ORDINANCE NO. 200943
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Sponsor: Director of City Planning and Development Department
Approving and designating Redevelopment Project 1 of the Overlook Tax Increment Financing Plan as a Redevelopment Project; and authorizing tax increment financing therefor; and directing the City Clerk to transmit copies of this ordinance.
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WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri (the “Council”) by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, Ordinance No. 100089, passed on January 28, 2010, Ordinance No. 130986, passed on December 19, 2013, and Committee Substitute for Ordinance No. 140823, as amended, passed on June 18, 2015 (the “Authorizing Ordinances”) created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and
WHEREAS, after all proper notices were given, the Commission, which has been duly constituted, convened a public hearing on October 19, 2020 to consider approval of the Overlook Tax Increment Financing Plan (the ‘Redevelopment Plan” or “TIF Plan”), which includes a description of Redevelopment Project Area 1 (the “Redevelopment Project Area 1”) and, after receiving comments from all interested persons and taxing districts with respect to the Redevelopment Plan and Redevelopment Project Area 1, the Commission closed the public hearing and (1) passed Resolution No. 10-17-20, which includes recommendations for the Council to approve the Redevelopment Plan; to approve the designation of Redevelopment Project Area 1; and the authorization of tax increment allocation financing within such Redevelopment Project Area 1; and
WHEREAS, the City Council accepted the recommendations of the Commission as to the Overlook Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That 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. That the area selected for Redevelopment Project Area 1 legally described below is hereby approved and designated as Redevelopment Project Area 1:
TRACT 1: Lots 4 through 21, inclusive, Block 7, all of Lots 15 through 21, inclusive and Lots 4 through 8 inclusive and the North 46 feet of Lot 9, Block 8, Warder Park, and all of vacated South Benton lying between Blocks 7 and 8, except the East 1/2 of said vacated South Benton lying West of and adjacent thereto, Lots 13 and 14, Block
8, and except that part of vacated South Benton lying between Lots 1, 2 and 3, Block 7, and Lots 22, 23 and 24, Block 8, all in Warder Park, a subdivision in Kansas City, Jackson County, Missouri.
TRACT 2: All that part of the Northeast 1/4 of the Southwest 1/4 of Section 27, Township 49, Range 33, in Kansas City, Jackson County, Missouri, described as follows: Beginning at a point of intersection of the west right-of-way line of College Avenue with the north right-of-way line of 49th Street, as both are now established; thence west along said north right-of-way line to a point that is 671.16 feet east of the east right-of-way line of Agnes Avenue, as said avenue is now established, being the southeasterly corner of a tract of land conveyed by Warranty Deed recorded under Document No. K-351440 in Book K-811, at page 1341; thence North 0 degrees 14 minutes West along the easterly line of said tract of land 122.58 feet to the northeasterly corner thereof; thence North 68 degrees 24 minutes 16 seconds West along the northerly line of said tract of land 74.5 feet; thence west along the northerly line of said tract of land 137 feet to a jog therein; thence South 0 degrees 14 minutes East along said jog 18 feet; thence west along said northerly line 213 feet to a jog therein; thence North 0 degrees 14 minutes West along said jog 37 feet; thence west along the northerly line of said tract of land 252 feet more or less to the east right-of-way line of Agnes Avenue; thence North 0 degrees 14 minutes West along said east right-of-way line 283.9 feet, more or less, to the southwesterly right-of-way line of Swope Parkway as now established; thence easterly and southeasterly along said southwesterly right-of-way line of the west right-of-way line of said College Avenue; thence southerly along said west right-of-way line 212.45 feet to the point of beginning.
Including one half the width of all of the public rights-of-way immediately adjoining both Tract 1 and Tract 2.
Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Redevelopment Project Area 1. After the total equalized assessed valuation of the taxable real property in Redevelopment Project Area 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area 1, 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 project 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 the Redevelopment Project Area 1 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 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project Area 1 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, if any, which are necessary to the payment of certain Redevelopment Project Costs identified by the TIF Plan, 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. That in addition to the payments in lieu of taxes described in subsection 2 of Section 3 above, fifty percent (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 Redevelopment Project Area 1 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment allocation financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the Act, 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, which are necessary to the payment of Redevelopment Project Costs identified by the Redevelopment Plan, in a separate segregated account within the Special Allocation Fund for the purpose of paying Redevelopment Project Costs.
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Approved as to form and legality:
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Katherine Chandler
Associate City Attorney