COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 970379

Approving and designating Project 5 (Central Parking) of the Country Club Plaza Tax Increment Financing Plan 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 April 17, 1997, the City Council passed Ordinance No. 970374, which approved the Country Club Plaza Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as a conservation area; and

WHEREAS, the Redevelopment Plan and Ordinance contemplate the implementation of the Redevelopment Plan through nine 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 Project 5 (Central Parking), legally described as follows:

All that part of Lots 38 thru 44 and that part of Lots 57 thru 64, COUNTRY CLUB PLAZA, a subdivision of land, and parts of vacated streets adjoining, being all that part of the Northwest Quarter of the Southwest Quarter of Section 29, Township 49, Range 33, Kansas City, Jackson County, Missouri, bounded by the West right-of-way line of Central Street, as now established, on the East; by the North right-of-way line of Nichols Road, as now established, on the South; by the East right-of-way line of Wornall Road, as now established, on the West; and by the South right-of-way line of 47th Street, as now established, on the North.

Also described as follows: Beginning at the point of intersection of the East right-of-way line of Broadway with the Northwesterly right-of-way line of Nichols Road, as both roads are now established; thence North along said East right-of-way line, 267.23 feet; thence Northerly, Northeasterly and Easterly along a curve to the right and along said East right-of-way line; tangent to the last described course, having a radius of 30 feet and a central angle of 9000'46", an arc distance of 47.13 feet to a point on the South right-of-way line of 47th. Street, as now established; thence East along said South right-of-way line, a distance of 185.43 feet to a point of intersection with the Southwesterly right-of-way line of Central Street, as now established; thence Southeasterly along said Southwesterly right-of-way line, a distance of 187.62 feet; thence Southeasterly, Southerly and Southwesterly along a curve to the right, tangent to the last described course and along said Southwesterly right-of-way line, having a radius of 44 feet and a central angle of 8959'36", an arc distance of 69.11 feet to a point on the Northwesterly right-of-way line of said Nichols Road; thence Southwesterly along said Northwesterly right-of-way line of, a distance of 240.74 feet to the Point of Beginning.

Less and except the following businesses: Classic Cup Sidewalk Cafe 301 W. 47th Street Sharper Image, Inc. 333 W. 47th Street KCPT Store of Knowledge 4705 Broadway The Great Train Store 4725 Broadway Russell Stovers (vacant) 320 Broadway Plaza Shoe Shine 306 Nichols Road Emile's Deli & Restaurant 302-310 Nichols Road The Pen Place 4706 Central Street.

is approved and designated as Project 5 (Central Parking).

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 5 (Central Parking). After the total equalized assessed valuation of the taxable real property in Project 5 (Central Parking) 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 5 (Central Parking) 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 5 (Central Parking) 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 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 .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 5 (Central Parking) 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 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, 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 5 (Central Parking) includes only those parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvements.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney