§ 74-7. Tax agreements.

(a)

In the course of considering any development plan or amendment for approval, the Kansas City Chapter 353 Advisory Board and the city council shall give particular recognition to any agreement, in writing, on behalf of the urban redevelopment corporation presenting such plan or amendment that, notwithstanding the provisions of the Missouri Redevelopment Corporations Law, it will make payments in lieu of real property taxes to the appropriate political subdivisions.

(b)

Payments in lieu of taxes shall be distributed to all political subdivisions levying taxes on the area to be redeveloped on the same pro rata basis and in the same manner as the ad valorem real property tax revenues received by each taxing authority from such property in the year such payments are due.

(c)

As part of the consideration of any development plan or amendment, there shall be a full report on any agreement for payments in lieu of taxes.

(d)

If any urban redevelopment corporation, or its successors or assigns, fails to tender the payments in lieu of taxes to the appropriate political subdivision as required by any contract or amendment thereto, interest shall be due thereon at the same rate and in the same manner commencing on January 1 of the calendar year following the year in which payment is due. Any action by the city to declare the redevelopment project in default or abandoned shall not release the urban redevelopment corporation, or its successors or assigns, from the liability under this subsection.

(Ord. No. 140306 , § 2, 5-1-14)