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Legislation #: 140602 Introduction Date: 7/31/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS BROOKS, CIRCO, TAYLOR AND SHARP
Title: Approving and designating Redevelopment Project Area 6 of the Bannister _ I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister _ I-435 Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
7/30/2014 Filed by the Clerk's office
7/31/2014 Referred to Planning, Zoning & Economic Development Committee
8/13/2014 Hold Off Agenda

View Attachments
FileTypeSizeDescription
140602 Fact Sheet.pdf Fact Sheet 261K Fact Sheet
Request for Ordinance 1st Amendment Bannister I-435 Project 6 (00169869xA7821).docx Request for Ordinance 23K Ordinance Request

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ORDINANCE NO. 140602

 

Approving and designating Redevelopment Project Area 6 of the Bannister & I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan as a Redevelopment Project; adopting tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.

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 “TIF Act”), 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, Ordinance No. 100089, As Amended, passed on January 28, 2010 and Ordinance No. 130986, passed on December 19, 2013, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council approved the Bannister & I-435 Tax Increment Financing Plan by Committee Substitute for Ordinance No. 130737, passed on October 10, 2013; and

WHEREAS, the City Council subsequently approved the First Amendment to the Bannister & I-435 Tax Increment Financing Plan (the Bannister & I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan is referred to herein as the “Redevelopment Plan”) and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, the Redevelopment Plan contemplates 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 the TIF Act.

 

Section 2. That the area selected for Redevelopment Project Area 6 legally described as follows:

 

A tract of land situated in a portion of the Northeast Quarter of Section 26, Township 48 North, Range 33 West of the 5th Principal Meridian, in the Kansas City, Jackson County, Missouri being more particularly described as follows:

 

(Note: The bearing system in the following description is based on Grid North, Missouri Coordinate System of 1983/97).

 

