HomeMy WebLinkAbout2085 Approving Development Project for Soccor Complex (Phase 3) BILL NO. 2025-047 ORDINANCE NO. 2085
AN ORDINANCE APPROVING A PLAN FOR AN INDUSTRIAL DEVELOPMENT PROJECT
FOR A SOCCER COMPLEX (PHASE 3); AUTHORIZING THE CITY TO ISSUE ITS TAXABLE
INDUSTRIAL REVENUE BONDS IN THE AGGREGATE MAXIMUM PRINCIPAL AMOUNT OF
NOT TO EXCEED $16,800,000; AND AUTHORIZING CERTAIN OTHER ACTIONS IN
CONNECTION WITH THE ISSUANCE OF THE BONDS.
WHEREAS, the City of Riverside, Missouri, a fourth-class city and political subdivision of
the State of Missouri (the `City"), is authorized and empowered pursuant to the provisions of
Article VI, Section 27(b) of the Missouri Constitution, as amended, and Sections 100.010 through
100.200, inclusive, of the Revised Statutes of Missouri, as amended (RSMo) (collectively, the"Act"),
to purchase, construct, extend and improve certain projects (as defined in Section 100.010 RSMo)
and to issue industrial development revenue bonds for the purpose of providing funds to pay the
costs of such projects and to lease or otherwise dispose of such projects to private persons or
corporations for manufacturing, commercial, warehousing and industrial development purposes
upon such terms and conditions as the City shall deem advisable; and
WHEREAS, Section 100.050 RSMo requires the City to prepare a plan in connection with
any industrial development project undertaken pursuant to the Act; and
WHEREAS, the City, in accordance with Section 100.050 of the Act, prepared a Plan for
an Industrial Development Project dated May 12, 2025 (the "Plan") for the third phase of a soccer
complex project, consisting of an outdoor stadium with a 2,000 person capacity and a 17,000
square foot single-story performance center building providing indoor/outdoor training areas,
locker rooms, a player lounge, and a multipurpose meeting room (the "Project"), notice of the
Project was given to the taxing jurisdictions in accordance with Section 100.059.1 of the Act and
the City now desires to approve the Plan; and
WHEREAS, the City desires to finance the costs of the Project out of the proceeds of a
series of industrial development bonds to be issued under the Act; and
WHEREAS, the City has and does hereby find and determine that it is desirable for the
economic development of the City and within the public purposes of the Act that the City proceed
with the issuance of said bonds for the purpose described above; and
WHEREAS, the City further finds and determines that it is necessary and desirable in
connection with the issuance of the Bonds that the City enter into certain documents and that the
City take certain other actions and approve the execution of certain other documents as herein
provided;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY
OF RIVERSIDE, MISSOURI, AS FOLLOWS:
SECTION 1. PROMOTION OF ECONOMIC DEVELOPMENT; FINDING OF
COMMERCIAL FACILITY. The Board of Aldermen hereby finds and determine that (1) the
Project will promote the economic welfare and the development of the City, and the issuance of
the bonds by the City to pay costs of the Project will be in furtherance of the public purposes set
forth in the Act, and (2) the Project constitutes a commercial facility under the Act.
SECTION 2 —APPROVAL OF PLAN. The Board of Alderman hereby approves the Plan
for an Industrial Development Project attached hereto as Exhibit A in accordance with Section
100.050 of the Act.
SECTION 3 -AUTHORIZATION OF THE BONDS. The City is hereby authorized to issue
and sell its Taxable Industrial Revenue Bonds (Soccer Complex Project - Phase 3), in an
aggregate maximum principal amount of not to exceed $16,800,000 (the"Bonds"), for the purpose
of providing funds to costs of the Project and to pay costs of issuing the Bonds. The Bonds shall
be issued and secured pursuant to the Indenture and shall have such terms, provisions,
covenants and agreements as are set forth therein.
SECTION 4 - LIMITATION ON LIABILITY. The Bonds and the interest thereon shall be
limited and special revenue obligations of the City payable solely out of the payments, rents,
revenues and receipts derived by the City from the herein authorized Lease Agreement and not
from any other fund or source of the City. Certain of such payments, rents, revenues and receipts
shall be pledged and assigned to the bond trustee named in the Indenture (the "Trustee") as
security for the payment of the Bonds as provided in the Indenture. The Bonds and the interest
thereon shall not constitute general obligations of the City or the State of Missouri (the "State"), and
neither the City nor the State shall be liable thereon. The Bonds shall not constitute an
indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, and
are not payable in any manner by taxation.
