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Home My WebLink About2009-188 Second Amendment Briarcliff Devel. Agreement �.. BILL NO. 2009-188 ORDINANCE NO. 2009-188 AN ORDINANCE APPROVING THE SECOND AMENDMENT TO THE REDEVELOPMENT AGREEMENT WITH BWARCLIFF DEVELOPMENT COMPANY IN CONNECTION WITH THE WEST PLATTE ROAD REDEVELOPMENT PLAN, AND APPROVING OTHER ACTIONS RELATING THERETO WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Redevelopment Act, Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended, the Tax Increment Financing Commission of Riverside, Missouri did recommend, after a public hearing on May 23, 2007 and pursuant to Resolution 2007-OS- 02 adopted May 23, 2007, and the Board of Aldermen of the City did approve, pursuant to Ordinance 2007-69 adopted July 3, 2007, the "West Platte Road Redevelopment Plan" (the "Redevelopment Plan"); and WHEREAS, pursuant to Ordinance No. 2007-90 adopted August 14, 2007, the City and Briarcliff Development Company, as developer, entered into that certain Redevelopment Agreement dated August 14, 2007 relating to implementation of the Redevelopment Plan; and WHEREAS, pursuant to Ordinance No. 2009-87 adopted July 7, 2009, the City and Briarcliff entered into the First Amendment to the Redevelopment Agreement; and WHEREAS, the City and Briarcliff desire to amend certain terms in the Redevelopment Agreement as anlended by the First Amendment as set forth in the Second Amendment to Redevelopment Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: Section 1. The Second Amendment to Redevelopment Agreement, in substantially the form attached hereto as Exhibit A(with such changes, additions and deletions as may be approved by the officer executing such document, such execution being conclusive proof of such approval), the execution and delivery of such Agreement, and the performance of the City's obligations thereunder are approved. The Mayor is aulhorized and directed to execute and deliver such Agreement on behalf of the City. Section 2. The Mayor, the City Clerk and other officers and agents of the City are hereby autharized 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. PASSE N ADOPTED by the Board of Aldermen of the City of Riverside, Missouri thi�.'_��y of December, 2009. , �'"�ti )� � Kathleen L. Rose, Mayor ATTEST: [Seal] % ,� , � i • � `.�o��:� � � Louise Rusick, City Clerk 2 Exhibit A Second Amendment to Redevelopment Agreement SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT THIS SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT (this "Amendment") is made and entered into as of this ___ day of December, 2009, by and between the CITY OF RIVERSIDE, MISSOURI (the "City"), a City and political subdivision duly organizcd and existing under the laws of the State of Missouri, and BRIARCLIFF DEVELOPMEI�iT COMPANY, (the "Developer"), a Missouri S-Corporation. RECITALS A. On July 3, 2007 after due consideration of the recommendations of the Tax lncrement Financing Commission of Riverside, Missouri, the City adopted: (1) Ordinance No 2007-69 approving the West Platte Road Redevelopment Plan; and (2) Ordinance No. 2007-90 authorizing the City to enter into a redevelopment agreement with the Developer. B. The City and the Devcloper entered into that certain Redevelopment Agreement dated August 14, 2007 (the "Original Redevelopment Agreement"), and amended it by that certain First Amendment to Redevelopment Agreement dated the 4`" day of August, 2009. The Original Redevelopment Agreement, as amended by the First Amendment to Redevelopment Agreement and this Second Amendment, is hereinafter referred to as the "Agreement". C. The City and the Developer desire to amend the Original Redevelopment Agreeinent and First Amendment to Redevelopment Agreement as set forth in this Second Amendment. � AGREEMENT NOW, THEREFORE, in consideration of the premises and promises contained herein and other good and valuable cousideration, the adequacy and sufficiency of which are hereby acknowledged, the parties agree that the Original Redevelopment Agreement as amended by lhe First Amendment to Redevelopment Agreement is amended as follows: Section 1. Terms. Each Term used in this Amendment shall have the same meaning as set forth in the Original Redevelopment Agreement as amended by the First Amendment to Redevelopment Agreement and by this Second Amendment. Section 2. Definitions. The definitions of the following terms set forth in Section 1.1 of the Original Redevelopment Agreement are hereby amended as follows: 1 � 2.1 The Definition of "Reimbursable Project Costs" in Section 11 of the Original Redevelopment Ageement is amended by increasing the maximum amount of reimbursable