ORDINANCE NO. 921356

Approving and designating Project A of the Eleventh Street Corridor Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter 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 _________________________, the City Council passed Ordinance No. 921355, which approved the Eleventh Street Corridor Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a blighted area; and

WHEREAS, the Redevelopment Plan and ordinance contemplates the implementation of the Redevelopment Plan through five 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. 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 Redevelopment Project A legally described as follows:

Beginning at the southeast corner of Lot 5, CONVENT PLACE ADDITION; thence west along the south lot line of Lots 5 and 6 and Lots 23 through 25, CONVENT PLACE ADDITION, and the south lot line of Lots 1 and 2, COATES & HOPKINS 12TH STREET ADDITION, to the southwest corner of Lot 2, COATES & HOPKINS 12TH STREET ADDITION, said point also being the point of intersection of the north right-of-way line of 12th Street and the east right-of-way line of Interstate 29; thence northeasterly along the east right-of-way line of Interstate 29 to a point 60 feet north of the westerly extension of the north right-of-way line of 12th Street; thence east along a line 60 feet north of and parallel to the north right-of-way line of 12th Street to the west right-of-way line of vacated Jefferson Street, said point also being the northeast corner of Lot 22, CONVENT PLACE ADDITION; thence north along the east lot line of Lots 15 through 21, inclusive, CONVENT PLACE ADDITION, to the north lot line of Lot 15, CONVENT PLACE ADDITION; thence east 98.16 feet along the easterly projection of the north lot line of Lot 15 and the north lot line of Lot 14, CONVENT PLACE ADDITION, to a point 38.16 feet east of the west lot line of LOT 14, CONVENT PLACE ADDITION; thence south 165.96 feet; thence east 83.51 feet to the east lot line of Lot 9, CONVENT PLACE ADDITION; thence north 26.34 feet along the east lot line of Lots 9 and 10, CONVENT PLACE ADDITION, to a point on the east lot line of Lot 10, CONVENT PLACE ADDITION; thence east 12 feet to a point on the west lot line of Lot 1, CONVENT PLACE ADDITION; thence continuing east 121.96 feet to a point on the east lot line of Lot 1, CONVENT PLACE ADDITION; thence south along the east lot line of Lots 1 through 5, inclusive, CONVENT PLACE ADDITION to the point of beginning, all now included in and a part of Kansas City, Jackson County, Missouri.

is approved and designated as the Eleventh Street Corridor Redevelopment Project A.

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area. After the total equalized assessed valuation of the taxable real property in the area exceeds the certified total initial equalized assessed valuation of the taxable real property in the area, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such area 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 or real property in such area 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 the redevelopment project over and above the initial equalized assessed value of each such unit of property in such area 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.

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 Eleventh Street Corridor Redevelopment Project A 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