SECTION 5 - AUTHORIZATION OF DOCUMENTS. The City is hereby authorized to
enter into the following documents (the "City Documents"), in substantially the forms presented to
and approved by the Board of Aldermen and attached to this Ordinance, with such changes
therein as are approved by the officials of the City executing the documents, such officials'
signatures thereon being conclusive evidence of their approval thereof:
(a) Trust Indenture dated as of the date set forth therein (the "Indenture"),
between the City and the Trustee, pursuant to which (1) the Bonds will be issued and (2)
the City will pledge the Project and assign certain of the payments, revenues and receipts
received pursuant to the Lease Agreement to the Trustee for the benefit and security of
the owners of the Bonds upon the terms and conditions as set forth in the Indenture.
(b) Lease Agreement dated as of the date set forth therein (the "Lease
Agreement"), between the City and KC WFC Riverside, LLC, or its affiliate, assignee or
designee (the "Company"), under which the City will lease the Project to the Company,
pursuant to the terms and conditions in the Lease Agreement, in consideration of rental
payments by Company that will be sufficient to pay the principal of, premium, if any, and
interest on the Bonds, including a Memorandum of Lease Agreement providing notice of
the Lease Agreement.
(c) Bond Purchase Agreement dated as of the date set forth therein, among
the City, the Company and the purchaser of the Bonds.
SECTION 6. CREATION OF BOND FUND. The City is hereby authorized to establish
with the Trustee pursuant to the Indenture, a special trust fund in the name of the City and the
City shall cause all sums required by the Indenture to be deposited therein and shall create all
accounts therein required by the Indenture.
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SECTION 7 - EXECUTION OF DOCUMENTS. The Mayor is hereby authorized to
execute the Bonds and to deliver the Bonds to the Trustee for authentication for and on behalf of
and as the act and deed of the City in the manner provided in the Indenture. The Mayor is hereby
authorized to execute the City Documents and such other documents, certificates and instruments
as may be necessary or desirable to carry out and comply with the intent of this Ordinance, for
and on behalf of and as the act and deed of the City. The City Clerk is hereby authorized to attest
to and affix the seal of the City to the Bonds and the City Documents and such other documents,
certificates and instruments as may be necessary or desirable to carry out and comply with the
intent of this Ordinance.
SECTION 8 - FURTHER AUTHORITY. The City shall, and the officials, agents and
employees of the City are hereby authorized to, take such further action, and execute such other
documents, certificates and instruments as may be necessary or desirable to carry out and
comply with the intent of this Ordinance and to carry out, comply with and perform the duties of
the City with respect to the Bonds and the City Documents. The Mayor is hereby authorized,
throughout the term of the Lease Agreement, to execute all documents on behalf of the City
(including documents pertaining to the transfer of property) as may be required to carry out and
comply with the intent of this Ordinance, the Indenture and the Lease Agreement.
SECTION 9 - CONFLICTS. All ordinances or parts of ordinances in conflict herewith are
hereby repealed.
SECTION 10 - 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 3rd day of June, 2025.
Kathleen L. Rose, Mayor
ATTEST:
Robin Kincaid, city Clerk
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EXHIBIT A
PLAN FOR INDUSTRIAL DEVELOPMENT
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$16,800,000
AGGREGATE MAXIMUM PRINCIPAL AMOUNT
CITY OF RIVERSIDE,MISSOURI
TAXABLE INDUSTRIAL REVENUE BONDS
(SOCCER COMPLEX PROJECT-PHASE 3)
SERIES 2025
Dated June 1,2025
BOND PURCHASE AGREEMENT
City of Riverside,Missouri
2950 N.W.Vivion Road
Riverside,Missouri 64150
On the basis of the representations, and covenants and upon the terms and conditions contained in
this Bond Purchase Agreement (the "Agreement"), KC WFC Riverside, LLC, a Missouri limited liability
company (the "Purchaser") offers to purchase from the City of Riverside, Missouri (the "Issuer"), the
above-referenced Taxable Industrial Revenue Bonds,dated as provided in the Indenture(hereinafter defined),
in the maximum aggregate principal amount of$16,800,000(the"Bond"),to be issued by the Issuer, under
and pursuant to an ordinance adopted by the governing body of the Issuer on June 3,2025(the"Ordinance")
and a Trust Indenture dated as of June 1,2025(the"Indenture"),by and between the Issuer and UMB Bank,
N.A., a national banking association authorized to accept and execute trusts of the character herein set forth
under the laws of the State of Missouri, with a corporate trust office located in Kansas City, Missouri, as
Trustee(the"Trustee").
SECTION 1. REPRESENTATIONS AND AGREEMENTS
By the Issuer's acceptance hereof,the Issuer hereby represents to the Purchaser that:
(a) The Issuer is a fourth-class city duly organized and existing under the laws of the
State of Missouri. The Issuer is authorized pursuant to the Constitution and laws of the State of
Missouri,to authorize, issue and deliver the Bond and to consummate all transactions contemplated
by this Bond Purchase Agreement, the Ordinance, the Indenture, the Lease Agreement dated as of
June 1,2025 (the"Lease Agreement"),by and between the Issuer and KC WFC Riverside, LLC,a
Missouri limited liability company(the"Tenant"),and any and all other agreements relating thereto.
