ORDINANCE NO. 961382
Approving and Designating Project VI of the Power and
Light District 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 amended in
certain respects by ordinance No. 911076 passed on August 29, 1991, created the
Tax Increment Financing Commission of Kansas City, Missouri (the "Commission");
and
WHEREAS, on , 1996, the City Council
passed Ordinance No. 961376, which approved the Power and Light District 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 ten 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 Project VI,
legally described as follows:
All of Lots 1, 2, 3 and 4 in Block F, 2nd RESURVEY
OF REID'S ADDITION, a subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof.
is approved and designated as Project VI.
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project VI. After the total equalized assessed valuation of the taxable
real property in Project VI exceeds the certified total initial equalized
assessed valuation of the taxable real property in such 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 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 VI 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 VI
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 are deemed delinquent and will be 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 Project VI
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.
Section 5. The area selected for Project VI
includes only those parcels of real property and improvements thereon which
will be substantially benefitted by the proposed redevelopment project
improvements.
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Approved as to form and
legality:
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Assistant City Attorney