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Legislation #: 160419 Introduction Date: 5/26/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER AND COUNCILMEMBER LOAR
Title: Approving and designating Redevelopment Project C of the Platte Purchase Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
5/26/2016 Filed by the Clerk's office
5/26/2016 Referred to Planning, Zoning & Economic Development Committee
6/8/2016 Hold On Agenda (6/15/2016)
6/15/2016 Hold On Agenda (7/6/2016)
7/6/2016 Hold Off Agenda

View Attachments
FileTypeSizeDescription
160419 Fact Sheet.pdf Fact Sheet 126K Fact Sheet
Project C ordinance.docx Request for Ordinance 23K Project C Ordinance

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ORDINANCE NO. 160419

 

Approving and designating Redevelopment Project C of the Platte Purchase 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 created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the City Council previously accepted the recommendations of the Commission as to the Platte Purchase Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

 

WHEREAS, the Redevelopment Plan contemplates 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 C legally described as follows:

 

A tract of land in the Fractional Northwest Quarter and the Fractional Southwest Quarter of Section 3, Township 51 North, Range 33 West of the 5th Principal Meridian in Kansas City, Clay County, Missouri being bounded and described as follows: Commencing at the Northwest corner of the Factional Southwest Quarter of Section 3 in Kansas City, Platte County, Missouri; thence South 00 degrees 28 minutes 49 seconds West, along the West line of said Fractional Southwest Quarter of Section 3 in Platte County, 151.93 feet; thence South 89 degrees 29 minutes 58 seconds East, 800.13 feet to a point on the South right-of-way line of N.W. Fountain Hills Drive, as now established, said point also being the point of beginning of the tract of land to be herein described; thence North 64 degrees 09 minutes 55 seconds East, along said South right-of-way line, 455.89 feet; thence Northeasterly, continuing along said South right-of-way line, along a curve to the left, being tangent to the last described course with a radius of 513.50 feet, a central angle of 18 degrees 28 minutes 03 seconds and an arc distance of 165.51 feet to a point on the West line of Fountain Hills Second Plat, a subdivision of land in Kansas City, Clay County, Missouri; thence South 18 degrees 29 minutes 23 seconds East, along said West line, 631.79 feet to the Northwest corner of, Fountain Hills Fifth Plat, a subdivision of land in Kansas City, Clay County, Missouri; thence South 18 degrees 29 minutes 23 seconds East, along the West line of said Fountain Hills Fifth Plat, 426.21 feet to a point on the North right-of-way line of U.S. Highway 152, as now established; South 64 degrees 18 minutes 53 seconds West, along said North right-of-way line, 215.20 feet; thence South 76 degrees 12 minutes 10 seconds West, continuing along said North right-of-way line, 582.47 feet; thence North 57 degrees 48 minutes 33 seconds West, continuing along said North right-of-way line, 111.65 feet; thence North 02 degrees 31 minutes 27 seconds West, continuing along said North right-of-way line, 335.60 feet to a point on the East right-of-way line of N. Platte Purchase Drive, as now established; thence North 00 degrees 53 minutes 33 seconds East, along said East right-of-way line, 200.00 feet; thence Northerly, continuing along said East right-of-way line, on a curve to the left, being tangent to the last described course with a radius of 800.00 feet, a central angle of 17 degrees 54 minutes 12 seconds and an arc distance of 249.98 feet; thence Northerly, continuing along said East right-of-way line, on a curve to the right, having a common tangent with the last described course with a radius of 86.00 feet, a central angle of 38 degrees 27 minutes 12 seconds and an arc distance of 57.72 feet; thence Northerly, continuing along said East right-of-way line, on a curve to the left, having a common tangent with the last described course with a radius of 99.00 feet, a central angle of 16 degrees 43 minutes 10 seconds and an arc distance of 28.89 feet; thence Northeasterly, continuing along said East right-of-way line, on a curve to the right, having a common tangent with the last described course with a radius of 20.00 feet, a central angle of 59 degrees 26 minutes 33 seconds and an arc distance of 20.75 feet to the point of beginning. Containing 745,093 square feet or 17.10 acres, more or less.

 

is approved and designated by the Redevelopment Plan as Redevelopment Project C (“Project C”).

 

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project C. After the total equalized assessed valuation of the taxable real property in Project C exceeds the certified total initial equalized assessed valuation of the taxable real property in Project C, 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 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 C shall be allocated to and, when collected, shall be paid by the Clay 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 C over and above the initial equalized assessed value of each such unit of property in the area selected for Project C 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 C 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 C 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.

 

_____________________________________________

 

Approved as to form and legality:

   

 

_____________________________

Brian T. Rabineau

Assistant City Attorney