The proceeds of the Bond shall be used to finance the Project as defined in the Indenture and to pay
for the costs incurred in connection with the issuance of the Bond.
(b) There is no controversy, suit or other proceeding of any kind pending or threatened
wherein or whereby any question is raised or may be raised,questioning,disputing or affecting in any
way the legal organization of the Issuer or its boundaries,or the right or title of any of its officers to
their respective offices,or the legality of any official act leading up to the issuance of the Bond or the
constitutionality or validity of the indebtedness represented by the Bond or the validity of the Bond,
the Lease Agreement,the Indenture or this Bond Purchase Agreement.
SECTION 2. PURCHASE,SALE AND DELIVERY OF THE BOND
On the basis of the representations and covenants contained herein and in the other agreements
referred to herein,and subject to the terms and conditions herein set forth and in the Indenture,the Purchaser
agrees to purchase from the Issuer and the Issuer agrees to sell to the Purchaser the Bond on the terms and
conditions set forth herein.
The Bond shall be sold to the Purchaser by the Issuer on the Closing Date(hereinafter defined)upon
payment of an amount equal to the Closing Price(hereinafter defined), which amount shall be deposited in
the Project Fund as provided in Section 502 of the Indenture and shall thereafter on the Closing Date
immediately be applied to the payment of Project Costs as provided in Section 4.4 of the Lease Agreement.
From time to time after the Closing Date, the Purchaser may make additional payments with respect to the
Bond ("Additional Payments") to the Trustee under the Indenture, which Additional Payments shall be
deposited in the Project Fund and applied to the payment of Project Costs and the outstanding principal
amount of the Bond shall increase by each such Additional Payment; provided that the sum of the Closing
Price and all such Additional Payments shall not, in the aggregate,exceed$16,800,000.
As used herein,the term"Closing Date"shall mean the date mutually agreed upon by the Issuer and
the Purchaser and reflected in the closing certificates executed in connection with the issuance of the Bond;
the term"Closing Price"shall mean that certain amount specified in writing by the Purchaser and agreed to
by the Issuer as the amount required to fund the initial disbursement from the Project Fund on the Closing
Date.
The Bond shall be issued under and secured as provided in the Ordinance and in the Indenture and
the Lease Agreement authorized thereby and the Bond shall have the maturity,interest rate and shall be subject
to redemption as set forth therein. The delivery of the Bond shall be made in definitive form as a fully
registered bond in the maximum aggregate principal denomination of $16,800,000; provided, that the
principal amount of the Bond outstanding at any time shall be that amount recorded in the official bond
registration records of the Trustee and further provided that interest shall be payable on the Bond only on the
outstanding principal amount of the Bond,as more fully provided in the Indenture.
The Tenant agrees to indemnify and hold harmless the Issuer and the Trustee,including any member,
officer,official or employee of the Issuer or of the Trustee within the meaning of Section 15 of the Securities
Act of 1933, as amended (collectively, the "Indemnified Parties"), against any and all losses, claims,
damages, liabilities or expenses whatsoever caused by any violation or failure to comply with any federal or
state securities laws in connection with the Bond; provided, however, the indemnification contained in this
paragraph shall not extend to such Indemnified Party if such loss, claim, damage, liability or expense is(a)
the result of the Indemnified Party's negligence or willful misconduct, or (b) the Indemnified Party is not
following the written instructions of the Tenant or the Owner of the Bond.
In case any action shall be brought against one or more of the Indemnified Parties based upon the
foregoing indemnification and in respect of which indemnity may be sought against the Tenant, the
Indemnified Parties shall promptly notify the Tenant in writing and the Tenant shall promptly assume the
defense thereof, including the employment of counsel,the payment of all reasonable expenses and the right
to negotiate and consent to settlement. Any one or more of the Indemnified Parties shall have the right to
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employ separate counsel in any such action and to participate in the defense thereof,but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Indemnified Parties unless employment
of such counsel has been specifically authorized in writing by the Tenant. The Tenant shall not be liable for
any settlement of any such action effected without its consent by any of the Indemnified Parties,but if settled
with the consent of the Tenant or if there be a final judgment for the plaintiff in any such action against the
Tenant or any of the Indemnified Parties, with or without the consent of the Tenant, the Tenant agrees to
indemnify and hold harmless the Indemnified Parties to the extent provided herein.
