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Legislation #: 160422 Introduction Date: 5/26/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER AND COUNCILMEMBER LOAR
Title: Approving and designating Redevelopment Project F of the Platte Purchase Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
5/26/2016 Filed by the Clerk's office
5/26/2016 Referred to Planning, Zoning & Economic Development Committee
6/8/2016 Hold On Agenda (6/15/2016)
6/15/2016 Hold On Agenda (7/6/2016)
7/6/2016 Hold Off Agenda

View Attachments
FileTypeSizeDescription
160422 Fact Sheet.pdf Fact Sheet 126K Fact Sheet
Project F ordinance.docx Request for Ordinance 22K Project F Ordinance

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ORDINANCE NO. 160422

 

Approving and designating Redevelopment Project F of the Platte Purchase Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council previously accepted the recommendations of the Commission as to the Platte Purchase Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

 

WHEREAS, the Redevelopment Plan contemplates 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. That 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. That the area selected for Redevelopment Project F legally described as follows:

 

A tract of land in the Fractional Northwest Quarter of Section 10, Township 51 North, Range 33 West of the 5th Principal Meridian in Kansas City, Platte County, Missouri being bounded and described as follows: Commencing at the Northwest corner of the Fractional Southwest Quarter of Section 3, Township 51 North, Range 33 West of the 5th Principal Meridian in Kansas City, Platte County, Missouri; thence South 00 degrees 28 minutes 49 seconds West, along the West line of said Fractional Southwest Quarter, 2,638.38 feet to the Northwest Corner of said Fractional Northwest Quarter; thence North 89 degrees 24 minutes 43 seconds West, along the North line of said Fractional Northwest Quarter, 349.55 feet; thence South 00 degrees 35 minutes 17 seconds East, 801.54 feet to a point on the South right-of-way line of N.W. 87th Terrace, as now established, said point also being the point of beginning of the tract of land to be herein described; thence Easterly, along said South right-of-way line, on a curve to the left, having an initial tangent bearing of South 54 degrees 11 minutes 54 seconds East with a radius of 428.54 feet, a central angle of 35 degrees 51 minutes 20 seconds and an arc distance of 266.93 feet; thence South 89 degrees 33 minutes 52 seconds East, continuing along said South right-of-way, 65.30 feet to a point on the West right-of-way line of N. Platte Purchase Drive, as now established; thence Southeasterly, along said West right-of-way line, on a curve to the right, having an initial tangent bearing of South 89 degrees 39 minutes 32 seconds East with a radius of 26.09 feet, a central angle of 89 degrees 12 minutes 15 seconds and an arc distance of 40.62 feet; thence South 00 degrees 11 minutes 35 seconds West, continuing along said West right-of-way line, 468.59 feet; thence North 89 degrees 28 minutes 45 seconds West, 126.09 feet; thence North 36 degrees 19 minutes 59 seconds West, 334.35 feet to a point on the East line of Barry Elementary School, a subdivision of land in Kansas City, Platte County, Missouri; thence North 36 degrees 37 minutes 46 seconds West, along said East line, 29.50 feet; thence North 00 degrees 29 minutes 44 seconds East, continuing along said East line, 282.12 feet to the point of beginning. Containing 143,821 square feet or 3.30 acres, more or less.

 

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

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project F. After the total equalized assessed valuation of the taxable real property in Project F exceeds the certified total initial equalized assessed valuation of the taxable real property in Project F, 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 project 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 F shall be allocated to and, when collected, shall be paid by the Clay 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 F over and above the initial equalized assessed value of each such unit of property in the area selected for Project F shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project F Costs within the Redevelopment Area, 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. That 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 F over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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, which are necessary to the payment of Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

 

_____________________________________________

 

Approved as to form and legality:

   

 

_____________________________

Brian T. Rabineau

Assistant City Attorney