HomeMy WebLinkAbout2007-069 - Approval of West Platte Road Redevelopment Plani-_
BILL N0.2007-~
ORDINANCE N0.2007-~
ORDINANCE APPROVING THE WEST PLATTE ROAD
REDEVELOPMENT PLAN, DESIGNATING THE REDEVELOPMENT
AREA, APPROVING THE ADOPTION OF TAX INCREMENT
FINANCING FOR REDEVELOPMENT PROJECT 1 AND
REDEVELOPMENT PROJECT 6, AND APPROVING OTHER ACTIONS
RELATED THERETO.
WHEREAS, the Tax Increment Financing Commission of the City of Riverside,
Missouri (the "Commission"), was created pursuant to the Real Property Tax Increment
Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri,
as amended (the "Act") and ordinance of the Boazd of Aldermen of the City; and
WHEREAS, the Act authorizes the Commission to hold hearings with respect to
proposed redevelopment areas, plans and projects and to make recommendations thereon to the
Boazd of Aldermen of the City; and
WHEREAS, there has been proposed a plan for redevelopment titled "West Platte Road
Redevelopment Plan" (the "Redevelopment Plan"); and
WHEREAS, the proposed redevelopment area (the "Redevelopment Area"), as legally
described in the Redevelopment Plan, consists of approximately sixty-four acres with
approximately fifty-four acres being generally bounded on the east by the eastern city limit line
of the City, on the south and west by NW Platte Road, and on the north by NW Riverside
Avenue and with approximately ten acres being generally bounded on the north by NW Platte
Road, on the east by the eastern city limit line of the City, on the south by Missouri Highway 9,
and on the west by the centerline of the L-385 Levee System, all within the City; and
WHEREAS, after all proper notices and the holding of a public hearing on May 23,
2007, in conformance with the Act at which all interested parties had an opportunity to be heazd
and at which the Commission heard and considered all protests, objections and comments and
received all oral and written comments from all interested persons and taxing districts affected
by the Redevelopment Plan and redevelopment projects described therein ("Redevelopment
Projects"), the Commission, pursuant to Resolution 2007-OS-02, recommended to the City the
approval of the Redevelopment Plan and the Redevelopment Projects and the adoption of tax
increment financing for the Redevelopment Project Area.
NOW, THEREFORE, BE TT ORDAINED BY THE BOARD OF ALDERMEN OF
THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
Section 1. The West Platte Road Redevelopment Plan, presented with this Ordinance
and on file at City Hall, and the Redevelopment Area and Redevelopment Projects described
therein, are approved.
Section 2. The Boazd of Aldermen hereby finds that:
a. The existing conditions of the Redevelopment Area described in the
Redevelopment Plan and in the Blight Study of the Proposed Redevelopment Area West Platte
Road Redevelopment Plan Riverside, Missouri prepazed by Cardwell & Associates, Inc.,
presented with this Ordinance and on file at City Hall, are a fair depiction of the Redevelopment
Area and cause the Redevelopment Area to be a "blighted area" as defined in the Act. These
conditions include deteriorating and dilapidated structures and improvements, depreciating
property values and economic underutilization, improper subdivision, obsolete platting, defective
and inadequate street layout, inadequate traffic level of service, inadequate drainage, sewers,
water and other utility, insanitary or unsafe conditions, and topography.
b. The Redevelopment Area on the whole is a blighted area as defined in Section
99.805 of the Act, has not been subject to growth and development through investment by
private enterprise and would not reasonably be anticipated to be developed without the adoption
of tax increment financing adopted pursuant to the Act. The Developer's Affidavit is included as
Exhibit 10 to the Redevelopment Plan.
c. A plan has been developed and included in the Redevelopment Plan for relocation
assistance for businesses and residences.
d. The Redevelopment Plan conforms to the comprehensive plan of the City of
Riverside, Missouri.
e. The estimated dates of completion of the redevelopment projects and retirement
of any obligations issued to fmance any redevelopment project costs have been stated in the
Redevelopment Plan and aze not more than twenty-three years from the date of approval of the
Redevelopment Plan.
f. The Redevelopment Area includes only those pazcels of real property directly and
substantially benefited by the proposed Redevelopment Projects.
g. The Redevelopment Plan does not include the initial development or
redevelopment of any gambling establishment.
h. Acost-benefit analysis showing the economic impact of the Redevelopment Plan
on each taxing district at least partially within the boundaries of the Redevelopment Area has
been prepared and included in the Redevelopment Plan which provides sufficient information for
the Commission and the Board to evaluate whether the Redevelopment Projects as proposed are
fmancially feasible.
Section 3. The Boazd of Aldermen hereby approves and designates the
Redevelopment Area as a redevelopment area pursuant to the Act.
Section 4. The City approves tax increment financing assistance for Redevelopment
Project 1 and Redevelopment Project 6 pursuant to and in accordance with the Redevelopment
Plan and the Redevelopment Agreement (as defined in the Redevelopment Plan). Tax increment
financing revenues from the Redevelopment Project Area when so designated by ordinance shall
be used to pay or reimburse the Reimbursable Project Costs under the Redevelopment Plan and
the Redevelopment Agreement.
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Section 5. The Mayor, the City Clerk and other officers and agents of the City aze
hereby authorized 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 6. This Ordinance shall take effect immediately upon passage.
-0~ PASSED AND ADOPTED by the Boazd of Aldermen of the City of Riverside, Missouri
this ~_ day of 2007.
Kathleen L. Rose, Mayor
ATTEST:
[seal]
uise Rusick, City ler
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