which
approved the First Amendment to the 22nd & Main Tax Increment Financing
Plan (the "Amendment") and designated the Redevelopment Area as a
conservation area; and
WHEREAS,
the Amendment and Ordinance contemplate the implementation of the Amendment
through twenty-three (23) 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 Project 4, legally described as follows:
Lots 1 through 15, Block 16, GOODRICH ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, together with that part
of the public right-of-way running parallel to the eastern boundary of the
above-described property, and together with that public right-of-way located
immediately adjacent and to the south of Lot 13, Block 16, GOODRICH ADDITION, a
subdivision in Kansas City, Jackson County, Missouri.
is
approved and designated as Project 4, (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 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