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File #: 190955    Version: 1 Name:
Type: Ordinance Status: Agenda Ready
File created: 9/21/2021 In control: Council
On agenda: 9/22/2021 Final action:
Title: Approving and designating Project 1 of the Performing Arts Campus Tax Increment Financing Plan as a Redevelopment Project; and adopting tax increment financing therefor.
Attachments: 1. No Fact Sheet
ORDINANCE NO. 190955


title
Approving and designating Project 1 of the Performing Arts Campus 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 accepted the recommendations of the Commission, and rejected the Performing Arts Campus Tax Increment Financing Plan (the "Redevelopment Plan") and did not designate the Redevelopment Area as a conservation 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 1 legally described as follows:
The South 267 feet of Lot 1, Performing Arts District, a subdivision in Kansas City, Jackson County, Missouri.
is approved and designated by the Performing Arts Campus Tax Increment Financing Plan as the Performing Arts Project 1.
Section 3. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for the Performing Arts Campus Project 1. After the total equalized assessed valuation of the taxable real property in the Performing Arts Campus Project 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in the Performing Arts Campus Project 1, 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 effec...

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