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Legislation #: 991558 Introduction Date: 12/9/1999
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER COOPER
Title: Approving and designating Redevelopment Project Area 2 of the River Market Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therein.

Legislation History
DateMinutesDescription
12/9/1999

Prepare to Introduce

12/9/1999

Referred Planning, Zoning & Economic Development Committee

12/15/1999

Hold Off Agenda

11/29/2000

Advance and Do Pass

11/30/2000

Passed


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ORDINANCE NO. 991558

 

Approving and designating Redevelopment Project Area 2 of the River Market 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WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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. 991556, which approved the River Market 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 9 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 2, legally described as follows:

 

Project 2 consists of a series of properties contained in Section 32; Township 50, Range 33 located within Kansas City, Jackson County, Missouri. Those properties comprising Project 2 are described as follows:

Beginning on the west line of Lot 148, Block 15, OLD TOWN thence proceeding 12 feet to the southeast from the northwest corner thereof; thence northeasterly parallel to the north line of said Lot 148, 90.43 feet; thence southerly 48 feet to a point on the south line of Lot 148, Block 15, OLD TOWN, 90.22 feet northeasterly from the southwest corner thereof; thence southwesterly 90.22 feet to said southwest corner; thence northwest along the west line to the point of beginning; and

All of Lot 3, BIDWELLS SUBDIVISION and the west half of the vacated alley lying east of and adjacent to said lot; and

The north 19.5 feet of Lot 4, BIDWELLS SUBDIVISION and the east half of the vacated alley west of and adjacent thereto and the south 36 feet of the east 51.57 feet of Lot 148, Block 15, OLD TOWN; and

All of Lot 199, Block 20, OLD TOWN, exclusive of the south 9 feet, and all of Lot 200, Block 20, OLD TOWN; and

The west 127 feet of Lots 209 and 210, Block 21, OLD TOWN; and

The east 20 feet of Lot 246, Block 26, OLD TOWN and the north 40 feet of the west 107 feet of the east 127 feet of Lot 246, Block 26, OLD TOWN; and

Lots 97 and 98, Block 10, OLD TOWN BLOCKS 10 THRU 14 & 18 & 19 & 23 THRU 25; except the north 5 feet of said Lot 98; and


All of Block 19, OLD TOWN; and

Commencing at the intersection of the west right_of_way line of Delaware Street as now established and the south right_of_way line of 4th Street as now established; thence southerly along the west right_of_way line of Delaware Street to the intersection with the north right_of_way line of 5th Street as now established; thence west along the north right_of_way line of 5thStreet to the center right_of_way line of the north_south alley lying between Wyandotte Street and Delaware Street; thence northerly along the center right_of_way line of the north_south alley lying between Wyandotte Street and Delaware Street to the intersection with the easterly extension of the south lot line of Lot 182, Block 18, OLD TOWN; thence westerly along said extension and the south lot line of Lot 182, Block 18, OLD TOWN to the east right_of_way line of Wyandotte Street as now established; thence northerly along the east right_of_way line of Wyandotte Street a distance of 105 feet; thence easterly along a line 45 feet north of and parallel to the south lot line of Lot 183, OLD TOWN to the center line of the north_south alley lying between Wyandotte Street and Delaware Street; thence northerly along the center line of the north_south alley lying between Wyandotte Street and Delaware Street to the intersection with the easterly extension of a line 34 feet north of an parallel to the south lot line of Lot 184, BLOCK 18, OLD TOWN; thence westerly along a line 34 feet north of and parallel to the south lot line of Lot 184, BLOCK 18, OLD TOWN to the east right_of_way line Wyandotte Street; thence northerly along the east right_of_way line of Wyandotte Street to the south right_of_way line of 4th Street; thence easterly along the south right_of_way of 4th Street to the point of beginning; and

All of Lot 243 and the north 10 feet of Lot 244 lying west of Delaware Street as now established, Block 25, OLD TOWN BLOCKS 10 THRU 14 & 18 & 19 & 23 THRU 25.

 

is approved and designated as River Market Redevelopment Project Area 2 (hereinafter referred to herein as the "Redevelopment Project Area"). The area selected for said Redevelopment Project includes only those parcels of real property and improvements thereon which will be directly and substantially benefitted by the Redevelopment Project improvements therein.

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Redevelopment Project Area. After the total equalized assessed valuation of the taxable real property in the Redevelopment Project Area exceeds the certified total initial equalized assessed valuation of the taxable real property in the Redevelopment Project Area, 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 penalties and interest 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 the Redevelopment Project Area 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 the Redevelopment Project Area, and any applicable penalty and interest 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 penalties and interest which are imposed by the City or taxing districts, and which are generated by economic activities within the area selected for the Redevelopment Project Area 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 personal property taxes, taxes imposed on sales of charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to  70.500 RSMo, taxes levied pursuant to  94.660 RSMo licenses, fees or special assessments and personal property taxes, other than payments in lieu of taxes and penalties and interest thereon shall be allocated to, and paid by the local political subdivision 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