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Home My WebLink About1997-01-02 - TIF I-Phase BRESOLUTION NO. 97-O1-02 RESOLUTION OF THE TAX INCRII~IF.NT FINANCING COMMLSSION OF RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE B WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE B AREA; APPROVING THE ADOPTION OF TAX INCRIIVIENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE B AREA; AND EXPRESSING ITS RECOIVIlVIENDATIONS TO THE CITY COUNCII. OF RIVERSIDE, MISSOURI WITH RESPECT TO THE SAME WI~REAS, the Commission was created pursuant to Ordinance No. 95-64, adopted by the Boazd of Aldenmen 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 Board 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 fmancing for the Redevelopment Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and WI~REAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996, classed 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 WHEREAS, the Commission has received and reviewed a Tax Increment Financing Application from Phil Snowden, Steve Danner and Gary Sirna regarding the operation of a hotel (the "Redevelopment Project I-Phase B") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhi i A (the "Redevelopment Project I-Phase B Area"). (A copy of the Application is attached as Exhi it B.) NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing Commission of Riverside, Missouri; 1. The Commission has previously found that: a. the existing conditions of the Redevelopment Project I-Phase B Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase B Area and cause the Redevelopment Project I-Phase B Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase B 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, as amended, 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 years from the adoption of the respective ordinances approving the Redevelopment Projects, of completion of the Redevelopment Projects and retirement of obligations incurred to finance redevelopment project costs have been stated in the Plan; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase B Area. 2. The Commission approves the designation of the Redevelopment Project I-Phase B Area as a redevelopment project area under the Act. 3. The Commission has previously approved the Plan. 4. The Commission approves the inclusion of the Redevelopment Project I-Phase B within the Plan and expects to adopt additional specific redevelopment project(s) and redevelopment project area(s) within the Redevelopment Area on a project- by-project basis. 5. The Commission recommends to the Board of Aldermen that the Board of Aldermen pass one or more ordinances: a. Finding the Redevelopment Project I-Phase B Area to be blighted and designating the Redevelopment Project I-Phase B Area as a redevelopment project area under the Act. b. Approving the inclusion of the Redevelopment Project I-Phase B within the Plan. c. Approving tax increment financing for the Redevelopment Project I-Phase B Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase B Area exceeds the certified total initial equalized assessed valuation of the taxable real -2-~ property in such Redevelopment Project I-Phase B 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-Phase B 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 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 parcel 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-Phase B 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 financing; (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-Phase B Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase B 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 allocation 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 foreclosed in the same manner as a special assessment lien as provided in Section 88.861 RSMo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the Redevelopment Project I-Phase B Area attributable to any increase above the total initial equalized assessed value of such properties shall be used in calculating the general state school aid formula provided for in Section 163.031 RSMO., until such time as all -3-, redevelopment costs have been paid as provided for in this section and Section 99.850. (ii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of We Act, the total additional revenues from taxes generated by economic activities in a Redevelopment Project Area, as described in Section 99.845.3 of the Act, shall be allocated as set forth in Section 99.845.3 of the Act. Passed this 15th day of January, 1997. ATTEST: U/I~zeJ Secretary =4.