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WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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.

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Approved as to form and legality:

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Assistant City Attorney