2009-12-07 Regular Council Session

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approve the Redevelopment Project (including both the RPA-1 Redevelopment Project and the RPA-2 Redevelopment Project) and adopt tax increment financing within the Redevelopment Area; and WHEREAS, on _________ __, 2009, the City Council adopted Ordinance No. ___ approving the Redevelopment Plan, designating the Redevelopment Area as a “redevelopment area” pursuant to the Act, approving the RPA-1 Redevelopment Project and adopting tax increment financing within RPA-1. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. The RPA-2 Redevelopment Project is hereby adopted and approved. The City Council finds that the area selected for the RPA-2 Redevelopment Project includes only those parcels of real property and improvements thereon directly and substantially benefited by the proposed RPA-2 Redevelopment Project. Section 2. Tax increment allocation financing is hereby adopted within RPA-2 (as legally described in the Redevelopment Plan). After the total equalized assessed valuation of the taxable real property in RPA-2 exceeds the certified total initial equalized assessed value of all taxable real property in RPA-2, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in RPA-2 by taxing districts and tax rates determined in the manner provided in subsection 2 of Section 99.855 of the Act each year after the effective date of this Ordinance until the payment in full of all redevelopment project costs shall be divided as follows: A. That portion of taxes, penalties and interest 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 RPA-2 shall be allocated to and, when collected, shall be paid by the County Collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing; and B. 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 RPA-2 and any applicable penalty and interest over and above the initial equalized assessed value of each such unit of property in RPA-2 shall be allocated to and, when collected, shall be paid to the City’s Finance Director, who shall deposit such payments in lieu of taxes into the Kingsland Walk Special Allocation Fund—RPA-2 Account for the purpose of paying redevelopment costs and obligations incurred in the payment thereof. Payments in lieu of taxes which are due and owing shall constitute a lien against the real estate of the RPA-2 Redevelopment Project from which they are derived and shall be collected in the same manner as the real property tax, including the assessment of penalties and interest where applicable. Section 3. In addition, fifty percent (50%) of the total additional revenue from taxes, penalties and interest which are imposed by the City or other taxing districts, and which are generated by economic activities within RPA-2, over the amount of such taxes, penalties and interest in the calendar year prior to the adoption of this Ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to Section 70.500 of the Revised Statutes of Missouri, as amended, licenses, fees or special assessments other than payments in lieu of taxes and any penalty and interest thereon, or taxes levied pursuant to Section 94.660 of the Revised Statutes of Missouri, as amended, for the purpose of public transportation, shall be allocated to and paid by the City’s collecting officer to the City’s Finance Director, who shall deposit such funds into the Kingsland Walk Special Allocation Fund—RPA-