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Referred Plans And Zoning Committee
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Released
ORDINANCE NO. 910051
Approving and designating Phase V of the Universal
Floodwater Detention Tax Increment Financing Plan as a Redevelopment Project
Area and adopting tax increment financing therefor.
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WHEREAS, the City Council of Kansas City, Missouri,
by Ordinance No. 54556 passed on November 24, 1982, created the Tax Increment
Financing Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS, on November 14, 1990, the Commission
adopted a resolution recommending that the City Council approve a redevelopment
plan entitled the "Universal Floodwater Detention Tax Increment Financing
Plan" (the "Redevelopment Plan"); and
WHEREAS, the City Council has accepted the
recommendations of the Commission as to the Redevelopment Plan; approved the
Redevelopment Plan; declared the Redevelopment Plan Area and each proposed
Redevelopment Project Area as blighted; adopted tax increment allocation
financing with respect to the first phase of the Redevelopment Plan; approved
Universal Land Development Co., Ltd. as the developer; approved an agreement
with the Commission; and authorized the execution of a development contract;
and
WHEREAS, the Redevelopment Plan and Ordinance No.
910047 contemplate the designation of each subsequent phase of the
Redevelopment Plan as a separate Redevelopment Project Area at the discretion
of the City Council and the adoption of tax increment financing therein; 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, 1986, as amended (RSMo).
Section 2. That the area set forth in the Redevelopment
Plan as Phase V and legally described in Exhibit "A", attached hereto
and incorporated herein by reference, is hereby declared as a blighted area and
is further approved and designated as the Phase V Redevelopment Project Area.
Section 3. That, 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 Phase V
Redevelopment Project Area Redevelopment. That, in addition to the payments in lieu
of taxes described above, fifty percent of the total funds from taxes imposed
by the City, or other local taxing districts, which are generated by operations
and activities within the Phase V Redevelopment Project Area, while tax
increment financing remains in effect for such Redevelopment Project Area,
excluding licenses, fees or special assessments other than payments in lieu of
taxes, shall be allocated to, and when collected shall be paid to, the City
Treasurer, who shall deposit such funds in the Special Allocation Fund.
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Approved as to form and
legality:
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Assistant City Attorney