SECTION 3. CONDITIONS TO THE PURCHASER'S OBLIGATIONS
The Purchaser's obligations hereunder shall be subject to the due performance by the Issuer of the
Issuer's obligations and agreements to be performed hereunder on or prior to the Closing Date and to the
accuracy of and compliance with the Issuer's representations contained herein,as of the date hereof and as of
the Closing Date,and are also subject to the following conditions:
(a) There shall be delivered to the Purchaser on or prior to the Closing Date a duly
executed copy of the Ordinance, the Indenture, the Lease Agreement and the Bond Purchase
Agreement and any other instrument contemplated thereby shall be in full force and effect and shall
not have been modified or changed except as may have been agreed to in writing by the Purchaser.
(b) The Issuer shall confirm on the Closing Date by a certificate that at and as of the
Closing Date the Issuer has taken all action necessary to issue the Bond and that there is no
controversy,suit or other proceeding of any kind pending or threatened wherein any question is raised
affecting in any way the legal organization of the Issuer or the legality of any official act shown to
have been done in the transcript of proceedings leading up to the issuance of the Bond, or the
constitutionality or validity of the indebtedness represented by the Bond or the validity of the Bond
or any proceedings in relation to the issuance or sale thereof. The form and substance of such
certificate shall be satisfactory to the Purchaser and the Tenant.
(c) Receipt by the Purchaser and the Tenant of an approving opinion from Gilmore&
Bell,P.C.,in form and substance satisfactory to the Purchaser and the Tenant.
SECTION 4. THE PURCHASER'S RIGHT TO CANCEL
The Purchaser shall have the right to cancel its obligation hereunder to purchase the Bond by notifying
the Issuer in writing sent by first class mail, facsimile or reputable overnight delivery service, of its election
to make such cancellation at any time prior to the Closing Date.
SECTION 5. CONDITIONS OF OBLIGATIONS
The obligations of the parties hereto are subject to the receipt of the approving opinion of Gilmore&
Bell, P.C.,Bond Counsel,with respect to the validity of the authorization and issuance of the Bond.
SECTION 6. REPRESENTATIONS AND AGREEMENTS TO SURVIVE DELIVERY
All of the representations and agreements by either party shall remain operative and in full force and
effect,and shall survive delivery of the Bond to the Purchaser.
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SECTION 7. PAYMENT OF EXPENSES
The Tenant shall pay all reasonable expenses and costs to effect the authorization, preparation,
issuance,delivery and sale of the Bond from Bond proceeds or otherwise.
SECTION 8. NOTICE
Any notice or other communication to be given to the Issuer or the Tenant under this Agreement may
be given by mailing or delivering the same in writing as provided in the Indenture; and any notice or other
communication to be given to the Purchaser under this Agreement may be given by delivering the same in
writing to Purchaser at the notice address set out in the Indenture.
SECTION 9. APPLICABLE LAW;ASSIGNABILITY
This Bond Purchase Agreement shall be governed by the laws of the State of Missouri and may be
assigned by the Purchaser with the written consent of the Issuer.
SECTION 10. EXECUTION OF COUNTERPARTS
This Bond Purchase Agreement may be executed in several counterparts, each of which shall be
regarded as an original and all of which shall constitute one and the same document.
[The remainder of this page is left intentionally blank]
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Very truly yours,
PURCHASER:
KC WFC RIVERSIDE,LLC,
a Missouri limited liability company,
By:
Name: Angie K. Long
Title: Authorized Signatory
Accepted and Agreed to as of the Closing Date.
TENANT:
KC WFC RIVERSIDE,LLC,
a Missouri limited liability company,
By:
Name: Angie K. Long
Title: Authorized Signatory
Bond Purchase Agreement S-1
Riverside MO-Soccer Complex Project-Phase 3
Accepted and Agreed as of the Closing Date.
ISSUER:
CITY OF RIVERSIDE,MISSOURI
By: •
Mayor
(Seal)
ATTEST:
B �
City lerk
Bond Purchase Agreement S-2
Riverside MO-Soccer Complex Project-Phase 3
NOTICE TO TAXING JURISDICTIONS
To: Taxing Jurisdictions (Distribution List attached)
Re: Notice of Public Hearing
On behalf of the City of Riverside,Missouri(the"City"),please find enclosed a copy of a proposed
plan for an industrial development project(the"Plan"),which also contains a cost benefit analysis
on the affected taxing jurisdictions.
The City anticipates considering an ordinance to approve the Plan at its regular meeting on June 3,
2025 at 7:00 PM in the Board of Aldermen Chambers at City Hall, 2950 NW Vivion Road,
Riverside, Missouri.
The City invites all affected taxing districts to attend the meeting and to make oral comments on
the proposed Plan to the City or to provide written comments to the City on the Plan prior to the
meeting. All comments of the taxing districts will be fairly and duly considered by the City.
