HomeMy WebLinkAbout1996-05-21 - Levee ProjectRESOLUTION
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 local sponsor to match the cost of the Levee
Project with the Corps at a ratio of approximately 48% for the local sponsor and approximately
52% for the Corps; and
WHEREAS, the total estimated cost of the Levee Project is $56,240,000; and
WHk.REAS, the local sponsor's matching contribution for the Levee Project is
approximately $27,000,000; and
WHEREAS, the Board of Aldermen of the City of Riverside, Missouri (the "Board")
believes that the Levee Project is advantageous to the City of Riverside ("City") and that the
benefits of the Levee Project will exceed the cost of the Levee Project; and
WHEREAS, the Board approved a Resolution on May 7, 1996 supporting the assistance
of the local sponsor in funding the local sponsor's share of the cost of the Levee Project by
unplementing a financing plan, which includes participation in a Tax Increment Financing
("TiF") plan, participating in an Neighborhood Improvement District ("NID") and contributing
cash; and further may include authorizing any elections which are ~-ecessary 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,
WHEREAS, the Board has had an oppoztunity to review the Financing Plan since the
May 7, 1996 meeting and desires to more specifically approve the City's participation in the
Levee Project, subject to an election.
THEREFORE, BE IT REESOLVED THAT:
1. The Board believes that the Levee Project is advantageous to the City and that the
benefits of the Levee Project will exceed the cost of the Levee Project.
2. The Board supports the implementation of the Financing Plan which includes cash
contributions to the Levee Project by the City subject to the contributions being included in the
TiF Plan as Reimbursable Project Costs and subject to an election which may be required by
applicable statutes, court decisions, rules or regulations, Tlie City's contributions are as follows:
a. A cash contribution of $2,800,000.00;
b. Up to $500,000.00 per year, subject to annual appropriation,
for a period of five (5) years to reduce the annual assessments for NID Bonds imposed on the
property owners in the Levee District, subject to a guaranty by the developer of the NID Bonds
satisfactory to the City;
3. Specific appropriation of the City's contributions shall be made by specific
ordinances subject to the above restrictions.
4. 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.
Passed this 21st day of May, 1996.
Ed Rule
MAYOR
ATTEST:
Grace Kemerling
CITY CLERK