Redevelopment Project Costs by an amount which is equal to one hundred percent (100%) of the Projected Payments In Lieu Of Taxes and/or Projected Economic Activity Taxes generated by that development which occurs on the site known as "Office — C" on the Briarcliff Plaza Site Plan attached hereto. Provided however, that this Second Amendment is contingent upon an amendment to the West Platte Road Redevelopment Plan, Exhibit 5 Estimated Redevelopment Project Costs (if determined by tbe City to be necessary pursuant to Section 99.825 RSMo), approval of such increase by action of the Board of Aldermen, and upon the Developer entering into a binding agreement for the sale of all or part of the Office - C site to a for-profit company which employs at least 50 persons, which provides health insurance for its employees, of which at least 50% of thc premium is paid by the employer and which pays an average wage which exceeds the county average wage of Platte County as published by the Department of Economic Development of Missouri, and further contingent upon a binding commitment by such company in form and substance satisfactory to the City (such satisfaction to be certified in writing by the City to the Developer) to proceed with the development of the site. 2.2 "Projected Payments In Lieu Of Taxes" means the estimated real property taxes resulting from development which shall be calculated by multiplying the total cost of the development by 32% and then multiplying the product by the total real property tax levies Platte County and the Park Hill School District combined, with an inflation factor of 1% per year, over a period of 23 years. By way of example, a hypothetical calculation is set forth in the document attached hereto titled `Briarcliff Professional Plaza TIF Income Projections." 2.3 "Projected Economic Activity Taxes" means the estimated Economic Activity Taxes resulting from development which shall be calculated using the method set forth in Section 99.805 RSMo, (excluding the County's dedicated parks sales tax and dedicated special road sales tax) based upon estimated sales in an amount agreed to by the Developer and the City, or if no such agreement can be reached, by that estimate provided by Development Strategies Inc., the cost of which estimate shall be divided between the City and the Developer. Section 3. Exhibit E. Exhibit E to the Original Redevelopment Agreement as amended by the First Amendment to Redevelopment Agreement is deleted and replaced in its entirely with the attached Amended Exhibit E to Agreement. Section 4. Entire Agreement. The parties agree that the Original Redevelopment Agreement, as amended by the First Amendment to Redevelopment Agreement, and by this Second Amendment, constitutes the entire agreement between tlie parties and that no other agreements or representations other than those contained in the Agreement have been made by the parties 2 � Section 5. Counterparts. This Second Amendment may be executed in multiple counter parts, each of which shall constitute one and the same instrument. Section 6. Recording. This Second Amendment shall be recorded in the Platte County Recorder's office. Section 7. Ratification and Confirmation. The parties hereby ratify and confirm the continued viability, force and effect of the Original Redevelopment Agreement, as expressly modified by the First Amendment and this Second Amendment. IN WITNESS WHEREOF, the City and the Developer have caused this Amendment to be executed in their respective names and the City has caused its seal to be affixed thereto, and attested as of the date first above written. "CITY": CITY OF RIVERSIDE, MISSOURI B y: is�%LiX.P.�- � �' Kathleen L. Rose, Mayor [SEAL] Attest: i ' . �; `` ' , Louise Rusick, City Clerk "DEVELOPER": BRIARC FF D LOPMF,NT COMPA / By� � � James Do an, President 3 STATE OF MISSOURI ) ) SS COUNTY OF PLATTE � ) , On this�� Y of December, 2009, before me appeared Kathleen L. Rose, to me personally known, who, being by me duly sworn, did say that she is the Mayor of the CITY OF RNERSIDE, MISSOURI, a political suUdivision of the State of Missouri, and that khe seal affixed to the foregoing instrument is the seal of said City, and said instrument was signed and sealed in behalf of said City by authority of its Board of Aldermen, and said individual acknowledged said instrument to be the free act and deed of said City. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the County and State aforesaid, the day and year first above written. 