Title: Approving and designating Project 2j of the Santa Fe Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.
Part of the Northwest 1/4 of Section 23, part of the Southwest 1/4 of Section 23, and part of the Southeast 1/4 of Section 22, all in Township 48 North, Range 33 West of the 5th P.M., Kansas City, Jackson County, Missouri described as follows: Commencing at the northwest corner of Tract B, PACE, a subdivision of land in Kansas City, Jackson County, Missouri; thence North 354'19" East (all bearings herein are referenced to the "Missouri Coordinate System of 1983, West Zone") 2830.35 feet to the point of beginning; thence northwesterly on a curve to the right (said curve having a radius of 600.00 feet, chord bearing North 2558'33" West, chord distance 333.70 feet) an arc length of 338.16 feet to a point of tangency; thence North 949'47" West, 261.28 feet; thence South 8010'13" West, 88.12 feet; thence North 8721'58" West, 360.61 feet; thence South 2137'56" West, 74.80 feet; thence South 8544'09" West, 225.78 feet; thence North 8429'22" West, 131 feet more or less to the easterly right of way line of the St. Louis and San Francisco Railroad; thence northwesterly on said easterly right of way line 513 feet more or less; thence South 8649'47" East, 616.89 feet; thence North 3407'20" East, 329.94 feet; thence North 8606'09" East, 79.46 feet to a point North 128'45" West, 4043.57 feet from the northwest corner of said Tract B; thence northerly to the southwest corner of the Northwest 1/4 of said Section 23; thence northerly on the west line of said Northwest 1/4, 494 feet more or less to the southerly right of way line of 87th Street; thence southeasterly on said southerly right of way line 210 feet more or less; thence South 3233'12" West, 106 feet more or less to a point of curvature said point being North 024'10" East, 4491.17 feet from the northwest corner of said Tract B; thence continuing southwesterly on a curve to the left (said curve having a radius of 200.00 feet, chord bearing South 1719'54" West, chord distance 105.02 feet) an arc length of 106.27 feet to a point of tangency; thence South 206'36" West, 195.21 feet to a point of curvature; thence southeasterly on a curve to the left (said curve having a radius of 1400.00 feet, chord bearing South 351'36" East, chord distance 291.22 feet) an arc length of 291.74 feet to a point of tangency; thence South 949'47" East, 775.72 feet to a point of curvature; thence southeasterly on a curve to the left (said curve having a radius of 500.00 feet, chord bearing South 3241'24" East, chord distance 388.48 feet) an arc length of 398.98 feet to a point of tangency; thence South 5533'00" East, 128.35 feet; thence South 3427'00" West, 100.00 feet; thence North 5533'00" West, 128.35 feet to a point of curvature thence continuing northwesterly on a curve to the right (said curve having a radius of 600.00 feet chord bearing North 4850'09" West, chord distance 140.30 feet) an arc length of 140.62 feet to the point of beginning.
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 in the area selected for Santa Fe Redevelopment Project 2j 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, 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 Santa Fe Redevelopment Project 2j 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.