Commencing at the Southeast corner of the Northeast Quarter of said Section 26; thence North 02 degrees 09 minutes 14 seconds East 896.41 feet along the East line of the Northeast Quarter of said Section 26 to a point on the West Right-of-Way line of Hillcrest Road as established by “Replat of Bannister Mall Tracts I thru X, Inclusive” said point being on a non-tangent curve concave to the East having a radius of 1055.00 feet said point also being the True Point of Beginning of the tract herein described; thence Southerly 342.16 feet along said West Right-of-Way line and said curve to the left having a chord bearing South 11 degrees 26 minutes 42 seconds West 340.66 feet; thence South 02 degrees 09 minutes 14 seconds West 226.45 feet along said West Right-of-Way line; thence South 07 degrees 51 minutes 52 seconds West 50.25 feet along said West Right-of-Way line; thence South 02 degrees 09 minutes 14 seconds West 200.00 feet, along said West Right-of-Way line, to the beginning of a curve concave to the Northwest having a radius of 15.00 feet; thence Southwesterly 23.75 feet, along said curve to the right having a chord bearing South 47 degrees 31 minutes 11 seconds West 21.35 feet, to a point on the North Right-of-Way line of Bannister Road as established in the plat of “Replat of Bannister Mall Tracts I thru X, Inclusive”; thence North 87 degrees 06 minutes 52 seconds West 274.79 feet along said North Right-of-Way line; thence South 02 degrees 09 minutes 13 seconds West 7.15 feet along said North Right-of-Way line; thence North 87 degrees 00 minutes 23 seconds West 125.00 feet along said North Right-of-Way line; thence North 02 degrees 09 minutes 14 seconds East 6.91 feet along said North Right-of-Way line; thence North 87 degrees 06 minutes 52 seconds West 867.26 feet along said North Right-of-Way line; thence North 02 degrees 53 minutes 08 seconds East 15.38 feet along said North Right-of-Way line; thence: North 89 degrees 38 minutes 52 seconds West 347.97 feet along said North Right-of-Way line; thence: North 87 degrees 06 minutes 52 seconds West 44.70 feet, along said North Right-of-Way line, to a point on the Easterly Right-of-Way line of Interstate I-435 Highway as now established; thence North 33 degrees 09 minutes 29 seconds West 166.10 feet along said Easterly Right-of-Way line and the West line of Tract IX “Replat of Bannister Mall Tracts I thru X, Inclusive”; thence North 19 degrees 17 minutes 57 seconds East 253.18 feet along said Easterly Right-of-Way line; thence North 28 degrees 23 minutes 22 seconds East 599.93 feet, along said Easterly Right-of-Way line, to the beginning of a non-tangent curve concave to the Northeast having a radius of 729.00 feet; thence Southeasterly 294.94 feet, along said curve to the left having a chord bearing South 68 degrees 07 minutes 33 seconds East 292.93 feet, to the beginning of a compound curve concave to the Northwest having a radius of 35.00 feet; thence Northeasterly 39.07 feet, along said curve to the left having a chord bearing North 68 degrees 19 minutes 09 seconds East 37.07 feet, to the beginning of a reverse curve concave to the Southeast having a radius of 115.50 feet; thence Northeasterly 57.49 feet, along said curve to the right having a chord bearing North 50 degrees 34 minutes 51 seconds East 56.90 feet, to the beginning of a reverse curve concave to the Northwest having a radius of 35.00 feet; thence Northeasterly 39.60 feet, along said curve to the left having a chord bearing North 32 degrees 25 minutes 24 seconds East 37.53 feet; thence North 85 degrees 21 minutes 46 seconds East 53.17 to the beginning of a non-tangent curve concave to the Northeast having a radius of 40.00 feet; thence Southeasterly 47.47 feet, along said curve to the left having a chord bearing South 33 degrees 59 minutes 24 seconds East 44.73 feet, to the beginning of a reverse curve concave to the Southwest having a radius of 112.50 feet; thence Southeasterly 45.22 feet, along said curve to the right having a chord bearing South 56 degrees 28 minutes 17 seconds East 44.92 feet, to the beginning of a reverse curve concave to the Northeast having a radius of 40.00 feet; thence Southeasterly 36.59 feet, along said curve to the left having a chord bearing South 71 degrees 09 minutes 34 seconds East 35.32 feet; thence North 82 degrees 38 minutes 14 seconds East 299.35 to the beginning of a curve concave to the South having a radius of 1086.00 feet; thence Easterly 399.74 feet along said curve to the right having a chord bearing South 86 degrees 49 minutes 05 seconds East 397.48 feet; thence South 76 degrees 16 minutes 24 seconds East 285.07 feet to a point on the West right-of-Way line of Hillcrest Road; thence South 21 degrees 23 minutes 31 seconds West 5.50 feet, along said West Right-of-Way line, to the beginning of a curve concave to the Southeast having a radius of 1057.00 feet; thence Southwesterly 6.20 feet, along said curve to the left having a chord bearing South 21 degrees 13 minutes 26 seconds West, to a point on the East line of said Northeast Quarter of Section 26; thence South 02 degrees 09 minutes 14 seconds West 6.22 feet, along said East line and West Right-of-Way line, to the True Point of beginning of the tract herein described containing 1,456,251 square feet or 33.4309 acres more or less.

 

is approved and designated by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan as Redevelopment Project Area 6 (“Project Area 6”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project Area 6. Pursuant to the TIF Act, as it may be amended from time to time and incorporated herein, after the total equalized assessed valuation of the taxable real property in Project Area 6 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project Area 6, 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 the TIF Act each year after the effective date of the ordinance until redevelopment project 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 Area 6 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 Area 6 over and above the initial equalized assessed value of each such unit of property in the area selected for Project Area 6 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 Area 6 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 Area 6 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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 Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.

Section 5. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

_____________________________________________

  Approved as to form and legality:

  

______________________________

Brian T. Rabineau

Assistant City Attorney