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HomeMy WebLinkAbout2005-154 - Approval of L-385 Redevelopment Project I-Phase N„ , BILL N0.2005-154 ORDINANCE 2005-154 ORDINANCE APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE N WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN, AS AMENDED ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE N AREA; AND APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE N 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-O1, 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 after recommendations by the Commission, including Redevelopment Project I-Phases A, B, C, D, F, G, H, I, J, K, L and M; and WHEREAS, an Application for Tax Increment Financing Assistance for the L-385 Levee Project from Intercontinental Engineering-Manufacturing Corporation regarding an expansion of its property by construction of a 6,000 sq. ft. building (the "Redevelopment Project I-Phase N") within the Redevelopment Area, and on property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase N Area") was filed; and WHEREAS, the Commission, pursuant to Resolution 2005-12-01 approved Redevelopment Project I-Phase N, the Redevelopment Project IArea - Phase N and the adoption of tax increment financing for such area and recommended to the Board of Aldermen the approval of same.. r ~r ~ t r° n n~ r~ r i -t t rc NOW, THEREFORE, BE IT ORDAINED by the Board of Aldermen of Riverside, Missouri as follows; 1. The Boazd of Aldermen has previously found that and hereby reaffirms such findings: a. the existing conditions of the Redevelopment Project I-Phase N Area, as legally described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase N Area and cause the Redevelopment Project I-Phase N Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase N 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 N Area which will be required to be relocated due to Phase N. 2. The designation of the Redevelopment Project I-Phase N 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 N 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 N Area and provides that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase N Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I-Phase N 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 N Area by taxing districts 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: 2 .r ... 1 1 l I, ~ 't t tr (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 N 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 N Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase N 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 N 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 .r .. , i ' ~ ~. 1 . ~ .1 T 1~ ~+ (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 of ect from and after its passage and approval. PASSED AND APPROVED this c~~~_ nay of December 2005. i~ ~~.~ Ray Beard, Mayor Pro Tem ATTEST: (SEAL) a i~ 'se Rusick, City Clerk 4 'A . j' 136;t7$CT Al~j ~ P~ N ~GAI', DESCR~TiON All that ppy-t of Section 6 Platte County, Missouri 'z'~nahip 50, 17a<nJe 33 the point of intereectioncrSb®d as follapls; ~ ~weraide, ituarter of the ~PeQt line o£ ~ ncinq at said Section 6r with the No Northeast l7,rie aE the Chicago, Burl. xtb~easterly right-of-Wa Southeasterly along said righ~~~ and ~~cY Railroad. intersection with the 8oufiharl riline Sa9.18 ~ thence ght-b~-yam Eeefi tC it~g ~ghtaof-eta 45f thence southeasterly alo Y line oP State y line of paid hz$hway, 224.2A fea9"aiaid Southerly the left having a radi.ua of 983.37 feet• ~ '~ ~e to aegrr esS05 minutes Eastland ~f -way line of saidb~,i•~ ~tinuing thecae continua. angeztt to said curv® ghway south 85 ng along said highway right-of-wa 