ORDINANCE NO. 971718
Approving and designating Union Hill
Redevelopment Project K of the Union Hill 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thereafter repealed and amended in certain respects by Committee Substitute to
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. 971698, which approved the Union Hill 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 40
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 K legally described as follows:
Lot 34 Dunveigh Heights;
Lot 35 Dunveigh Heights; Lot 36 & Lot 37 except south 6 inches Dunveigh
Heights; north 24 1/4 feet Lot 35 also south 6 inches of Lot 37 Dunveigh
Heights Warwick Ridge; Lot 36 south 9 inches Lot 35 Warwick Ridge; Lot 37
Warwick Ridge; Warwick Ridge all Lots 38 & 39; Warwick Ridge Lots 40 thru
44; Warwick Ridge Lots 45 & 46; Warwick Ridge south 72.3 feet of east 76
feet of Lot 32; Warwick Ridge west 50 feet of Lot 32; Warwick Ridge north 3.2
feet of east 76 feet of Lot 32 & west 2 feet of east 78 feet of Lot 32;
Warwick Ridge south 33 1/3 feet Lot 31; Warwick Ridge south 16 2/3 feet Lot 30
north 16 2/3 feet Lot 31; Warwick Ridge north 33 1/3 feet Lot 30; south 25 feet
Lot 38 Dunveigh Heights; north 9 feet Lot 38 Lot 39 Dunveigh Heights,
subdivisions in Kansas City, Jackson County, Missouri.
is approved and designated as Union Hill
Redevelopment Project K (the "Redevelopment Project").
Section 3. Tax increment allocation
financing is hereby adopted for taxable real property in the above described
area selected for the Redevelopment Project. After the total equalized
assessed valuation of the taxable real property in the Redevelopment Project exceeds
the certified total initial equalized assessed valuation of the taxable real
property in the Redevelopment Project, 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 or real property in the area selected for the Redevelopment
Project 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 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 60 days of the due date will be deemed delinquent and assessed a penalty
of 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 the Redevelopment Project 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