HomeMy WebLinkAbout1995-10-18 TIF Commission MinutesCITY OF RIVERSIDE TAX INCREMENT FINANCING COMMISSION
OCTOBER 18, 1995
Members Present: Jim Davis, Diza Eskridge, Jimmy Karr, Al Tunis,
Tim Weeks, Jimmy Wedua, Ed Young. Members Absent: Ron Super and
Betty Burch.
Also Present: Don Witt, Nancy Jack, Rick Bien, John Brown, Roxsen
Koch, Richard King, Dan Peak, Marty Zirschky, and Ann Daniels.
The meeting was called to order at 7:10 p.m. by the Vice Chairman
Jimmy Karr. A motion was made by Diza Eskridge, seconded by Al
Tunis, that the Minutes of the meeting of October 10, 1995, be
approved as printed. The vote was unanimous.
Mr. Karr welcomed Richard King, attorney, and representatives from
Trillium Corporation and invited them to make their presentation on
the plan they are proposing for TIF consideration.
Richard Kinq introduced John Brown, Dan Peak, and Roxsen Koch,
interested parties to the proposal.
Mr. King presented maps and charts showing the proposed boundaries
and the flow of tax dollars, both with normal collections and with
Special Allocations using tax increment financing on the
properties. He stressed the need for the TIF to be adopted prior
to January 1, 1996, so that the improvements on Argosy's permanent
site could be captured to assist with the payback of the bonds that
would be issued for the project. He further stated that
"everything but the tax assessment for Argosy can be deferred until
later after a thorough study and review are completed".
King stated the plan included an interchange off Interstate 635 and
other infrastructure to make the area useable and the construction
of the Quindaro Bend-Riverside levee.
The following steps were listed:
1. The TIF must be approved by December 31, 1995.
If the project does not go forward, nothing is lost.
If the project continues on, binding decisions and
be made after a thorough review.
2. Cooperative Agreement must be signed by the Quindaro Bend
Riverside Levee Board and the Corps of Engineers to
commit the money for the levee.
Mr. King informed the group that it may be necessary to have the
bonds "enhanced" when they are sold and there are several methods
by which this enhancement could be accomplished:
from the project.
7. What is the timeline for the project? Response:
Money would begin being collected from the area
as early as the end of the first quarter of 1996;
Additional assessment would generate more real estate
taxes next fall; and the bonds could be issued early
in 1997 if all proceeds as planned. In the meantime,
the Levee Board enters into their Cooperative Agreement
in preparation of the bond issue and the City determines
what their contribution will be to the project funding.
Vice Chairman Karr thanked Mr. King and associates for their
presentation.
A motion was made by Diza Eskridge, seconded by Jim Davis to
approve the form of the Funding Agreement for presentation to
Trillium by Don Witt. The motion carried.
The next meeting was scheduled for Wednesday, October 25, 1995 at
7:00 p.m.
The meeting adjourned at 8:45 p.m.
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Ann Daniels
Secretary
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