COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 970088
Approving and designating Redevelopment Project No. 5 of
the Uptown Tax Increment Financing Plan, as amended, as a Redevelopment Project
and adopting tax increment financing therein.
WHEREAS, the Council 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on November 24, 1982, and thereafter repealed and amended in certain respects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, created the Tax Increment Financing Commission of Kansas City,
Missouri (the "Commission"); and
WHEREAS, on June 16, 1994, the Council passed
Ordinance No. 940715 which approved the Uptown Tax Increment Financing Plan
("Redevelopment Plan") and designated the Redevelopment Area as a
blighted area; and
WHEREAS, on , 1997, the Council
passed Committee Substitute for Ordinance No. 970083, which approved the First
Amendment to the Uptown Tax Increment Financing Plan ("First
Amendment"); and
WHEREAS, the Redevelopment Plan, as amended, and
Ordinance No. 940715 and Committee Substitute for Ordinance No. 970083
contemplate the implementation of the Redevelopment Plan, as amended, through
11 total Redevelopment Projects (including 6 additional Redevelopment Projects
authorized by the First Amendment in Committee Substitute for Ordinance No.
970083) and the adoption of tax increment financing in the areas selected for
such Redevelopment Project; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. All terms used in this ordinance not
otherwise defined herein, 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 Uptown Redevelopment
Project No. 5, legally described as follows:
Beginning at the intersection of the south
right-of-way line of 38th Street, as it now exists, and the west
right-of-way line of Broadway Boulevard, as it now exists; thence south along
the west right-of-way line of Broadway Boulevard to a point 16 feet south of
the south lot line of Lot 6, A.B.H. MCGEES ADDITION; thence west along a
line 16 feet south of and parallel to the south lot line of Lot 6, A.B.H.
MCGEES ADDITION, to the east right-of-way line of Washington Street, as it
now exists; thence north along the east right-of-way line of Washington
Street to the south right-of-way line of 38th Street; thence east along the
south right-of-way line of 38th Street to the point of beginning, now all
included in and a part of the City of Kansas City, Jackson County,
Missouri.
is approved and designated as Uptown Redevelopment
Project No. 5 (hereinafter "Project No. 5").
Section 3. Tax increment allocation financing is
hereby adopted for taxable real property in the above described area selected
for Project No. 5. After the total equalized assessed valuation of the taxable
real property in Project No. 5 exceeds the certified total initial equalized
assessed valuation of the taxable real property in Project No. 5, 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 No. 5 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 No. 5
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 which are imposed by the City or taxing districts, and which
are generated by economic activities within the area selected for Project No. 5
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.
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Approved as to form and
legality:
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Assistant City Attorney