ORDINANCE NO. 200713
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Approving and designating Project 2 of the 40 Highway & Noland Road Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.
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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 C ity, Missouri (the “Commission”); and
WHEREAS, the City Council approved the 40 Highway & Noland Road Tax Increment Financing Plan (the “Redevelopment Plan”) and designated the Redevelopment Area as a blighted 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 Project 2, legally described as follows:
A Parcel of land being a part of Tract I, Plaza 40 Shopping Center - Phase 1, and Tract V, Plaza 40 Shopping Center - Phase 2, subdivisions of land in the Southwest Quarter of Section 26, Township 49 North, Range 32 West of the Fifth Principal Meridian, in Jackson County, Missouri, said Parcel, being a part of the City of Kansas City, more particularly described as follows:
(For course orientation the bearings in this description are based on the East line of said Tract I having a bearing of South 02 degrees 07 minutes 36 seconds West, as determined by Global Positioning Systems observations and referenced to the Missouri State Plane Coordinate System, West Zone, NAD83.)
Commencing at the Northeast corner of Tract I, Plaza 40 Shopping Center - Phase 1, monumented by a found cotton gin spindle; thence South 02 degrees 07 minutes 36 seconds West, 383.94 feet, on the East line of said Tract I, to the point of beginning of said Parcel herein described; thence North 88 degrees 09 minutes 10 seconds West, 779.15 feet, along a line lying ±3.5 feet Northerly of the face of a larger manufacturing building, to a point intersecting the Northerly prolongation of a building seam delineating said larger manufacturing space and smaller retail spaces; thence North 02 degrees 06 minutes 08 seconds East, 348.33 feet, along said Northerly prolongation, to the corporate city limits line of Kansas City, Missouri; thence South 87 degrees 03 minutes 19 seconds East, 779.36 feet, on said city limits line, to the East line of said Tract I, Plaza 40 Shopping Center - Phase 1; thence South 02 degrees 07 minutes 36 seconds West, 333.40 feet; on said East line, to the point of beginning, said Parcel containing 6.10 acres more or less.
is approved and designated by the 40 Highway & Noland Road Increment Financing Plan as Project
Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 2. After the total equalized assessed valuation of the taxable real property in Project 2 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 2, 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 Project 2 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 2 over and above the initial equalized assessed value of each such unit of property in the area selected for the Project 2 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 2 Costs identified by the Redevelopment 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 Project 2 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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Katherine Chandler
Assistant City Attorney