7sina3 baieet; curve to the right having a Yadius of 925,37 feet r ~ a distance of 29.39 .feet, to the most Hastprl c an arc tract ao ~ye d to the Chambex Px'opane Chas sex~rY °rxxez at the deesd reoorded ,.Tamxa g ice, Inc., OfFiae of the Recorder of DdedsSfor Platte Coutlt~~e 131, iii ChC be7.ng the True Point of seginning: thence south 24ssauri and minutes 54 seconds west along the Easterly line of dagreeo 35 conveyed by deed recorded in Paok 7,87, Page 137, afo esaida diet.anae of 99.95 feet to the Southerly xight-of-way line of the State Highway as described in the inetrumeat filed ~'auuaa:y 4, 1967, ap Document No. 14360, recoz~ded iri gook 295 at page Igg~ is the office of the Recorder of Deeds for Platte County, Mi.saouri; theaice South 24 degx'ees 3S minutes 54 second$ WeAft along the gapterly line of the tract oonvey~, by deed recorded in $aok 187, at Page 131, aforesaid, a distance of 189.56 feet, to $ point in the Northerly right-of-tway 7.ir~e of the said Chicago, 8ur13ngton and 4uiracy Railroad; thene~ eoatinuiug on a in tihes8qu~ of said Last described, 1S.ne, 100 feet to a•point thexly r3~ght-ot-way line of, said railroad; thence E'orthwesterly $lo~g the southerly right-of-wa i- railxoad, 556.65 feet mare or lees, to a Y we of Said 1,076.25 feetr measured along said southerl rioint which is of said railroad, from the west line of the Natithwest-way line ot. said section 6, and beis~ flee moat Easterly cornier~~~, tract of landd comreyad to the UAited States of America of thee&edoaxder7of beads ~or~Platte~ Cauntgo 269, inn tb~0i'fice South 24 de9reee 35 +gi.nutee 54 seconds West aloncj tl~ gagttherly lice of the tract conveyed by the deed page 269, aforesaid, 1, 348.73 feet treaarcled ix~ Hi~ok 174 at 8asterly bank of the blisaovri River as the ~~ $warsc fated done' fibs data of said last deed aforesaid; t8euce continuing.SQUth 2@ degrees 35 miirutes 54 seconds WesE, a distaAC® of 61.51 feet. • to s mQiindpr . Corr. on the 8asterly high. bank of the Missouri River as shown, an Ce7.^t.7,ficate of • Survey of •sas~din recoYd wCft~h the' ingt'N0' 3386, dated April 26, 19G8 and eheiwts of x~anent filed Aecember 5. 1968 as bocv~ht I;EGAI, DFSGR~'ggON (continnca) No. 22266, recorded in southerly ai,xeCtion Beak 315. Page. 741: thence in a Miaeouri meander~,ng the Easterly hs h with the lower' in accordance with the afo ~sabd °f Sala follows watex.line along said Riser as the b~~eY, but seconds ~as~ouxees and dfstaricesc south 12 degrees 2Z ~', the aeaon~ds West `196,06 foots Seut$ 0 degrees 5 11u~13te81 43 SeCprldA West. ~499~4346feetiet' South $ 8 minutes 24 seconds Bast. ].48.13 feet South 11 d~9rees 2S minutes 54 fees 21 IDi37LiteB 40 Pipe. thence eauth•17 degrees 42 a point marked by a 2 inch iron Peet to a United 9tatea Corps pf minutes 27 sece~s Vffeat 972.75 thence South 16 degx'ees 05 ~'~eexs Brass plate ~'sdninneat; to a meander corner minutes 18.secoacle West 235.38 feet RivQr marked an the Easterly high beak of said Missouri guive ~' a 2 inch pipe,, ae shown on the aPoresa~d ank South 89 degrees 2a minutes 47hisedonds Bast a dfstsncevcf 1b163.60 which is 1,320 feet West of thQ South feet to $ point 8aati,on 6; thecae Nos^th 0 d~a ma.nutes 09esecondar $astai$ distance of x,aao.5o yea os 06 seconds East a diet feet; thexses south 89 d~3xees 24 mutes Centex line of anoe of 1, 320 feet to the North and Bwt~ minutes 08 secondssRast alct1oa 6; thence Norx,1~ 0 de5reee•-08 dxeta:ice of 2,036.03 fee ge,fd I~Torth-south ceaater line, .a right-of-way luxe of tha to s paint an the Southwesterly . ltailro$d; thence aontinuis1d Chicagor Burlington and, - . seconds Salta J North ~Ltincy distance of 667,70 feetd¢~Qes 06 ~-mutes 09 Southerly