ORDINANCE NO. 921267
Approving and designating Project VIII of the Hickman
Mills 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 _______________________, the City
Council passed Ordinance No. 921259, which approved the Hickman Mills Tax
Increment Financing Plan ("Redevelopment Plan") and designated the
Redevelopment Area as a blighted area; and
WHEREAS, the Redevelopment Plan and ordinance
contemplates the implementation of the Redevelopment Plan through thirteen
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 VIII legally described as follows:
PROJECT VIII: Part of Blocks 4 and 5, "HOLMES
PARK", a subdivision in Kansas City, Jackson County, Missouri,
and part of Elmwood Avenue and 1st Street and 2nd Street and part of
the Northeast 1/4 of the Southwest 1/4 of Section 26, Township 48, Range
33, described as follows: Beginning at the southerlymost southwest corner
of Parcel 2, "RESURVEY OF PARCELS 2 AND 3, VENTURE CENTER";
thence north along the easterlymost west line of said Parcel 2, a
distance of 396 feet; thence west along the northerlymost south line of
said Parcel 2 and along the westerly prolongation thereof, a distance of
360 feet to the southeasterly right-of-way line of Hickman Mills
Drive relocation; thence southwesterly along said right- of-way line, a
distance of 100 feet to the easterly right-of-way line of the Burlington
Northern Railroad; thence southerly along said easterly right-of-way
line, a distance of 320 feet to a point on the south line of the
North 1/2 of said Southwest 1/4 Section; thence east, a distance of 345
feet to the point of beginning.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for the Hickman Mills Redevelopment Project VIII. After the total equalized
assessed valuation of the taxable real property in the Hickman Mills
Redevelopment Project VIII exceeds the certified total initial equalized
assessed valuation of the taxable real property in the area selected for the
redevelopment project, the ad valorem taxes, and payment in lieu of taxes, if
any, arising from the levies upon the taxable real property in the area
selected for the Redevelopment 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 the Hickman Mills Redevelopment Project VIII 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 over and above the initial
equalized assessed value of each such unit of property in the area
selected for Hickman Mills Redevelopment Project VIII 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.
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 Hickman Mills
Redevelopment Project VIII 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:
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Assistant City Attorney