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Legislation #: 110401 Introduction Date: 5/19/2011
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 2 of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
5/19/2011 Filed by the Clerk's office
5/19/2011 Referred to Plans, Zoning & Economic Development Committee
5/25/2011 Hold Off Agenda
12/4/2013 Advance and Do Not Pass as a Committee Substitute, Debate
12/5/2013 Failed

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http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110401 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110401
revised fact sheet.XLS Advertise Notice 94K revised fact sheet
00137498.DOCX Request for Ordinance 20K Ordinance Request for Project 2 in the First Amendment to the Amended and Restated Three Trails District TIF Plan
00137491.XLS Fact Sheet 95K Approval of Project 2 in the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110401

 

Approving and designating Redevelopment Project 2 of the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on May 19, 2011, the City Council passed Committee Substitute for Ordinance No. 110364, As Amended, which accepted the recommendations of the Commission as to the First Amendment to the Amended and Restated Three Trails 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 a number of 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. That 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. That the area selected for Redevelopment Project 2 legally described as follows:

 

All of Tract G and all that part of Tract H, Benjamin Plaza 1st Plat, all that part of Lot 3, Amended Plat of Benjamin Plaza 4th Plat, all that part of Lot 2 and Tract C, Benjamin Plaza Second Plat, all that part of Lot 1 and all of Lot 2, 3-Trails Village Square, all that part of Tract III, Replat of Bannister Mall Tracts I thru X Inclusive, and all that part of Hillcrest Road, subdivisions and land all lying in the Southeast Quarter of Section 23, the Southwest Quarter of Section 24, the Northwest Quarter of Section 25, and the Northeast Quarter of Section 26, Township 48 North, Range 33 West, in Kansas City, Jackson County, Missouri, described as follows: Commencing at the Northwest corner of the Northwest Quarter of Section 25, Township 48 North, Range 33 West; thence South 86 degrees 50 minutes 24 seconds East along the North line of the Northwest Quarter of said Section 25 a distance of 160.94 feet to the point of beginning; thence South 0 degrees 50 minutes 36 seconds West a distance of 213.82 feet to a point; thence in a Northwesterly direction along a curve to the left whose initial tangent bears North 33 degrees 02 minutes 26 seconds West, having a radius of 120.00 feet, through a central angle of 123 degrees 15 minutes 24 seconds, an arc distance of 258.15 feet to a point; thence North 66 degrees 17 minutes 50 seconds West a distance of 682.74 feet to a point on the East right of way line of Interstate Highway 435; thence North 28 degrees 23 minutes 24 seconds East along the East line of said highway a distance of 1164.29 feet to a point; thence South 88 degrees 36 minutes 12 seconds East along the East line of said highway and its Easterly prolongation a distance of 404.28 feet to a point; thence South 62 degrees 07 minutes 04 seconds East a distance of 615.04 feet to a point; thence in a Southwesterly direction along a curve to left whose initial tangent bears South 10 degrees 36 minutes 34 seconds West, having a radius of 800.00 feet, through a central angle of 9 degrees 05 minutes 38 seconds, an arc distance of 126.98 feet to a point; thence South 1 degree 30 minutes 56 seconds West a distance of 679.21 feet to a point on the South line of the Southwest Quarter of Section 24, Township 48 North, Range 33 West; thence North 86 degrees 50 minutes 24 seconds West along the South line of the Southwest Quarter of said Section 24 a distance of 632.22 feet to the point of beginning and containing 30.4 Acres, more or less.

 

is approved and designated as the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan Redevelopment Project 2 (“Project 2”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 2. After the total equalized assessed valuation of the taxable real property in Project 2 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 2, 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 the Project 2 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 2 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 2 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project 2 Costs within the Redevelopment Area, 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. That 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 2 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, which are necessary to the payment of Project 2 Costs within the Redevelopment Area, in a separate segregated account within the Special Allocation Fund.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney