HomeMy WebLinkAbout1996-05-07 - Levee Project4
R>~SOY.YJ'TION
WHEREAS, the L-385 Levee Project (the "Levee Project") has been proposed by the
United States Army Corps of Engineers ("Corps") which would involve the construction of two
levees in Riverside, Missouri; and
WHEREAS, the Levee Project requires the Iocal sponsor to match the cost of the Levee
Project with the Corps at a ratio of 48% for the local sponsor and 523b for the Corps; and
WHEREAS, the total estimated cost of the Levee Project is $56,240,000; and
WHEREAS, the local sponsor's matching contribution for the Levee Project is
approximately $27,000,000; and
VVIiEREAS, the Board of Aldennei~ of the City of Riverside, Missouri (the "Board")
believes that the Levee Project is advantageous to the Gity of Riverside and that the benefits of
the Levee Project will exceed the cost of the Levee Project; and
VV)EI)GREAS, the Board desires to assist the local sponsor in funding the local sponsor's
share of the cost of the Levee Project by implementing a financing plan, which may include
participating in a tax increment financing plan, participating in an Neighborhood Improvement
District and contributing cash; and further may include authorizing any elections which are
necessary and taking any other action which may be necessary to assist the local sponsor in
funding the local sponsor's share of the cost of the Levee Project.
THEREFORE, SE IT RESOLVED THAT:
1, The Board believes that the Levee Project is advantageous to the City of
Riverside, Missouri and that the benefits of the Levee Pmject will exceed the cost of the Levee
Project.
2. The Board supports the irmplenaentation of a financing plan, which includes tax
increment fmancing, the City's participation in Neighborhood Improvement District bonds and
a contribution of general funds of the City. Each component of the financing plan shall be
brought before the Board for its specific approval at such time as the applicable statutes, rules
and regulations require.
3. The Board supports the authorization of elections and any other action which may
be necessary to assist the local sponsor in funding the local sponsor's share of the cost of the
Levee Project. Each election and any such action shall be brought before the Board for its
specific authorization at such time as the applicable statutes, rules and regulations require.
F ~
Passed this ~ day of _, 1996,
MAYOR
ATTEST:
~,E~~,?~kiE.eLK.
CITY CLERK