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Legislation #: 030402 Introduction Date: 3/27/2003
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 1 of the Pershing Road Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
3/27/2003

Prepare to Introduce

3/27/2003

Referred Planning, Zoning & Economic Development Committee

4/2/2003

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
11/9/2005 Advance and Do Pass as a Committee Substitute, Debate
11/10/2005 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030402

 

Approving and designating Redevelopment Project 1 of the Pershing Road Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Committee Substitute for 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 April 3, 2003, the City Council passed Ordinance No. 030401, which accepted the recommendations of the Commission as to the Pershing Road Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Redevelopment Plan subsequently has been amended by the passage of Committee Substitute for Ordinance No. 030847, Committee Substitute for Ordinance No. 040564 and Ordinance No. 051322, As Amended; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through eight (8) 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 1 legally described as follows:

 

Commencing at the intersection of the centerline of West Pennway with the centerline of 26th Street east of said West Pennway; thence North 0227'03" East, along said centerline, 240.87 feet; thence South 8732'57" East, 45.00 feet, to a point on the east right-of-way line of said West Pennway, said point being the point of beginning of the herein described tract; thence North 0227'03" East, along said east right-of-way line, 465.68 feet, to a point on the north right-of-way line of 25th Street as established by Ordinance No. 7443, approved March 15, 1911; thence North 8723'56" West, along said north right-of-way line, 5.03 feet, to the east right-of-way line of said West Pennway; thence North 0222'06" East, along said east right-of-way line, 261.62 feet to the beginning of a curve, concave to the southeast, having a radius of 100.00 feet; thence northeasterly 157.40 feet, along said curve through a central angle of 9011'00", to a point on the south
right-of-way line of Pershing Road, as established by Ordinance No. 37009, approved February 19, 1920; thence South 8726'54" East, along said south right-of-way line, 165.33 feet, to the northeast corner of Lot 19, Block 5, Jameson's Subdivision, a subdivision in Kansas City, Jackson County, Missouri; thence South 8721'48" East, along said south line of Pershing Road, 40.00 feet to the northwest corner of Lot 14, Block B, Jameson's Subdivision, a subdivision in Kansas City, Jackson County, Missouri; thence South 8721'48" East, along said right-of-way line, 276.45 feet; thence South 7727'36" East, 81.26 feet, to a point on the westerly prolongation of the south right-of-way line of said Pershing Road, as it now exists; thence South 8724'25" East, along said westerly prolongation and south right-of-way line, 490.95 feet to a point on the west line of Lot 5, Waldo Tract Subdivision, a subdivision in Kansas City, Jackson County, Missouri; thence South 0227'37" West, along said west line, 44.56 feet; thence South 875959 East, 1.44 feet; thence South 020001 West, 236.83 feet; thence South 875959 East, 66.68 feet to the point of intersection with the west line of the land condemned by Kansas City, Missouri, for park purposes by Ordinance No. 52958, approved July 29, 1926; thence South 3451'06" West, along the westerly line of said park land, 130.76 feet, to a point on the north right-of-way line of vacated 25th Street; thence South 0227'57" West, 60.00 feet, along the westerly line of said park land, to a point on the south right-of-way line of vacated 25th Street; thence North 8712'53" West, along said south right-of-way line, 159.96 feet, to a point on the west right-of-way line of vacated Central Street; thence South 0227'35" West, along said west right-of-way line, 599.00 feet, to a point on the north right-of-way line of vacated 26th Street; thence North 8712'53" West, along said north right-of-way line, 330.98 feet, to the east right-of-way line of vacated Broadway; thence South 0228'46" West, along the southerly prolongation of said east right-of-way line, 31.57 feet, to the easterly prolongation of the south right-of-way line of 26th Street, said south right-of-way line being west of said vacated Broadway; thence North 8722'37" West, along said easterly prolongation and south right-of-way line 375.72 feet, to the intersection of said south right-of-way line with the centerline of vacated Washington Street; thence North 8719'26" West, along the south right-of-way line of said 26th Street, 149.96 feet, to the southerly prolongation of the west line of Lot 7, Rodney Place, a subdivision in Kansas City, Jackson County, Missouri; thence North 0227'04" East, along said southerly prolongation, 50.00 feet, to a point on the north right-of-way line of 26th Street, said point also being the southwest corner of said Lot 7; thence South 8719'26" East, along the south line of said Lot 7 and the easterly prolongation thereof, said line also being the north right-of-way line of vacated 26th Street, 142.54 feet; thence North 0250'05" East, 67.13 feet; thence North 8709'55" West, 125.41 feet; thence North 4217'01"
West, 106.89 feet; thence North 0242'59" East, 72.88 feet; thence North 8717'01" West, 73.38 feet to the point of beginning.

 

is approved and designated as the Pershing Road Tax Increment Financing Plan Redevelopment Project 1 ("Project 1").

 

  Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, 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 of real property in the area selected for Project 1 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 Project 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 1 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 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. 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 1 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:

 

 

____________________________

Heather A. Brown

Assistant City Attorney