HomeMy WebLinkAbout1997-01-01 - TIF Amending L385
RESOLUTION NO. 97-01-O1
RESOLUTION OF THE TAX INCREMENT FINANCING COMNIISSION OF
RIVERSIDE, MISSOURI AMENDING THE L-385 LEVEE REDEVELOPMENT PLAN
(THE "PLAN") TO CHANGE DEFINED TERMS RELATING TO THE PLAN
WHEREAS, the Commission was created pursuant to Ordinance No. 95-64, adopted by
the Boazd of Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12,
1995;
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1986, 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 Boazd of Aldermen;
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
WI~REA5, 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
NOW, TFTF.RRFORE, BE IT RESOLVED by the Tax Increment Financing Commission
of Riverside, Missouri:
1. To clarify that the Argosy Project is the first phase of the Levee Project, the
Commission approves the amendment of the Plan to redefine the Argosy Project as
"Redevelopment Project I-Phase A," and the Levee Project as "Redevelopment Project I." A
redlined copy of the Plan is attached as Exhi it A. This amendment in no way affects the
Commission's or the City's approval of the Argosy Project and the Levee Project as
Redevelopment Project I.
2. The Commission makes a recommendation with respect to the same to the Board
of Aldermen.
Passed this 15th day of January, 1997.
ATTEST: °'~-
L~~ ~ ~ Name: -~
cce~/ Title:
Secretary
1
RESOLUTION NO. 96-06-01
(VERSION A)
RESOLUTION OF THE TAX INCRIII~IENT FINANCING COMMISSION OF
RIVERSIDE, MISSOURI REGARDING THE L-385 LEVEE RIDEVELOPMENT PLAN
(THE "PLAN"); APPROVING THE PLAN; APPROVING THE DESIGNATION OF A
REDEVELOPMENT AREA UNDER THE PLAN; APPROVING AND DESIGNATING THE
REDEVELOPMENT PROJECT I AND REDEVELOPMENT PROJECT I AREA UNDER THE
PLAN; AND APPROVING TAX INCRII~iT FINANCING FOR THE REDEVELOPMENT
PROJECT I AREA AND RECOMMENDING SAME TO THE BOARD OF ALDERMEN
WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri (the
"Commission") was created pursuant to Ordinance No. 95-64, adopted by the Board of
Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12, 1995;
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1986, 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 City Council;
WHEREAS, it has been proposed that: (a) the real property legally described in the
attached Exhibit A be classified as a "blighted area" and be designated a "redevelopment area"
pursuant to the Act (the "Redevelopment Area") ; (b) the Plan be approved for the purpose of
redeveloping the Redevelopment Area; (c) the Redevelopment Project I authorized by the Plan
be approved; (d) other Redevelopment Projects be considered for approval at such time as the
Commission recommends the same; and (e) tax increment fmancing be adopted for the
Redevelopment Project I Area described in the Plan;
WHEREAS, the Commission issued a request for proposals to developers by publication
in a newspaper of general circulation for the implementation of the Plan;
WHEREAS, the Commission by Resolution No. 96-OS-Ol, passed on May 8, 1996,
fixed a time and place for a public hearing on the designation of the Redevelopment Area, the
approval of the Plan, the approval of Redevelopment Project I and the adoption of tax increment
fmancing for the Redevelopment Project I Area;
WHEREAS, proper notice of the public hearing was given by publication and mailing
as required by the Act;
WHEREAS, the Commission held a public hearing in compliance with the Act on June
27, 1996, and the Commission heard and considered all protests, objections and comments
submitted by any interested persons and tax districts affected by the issues addressed at the
public hearing;
U:\614\6 1 49210 0 0 0 1 \APPPLNA.RES
January 20, 1998 - 1:42pm -1-
NOW, '~'Hi?RFFORE, BE TT RESOLVED by the Tax Increment Financing Commission
of Riverside, Missouri:
1. The Commission fords that:
a. The existing conditions of the Redevelopment Area described in the Plan
are a fair depiction of the Redevelopment Area and cause the
Redevelopment Area to be a "blighted area" as defined in the Act;
b. the Redevelopment 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 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 yeazs from the
adoption of the ordinance approving the Phase I Redevelopment Project,
of completion of the Redevelopment Project I and retirement of
obligations incurred to fmance the Redevelopment Project costs have been
stated in the Plan; and
e. a plan has been developed and included in the Plan for the relocation
assistance of businesses and residences.
2. The Commission approves and designates the Redevelopment Area as a
redevelopment area pursuant to the Act.
3. The Commission approves and adopts the Plan.
4. The Commission approves and designates the Redevelopment Project I as a
redevelopment project.
5. The Commission adopts tax increment fmancing for the Redevelopment Project
I Area and provides that:
(1) after the total equalized assessed valuation of the taxable real property in
the Phase I Redevelopment Project Area exceeds the certified total initial
equalized assessed valuation of the taxable real property in such
Redevelopment Project I 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 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
U:\614\61492\00001\APPPLNA.RES
January 20, 1998 - 1:42pm -2-
Redevelopment Project Costs pursuant to the Plan have been paid, shall
be divided as follows:
(a) That portion of taxes levied upon each taxable lot, block, tract, or
pazcel 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 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 fmancing;
(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 Area over and above the
initial equalized assessed value of each such unit of property in the
Redevelopment Project I 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 allocatio fund for
the payment of such costs and obligations and provide for the collection
of payments in lieu of taxes, the lien of which may be forecl ed in the
same manner as a special assessment lien as provided in secti n 88.861
RSMo. No part of the current equalized assessed valuation o each lot,
block, tract, or parcel of property in the Redevelopment Proj t I Area
attributable to any increase above the total initial equalized asse sed value
of such properties shall be used in calculating the general state chool aid
formula provided for in section 163.031 RSMo, until such a as all
redevelopment costs have been paid as provided for in this s tion and
section 99.850.
(2) in addition to the payments in lieu of taxes described Section
99.845.1(2) of the Act, the total additional revenues from taxes generated
by economic activities in the Redevelopment Project I Area, as described
in Section 99.845.3 of the Act, shall be allocated as set forth Section
99.845.3 of the Act.
6. The Commission makes a recommendation with respect to the same to (the Board
of Aldermen.
U: \614\61492\00001 \APPPLNA.RES
January 20, 1998 - 1:42pm -3-
Passed this 27th day of June, 1996.
CHAIRMAN
ATTEST: ~% ,, )
G~~ G~7~~G~~/
SECRETARY
U:\614\61492\00001 \APPPLNA.RES
January 20, 1998 - 1:42pm -4-
'w