ORDINANCE NO. 911444
Approving Redevelopment Project 9 of the Winchester
Center Tax Increment Financing Plan as a Redevelopment Project and adopting Tax
Increment Financing therein.
WHEREAS, the City Council of Kansas City, Missouri
(the "City Council"), by Ordinance No. 54556 adopted on November 24,
1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the
Tax Increment Financing Commission of Kansas City, Missouri (the "Commission");
and
WHEREAS, on November 6, 1991, the Commission adopted
a resolution recommending to the City Council the adoption of a redevelopment
plan entitled the "Winchester Center Tax Increment Financing Plan"
(the "Redevelopment Plan"); and
WHEREAS, on ________________________, the City
Council adopted Ordinance No. 911435, which accepted the recommendations of the
Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found
the Redevelopment Area to be a conservation area; designated the Redevelopment
Area as a redevelopment area pursuant to the Act; approved an agreement with
the Commission; and authorized the Commission to take all such action as may be
needed to effectuate the Plan; and
WHEREAS, the Redevelopment Plan and Ordinance No.
911435 contemplate the separate approval of each Redevelopment Project and the
adoption of Tax Increment Financing therein at the discretion of the City
Council; 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 Redevelopment Project 9 legally
described as:
All of Tracts E, F and G, WINCHESTER BUSINESS
CENTER, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof.
is hereby approved.
Section 3. Tax increment allocation financing is
hereby adopted for Redevelopment Project 9. After the total equalized assessed
valuation of the taxable real property in the area selected for Redevelopment
Project 9 exceeds the certified total initial equalized assessed value of all
taxable real property in the area selected for such Redevelopment Project, the
ad valorem taxes and payments in lieu of taxes, if any, arising from the levies
upon taxable real property in the area selected for such Redevelopment Project
by taxing districts and tax rates determined in the manner provided in Subsection
2 of Section 99.855, RSMo, each year after the effective date of this ordinance
until Redevelopment Project Costs have been paid shall be divided as follows:
a. That portion of taxes levied upon each
taxable lot,
block, 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 Redevelopment Project 9 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.
b. 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 Redevelopment Project 9 over and above the initial equalized
assessed value of each such unit of property in the area selected for
Redevelopment Project 9 shall be allocated to and, when collected, shall
be paid to the City Treasurer, who shall deposit such payments in lieu of
taxes into the Winchester Center Special Allocation Fund of the City
for the purpose of paying Redevelopment Costs and obligations incurred in
the payment thereof.
Section 4. In addition to the payments in lieu of
taxes described above, and subject to annual appropriation, fifty percent (50%)
of the total additional revenue from taxes which are imposed by the
municipality or other taxing districts, and which are generated by economic
activities within the area selected for Redevelopment Project 9 over the amount
of such taxes generated by economic activities within the area selected for
Redevelopment Project 9 in the calendar year prior to the approval of
Redevelopment Project 9 by ordinance, while tax increment financing remains in
effect, but excluding taxes imposed on sales or 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 treasurer or other
designated financial officer of the municipality, who shall deposit such funds
in a separate segregated Winchester Center Economic Activities account within
the Winchester Center Special Allocation Fund for the retirement of obligations
or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.
_____________________________________________
Approved as to form and
legality:
___________________________________
Assistant City Attorney