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Home My WebLink About2006-010 - L-385 Redevelopment Project I-Phase Of ^~ . BILL N0.2006-10 ORDINANCE 2006-10 ORDINANCE APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE O WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN, AS AMENDED ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE O AREA; AND APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE O AREA WHEREAS, the City created the Riverside Tax Increment Financing Commission ("Commission) pursuant to Ordinance No. 95-64, adopted by the Board of Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12, 1995; and WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act"), requires the Commission to: (a) hold hearings with respect to proposed redevelopment areas, redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c) make its recommendations on the same to the Board of Aldermen; and WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996, classified the Redevelopment Area (as defined in the Plan) as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and WHEREAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996, classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; and adopted tax increment financing for the Redevelopment Project I Area; which designation provides for the approval of individual projects on aproject-by-project basis; and WHEREAS, the Board of Aldermen has approved subsequent amendments to the Plan and phases of Redevelopment Project I after recommendations by the Commission, including Redevelopment Project I-Phases A, B, C, D, E, G, H, I, J, L, M and N; and WHEREAS, an Application for Tax Increment Financing Assistance for the L-385 Levee Project from Complete Home Concepts regarding the construction of three 100,000 sq. ft. buildings (the "Redevelopment Project I-Phase O") within the Redevelopment Area, and on property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase O Area") was filed; and ~, .. r ~,. I .. WHEREAS, the Commission, pursuant to Resolution 2006-O1-02 approved Redevelopment Project I-Phase O, the Redevelopment Project IArea - Phase O and the adoption of tax increment financing for such area and recommended to the Board of Aldermen the approval of same. NOW, THEREFORE, BE IT ORDAINED by the Board of Aldermen of Riverside, Missouri as follows; 1. The Board of Aldermen has previously found that and hereby reaffirms such findings: a. the existing conditions of the Redevelopment Project I-Phase O Area, as legally described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase O Area and cause the Redevelopment Project I-Phase O Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase O Area 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 the Plan; c. the Plan, as amended, conforms to the comprehensive plan for development of the City of Riverside, Missouri as a whole; d. the estimated dates, which shall not be more than 23 years from the adoption of the respective ordinances approving the Redevelopment Projects, of completion of the Redevelopment Projects and retirement of obligations incurred to finance redevelopment project costs have been stated in the Plan; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase O Area which will be required to be relocated due to Phase O. 2. The designation of the Redevelopment Project I-Phase O Area as a redevelopment project area under the Act is approved. 3. The City has previously approved the Plan. 4. The City approves the inclusion of the Redevelopment Project I-Phase O within the Plan and expects to adopt additional specific redevelopment project(s) and redevelopment project area(s) within the Redevelopment Area on aproject-by-project basis. 5. The City approves tax increment financing for the Redevelopment Project I-Phase O Area and provides that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase O Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I-Phase O Area, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such Redevelopment Project I-Phase O Area by taxing districts 2 ~. r ~. i ,. and tax rates determined in the manner provided in subsection 2 of the Section 99.855 of the Act each year after the effective date of this ordinance until the Redevelopment Project Costs pursuant to the Plan have been paid, shall be divided as follows: (a) That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in the Redevelopment Project I-Phase O Area shall be allocated to, and when collected shall be paid by the county collector to, the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing; (b) Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the Redevelopment Project I-Phase O Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase O Area shall be allocated to, and when collected shall be paid to, the municipal treasurer who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the municipality for the purpose of paying redevelopment costs and obligations incurred in the payment thereof. Payments in lieu of taxes which are due and owing shall constitute a lien against the real estate of the redevelopment project from which they are derived. The municipality may, in the ordinance, pledge the funds in the special allocation fund for the payment of such costs and obligations and provide for the collection of payments in lieu of taxes, the lien of which maybe foreclosed in the same manner as a special assessment lien as provided in Section 88.861 RSMo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the Redevelopment Project I-Phase O Area attributable to any increase above the total initial equalized assessed value of such properties shall be used in calculating the general state school aid formula provided for in Section 163.031 RSMO., until such time as all redevelopment costs have been paid as provided for in this section and Section 99.850 of the Act. (ii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act, the total additional revenues from taxes generated by economic activities in a Redevelopment Project Area, as described in Section 99.845.3 of the Act, shall be allocated as set forth in Section 99.845.3 of the Act. 3 ,. . (iii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act and the economic activity taxes described in Section 99.845.3 of the Act, the total additional revenues from New State Revenues generated within a Redevelopment Project Area as provided in Section 99.845.4-.14 of the Act shall be allocated as set forth in Section 99.845.4-.14 of the Act. 6. This Ordinance shall be in full force and effect from and after its passage and approval. PASSED AND APPROVED this 31st day of January, 2006. Ra eard, Mayor Pro Tem ATTEST: (SEAL) Lo se Rusick, City Clerk 4 ~ Y •. ~ .i EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT I-PHASE O AREA Lots 1, 2 and 3 of Belgium Bottoms Business Park, Riverside, Platte County, Missouri. Also described as follows: A tract of land in Lot 1 and Lot 2 of the George Roberts Estates, Section 6, Township 50, Range 33, Platte County, Missouri, beginning at a point on the West line of said Lot 1 that is 1428.7 feet North 00 02'30" West of the Southwest corner of said Lot 1; thence North 00 02'30" West 1926.94 feet; thence South 65 33'26" East 525.6 feet to the East line of said Lot 1; thence South along said East line of said Lot 1 216.00 feet; thence North 89 46'21" West 21.21 feet; thence South S 00 07'49" W 1288.66 feet; thence east S 89 46'21" E 567.42 feet to a point on the west right of way line of Mattox Road as recorded in Platte County, Missouri; thence South along said west right of way line, S 00 14'24" W, 209.00 feet; thence West N 89 39'03" W, 545.82 to a point on the east line said Lot 1; thence West N 89 37'50" W, 477.60 feet returning to the point of beginning. Being approximately 956,738.77 SQ. FT. or 21.9637 ACRES.