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HomeMy WebLinkAbout2007-05-23 TIF Commission MinutesMINUTES REGULAR MEETING TAX INCREMENT FINANCING COMMISSION RIVERSIDE, MISSOURI Wednesday, May 23, 2007 5:00 p.m. The Tax Increment Financing Commission for the City of Riverside, Missouri, met in special session in the Board of Aldermen Chambers at City Hall, 2950 NW Vivion Road, Riverside, Missouri. Those in attendance were Ron Super, Pamela Dazata, Leland Finley, Dennis Fisher, David Hurt, Betty Knight, Tom Fryor, Bob Weidt, David Blackburn, City Administrator, Brent Miles, Director of Planning and Economic Development, Sazah Thompson a Deborah Polk, Armstrong Teasdale. Not in attendance were Bob Archer and Cy Houston. Public Hearing Regarding 2007 Brent Miles, Director of Planning and Economic Development Amendment to L-385 Levee addressed the Commission and requested that the area in question Redevelopment Plan be taken out of the L-385 Levee area. A majority of the azea is not protected by the Levee. Pamela Darata motioned to close the public hearing. Leland Finley seconded and the motion passed 8-0. Public Hearing Regarding West Miles gave an abbreviated version of the presentation from the Platte Road Redevelopment Plan previous workshops on the West Platte Redevelopment Project. Miles explained that there were three agenda items for the presentation. They were existing conditions, the redevelopment plan, and TIF assistance request. He explained the relocation of 30 mobile homes and their residents and 4 retail centers to make way for the new Briazcliff Development. The relocation and removal of these structures was a key part of the City's Master Plan and a concern of may citizens. These changes will improve the image of the city, enhance the business corridor and remove blight. All of these were goals of the Master Plan. Miles addressed the fact that a majority of the area is unprotected by the Levee so the developer will be filling the area to the same elevation as the Levee. It will be approximately 12 to 15 feet of fill. There is a lack of utilities and other structures in this azea that makes it a candidate for TIF assistance. A lot of work will need to be done to raise this property to the 500 year flood level. Miles continued to explain that in the past the City has invested in improvements to West Platte Road. They removed the old McCalls gas station and the White Cloud Motel and opted to construct an up-and-over for the Levee instead of Rolling Gates. All together the City invested $500,000 in improvements for West Platte Road. The City believes this show their commitment and service to redevelopment in this area. A major component of this project is a linear park along West Platte. It will be a public park for all citizens and will connect to the current trail system with water features and City signage. It is expected to be similar to English Landing Park in Parkville. Briarcliff has proposed 75,000 square feet of high quality medical office space. It also includes 7,500 square feet of space for a Northland Campus of the Kansas City Art Institute to feature programs for children. The residential azea will be a combination of different types of single family residents. The property east of Valley is 161ots, eight of which have already been sold to one contractor and the other eight are reserved for custom build. These houses will range in price from $600,000 to $800,000. The west side of Valley will also have single family housed that will range in price from $400,000 to $600,000. Condos and Villas will also be constructed with this project. With the residential and commercial development this will be a $68 million project. There will be 242 owner occupied houses for an increase of about 700 new residents which will have a major impact on the City fuming around its 30% owner occupied, 70% renter occupied housing. This project will also add about 2 miles ofpublic trails, beautiful City monument signage and 300 new permanent high payingjobs. Deborah Polk from Amtstrong Teasdale explained the request for TIP assistance. Polk explained that of this $68 million project, Briazcliff will be financing $63 million, leaving $5 million in extraordinary cost for four different areas to come from three sources. The extraordinary costs are $2,922,000 for site infrastructure, $1,150,000 for landscaping and signage, $610,00 for property acquisitions and $289,000 for demolitions and relocations. The funding for these extraordinary costs will be $650,000 from the City's signage and parks fund, $1,632,000 from an established residential NID assessment and $2,680,000 from a commercial TIF. The request for TIF assistance is expected to take the fu1123 years which was figured very conservatively at $100 per square foot. It is believe that the property will be appraised at more. When it was figured at $150 per square foot it made a significant difference. The payments in lieu of taxes will be 100% of the revenue from real property taxes for the full 23 years. This will only be captured by the commercial property and is expected to be around $4 million. Economic Activity Taxes aze not anticipated and will not include Platte County roads and park tax: Commissioner Tom Pryor asked if Briarcliff owned all the property for this development. Miles replied that they own all of the property except for 1/8 of an acre that does not belong to anyone and are working on acquiring that section Polk commented that the City and the Levee District also own small sections of land in the proposed redevelopment area. Commissioner Bob Weidt asked if all the residents have been relocated. Miles explained that there were 28 trailers total that were mostly single individuals living in them. About 28 to 50 people were relocated. Briarcliff handled the relocation according to the guidelines of the City and it was handled in a very similar manner as Skyline. Resoluton No. 2007-OS-OI A Resolution Approving The 2007 Amendrr~nt To The L-385 Levee Redevelopment Plan, As Amended; Reducing The Redevelopment Area Thereunder And Approving Actions Related Thereto And Expressing The Recommendation Of Same To The City Of Riverside, Missouri. Commissioner Dennis Fisher asked how many businesses were relocated. Miles responded that their were four total, three in the Tampa Sales building and Best Battery. Commissioner Weidt asked what the phasing for this development looked like. Miles explained that the specifics of it would be tied down in the redevelopment contract, but now it looks like construction on the linear pazk, East Valley and the commercial building will all begin this year and aze expected to be complete by 2010. The condos aze expected to begin in 2008 with a six year build out time. The cottages will begin in late2008 to early 2009 and are expected to be a 5 year build out. West Valley is expected to begin azound the same time and be a seven year build out. These are all projections and the market will really dictate how this will go. Commissioner Betty Knight commented that she liked how this proposal has no economic activity taxes. Commissioner Fisher complimented the City on their forward thinking and good communication with the school district seeing it impacts them the most. Commissioner Leland Finley motioned to close the public hearing. Commissioner Knight seconded and the motion passed 8-0. Commissioner David Hurt moved to approve Resolution No. 2007- 05-01 A Resoluton Approving The 2007 Amendment To The L-385 Levee Redevelopment Plan, As Amended; Reducing The Redevelopment Area Thereunder And Approving Actions Related Thereto And Expressing The Recommendation Of Same To The City Of Riverside, Missouri. Commissioner Pamela Darata seconded and the motion passed 8- 0. Resolution No. 2007-OS-02 Resolution Making Certain Findings Commissioner Fisher motioned to approve Resolution No. 2007-OS- With Respect To The West Platte 02 Resolution Making Certain Findings With Respect To The West Road Redevelopment Plan And platte Road Redevelopment Plan And Redevelopment Area; Expressing Redevelopment Area; Expressing Its Its Recommendations To The Board Of Aldermen With Respect To The Recommendations To The Boazd Of Redevelopment Plan And The Redevelopment Area, The Adoption Of Aldermen With Respect To The Tax Increment Financing For Redevelopment Projects 1 and 6 And The Redevelopment Plan And The Selection Of A Developer; And Approving Other Actions Related Redevelopment Area, The Adoption Thereto. Of Tax Increment Financing For Commissioner Pryor seconded and the motion passed 8-0, r' Redevelopment Projects 1 and 6 And The Selection Of A Developer; And Approving Other Actions Related Thereto. Adjournment Commissioner Knight moved to adjourn. Commissioner Hurt seconded and the motion passed 8-0