HomeMy WebLinkAbout2008-03-04 IDA MinutesMINUTES
REGULAR MEETING
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF RIVERSIDE, MISSOURI
Tuesday, March 4, 2008
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 Wayne Snyder, Harold
Snoderley, Leland Finley, and Cy Houston. Also present: Deborah Polk of Armstrong Teasdale, and Sarah
Wagner, Administrative Clerk.
Approval of Minutes from Leland Finley moved to approve the minutes from January 23, 2008.
January 23, 2008
Harold Snoderley seconded and the motion passed 4-0.
Resolution 2008-003:
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i Deborah Polk presented Resolution 2008-003: A resolution approving
a purchase and development agreement and first addendum between
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A resolution approv
purchase and development the Industrial Development Authority of the City of Riverside,
Missouri and BK Properties, LLC
City of Riverside
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agreement and first
ddendum between the ,
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relating to the L-385 Levee Redevelopment Plan. Polk explained that
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Industrial Development the City negotiated an agreement which must be approved by the II)A
order for the property to be sold. The selling price for the property
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Authority of the City of
the City
Missouri
Riverside n
owned by the IDA is $0.92 per square foot. This price is sufficient to
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of Riverside, Missouri and pay off the Series B Bonds issued by the IDA to provide funds for
BK Properties, LLC relating infrastructure.
to the L-385 Levee
Redevelopment Plan was sold.
Wayne Snyder asked how much of the property
Polk explained that all of the property that was owned by the IDA was
sold as well as the property south of I-635 owned by the City. The:
purchase price for all of the property will be sufficient to allow the
City to get back its purchase price for the property, approximately four
million, and to pay off the Series B Bonds. If there are funds available
after paying these items and the costs of the sale, that amount will be
used to pay down the Series A Bonds.
Cy Houston asked what the developer planed to do with the property.
Polk explained that the plan submitted by the developer shows it ~.s
commercial and industrial flex space with some retail development.
Wayne Snyder asked if the City turned a profit from selling this
property.
Polk explained that the sales price for the property was substantially
greater than the amount the City originally paid for the land but all
profits would be put back into Redevelopment Project III by paying of
bonds issued for the infrastructure.
Leland Finley made a motion in favor of Resolution 2008-003 and Cy
Houston seconded. The motion passed 4-0.
Adjournment Cy Houston made a motion to adjourn and it was seconded by Harold
Snoderley. The motion passed and the meeting~wals adjourned.
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ah Wagner ssistant Secretary