HomeMy WebLinkAbout1377 Pyament of Pilot Revenues BILL NO. 2015-003 ORDINANCE NO. 1,377
AN ORDINANCE APPROVING THE PAYMENT OF CERTAIN PILOT REVENUES IN
ACCORDANCE WITH THE TERMS OF THE MASTER DEVELOPMENT AGREEMENT
BETWEEN THE CITY AND RIVERSIDE HORIZONS, LLC
WHEREAS, Briarcliff Realty, LLC, a Missouri limited liability company, and the City of
Riverside,Missouri (the "City") entered into that certain Master Development Agreement dated
as of May 10, 2011 (the "MDA"); and
WHEREAS, Briarcliff Realty, LLC assigned its rights and obligations under the MDA, but
not its rights and obligations under the MDA First Amendment, to Briarcliff Horizons, LLC, an
affiliated entity of Briarcliff Realty, LLC, pursuant to Section 12.5(b) of the MDA; and
WHEREAS, on or about February 13, 2012, Briarcliff Horizons, LLC filed articles of
amendment with the Missouri Secretary of State changing its name to Riverside Horizons, LLC
("RH"); and
WHEREAS, Section 9.1 of the MDA provides for annual payments to RH of an amount
equal to 10% of the PILOT revenues from the Industrial Section and of an amount equal to 20%
of the PILOT revenues from the Office Section (as such capitalized terms are defined in the
MDA); and
WHEREAS, the PILOT revenues for 2014 are set forth on Exhibit A attached hereto,
along with RH's share thereof totaling $69,125.42 (the "RH PILOT Share"); and
WHEREAS, pursuant to Section 9.4 of the MDA, the amount paid to RH for any PILOT
payments shall reduce any outstanding Developer Return and/or Developer's Capital
Contribution (as such capitalized terms are defined in the MDA) as set forth in such provision;
and
WHEREAS, the Board of Aldermen find it to be in the best interests of the City in order
to further the objectives of industrial and economic development of the City, and the terms and
conditions of the MDA, as well as in furtherance of the objective to protect the health, safety,
and welfare of the businesses and citizens of the City, to approve the payment of the RH PILOT
Share to RH.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE
CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
SECTION 1. BEST INTEREST OF THE CITY TO APPROVE AND PAY THE RH
PILOT SHARE. It is in the best interests of the City in order to further the objectives of
industrial and economic development of the City, and the terms and conditions of the MDA, as
well as in furtherance of the objective to protect the health, safety, and welfare of the
businesses and citizens of the City, to approve the payment of the RH PILOT Share to RH and
such payment is hereby approved, provided that any outstanding Developer Return and/or
Developer's Capital Contribution be reduced by such amount as set forth in Section 9.4 of the
MDA.
SECTION 2. AUTHORITY GRANTED. The City hereby authorizes the Mayor, the City
Administrator, the Director of Finance, Special Counsel to the City and other appropriate City
WA 6534300.1
officials to pay the RH PILOT Share to RH and to take any and all actions as may be deemed
necessary or convenient to carry out and comply with the intent of this Ordinance and to
execute and deliver for and on behalf of the City all certificates, instruments, agreements and
other documents, as may be necessary or convenient to perform all matters herein authorized.
SECTION 3. EFFECTIVE DATE. This Ordinance shall be in full force and effect from
and after its passage and approval.
BE IT REMEMBERED that the above was read two times by heading only, PASSED
AND APPROVED by a majority of the Board of Aldermen and APPROVED by the Mayor of the
City of Riverside, Missouri, this 20"' day of January, 2015.
Kathleen L. Rose, Mayor
ATTEST:
Robin Littrell,City Clerk
Approved as to form:
Spe ane Britt & Browne LLP
Sp is unset to the City
by Sop_peclaar
2 WA 6534300.1
EXHIBIT A
RH PILOT SHARE CALCULATION
3 WA 6534300.1
Building rr-rty Type Real Estate Tax PILOT Reimbursement
Horizons Industrial I Industrial $ 153,951.68 $ 15,395.17
Horizons Industrial 11 Industrial $ 155,172.00 $ 15,517.20
Horizons Industrial III Industrial $ 219,397.44 $ 21,939.74
Horizons Industrial IV Industrial $ 22,520.44 $ 2,252.04
Gallagher/Cardax Industrial $ 114,383.82 $ 11,438.38
Horizons Office I Office $ 12,914.39 $ 2,582.88
$ 69,125.42