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Legislation #: 140749 Introduction Date: 9/4/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER MARCASON
Title: Amending Committee Substitute for Ordinance No. 040157 by repealing Sections 2 and 4 thereof, and enacting in their place new sections of like designation and subject matter for the purposes of amending the legal description for Redevelopment Project 3 of the 1200 Main/South Loop Tax Increment Financing Plan, as amended, and updating the identification of available economic activity taxes.

Legislation History
DateMinutesDescription
9/5/2014 Filed by the Clerk's office
9/4/2014 Referred to Planning, Zoning & Economic Development Committee
9/10/2014 Advance and Do Pass, Debate
9/11/2014 Passed

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140749.pdf Authenticated 262K Authenticated
fact sheet.xlsx Fact Sheet 42K fact sheet

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ORDINANCE NO. 140749

 

Amending Committee Substitute for Ordinance No. 040157 by repealing Sections 2 and 4 thereof, and enacting in their place new sections of like designation and subject matter for the purposes of amending the legal description for Redevelopment Project 3 of the 1200 Main/South Loop Tax Increment Financing Plan, as amended, and updating the identification of available economic activity taxes.

 

WHEREAS, the City Council previously accepted the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri (“Commission”) as to the Eight Amendment to the 1200 Main/South Loop Tax Increment Financing Plan (“Redevelopment Plan”) and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan contemplates 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; and

 

WHEREAS, on December 1, 2005, the Council passed Ordinance No. 040157, approving Redevelopment Project 3 of the 1200 Main/South Loop Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor; and

 

WHEREAS, Redevelopment Project 3 has been amended to include additional real property, and it is necessary to modify the legal description for said project area to reflect the additional property included in said project area; and

 

WHEREAS, Section 99.845.3, RSMo, has been amended since the passage of Ordinance No. 040157 such that it is necessary to modify the identification of available economic activity taxes for purposes of funding those projects contemplated by the Eighth Amendment to the 1200 Main/South Loop Tax Increment Financing Plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

  

Section A. That Section 2 of Ordinance No. 040157 is hereby repealed and a new section 2 is enacted in its place, to read as follows:

 

Section 2. The area selected for Redevelopment Project 3, legally described as follows:

 

All of Block E, SECOND RESURVEY OF REID'S ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof; together with certain land lying North and East of and contiguous to said Block E, all being more particularly described as follows: Beginning at the southwest corner of Lot 4, Block E, Second Survey of Reid's Addition, thence North 02 degrees 07 minutes 14 seconds East a distance of 145.06 feet to the Southwest corner of Unit 1, K.C. Live, a condominium subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, which corner of Unit 1 is located on the East right of way line of Baltimore Avenue, thence South 87 degrees 23 minutes 11 seconds East a distance of 122.34 feet along the Southern line of that portion of said Unit 1 lying North of said Block E, thence South 02 degrees 14 minutes 29 seconds West a distance of 144.93 feet along the Western line of that portion of said Unit 1 lying East of said Block E to a more Southerly corner of said Unit 1, which corner is located on the North right of way line of W. 14th Street, thence North 87 degrees 26 minutes 57 seconds West a distance of 122.04 feet to the point of beginning

 

and

 

All of Lots 1 through 12, Block 7, REID’S ADDITION, a subdivision in Kansas City, Jackson County, Missouri, more particularly described as follows: Beginning at the Northeast corner of said Lot 1, said point being the Southwest corner of 13th Street and Baltimore Ave.; thence South 02 degree 07 minutes 33 seconds West along the West line of said Baltimore Ave., a distance of 301.29 feet to the Southeast corner of said Lot 12, said point being at the Northeast corner of a 15 foot Alley; thence North 87 degrees 10 minutes 48 seconds West along said North line, a distance of 142.23 feet to the Southwest corner of said Lot 12, said point being at the intersection of said North line and the East line of a 16 foot Alley; thence North 02 degrees 07 minutes 38 seconds East along said East line, a distance of 301.11 feet to the Northwest corner of said Lot 1 and the South line of said 13th Street; thence South 87 degrees 14 minutes 54 seconds East along said South line, a distance of 142.22 feet to the Point of Beginning.

 

is approved and designated by the Redevelopment Plan as Redevelopment Project Area 3 (“Project 3”).

 

Section B. That Section 4 of Ordinance No. 040157 is hereby repealed and a new Section 4 is enacted in its place, to read as follows:

 

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 3 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, taxes levied pursuant to Section 70.500 RSMo, taxes levied for the purpose of public transportation pursuant to Section 94.660, RSMo, the sales tax imposed by Jackson County, Missouri to fund improvements to the Sports Stadium Complex, any sales tax imposed by Jackson County, Missouri to fund transit authority operation facilities and any increase in such taxing district’s sales or additional use tax or any other tax now or hereafter excluded from tax increment financing by state statute 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.

 

Section C. The Ordinance approving and designating Redevelopment Project 3 of the Redevelopment Plan was adopted on December 1, 2005, and thus completion of Redevelopment Project 3, the expiration of tax increment financing and the retirement of obligations secured with such tax increment financing for the purpose of funding Redevelopment Project Costs identified by the Redevelopment Plan must occur by November 30, 2028 (the “Project 3 Termination Date”). Nothing herein shall be construed or interpreted to extend Redevelopment Project 3 beyond the Project 3 Termination Date.

 

_____________________________________________

 

Approved as to form and legality:

 

  

______________________________

Brian T. Rabineau

Assistant City Attorney