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COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 971714
Approving
and designating Union Hill Redevelopment Project G of the Union Hill Increment Financing
Plan as a Redevelopment Project and adopting tax increment financing therein.
WHEREAS,
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November 24, 1982, and thereafter repealed and amended in certain respects by Committee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,
on December 18, 1997, the City Council passed Committee Substitute for
Ordinance No. 971698, which approved the Union Hill Tax Increment Financing
Plan ("Redevelopment Plan") and designated the Redevelopment Area as
a conservation area; and
WHEREAS,
the Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through 40 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 G legally described as follows:
All
of Lots 1 through 3, R&D REALTY ADDITION; and
The south 125 feet of Lots 3 and 4 and the west
31.5 feet of the south 125 feet of Lot 2 and the north half of the vacated
alley lying south of and adjoining said premises, SPRINGFIELD PARK ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.
is
approved and designated as Union Hill Redevelopment Project G (the
"Redevelopment Project").
Section
3. Tax increment allocation financing is hereby adopted for taxable real
property in the above described area selected for the Redevelopment Project.
After the total equalized assessed valuation of the taxable real property in
the Redevelopment Project exceeds the certified total initial equalized
assessed valuation of the taxable real property in the Redevelopment Project,
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 or real property in the area selected for the
Redevelopment Project 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 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 which are
imposed by the City or taxing districts, and which are generated by economic
activities within the area selected for the Redevelopment Project 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:
___________________________________
Assistant
City Attorney