A copy of the Plan is enclosed and also will be on file in the office of the City Clerk and will be
available for public inspection during normal business hours.
Any questions should be directed to Mike Duffy,Director of Community Development for the City
at(816)741-3993.
CITY OF RIVERSIDE,MISSOURI
2950 NW Vivion Road
Riverside,Missouri
City of Riverside Park Hill School District R-V
Director of Finance Superintendent
2950 N.W.Vivion Road 7703 NW Barry Road
Riverside, MO 64150 Kansas City,MO 64153
Platte County Board of Services for the Tri-County Mental Health Services, Inc.
Developmentally Disabled Chair
Executive Director 3100 NE 83rd Street,Suite 1001
7900 NW 106th Street Kansas City,MO 64 1 1 9-9998
Kansas City,MO 64153
Platte County Senior Fund Mid-Continent Public Library
12200 N.Ambassador Dr., Ste 206 Director
Kansas City, MO 64163 15616 E.Highway 24
Independence,MO 64050-2057
Platte County Metropolitan Community College
Presiding Commissioner Chancellor
415 Third Street,Suite 210 3200 Broadway
Platte City,MO 64079 Kansas City,MO 64111
Platte County Collector Platte County Assessor
415 Third Street,Suite 212 415 Third Street,Suite 114
Platte City,MO 64079 Platte City,MO 64079
Parkville Special Road District Missouri Department of Revenue
7101 NW Hampton Road Taxation Division
Parkville,MO 64152 301 West High Street
Jefferson City,MO 65101
Platte County Health Department Missouri Department of Revenue
7925 NW 110th Street County Tax Section
Kansas City, MO 64153 Blind Pension Fund
301 West High Street
Jefferson City,MO 65101
Missouri Director of Revenue
County Tax Section
Merchants/Manufacturers Replacement Tax
Fund
301 West High Street
Jefferson City,MO 65101
CITY OF RIVERSIDE, MISSOURI
PLAN FOR AN INDUSTRIAL DEVELOPMENT PROJECT
AND
COST-BENEFIT ANALYSIS
(SALES TAX EXEMPTION ONLY ON CONSTRUCTION MATERIALS)
FOR A
SOCCER COMPLEX PROJECT
(PHASE 3)
DATE: MAY 12,2025
I. PURPOSE OF THIS PLAN
The Board of Aldermen of the City of Riverside,Missouri(the"City")will consider an ordinance
approving this Plan for an Industrial Development Project and Cost-Benefit Analysis (the "Plan") for an
industrial development project consisting of a soccer stadium and performance center to be operated for a
profit(the"Project")as more fully described herein. This Plan calls for the issuance by the City of taxable
industrial development revenue bonds in an aggregate principal amount not to exceed $16,800,000 (the
"Bonds") with respect to the Project. The Bonds will be issued pursuant to the provisions of Article VI,
Section 27(b) of the Missouri Constitution, as amended and Sections 100.010 to 100.200 of the Revised
Statutes of Missouri,as amended(collectively,the"Act").
This Plan has been prepared to satisfy requirements of the Act and to analyze the potential costs
and benefits, including the related tax impact on all affected taxing jurisdictions, of using industrial
development revenue bonds to finance the Project and to facilitate the exemption from sales and use tax of
purchases of construction materials for the Project.
This Plan applies to property (described below under the heading "REQUIREMENTS OF THE
ACT—Description of the Project")that is currently subject to(1)the Plan for an Industrial Development
Project for Briarcliff Realty, LLC dated November 3, 2011 (the"Briarcliff Plan"), and(2)the Plan for an
Industrial Development Project and Cost-Benefit Analysis (Sales Tax Exemption Only on Construction
Materials)for a Soccer Complex Project dated September 15,2021 (the"Original Soccer Complex Plan").
This Plan should be considered a supplement to the Briarcliff Plan and the Original Soccer Complex Plan,
adding to the Briarcliff Plan and the Original Soccer Complex Plan without deleting or terminating any
portion of the Briarcliff Plan or the Original Soccer Complex Plan.
II. GENERAL DESCRIPTION OF CHAPTER 100 FINANCINGS
General. The Act authorizes cities, counties, towns and villages to issue industrial development
revenue bonds to finance the purchase, construction, extension and improvement of warehouses,
distribution facilities, research and development facilities, office industries, agricultural processing
industries, service facilities that provide interstate commerce, industrial plants and other commercial
facilities.
Issuance and Sale of Bonds. Revenue bonds issued pursuant to the Act do not require voter
approval and are payable solely from revenues received from the project.The municipality issues its bonds
and in exchange,the benefited company promises to make payments that are sufficient to pay the principal
of and interest on the bonds as they become due. Thus,the municipality merely acts as a conduit for the
financing.
