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HomeMy WebLinkAbout2006-12-02 TIF Commission ResolutionRESOLUTION 2006-12-02 RESOLUTION MAKING CERTAIN FINDINGS WITH RESPECT TO THE UPPER GATEWAY MIXED USE REDEVELOPMENT PLAN AND REDEVELOPMENT AREA; EXPRESSING ITS RECOMMENDATIONS TO THE BOARD OF ALllERMEN WITH RESPECT TO THE REDEVELOPMENT PLAN AND THE REDEVELOPMENT AREA, THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT ANll THE SELECTION OF A DEVELOPER; AND APPROVING OTHER ACTIONS RELATF,D THERETO. WHEREAS, the Tax Increment Financing Commission of the City of Riverside, Missouri (the "Commission"), is duly constituted according to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri. as amended (the "Act"); and WHEREAS, the Act authorizes the Commission to hold hearings with respect to proposed redevelopment areas, plans and projects and to make recommendations thereon to the Board of Aldermen of the City; and WHEREAS, the Commission has before it a plan for redevelopment titled "Upper Gateway Mixed Use Redevelopment Plan" (the "Redevelopment Plan"), which includes: (i) public and private infrastructure improvements including road improvements, sewers, water, stone drainage, topographic improvements, demolition, clearing, grading, sidewalks, detention ponding, erosion control, traffic control, landscaping and related infrastructure improvements, together with land acquisition, and (ii) a mixed use commercial/residential project including a commercial building containing approximately 13,000 square feet and approximately 120-150 single family residential units and the necessary private improvements associated therewith; and WHEREAS, the proposed redevelopment area (the "Redevelopment Area"), as legally described in the Redevelopment Plan, consists of approximately twenty acres located on northwest side of Gateway at the intersection of I-29 and Gateway at the Kiversidc city limits, all within the City of Riverside, Missouri; and WHEREAS, after proper notice, the Commission held a public hearing on December 13. ?006 in conformance with the Act at which all interested parties had an opportunity to be heard and at which the Commission heard and considered all protests, objections and comments and received all oral and written comments from all interested persons and taxing districts affected by the Redevelopment Plan and redevelopment projects described therein ("Redevelopment Projects"). NOW, THEREFORE, BE IT RESOLVED BY THF, TAX INCREMENT FINANCING COMMISSION OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: Section 1. All actions taken for and on behalf of the Commission in connection with the Redevelopment Plan including but not limited to selecting a date for the public hearing, the providing of notice to the taxing jurisdictions and to the property owners and the publication of notice and all other actions related thereto are hereby approved, ratified and confirmed as acts of the Commission. Section 2. The Commission hereby approves the Redevelopment Plan presented with this Resolution, which is on File at City Hall, the Redevelopment Area and Redevelopment Projects and hereby recommends approval of same by the Board of Aldermen. Section 3. 'The Commission finds that a. The existing conditions of the Redevelopment Area described in the Redevelopment 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 on the whole is a blighted area as defined in Section 99.805 of the Act and has not been subject to growth and development through investment by private enterprise. c. The Redevelopment Area would not reasonably be anticipated to be developed without the implementation of a redevelopment plan adopted pursuant to the Act. d. A plan has been developed and included in the Redevelopment Plan for relocation assistance for businesses and residences. e. The Redevelopment Plan conforms to the comprehensive plan of the City of Riverside, Missouri. f. The estimated dates of completion of the redevelopment projects and retirement of any obligations issued to finance any redevelopment project costs has been stated in the Redevelopment Plan and are to be no more than twenty-three years. g. The Redevelopment Area includes only those parcels of real property directly and substantially benefited by the proposed Redevelopment Projects. h. The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment. i. Acost-benefit analysis showing the economic impact of the Redevelopment Plan on each taxing district at least partially within the boundaries of the Redevelopment Area has been prepared and included in the Redevelopment Plan which provides sufficient information for the Commission to evaluate whether the Redevelopment Project as proposed is financially feasible. Section 4. The Commission hereby approves and recommends to the Board of Aldermen that it: 2 a. Approve and designate the Redevelopment Area as a redevelopment area and the Redevelopment Projects as redevelopment projects, all pursuant to the Act. b. Adopt tax increment financing with respect to the Redevelopment Project Area and Redevelopment Project I by passage of au ordinance complying with the terms of Section 99.845 of the Act. c. Adopt an ordinance in the form required by the Act (i) approving the Redevelopment Plan, (ii) approving and designating the Redevelopment Area as a "redevelopment area" as provided in the Act, and (iii) approving the Redevelopment Project Area as described within the Redevelopment Plan. d. Adopt an ordinance selecting TE Woods Construction Inc. as the developer under the Redevelopment Plan, subject to the timely execution of a mutually agreeable redevelopuent agreement between such developer and the City. Section 5. The Chairman, the Secretary and other officers and agents of the Commission are hereby authorized and directed to execute all documents and take such steps as they deem necessary and advisable in order to carry out and perform the intent of this Resolution. Section 6. This Resolution shall take effect immediately upon passage. PASSED AND ADOPTEll by the Tax hlcrement Financing Commission of the City of Riverside, Missow•i this 13`x' day of December, 2006. /~ Subcr. Chairman A'1~"1'E S'I': [no se X21 , Pamela Dara ret ry