HomeMy WebLinkAbout2007-04-26 IDA MinutesMINUTES
REGULAR MEETING
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF RIVERSIDE, MISSOURI
Thursday, Apri126, 2007
6:00 p.m.
The Industrial Development Authority of the City of Riverside, Missouri, met in regular session at City Hall,
2950 NW Vivion Road, Riverside, Missouri.
President Wayne Snyder called the meeting to order at 6:00 p.m. Answering roll call were Bob Archer, Harold
Snoderley, Leland Finley, Cy Houston, and Wayne Snyder. Also present: Mayor Kathy Rose, Brent Miles,
Director of Planning and Economic Development, David Blackburn, City Administrator, Deborah Polk of
Armstrong Teasdale, Carl Ramey Stifel- Nicholas, and Sarah Thompson Intern.
Approval of Minutes from Leland Finley motioned to approve the minutes from the March 2 ] ,
March 21, 2007 2007 meeting.
Harold Snoderley seconded and the motion passed 5-0.
Approval of Minutes from Leland Finley and Cy Houston had name corrections and a
March 28, 2007 grammatical correction for the March 28, 2007 minutes.
Finley motioned to approve the minutes from the March 28, 2007
meeting as corrected.
Bob Archer seconded and the motion passed 5-0.
Approval of Minutes from Houston had a name change correction.
March 29, 2007 Work Shop
RESOLUTION 2007-004:
A Resolution Authorizing
The Industrial Development
Authority Of The City Of
Riverside, Missouri, To
Issue Its Industrial
Development Revenue
Bonds (Riverside Horizons
Infrastructure Project -City
Of Riverside, Missouri),
Series 2007A In An Amount
Not To Exceed $35,000,000,
And Its Industrial
Development Revenue
Bonds (Riverside Horizons
Infrastructure Project -City
Of Riverside, Missouri),
Houston motioned to approve the minutes from the March 29, 2007
workshop as corrected.
Snoderley seconded and the motion passed 5-0.
Deborah Polk introduced Resolution 2007-004: A Resolution
Authorizing The Industrial Development Authority Of The City O F
Riverside, Missouri, To Issue Its Industrial Development Revenue
Bonds (Riverside Horizons Infrastructure Project -City Of Riverside,
Missouri), Series 2007A In An Amount Not To Exceed $35,000,000,
And Its Industrial Development Revenue Bonds (Riverside Horizons
Infrastructure Project -City Of Riverside, Missouri), Series 2007E In
An Amount Not To Exceed $10,000,000 For The Purpose Of Payi~ig
Project Costs And Paying Costs Of Issuance Of The Bonds;
Authorizing And Approving Certain Documents In Connection With
The Issuance Of Said Bonds; And Authorizing Certain Other Actions
In Connection With The Issuance Of Said Bonds.
Finley asked if the $35,000,000 was a safeguard in case the bonds
went for more then $30,000,000
Carl Ramey of Stifel-Nicholas explained that until the day of pricing
Series 2007B In An Amount for the bonds, the amount is not exact and the additional funding gives
Not To Exceed $10,000,000 flexibility.
For The Purpose Of Paying
Project Costs And Paying
Costs Of Issuance Of The
Bonds; Authorizing And
Approving Certain
Documents In Connection
With The Issuance Of Said
Bonds; And Authorizing
Certain Other Actions In
Connection With The
Issuance Of Said Bonds
Polk commented that, since pricing occurred today and the total oi'the
bonds is now known, the bonds aze issued in the amounts set forth in
the Indenture and Bond Purchase Agreement.
Snoderley asked if there was an automatic vaziable for determining; the
amount of additional funding on the bonds.
Polk responded that there was no set variable; normally the number is
just rounded up. When this was presented to the Board of Alderm~~n
$35,000,000 was used for the Series A and in order to get the form of
the Resolution out to the Board, $35,000,000 for the Series A was
used to stay consistent.
Finley motioned to accept Resolution 2007-004: A Resolution
Authorizing The Industrial Development Authority Of The City Of
Riverside, Missouri, To Issue Its Industrial Development Revenue
Bonds (Riverside Horizons Infrastructure Project -City Of Riverside,
Missouri), Series 2007A In An Amount Not To Exceed $35,000,000,
And Its Industrial Development Revenue Bonds (Riverside Horizons
Infrastructure Project -City Of Riverside, Missouri), Series 2007Ef In
An Amount Not To Exceed $10,000,000 For The Purpose Of Paying
Project Costs And Paying Costs Of Issuance Of The Bonds;
Authorizing And Approving Certain Documents In Connection W ith
The Issuance Of Said Bonds; And Authorizing Certain Other Actions
In Connection With The Issuance Of Said Bonds.
Snoderley seconded and the motion passed 5-0.
General Discussion Houston asked what the construction schedule for the Horizons Project
looked like.
Brent Miles, Director of Planning and Economic Development
informed the Board that the interchange in Horizons is coming in
ahead of schedule and under budget. The next phase is scheduled ;:o
begin in two weeks. The same contractor, Radmacher Brothers, will
be doing the first phase of Horizons Parkway. It is scheduled to be:
completed by November of 2007.
The Board of Alderman approved the purchase of Rinker Materials-
Hydro Conduit and the City and Rinker are still in the process of
finalizing the contract. The price is slightly more than what was
budgeted; however, Phase I came in under budget, so the two should
equal out.
Houston asked if the Rinker building would have to be demolished.
Miles replied that it has to be demolished to make room for the road to
go through.
Finley asked if the agreement between Rinker and the City was an
agreeable one for both parties.
Miles assured the Board that Rinker has agreed to everything and the
City did not have to use eminent domain for this.
Houston asked if there would be any space left to build on after
construction of the road. Miles replied that there will be enough to
accommodate 100,000 to 120,000 square foot building. Also, the
boundary for the TIF District included Rinker so when something is
constructed there the City will receive the taxes from it.
Finley asked if the reason Radmacher Brothers were so low on the bid
was because they already had all their equipment in place from the
first phase so it would be easier to do the second phase.
Miles replied that he wasn't sure that was the reason. He noted that
having one contractor doing the whole project would be easier on the
City and the contractors. This way if one project is falling behind
crews could be moved. Also, more than one contractor in the azea
could make things more difficult.
Miles also commented that the new sewer and lift station in Horizons
should be completed by November 2007 as well. The City is working
on selling the 370 acres that it owns. So far there seems to be lots of
interest and lots of questions. The sale of this property should be
completed in June or July.
The next phase of this project will be combined with the 9 Highway
improvements and will be bid on in January of 2008. This project will
get underway that same year and have to follow MoDOT and federal
regulations.
Houston asked if developers will be required to construct a certain
amount of square footage per year in the Horizons Project.
Miles replied that the City expects 100,000 square feet to be
constructed in the first year; however, some companies plan to double
that.
Houston asked if the amount a company would have to build yearly
would be in the development agreement.
Miles explained that when the City chooses a developer it is taking
several things into account, such as, price, how fast they are going to
develop and the developer's previous projects and history. There are
38 due diligence packages, which represent about 15 different
developers that will be narrowed down to three for the Board of
Aldermen to choose from.
Houston asked if there was a lot of local interest.
Miles replied that it is about split.
Houston asked when the developer would be selected by.
Miles replied that it would be roughly June 1, 2007
Adjournment Wayne Snyder motioned to adjourn.
Archer seconded~a(nd the motion passed 5-0.
C~~2f'uZla~l_/~j'
Sarah Thompson, ~stant Secretary