right-o€-way lane of tQ a PQfat on the the•same wan Iodated eaa.d State Highway No. 4g, ag ~ssouri by deed recoordedo the aatsweyance tv the State of Offid®, Platte count i.n Book 295 at page 19.5, Redorder•s Southerly right-af-~x/lit~esaf~axd Shwa NWoaterly ' a],oisg ~ the true .1~oint of begiaaing, 9 Y 45, ~ to tha safd ~~~ ~'h~v *~5 referred to in this recorded in Book 295 at Page 195, Rem del $ p~,1P1a~tte~Co°~the ~~ of the deed ty, Missouri. All of the property described in this Exhibit A lies between current State Tiighway 9 and the Missouri River. . . ..• . ;'• • `-. .. ._.,._._.. r.•,~ ~~. _,.„ _ ., nESe..,~xxorr ' - - All of Chat part of seaat5.on 6 ~ ~ - - 1 - 1'4£s$ouri de8cxi.bad as ~ . xasonship 50, P.aaige ~33 ~ix~. k1a tke Cauttty, . Mast line e]~E the I~oxtlYnteakxlars. dam khs point bf inkeYSmotion of CAe xi.gltr °~ way line of the Chiea cf sa~.d SeeL-iou 6 with l:he N°rth$astez7.y sou[haaske~rly along said x-zghk~~ 8 ~xlinQtari dad Qu~cY Itai.lraad •. tioith tI~ Sautbexxy r~.~ht of Wa y 13x:e s09.x6 fe4C to m~-suke - eastexx3r along said Soutbexx r line of SkaL•e its. inter&eiefiigm feet along a donor tot q fight oi~ tea Highway #k5; •Chence Sauth- Ge le#t bavir, a y line of said 1•Iiq, 2~.2a . SouL-h $5 degrees 05_m~,nute8 Raat $ndgkanxari~us o£•9135.37.fCeet• alos'+$ the Southerly right o,,~•wQ , thence A'e ko said curve and eaatinu~.ng Southssstezly and aont~ ~ y Fine °t said hf.$hway 669..3 feek• right ~~ u g alon~ said x' ~ Chcnca g a radius .oi' 925.37 feek an axn 'distange of 29.3 feet kop ~ekhs moat Easterly cox~ser p£ khe tract conve gad to Cho Inc., by deed retarded sa„u$ urbane Pxapane.Gas 9ervic~, `. reaprds. i~ tire OBt'ic'e oft xY. b, 1956, in 13va}~ 1$7 et PSge 13l of the -Mis'sauri and the point ea;E b Becordex °£ deeds fOt' said l'1rCtte3 Coeur south .2~. degrees 3$ m;,,utes Swing, Clleitce fZOm said point of bo t7''' kravh so co 54 aECOnds YiTest slang the Eaater].y lirgip~,fn hP mreya8 by tE~e deed aforesaid 259:51 fr=et; to $ ,paint in the MQrthenely right of e~ay lige of said Gbicago, _ road; thence cantinuin<; on a ~ro7,ongation of said lae~aand Quiuoy ~ai,l- feeC to a poxsec ix~ the SouthexZq right of wa eBerabed 7.iae, 100 Northwesterly alaiag the Svatherl Y line of said xailxoad; t4enerf~ 556.b5 ~eC, taoren ox leas; to $ point ).07fi.2S ~gli37e of said raildoad, 8oathex3~Y tight of rosy 15.ne of sa~,d railroad ;~ 'measured along the •Narehwesk lJ4 0~ said Secdan 6 and be~,r~g khe mast Easterly Donner ofbthe track cox-veyed to the United Skates of ' in Bonk l7l~ ak paP~ 269 3~n fhe Office °~t~ Eeey deed xecor'ded Afay 7, 195i thetaiae SauCh 2L~ de order of i~aed aforesaid; khe Ba6texly lane e£ the tract sa aoMVeged3bymtha last d=ed~afox'esatd 13dS.73 feek to a xne:and,sr aornex on the $Res~p7Cly bank of the Misaouxi River as the samo was located at Che data of said last deed aforesaid• - Soukluvestex~.y direction a~.ong such lies es mgy be eskabliahed b~~ ~n~a the Gil baendarq with the.ad~~ain~g o~aaGx to then Norkh~aaek' (bea.nw ag $~.vid3r~g anq subsegu~t aoe:retinAg) to khe Missouri' Rivex• as ~ a iiu_ ~.aCate~d; thenoe do+cvnskream xolZoWing said xxver ae pxesanklq point of intersection ~rikb the south l3.rie of ttho No thsl/2 vf~that5oukt~taest 1/4 of said Sl~ctjop 6; thence $asC alotlg said SvuEh line of the Nvrth~ 3,/2 esf this Southwest 1/[s-o# said $ect3an 6 ~ the Berth and south ceakex l.~ie of said secri,on; Chance Norkh gi.ong said Norkb and South OenCer 3.itee of sa5.d Seckiou, to its point o£ ~.ritexaection ~-ikh tl~e Spu lixse og se~.d State Aightaay ys45 • thence Westexl alon khaxly right of gray •• - ejF way~iiae to the point of 7aeg+'itening. y 8 said 3s~Cherlq ~,~,t_ - _ •~ ._ _. ~ - .