Concurrently with the closing of the bonds, the company will convey to the municipality title to
the property included in the project. The municipality must be the legal owner of the property while the
bonds are outstanding. At the same time, the municipality will lease the property, including the project,
back to the benefited company pursuant to a lease agreement. The lease agreement will require the
company, acting on behalf of the municipality,to use the bond proceeds to pay the costs or reimburse the
costs of purchasing,constructing and installing the project,as applicable.
Under the lease agreement,the company typically:(1)will unconditionally agree to make payments
sufficient to pay the principal of and interest on the bonds as they become due; (2) will agree, at its own
expense,to maintain the project,to pay all taxes and assessments with respect to the project,and to maintain
adequate insurance; (3) has the right, at its own expense, to make certain additions, modifications or
improvements to the project;(4)may assign its interests under the lease agreement under certain conditions
or may sublease the project while remaining responsible for payments under the lease agreement;(5)will
covenant to maintain its corporate existence during the term of the bond issue; and (6) will agree to
indemnify the municipality for any liability the municipality might incur as a result of its participation in
the transaction.
Property Tax Exemption. Under Article X, Section 6 of the Missouri Constitution and Section
137.100 of the Revised Statutes of Missouri, all property of any political subdivision is exempt from
taxation. In a typical transaction,the municipality holds fee title to the project and leases the project to the
benefited company.
If the municipality and the company determine that partial tax abatement is desirable,the company
may agree to make"payments in lieu of taxes." The amount of payments in lieu of taxes is negotiable. The
payments in lieu of taxes are payable by December 31 of each year,and are distributed to the municipality
and to each political subdivision within the boundaries of the project in the same manner and in the same
proportion as property taxes would otherwise be distributed under Missouri law.
Under this Plan, no property tax abatement is being provided, so a payment in lieu of tax will be
made by the benefitted company in each year in an amount calculated to be equal to the taxes that would
otherwise be due on the property. The area in which the Project will be located is subject to a tax increment
financing plan. For this reason,payments in lieu of taxes made by the benefitted company will be captured
and applied as tax increment financing revenues.
III. DESCRIPTION OF THE PARTIES
The Company. KC WFC Riverside, LLC,or its assignee or designee(the"Company"),will enter
into a lease with the City for the Project. KC WFC Riverside,LLC is a limited liability company organized
and existing under the laws of the State of Missouri, whose operations center around sports and
entertainment.
City of Riverside, Missouri. The City is a fourth-class city and municipal corporation organized
and existing under the laws of the State of Missouri. The City is authorized and empowered pursuant to
the provisions of the Act to purchase,construct,extend and improve certain projects(as defined in the Act)
and to issue industrial development revenue bonds for the purpose of providing funds to pay the costs of
such projects and to lease or otherwise dispose of such projects to private persons or corporations for
manufacturing, commercial, warehousing and industrial development purposes upon such terms and
conditions as the City deems advisable.
IV. REQUIREMENTS OF THE ACT
Description of the Project. The Project to be financed by the Bonds consists of the design and
construction of the third phase of a for-profit soccer complex,such phase to consist of an outdoor stadium
with a 2,000 person capacity and a 17,000 square foot performance center. The performance center will be
a single-story building providing indoor/outdoor training areas, locker rooms, a player lounge, and a
multipurpose meeting room. The location of the Project is 5000 N.W.Canal Street in Riverside,Missouri.
The red-outlined portion of the map below shows the approximate boundaries of the real property to be
included in the site for the Project(the"Project Site").
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Estimate of the Costs of the Project. The Project is expected to cost approximately $16,800,000,
with$7,312,000 estimated to be spent on construction materials. The Project is expected to be constructed
during the years 2025 through 2026.
Source of Funds to be Expended for the Project. The sources of funds to be expended for the
Project will be the proceeds of the Bonds in a principal amount not to exceed$16,800,000,to be issued by
the City and purchased by the Company (the "Bondholder") and, if needed, other available funds of the
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Company. The Bonds will be payable solely from the revenues derived by the City from the lease or other
disposition of the Project(as further described below). The Bonds will not be an indebtedness or general
obligation,debt or liability of the City or the State of Missouri.
Statement of the Terms Upon Which the Project is to be Leased or Otherwise Disposed of by the
City. The City will hold title to the Project Site under the Chapter 100 transaction. The City will lease the
Project to the Company for lease payments equal to the principal and interest payments on the Bonds.
Under the terms of the lease agreement with the City, the Company will have the option to purchase the
Project at any time and will have the obligation to purchase the Project at the termination of the lease. The
lease between the City and the Company will terminate at Project completion, unless terminated sooner
pursuant to the terms of the lease.
