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HomeMy WebLinkAbout2007-03-21 IDA MinutesMINUTES REGULAR MEETING INDUSTRIAL DEVELOPMENT AUTHORITY RIVERSIDE, MISSOURI Wednesday, March 21, 2007 6:00 p.m. The Industrial Development Authority for the City of Riverside, Missouri, met in regular session in the Board of Aldermen Chambers at City Hall, 2950 NW Vivion Road, Riverside, Missouri. Deborah Polk called the meeting to order at 6:00 p.m. Answering roll call were Cy Huston, Bob Archer, Harold Snoderley and Wayne Snyder. Members absent: Leland Finley. Also present: Mayor Kathy Rose, Brent Miles, Director of P'.anning and Economic Development, Deborah Polk of Armstrong Teasdale, Carl Ramey Stifel-Nicholas, John McClelland City Attorney an Sarah Thompson Intern. Resolution No. 2007-001: A Resolution Approving and Adopting the Bylaws of the Industrial Development Authority of the City of Riverside, Missouri. Resolution No. 2007-002: A Resolution Electing the Officers of the Industrial Development Authority of the City of Riverside, Missouri. Workshop Regarding Industrial Development Authorities Deborah Polk gave a summary of the major provision;; of the Bylaws of the Industrial Development Authority to the members. There was a general discussion. Snyder motioned to approve Resolution No. 2007-001: A Resolution Approving and Adopting the Bylaws of the Industrial Development Authority of the City of Riverside, Missouri. Harold Snoderley seconded and the motion carried with a vote of 4-0. Polk explained the offices to be elected. Snoderley nominated Wayne Snyder as President. Snyder nominated Bob Archer as Treasure. City Staff Member Jane Henry was nominated as Secretary and Sarah Thompson as Assistant Secretary. The above nominated officers were added to the Resolution 2007- 002. Snoderley motioned to approve Resolution No. 2007-002: A Resolution Electing the Officers of the Industrial Development Authority of the City of Riverside, Missouri. Archer seconded and the motion carried with a vote c f 4-0. Polk gave a presentation to the members about Industrial Development Authorities (IDA). An Industrial Development Authority is created with the purpose to "promote commercial and industrial development ~md, in order to achieve such promotion, to engage in any activities;, either on its own, in conjunction with, or by contract with any not-for-profit organization, which it deems necessary to carry on such promotional work. Its projects can include: • Assembly Plants • Manufacturing Plants • Processing Plants • Fabricating Plants • Distribution Centers • Warehouses • Office Buildings • Commercial Facilities • Public Infrastructure Projects Once established, the IDA has, among its powers, the power to: • Promote and solicit industrial and economic development projects. • Own, lease, and mortgage properties. • Improve, maintain, equip and furnish one or rriore projects. • Loan bonds proceeds to provide for the purch~ise and construction of projects. • Issue bonds and temporary notes. The IDA is also restricted in two important ways. 1. All IDA's are expressly denied the power of eminent domain. 2. All IDA projects are generally subject to all rE;al and tangible personal property taxes and assessments. There was a general discussion regarding powers and actions of IDAs. Polk then gave a brief summary on the process for issuing bonds: the application is filed, the official intent resolution is made, the legal documents are prepared followed by the offering; or placement of bonds, approval of documents and issuance of bonds, preparation of closing documents, pre-closing and then the final closing. There was then a brief discussion regarding possible projects and bond issues. Polk explained that the IDA would have to submit an Annual Report with the Department of Economic Development on the previous year's issuances. Overview of Riverside Horizons Miles gave an overview of the Riverside Horizons Project Infrastructure Project presentation. He described the area that is referred tc as the Horizons. Miles explained the projects to be financed. The next project is the north/south connector from I-635 to 9 Highway, Horizons Parkway. Phase II will include a bridge over the Burling Northern Santa Fe railroad tracks. In addition, Highway 9 will see some improvements. With an estimated 4.6 million sq. ft. of developable space in the Horizons area Highway 9 will need to be improved to accommodate a heavier traffic flow. This will be a cost share project with MoDOT. An east/west connection is also a project. Currently, there are few utilities in the area. A design for a sanitary sewer and force main to this area is planned to handle further development. Workshop Regarding Proposed IDA Bond Financing. Resolution No. 2007-003 Resolution of the Industrial Development Authority of the City of Riverside, Missouri, and determining the Official Intent of the Authority to issue its Industrial Revenue Bonds in an agreement principal amount not to exceed $45,000,000 to finance the cost of such project. Carl Ramey addressed members giving them a summary of the proposed IDA bond financing to fund the infrastructure projects. He explained that there are three sources of repayment for the bonds. One is money available from City revenue on .m annual appropriations basis. Another source is from the sale of property in the Horizons area securing the bonds and a third would come from excess TIF revenue. Ramey discussed the two types of bonds, Series A and Series B. Series B bonds will be tied to the sale of land. These bonds will be redeemed quickly starting with the last bond forwa~•d to reduce the amount of interest paid on them. Polk clarified to the members that the IDA is doing thy; selling of the property, but the City will decide who they would like to sell to and ask for IDA approval. Polk asked for a motion on Resolution No. 2007-003: Resolution of the Industrial Development Authority of the City o1'Riverside, Missouri, and determining the Official Intent of the Authority to issue its Industrial Revenue Bonds in an agreement principal amount not to exceed $45,000,000 to finance the cost of such project. Archer motioned to pass Resolution 2007-003. Snoderley seconded and the motioned carried with a ~ ote of 4-0. Election of Vice-President Adjournment AT ES After discussion, it was decided that the IDA would elect aVice- President. Snyder nominated Leland Finley as Vice-President. Leland Finley was elected Vice-President by a vote o1'4-0. Snyder motioned to adjourn. Snoderley seconded and the motion passes 4-0. Sarah Thompso" mg Secretar