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1982, and thereafter repealed and amended in certain respects by Committee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