Affected School District, Community College District, County, City, and Emergency Services
Districts. The Park Hill School District is the school district affected by the Project. Platte County,
Missouri is the county affected by the Project. Metropolitan Community College is the community college
district affected by the Project. The City is the city affected by the Project. No ambulance or fire district
is affected by the Project. The Cost-Benefit Analysis attached hereto identifies all other taxing districts
affected by the Project.
Assessed Valuation. The most recent equalized assessed valuation of the Project Site is$274,001.
The estimated total equalized assessed valuation of the Project Site after construction of the Project(2027)
is$3,661,440.
Payments in Lieu of Taxes. If this Plan is approved by the Board of Aldermen, the City intends
to issue the Bonds in 2025. The Bonds are being issued for the sole purpose of providing sales and use
exemption on construction materials and no property tax abatement will be provided. During the time that
the Bonds are outstanding,the Project will be under construction and the Company will pay a payment in
lieu of taxes calculated to be equal to 100%of the real property taxes due on the Project in each year. After
completion of the Project, it will be placed back on the tax rolls.
The Project Site is within the redevelopment area established by the City's L-385 Levee
Redevelopment Plan (the "TIF Plan"). Incremental property tax revenues, including payments in lieu of
taxes generated pursuant to this Plan, will be captured as tax increment financing ("TIF') revenues for
application in accordance with the TIF Plan. For this reason, it is not anticipated that any payments in
lieu of taxes generated pursuant to this Plan will be distributed to the taxing districts.
Sales and Use Tax Exemption on Construction Materials. Qualified building materials purchased
for the construction of the Project are expected to be exempt from sales and use tax pursuant to the
provisions of Section 144.062 of the Revised Statutes of Missouri and the underlying bond documents upon
delivery of a project exemption certificate by the City to the Company. The anticipated cost of this
exemption to taxing jurisdictions levying a sales or use tax is shown below:
Sales/Use Taxes
Taxing Jurisdiction Tax Rate Abated
State of Missouri 4.225% $308,932
Platte County 1.250% $91,400
City of Riverside 1.500% $109,680
Total 6.975% $510,012
-4-
Cost-Benefit Analysis. In compliance with Section 100.050.2(3) of the Revised Statutes of
Missouri, this Plan has been prepared to show the costs and benefits to the City and to other taxing
jurisdictions affected by the Project. The attached Cost-Benefit Analysis shows the direct tax impact the
Project is expected to have on each taxing jurisdiction. This Plan does not attempt to quantify the overall
economic impact of the Project.
V. ASSUMPTIONS AND BASIS OF PLAN
In preparing this Plan, key assumptions have been made to estimate the fiscal impact of the
exemptions proposed for the Project. See ATTACHMENT A for a summary of these assumptions.
Information necessary to complete this Plan, has been furnished by representatives of the City,
representatives of the Company and its counsel,the Bondholder and other persons deemed appropriate and
such information has not been independently verified for accuracy,completeness or fairness.
* * *
-5-
ATTACHMENT A
SUMMARY OF KEY ASSUMPTIONS
In addition to the assumptions described in the Plan and the Cost-Benefit Analysis, the following
assumptions have been made in preparing the Cost-Benefit Analysis:
1. Commercial real property taxes are calculated using the following formula:
(Assessed Value/ 100)* Tax Rate
2. The assessed value of the Project is calculated using the following formula:
Estimated Value* Assessment Ratio of 32%
3. The tax rates used in this Plan reflect the rates in effect for the tax year 2024. The tax rates
were held constant through the years shown in the Cost-Benefit Analysis. The actual payments in lieu of
taxes imposed pursuant to the Plan will be based on the current levy rates in each year.
4. The assessments imposed by the Riverside Quindaro Bend Levee District are not affected
by ownership of the Project Site by the City and will continue to be imposed upon the Project Site during
the term of the Bonds. The Company will be responsible for payment of such assessments.
* * *
A-I
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
COST BENEFIT ANALYSIS
PLAN FOR INDUSTRIAL DEVELOPMENT PROJECT
GILMOIkEBELL
Table of Contents
Project Assumptions 1
Summary of Cost Benefit Analysis 2
Projected Tax Revenues without Project 3
Projected Tax Revenue with Project 4
Projected PILOTS 5
Projected Tax Abatement 6
This information is provided based on the factual information and assumptions provided to Gilmore&Bell,P.C.by
a party to or a representative of a party to the proposed transaction.This information is intended to provide factual
information only and is provided in conjunction with our legal representation.It is not intended as financial advice
or a financial recommendation to any party.Gilmore&Bell,P.C.is not a financial advisor or a"municipal advisor"
as defined in the Securities Exchange Act of 1934,as amended.
