COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 200658

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Approving and designating Redevelopment Project 1 of the Pioneer Plaza 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 City, Missouri (the "Commission"); and

WHEREAS, the City Council previously accepted the recommendations of the Commission as to the Pioneer Plaza Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area as an economic development area; and

WHEREAS, the Redevelopment Plan contemplates 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 1 legally described below is approved and designated by the Redevelopment Plan as Redevelopment Project 1 ("Project 1").

Lot 2, Pioneer Plaza, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof.

Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 1. After the total equalized assessed valuation of the taxable real property in Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 1, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the ta...

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