HomeMy WebLinkAbout2007-070 - Adoption of Tax Increment Financing for the West Platte Road Redevelopment AreaDote Introduced: ~ 2007
Date Adapted: ~ 200
BILL N0.2007-70 ORDINA CE N0.2007-70
RDINANCE APPROVING THE ADOPTION OF TAX INCREMENT
FINANCING FOR THE REDEVELOPMENT PROJECT AREA UNDER
THE WEST PLATTE ROAD REDEVELOPMENT PLAN AND
APPROVING OTHER ACTIONS RELATED THERETO.
WHEREAS, the Tax Increment Financing Commission of the City of Riverside,
Missouri (the "Commission"), was created 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") and ordinance of the Board of Aldermen of the City; and
WHEREAS, the Commission, after a public hearing on May 23, 2007, adopted
Resolution 2007-OS-02, recommending to the City that it approve a plan for redevelopment titled
"West Platte Road Redevelopment Plan" (the "Redevelopment Plan"); and
WHEREAS, the City, on ~_ ~ , 2007, did approve the Redevelopment Plan;
and
WHEREAS, the City now desires to provide for the adoption of tax increment financing
for the Redevelopment Project Area under the Redevelopment Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF
THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
Section I. The Board of Aldermen hereby adopts and approves tax increment
financing for the Redevelopment Project Area, a legal description of which is attached hereto as
Exhibit A, and provides that:
(i) a8er the total equalized assessed valuation of the taxable real property in the
Redevelopment Project Area exceeds the certified total initial equalized assessed valuation of the
taxable real property in the Redevelopment Project Area, the ad valorem taxes and payments in
lieu of taxes, if any, arising from the levies upon taxable real property in the Redevelopment
Project 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
Reimbursable Project Costs as defined in the Redevelopment Plan have been paid and
reimbursed, 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 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 Area over and above the initial equalized assessed value of
each such unit of property in the Redevelopment Project 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 manner 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 Area attributable to any increase above the total initial equalized assessed value
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 of the Act.
(ii) 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 (other than the County's special road sales tax and
parks sales tax) generated by economic activities in the Redevelopment Project 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.
Section 2. The Mayor, the City Clerk and other officers and agents of the City are
hereby authorized and directed to execute all documents and take such steps as they deem
necessary and advisable in order to carry out and perform the intent of this Ordinance.
Section 3. This Ordinance shall take effect immediately upon passage.
PASSED AN ADOPTED by the Board of Aldermen of the City of Riverside, Missouri
this ~ day of , 200 g
,9 r~
lLt~LK Lf~
athleen L. Rose, Mayor
ATTEST:
[seal]
CL~i
rise Rusick, City Clerk
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