ORDINANCE NO. 160421
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Sponsor: Director of City Planning and Development Department
Approving and designating Redevelopment Project E of the Platte Purchase Development Plan as a Redevelopment Project; and adopting tax increment financing therefore.
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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 created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, on November 6, 2014, the City Council passed Committee Substitute for Ordinance No. 140916, which accepted the recommendations of the Commission as to the Platte Purchase Development Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and
WHEREAS, the Redevelopment Plan and Committee Substitute for Ordinance No. 140916 contemplate the implementation of the Redevelopment Plan through a number of 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. 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 E legally described as follows:
A tract of land in the Fractional West Half of Section 3 and the East Half of Section 4, both in Township 51 North, Range 33 West of the 5th Principal Meridian in Kansas City, Platte County, Missouri being bounded and described as follows: Commencing at the Northwest corner of Fractional Southwest Quarter of said Section 3; thence South 00°28'49" West, 252.85 feet to the Point of Beginning of the tract of land to be herein described; thence South 89°34'42" West, 809.56 feet; thence North 64°55'01" East, 326.01 feet; thence North 43°23'28" East, 608.14 feet; thence North 59°54'28" East, 189.74 feet to a point on the West right-of-way line of N Platte Purchase Drive, as now established; thence Southeasterly, along said West right-of-way line, on a curve to the left, having an initial tangent bearing of South 30°05'32" East with a radius of 800.00 feet, a central angle of 24°31'37" and an arc distance of 342.46 feet; thence South 54°37'09" East, continuing along said West right-of-way line, 152.93 feet; thence Southeasterly, continuing along said West right-of-way line, on a curve to the right, being tangent to the last described course with a radius of 700.00 feet, a central angle of 25°24'25" and an arc distance of 310.41 feet; thence South 60°47'16" West, 21.05 feet; thence South 64°09'55" West, 57.11 feet; thence Westerly, along a curve to the right, being tangent to the last described course with a radius of 660.00 feet, a central angle of 20°19'09" and an arc distance of 234.06 feet; thence South 89°34'42" West, 333.06 feet to the Point of Beginning. Containing 473,267 square feet or 10.86 acres, more or less.
is approved and designated by the Platte Purchase Development Plan as Redevelopment Project E (“Project E”).
Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project E. After the total equalized assessed valuation of the taxable real property in Project E exceeds the certified total initial equalized assessed valuation of the taxable real property in Project E, 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 Project E shall be allocated to and, when collected, shall be paid by the Clay 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 E over and above the initial equalized assessed value of each such unit of property in the area selected for Project E shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Project E Costs within the Redevelopment Area, 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 Project E 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 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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Sarah Baxter
Assistant City Attorney