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis 5/2/2025
Project Assumptions
• Initial year taxes assessed 2025
• 2025 Appraised value of real property $ 881,941
• 2026 Appraised value of real property $ 8,967,791
• Assessed value as a percentage of appraised value(real) 32.0%
• 2025 Assessed value of real property $ 282,221
• 2026 Assessed value of real property $ 2,869,693
• Terms of abatement:
Real property
Years 1-2 0%
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -1- 5/2/2025
Summary of Cost Benefit Analysis
Projected Tax Projected Tax Projected
Revenues without Revenue with Projected Tax
Taxing Jurisdiction Tax Rate Project Project PILOTS Abatement
State 0.0300 $ 169 $ 946 $ 946 $ -
County 0.0100 56 315 315 -
Health Department 0.0722 408 2,276 2,276 -
Board of Disabled Services 0.1175 663 3,704 3,704 -
Mental Health 0.0902 509 2,843 2,843 -
Mid-Continent Library 0.3152 1,779 9,935 9,935 -
Senior Citizen Fund 0.0452 255 1,425 1,425 -
Park Hill School District 5.3955 30,454 170,062 170,062 -
Parkville Special Road District 0.2324 1,312 7,325 7,325 -
Metropolital Community College 0.1806 1,019 5,692 5,692 -
Surtax 0.3600 2,032 11,347 11,347 -
6.8488 $ 38,657 $ 215,868 $ 215,868 $ -
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -2- 5/2/2025
Projected Tax Revenues without Project
Estimated Assessed Value of Real Property $ 282,221 $ 282,221
Tax Rate per
Taxing Jurisdiction $100 2025 2026 Total
State 0.0300 $ 85 $ 85 $ 169
County 0.0100 28 28 56
Health Department 0.0722 204 204 408
Board of Disabled Services 0.1175 332 332 663
Mental Health 0.0902 255 255 509
Mid-Continent Library 0.3152 890 890 1,779
Senior Citizen Fund 0.0452 128 128 255
Park Hill School District 5.3955 15,227 15,227 30,454
Parkville Special Road District 0.2324 656 656 1,312
Metropolital Community College 0.1806 510 510 1,019
Surtax 0.3600 1,016 1,016 2,032
6.8488 $ 19,329 $ 19,329 $ 38,657
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -3- 5/2/2025
Projected Tax Revenues with Project
Estimated Assessed Value of Real Property $ 282,221 $2,869,693
Tax Rate per
Taxing Jurisdiction $100 2025 2026 Total
State 0.0300 $ 85 $ 861 $ 946
County 0.0100 28 287 315
Health Department 0.0722 204 2,072 2,276
Board of Disabled Services 0.1175 332 3,372 3,704
Mental Health 0.0902 255 2,588 2,843
Mid-Continent Library 0.3152 890 9,045 9,935
Senior Citizen Fund 0.0452 128 1,297 1,425
Park Hill School District 5.3955 15,227 154,834 170,062
Parkville Special Road District 0.2324 656 6,669 7,325
Metropolital Community College 0.1806 510 5,183 5,692
Surtax 0.3600 1,016 10,331 11,347
6.8488 $ 19,329 $ 196,540 $215,868
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -4- 5/2/2025
Projected PILOTS
Estimated Assessed Value of Real Property $ 282,221 $2,869,693
PILOT Payment 100% 100%
Tax Rate per
Taxing Jurisdiction $100 2025 2026 Total
State 0.0300 $ 85 $ 861 $ 946
County 0.0100 28 287 315
Health Department 0.0722 204 2,072 2,276
Board of Disabled Services 0.1175 332 3,372 3,704
Mental Health 0.0902 255 2,588 2,843
Mid-Continent Library 0.3152 890 9,045 9,935
Senior Citizen Fund 0.0452 128 1,297 1,425
Park Hill School District 5.3955 15,227 154,834 170,062
Parkville Special Road District 0.2324 656 6,669 7,325
Metropolital Community College 0.1806 510 5,183 5,692
Surtax 0.3600 1,016 10,331 11,347
6.8488 $ 19,329 $ 196,540 $215,868
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -5- 5/2/2025
Projected Tax Abatement
•
Estimated Assessed Value of Real Property $ 282,221 $2,869,693
Abatement Percentage 0% 0%
Tax Rate per
Taxing Jurisdiction $100 2025 2026 Total
State 0.0300 $ - $ - $ -
County 0.0100 - - -
Health Department 0.0722 - - -
Board of Disabled Services 0.1175 - - -
Mental Health 0.0902 - - -
Mid-Continent Library 0.3152 - - -
Senior Citizen Fund 0.0452 - - -
Park Hill School District 5.3955 - - -
Parkville Special Road District 0.2324 - - -
Metropolital Community College 0.1806 - - -
Surtax 0.3600 - - -
6.8488 $ - $ - $ -
•
City of Riverside,Missouri
(Soccer Complex Project-Phase 3)
Cost Benefit Analysis -6- 5/2/2025