7 / LOUISE F. RUSICK � �C,, ' � Nptary Public — Notary Seal STATE OF MiSSOURI - Platte CouMy ��/ ��"' � '��"� � Cammisslon Number09484153 Notary Public M aommisslon expires Aug. 28, 2013 [SEAL] My Commission Expires: �,� ��G�� STATE OF MTSSOURI ) ) SS COUNTY OF L L� �I ) On this '� � st day of December, 2009, before me appeared James Dorman, to me personally known, who, being by me duly sworn, did say that he is the President of BRIARCLiFF DEVELOPMENT COMPANY, and that he is authorized to sign the instrument on behalf of said corporation by authority of its board of directors, and acknowledged to me that he executed the within instrument as said corporation's act and deed. IN TESTIMONI' WHEREOF, I have hereunto set my hand in the County and State aforesaid, the day and year first above written. • � . VICKI L. TISCHER � LG�- �- � Notary Public - Notary Seal State of Missoun Notary Public Commissioned icr Clay County My Cammission fxpires: April 03, 2011 [SEAL] Commissicn Number: 07389816 My Cominission Expires: t��M-� � � �� 4 � AMENDED EXHIBIT E TO AGREEMENT Estimated Redevelopment Project Costs and Reimbursable Project Costs CATEGORY EST[MATED MAXIMUM RF,DEVELOPMENT REIMBURSABLE PROJECT COSTS PROJECT COSTS � Redevelopment Project 1: $890,000 $890,000 Reimbursable Project Costs for purchase by City of property upon which Linear Park is to be constructed. Redevelopment Project 1: $1,400,000 $1,400,000 Reimbursable Project Costs are solely for Linear Park Improvements to be owned by the City as well as other community amenities such as trails and lakes and costs of landscaping, sodding, imgation, lake construction, fountain & trails, City signage, neighborhood monument signage for both the project and the existing Indian Hill's neighborhood in the linear park and along public right-of-way within Project 1. Redevelopment Project 6: $15,000,000 $2,450,000 Reimbursable Project Costs are solely for grading, utilities, site work, parking, retaiuing walls, landscaping and related infrastructure Redevelopment Project 2. East of Valley $10,400,000 $0 Redevelopment Project 3: Condos $18,480,000 $0 Redevelopment Project 4: Cottages $7,070,000 $� Redevelopment Project 5: West of Valley $17,600,000 $0 Total $70,590,Q00 $7,490,000 � Subject to the limitations set forth in Article N of the Original Redevelopment Agreement. z Project 2 Residential Infrastructure must be completed prior to $418,000 of this cost being reimbursed. Project 5 Residential Infrastructure must be completed prior to $385,500 of this cost being reimbursed, for a Total of $803,500. � � — — — -- ---- — 'l__ — _�—� _ .— . — — , --, � _ ,__ ^ `_ ��ma � ,� � � , _ � � -�-- � - � �- � - - �--- �� .. i�, � ._._..__ x�7'AO . _ _ , �• GkiC� � i D J � A1 ` NRM C �~; \ � Qy .\ ' . �.\ .�-nr Wm1 : > > :^-'�' su� i.s�r W '��i� C . / . . o-,!�ex cat�v i� � . u,noa i, p �� '� OFPo(E�( �`" '3 =`�x �� r __ �� F. ,, c_ � ��J, `� ; � _ � J� ��._ �., , ar��., � .��.:E � � � • „�� ; 1 , ° � �� ..� . (� d �•� �` _ '� - � " � ``� U s , - ,, ., __ N �� ', : � `� , ..-:-- �a . . � � - ,; „�„x�~� �c��-� — Q ' ' ` ` -- Y, -= a OFPKE-A , ' � � ' � - " _ - - _ _ ..,. ..y�. "' .__ .. _ _ __--. _ ^ ':r� �, f�M.9 v _--�' � �1 ^• � ,\ `(fvJ � �' � U `� � .�:�,Q�:,,.«s �� BRIARCLIFF PLAZA S[TEPLAN ��; �a Q � a � Briarcliff Professional Plaza TIF Income Projections Assumed Growth Rate 1.00% Discount Rate 1 Q% Existing Existing Future Future Projected Building Build'nig Building TIF Building A B C D Land Income Discounted Building Size 15,000 10,000 30,000 20,000 Taxes per PSF 2.75 2.75 2.75 2.75 2008 - - - - - - - 2009 - - - - ' - - 2010 25,200 16,800 - - 18,000 60,000 54,000 2011 41,250 27,500 - - 18,180 86,930 78,237 2012 41,663 27,775 41,250 27,500 18,362 156,549 140,894 2013 42,079 28,053 82,500 55,000 18,545 22fi,177 203,560 2014 42,500 28,333 83,325 55,550 18,731 228,439 205,595 2015 42,925 28,617 84,158 56,106 18,918 230,723 207,651 2016 43,354 28,903 85,000 56,667 19,107 233,031 209,728 2017 43,788 29,192 85,850 57,233 19,298 235,361 211,825 2018 44,226 29,484 86,708 57,806 19,491 237,715 213,943 2019 44,668 29,779 87,575 58,384 19,686 240,092 216,083 2020 45,115 30,076 88,451 58,967 19,883 242,493 218,243 2021 45,566 30,377 89,336 59,557 20,082 244,918 220,426 2022 46,021 30,681 90,229 60,153 20,283 247,367 222,630 2023 46,482 30,988 91,131 60,754 20,486 249,840 224,856 2024 46,946 31,298 92,043 61,362 20,691 252,339 227,105 2025 47,416 31,611 92,963 61,975 20,897 254,862 229,376 2026 47,890 31,927 93,893 62,595 21,106 257,411 231,670 � 2027 48,369 32,246 94,832 63,221 21,317 259,985 233,986 2028 48,853 32,56& 95,780 63,853 21,531 262,585 236,326 2029 49,341 32,894 96,738 64,492 21,746 265,211 238,690 2030 49,834 33,223 97,705 65,137 21,963 267,863 241,076 Total 933,484 622,323 1,659,467 1,106,311 418,3o5 4,739,890 4,265,901 Less Current Funding (3,580,000) (3,580,000) 1,159,890 685,901 