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ORDINANCE NO. 991479
Approving
and designating Project 14 of the First Amendment to the Power and Light
District Tax Increment Financing Plan, as amended, 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 August 28, 1997, the City Council passed Ordinance No. 970992, which
approved the Power and Light District Tax Increment Financing Plan, as amended
("Redevelopment Plan") and designated the Redevelopment Area as a
blighted area; and
WHEREAS,
on September 15, 1999, the Commission approved Resolution No. 9_13_99 (the
"Resolution") recommending to the City Council the approval of the
First Amendment to the Redevelopment Plan ("the First Amendment");
and
WHEREAS,
on __________________, the City Council passed Ordinance No. 991464, approving
the First Amendment which document contemplates the implementation of the
Redevelopment Plan through twenty_two (22) separate Redevelopment Projects (to
be approved in 23 separate ordinances) instead of the nine projects designated
in the Redevelopment Plan 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 14, legally described as follows:
The West 60 feet of Lots 13 through 17, inclusive,
including the West 60 feet of the South 11 feet of Lot 12, together with the
West 60 feet of the South Half of the vacated alley lying North of and adjacent
to the North line of the South 11 feet of said Lot 12, all in Block 1, REIDS
ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to
the recorded plat thereof, being more particularly described as follows:
Beginning at the Southwest corner of said Lot 17,
being also the point of intersection of the North right_of_way line of 13th
Street with the East right_of_way line of Baltimore Avenue, as said street and
avenue are now both established; thence North along the West line of said Lots
17 through 12, inclusive, a distance of 145 feet to the Northwest corner of the
South Half of the vacated East_West alley; thence East along the North line of
the South Half of said vacated alley, a distance of 60 feet; thence South along
a straight line 60 feet distant East of and parallel with the West line of said
Lots 12 through 17, inclusive, of said Block 1, a distance of 145 feet to a
point on the South line of said Lot 17; thence West along said South
line and along the North right_of_way line of said
13th Street, a distance of 60 feet to the Point of Beginning. Containing 0.200
acres, more or less.
is approved and designated as Project 14.
Section 3. Tax increment allocation
financing is hereby adopted for taxable real property in the above described
area selected for Project 14. After the total equalized assessed valuation of
the taxable real property in Project 14 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 14
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 14 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 14 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 14 includes only those parcels of real
property and improvements thereon which will be substantially benefitted by the
proposed redevelopment project improvements.
__________________________________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney