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ORDINANCE NO. 991310
Approving and designating
Redevelopment Project Area 3 of the Prospect North Tax 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1982 and thereafter repealed and amended in certain respects by Committee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 ,
the City Council passed Ordinance No. 991307, which approved the Prospect North
Tax Increment Financing Plan ("Redevelopment Plan") and designated
the Redevelopment Area as a blighted area; and
WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through three 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 Area 3 legally described as follows:
Two
non-contiguous tracts of land in Kansas City, Clay County, Missouri described
as follows:
Tract
One
A
tract of land in Section 7, Township 51, Range 32, Kansas City, Clay County,
Missouri, described as follows:
Commencing
from the Northwest corner of the Southwest of the Southwest of the
Southwest of Section Seven, Township Fifty-one, Range Thirty-two, Kansas
City, Clay, Missouri; thence south 88 degrees, 57 minutes, 33 seconds east a
distance of 36.08 feet; thence south along the quarter section line a distance
of 374.81 feet to a point; thence south 67 degrees, 46 minutes, 33 seconds east
a distance of 99.67 feet to a point; thence south 69 degrees, 17 minutes, 46
seconds east a distance of 50.07 feet to a point around a curve to the left
through a central angle of 18 degrees, 13 minutes, 39 seconds an arc distance
of 897.71 feet a chord bearing of south 78 degrees, 55 minutes, 05 seconds east
a distance of 893.93 feet to a point; thence west a distance of 1026.29 feet to
a point in the west line of the Southwest Quarter of the Southwest Quarter of
Section 7, Township 51, Range 32; thence south a distance of 604.10 feet to a point
in the south line of the Northwest Quarter of the Southeast Quarter of the
Southwest Quarter of Section 7, Township 51, Range 32 to the Point of
Beginning. EXCEPT the south 30 feet in public road AND EXCEPT that part taken
by the State of Missouri, acting by and through the Missouri Highway and
Transportation
Commission
as described in General Warranty Deed filed for record under Document No. F
81657 in Book 1784 at Page 436. Containing approximately 26.29 acres.
Tract
Two
A
tract of land situated in the NW of Section 18, Township 51, Range 32, Kansas
City, Clay County, Missouri described as follows: Commencing at the Northeast
Corner of said NW ; thence N 89 degrees 2 49 West, along the North line of
said NW , 1270.26 feet to the NW corner, E (by plat) of said ; thence S 00
degrees 18 59 West, along the west line of said E , 599.01 feet to the
point of beginning of the tract to be described herein, said point being on the
westerly right-of-way line of North Agnes Avenue as established by a document
recorded in book 604 at page 314 in the Recorders office of said Clay County;
thence S 24 degrees 43 01 E, along said right-of-way line, 225.00 feet;
thence southerly, continuing along said line on a curve to the right having a
radius of 20.00 feet and tangent to the last described course, an arc distance
of 24.43 feet; thence S 45 degrees 16 59 W, continuing along said line, 66.80
feet; thence southerly, continuing along said line on a curve to the left
having a radius of 90.00 feet and tangent to the last described course, an arc
distance of 94.25 feet; thence S 14 degrees 43 01 E, continuing along said
line, 266.47 feet; thence S 14 degrees 59 01 E, continuing along said line,
198.76 feet; thence S 09 degrees 59 01 E, continuing along said line, 125.76
feet; thence N 89 degrees 19 31 W, 151.35 feet to the west line of said E ,
said line also being the east line of Tract B, Maple Park Place, 4th Plat, a
subdivision in said Kansas City; thence N 00 degrees 18 59 E, along the west
line of said E , 903.63 feet to the point of beginning.
is approved and designated as
Redevelopment Project Area 3.
Section 3. Tax
increment allocation financing is hereby adopted for taxable real property in
the above described area selected for Redevelopment Project Area 3. After the
total equalized assessed valuation of the taxable real property in
Redevelopment Project Area 3 exceeds the certified total initial equalized
assessed valuation of the taxable real property in Redevelopment Project Area
3, 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 Redevelopment Project Area 3 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 Redevelopment Project Area 3 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 Redevelopment Project Area 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,
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