COMMITTEE SUBSITUTTE FOR ORDINANCE NO. 960317
Approving and designating Redevelopment Project
IIIB 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 IIIB legally described as follows:
All that part of the
Southeast Quarter of Section 3, and the Northeast Quarter of Section 10, both
in Township 51, Range 33, Kansas City, Clay County, Missouri, being bounded and
described as follows: Commencing at the Southwest corner of the Southeast Quarter
of said Section 3; thence North 00o4718 East, along the West line
of said Southeast Quarter, 265.86 feet; thence South 89o1242 East,
385.77 feet to the True Point of Beginning of the tract to be herein described;
thence Northerly, along a curve to the left, having an initial tangent bearing
of North 03o4213 West, and a radius of 488.61 feet, an arc
distance of 244.95 feet; thence North 33o3239 East, 71.60 feet;
thence Northerly, along a curve to the right, tangent to the last described
course, having a radius of 750.00 feet, an arc distance of 439.09 feet; thence
North 00o0000 East, 217.04 feet; thence North 90o0000
East, 29.75 feet; thence North 00o0000 East, 569.38 feet to a
point on the Southerly right-of-way line of Missouri Highway No. 152, as now
established; thence South 77o0116 East, along said right-of-way
line, 482.83 feet; thence South 42o4255 East, along said Southerly
right-of-way line, 531.60 feet; thence South 25o2958 East, along
said Southerly right-of-way line, 403.61 feet; thence South 06o2411
East, along said Southerly right-of-way line, 274.74 feet to a point of the
Westerly right-of-way line of US Highway No. 169, as now established; thence
Southerly, along said Westerly right-of-way line, on a curve to the left,
having an initial tangent bearing of South 15o4715 West, a radius
of 5839.58 feet, an arc distance of 917.57 feet; thence North 69o1833
West, 429.91 feet; thence Northerly, along a curve to the left, having an
initial tangent bearing of North 00o5919 West, and a radius of
450.00 feet, an arc distance of 485.25 feet to the True Point of Beginning.
Containing 32.95 acres, more or less.
is approved and designated as the Barry Towne
Tax Increment Financing Plan Redevelopment Project IIIB ("Project
IIIB").
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Project IIIB. After the total equalized
assessed valuation of the taxable real property in Project IIIB exceeds the certified
total initial equalized assessed valuation of the taxable real property in
Project IIIB, 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 IIIB 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 IIIB over and above the initial
equalized assessed value of each such unit of property in the area selected for
Project IIIB 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 IIIB 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