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Home My WebLink About1996-072 - Adoption of the L-385 Levee Redevelopment PlanBILL NO. 96-72 ORDINANCE NO. 96-72 AN ORDINANCE ACCEPTING THE RECOMMENDATION OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI REGARDING THE L-385 LEVEE REDEVELOPMENT PLAN (THE "PLAN"); APPROVING THE PLAN; APPROVING THE DESIGNATION OF A REDEVELOPMENT AREA UNDER THE PLAN; APPROVING AND DESIGNATING THE REDEVELOPMENT PROJECT I AND REDEVELOPMENT PROJECT I AREA UNDER THE PLAN; AND APPROVING TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I PROJECT AREA WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri (the "Commission") was created pursuant to Ordinance No. 95-64, adopted by the Board of Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12, 1995; WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), requires the Commission to: (a) hold hearings with respect to proposed redevelopment areas, redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c) make its recommendations on the same to the Board of Aldermen; WHEREAS, it has been proposed that: (a) the real property (the "Redevelopment Area") legally described in the attached Exhibit A be classified as a "blighted area" and be designated a "redevelopment area" pursuant to the Act; (b) the Plan be approved for the purpose of redeveloping the Redevelopment Area; (c) the Redevelopment Project I and Redevelopment Project I Area authorized by the Plan be approved; (d) other Redevelopment Projects be considered for approval at such time as the Commission recommends the same; and (e) tax increment financing be adopted for the Redevelopment Project I Area described in the Plan; WHEREAS, the Commission by Resolution No. 96-OS-O1, passed on May 8, 1996, fixed a time and place for a public hearing on the designation of the Redevelopment Area, the approval of the Plan, the approval of the Redevelopment Project I and the adoption of tax increment financing for the Redevelopment Project I Area; WHEREAS, the Commission issued a request for proposals to developers by publication in a newspaper of general circulation for the implementation of the Plan; WHEREAS, proper notice of the public hearing was given by publication and mailing as required by the Act; WHEREAS, the Commission held a public hearing in compliance with the Act on June 27, 1996, and the Commission heard and considered all protests, objections and comments 12f94.~ July IF, 1996 submitted by any interested persons and tax districts affected by the issues addressed at the public hearing; WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996, classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and WHEREAS, the Board of Aldermen has reviewed the Plan together with the Commission's recommendations regarding same. NOW, THEREFORE, be it ordained by the Board of Aldermen of Riverside, Missouri: Section 1. The recommendations of the Commission set forth in its Resolution No. 96- 06-01 are hereby accepted. Section 2. The Board of Aldermen finds that: a. The existing conditions of the Redevelopment Area described in the Plan are a fair depiction of the Redevelopment Area and cause the Redevelopment Area to be a "blighted area" as defined in the Act; b. the Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Plan; c. the Plan conforms to the comprehensive plan for development of the City of Riverside, Missouri as a whole; d. the estimated dates, which shall not be more than 23 years from the adoption of the ordinance approving the Redevelopment Project I, of completion of the Redevelopment Project I and retirement of obligations incurred to finance the Redevelopment Project costs have been stated in the Plan; and e. a plan has been developed and included in the Plan for the relocation assistance of businesses and residences. Section 3. The Board of Aldermen approves and designates the Redevelopment Area as a redevelopment area pursuant to the Act. Section 4. The Board of Aldermen approves and adopts the Plan. 12(A4.I r~ luiy 16, 1996 -G- Section 5. The Board of Aldermen approves and designates the Redevelopment Project I and the Redevelopment Project I Area as a redevelopment project and redevelopment project area, respectively, under the Act. Section 6. The Board of Aldermen adopts tax increment financing for the Redevelopment Project I Area and provides that: (1) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I Area, the ad valorem taxes and payments in lieu of taxes, if any, arising fro-n the levies upon taxable real property in such Redevelopment Project I Area by taxing districts and tax rates determined in the manner provided in subsection 2 of the Section 99.855 of the Act each year after the effective date of this Ordinance until the Redevelopment Project Costs pursuant to the Plan have been paid, shall be divided as follows: (a) That portion of taxes 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 the Redevelopment Project I Area 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; (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 the Redevelopment Project I Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I Area shall be allocated to and, when collected, shall be paid to the municipal treasurer who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the municipality 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 redevelopment project from which they are derived. The municipality may, in the ordinance, pledge the funds in the special allocation fund for the payment of such costs and obligations and provide for the collection of payments in lieu of taxes, the lien of which may be foreclosed in the same -nanner as a special assessment lien as provided in section 88.861 RSMo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the Redevelopment Project I Area attributable to any increase above the total initial equalized assessed value 2H)4. ~ Hwy ~6. ~9~~ -3- of such properties shall be used in calculating the general state school aid formula provided for in section 163.031 RSMo, until such time as all redevelopment costs have been paid as provided for in this section and section 99.850. (2) In addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act, the total additional revenues from taxes generated by economic activities in the Redevelopment Project I Area, as described in Section 99.845.3 of the Act, shall be allocated as set forth in Section 99.845.3 of the Act. Passed this 18th day of July, 1996. i AYOR ATTEST: u, CITY CLERK` ~~~,4.~ ,mY ~h. ~y96 -4-