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Legislation #: 951487 Introduction Date: 10/26/1995
Type: Ordinance Effective Date: 4/16/2000
Sponsor: None
Title: Approving and designating New York Life Redevelopment Project No.3 of the New York Life Tax Increment Financing Plan, as amended, as a Redevelopment Project and adopting Tax Increment Financing therein.

Legislation History
DateMinutesDescription
10/26/1995

Prepare to Introduce

10/26/1995

Referred Planning, Zoning & Economic Development Committee

11/1/1995

Hold Off Agenda

7/8/1998

Hold Off Agenda

1/20/1999

Hold Off Agenda

3/29/2000

Hold On Agenda

4/5/2000

Advance and Do Pass

4/6/2000

Passed


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ORDINANCE NO. 951487

 

Approving and designating New York Life Redevelopment Project No.3 of the New York Life Tax Increment Financing Plan, as amended, as a Redevelopment Project and adopting Tax Increment Financing therein.

 

WHEREAS, the City Council of Kansas City, Missouri (the "City Council"), by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on November 21, 1994, the City Council passed Ordinance No. 941543 recommending to the City Council the adoption of a redevelopment plan entitled the "New York Life Tax Increment Financing Plan" (the "Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

 

WHEREAS, on ____________, 1995, the City Council passed Ordinance No. 951485 which approved the First Amendment to the New York Life Tax Increment Financing Plan and designated the area described therein as a Redevelopment Area; and

 

WHEREAS, the Redevelopment Plan, as amended, and Ordinance Nos.941543 and 951485 contemplate the implementation of the redevelopment Plan, as amended, through 3 Redevelopment Projects and the adoption of Tax Increment Financing in 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 not otherwise defined herein must 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 New York Life Redevelopment Project Area No.3 legally described as:

 

All that part of Lot 194, "ROSS & SCARRITT'S ADDITION," and part of Government Lot No. 2 of the northwest 1/4 of Section 5, Township 49, Range 33, all being in Kansas City, Jackson County, Missouri, described as follows: Commencing at a point in the north line of 9th Street, as established by Ordinance No. 19374, approved May 7, 1880, 30.00 feet north of the south line of said Government Lot No. 2, said point being 160.00 feet east of the west right-of-way line of Baltimore Avenue (formerly Wall Street, formerly Ann Street), as established by Ordinance No. 5253, approved April 9, 1872, as measured along said north line of 9th Street and its westerly prolongation thereof; thence north 9000'00" east along the north line of said 9th Street, a distance of 27.55 feet to a point on the west face of an existing two-story building located at 850 Main Street, Kansas City, Jackson County, Missouri, said point being the point of beginning; thence north 003'19" west along the west face of said two-story building, a distance of 159.83 feet to the northwest corner of said two-story building; thence north 8956'41" east along the north face of said two-story building, a distance of 48.00 feet; thence north 003'19" west along the west face of said two-story building, a distance of 11.00 feet; thence northerly and northeasterly along a semi-circle to the right from the last described course, having a radius of 2.00 feet and an arc distance of 6.28 feet; thence south 003'19" east, a distance of 1.00 foot; thence north 8956'41" east, a distance of 12.00 feet; thence north 003'19" west, a distance of 7.95 feet; thence northeasterly along a curve to the right from the last described course, as a tangent, having a radius of 2.00 feet and an arc distance of 3.14 feet; thence north 8956'41" east, a distance of 5.95 feet; thence south 003'19" east, a distance of 10.50 feet; thence north 8956'41" east, a distance of 45.72 feet, to a point on the west right-of-way line of Main Street as established by Ordinance No. 46411; thence south 703'36" east along said west right-of-way line of Main Street, a distance of 89.02 feet; thence southerly along said west right-of-way line of Main Street along a curve to the right from the last described course as a tangent having a radius of 699.00 feet, an arc distance of 73.06 feet and a central angle of 539'19"; thence south 104'17" east along said west right-of-way line of Main Street, a distance of 8.21 feet to a point, said point being 112.50 feet west of the east right-of-way line of said Main Street, as measured at right angles thereto, said point also being the north line of aforesaid 9th Street; thence north 9000'00" west along said north line of 9th Street, a distance of 133.77 feet to the point of beginning. Containing 21,208 square feet or 0.487 of an acre, more or less.

 

is approved and designated as New York Life Redevelopment Project No. 3.

 

Section 3. Tax increment allocation financing is adopted for taxable real property in the above described area selected for New York Life Redevelopment Project No. 3. After the total equalized assessed valuation of the taxable real property in the area selected for New York Life Redevelopment Project exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid will be divided as follows:

 

a. That portion of taxes levied upon each taxable lot, block, 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 New York Life Redevelopment Project No. 3 will be allocated to and, when collected, will 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.

 

b. 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 New York Life Redevelopment Project No. 3 over and above the initial equalized assessed value of each such unit of property in the area selected for New York Life Redevelopment Project No. 3 will be allocated to and, when collected, will be paid to the City Treasurer, who must deposit such payments in lieu of taxes into the New York Life Redevelopment Special Allocation Fund of the City for the purpose of paying Redevelopment 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 are deemed delinquent and will be assessed a penalty of 1% per month.

 

Section 4. In addition to the payments in lieu of taxes described in subsection b of section 3 above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the city or other taxing districts, and which are generated by economic activities within the area selected for New York Life Redevelopment Project No. 3 over the amount of such taxes generated by economic activities within the area selected for New York Life Redevelopment Project No. 3 in the calendar year prior to the approval of New York Life Redevelopment Project No. 3 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or 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, will be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who must deposit such funds in a separate segregated New York Life Redevelopment Economic Activities account within the New York Life Redevelopment Special Allocation Fund.

 

_____________________________________________

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney