HomeMy WebLinkAbout1995-11-08 TIF Commission MinutesCITY OF RIVERSIDE TAX INCREMENT FINANCING
NOVEMBER 8, 1995
Members present: Betty Burch, Jim Davis, Diza Eskridge, Jimmie
Karr, Ron Super, Al Tunis, Jim Wedua, and Ed Young. Absent: Tim
Weeks.
Also present: Richard King, Paul Pien, Dan Peak, Roxsen Koch, Don
Witt, Marty Zirschky, Nancy Jack, and Ann Daniels.
A motion was made by Jimmie Karr, seconded by Diza Eskridge, that
the Minutes of the November 1, 1995, meeting be approved. Motion
carried unanimously.
Al Tunis asked that the current meeting's minutes indicate that the
statement made by Dick King at the previous meeting concerning what
he had "heard" about the School District's position, was not, in
fact, a valid position taken by the Board.
Don Witt announced that Dick Smith, attorney, was unable to attend
this meeting but would be in attendance at the Public Hearing on
November 13.
In response to questions asked about the conduct of the Public
Hearing and what would follow, Don Witt restated the format for the
Hearing. He further stated the Commission would then meet again to
discuss the findings and, eventually, reach their decision
concerning a recommendation to the Board of Aldermen for their
action no later than December 19, 1995.
Concerns were expressed about the timing of a decision by the
Commission and the amount of time required for doing so.
Dick King, attorney for Trillium Corporation, presented change the
developer was proposing to the original plan. A Summary of the
proposed changes (a full copy of which is attached to these
minutes), included the following:
1. A major change is proposed in the phasing of the project.
The Riverside and Quindaro levees are now proposed to be
the first phase in the development plan as opposed to the
final one.
The first series of bonds, $21.5 million, would be issued
as part of a contract between the City of Riverside and
the Quindaro Bend Levee District, for payment to the
Corps of Engineers to build the levees.
At the same time, $8.5 million in bonds, for the planned
infrastructure improvements, would be issued with
enhancements provided by Trillium to insure the bonds
firm commitment to the amount of the assessment they will be making
to the property owners. King stated the District has committed to
the $325 per acre.
Following many questions concerning the proposed change in debt
service payments, enhancements for the levee bonds, another
assurance that the levee district was on record to assess $325 per
acre to the affected property owners, and the fact that any
overages in a given year would be given back to each taxing body in
proportion to what they would have collected.
Mr. King further reminded the Commission that approval could be
given with conditions and those could be resolved prior to issuing
bonds.
Paul Pien, representing Trillium, reminded the members that the
plan depends upon the success of capturing the Argosy assessment
and the continued success of Argosy's operations.
During a discussion of probable sources of the City's $800,000
contribution, it was suggested that this would come from the
additional 1o cruise revenue, as well as one half of the city sales
tax and utility taxes on the new improvements.
A decision concerning the allocation of funds for the provision of
staffing of the Commission will be recommended by the Treasurer,
Betty Burch, at the next meeting.
A date for the next meeting will be determined following the Public
Hearing on November 13.
A motion for adjournment was made by Diza Eskridge, seconded by Al
Tunis. The motion carried unanimously and the meeting adjourned at
9:20 p.m.
C~2~ i
Ann Daniels, Secretary
TIF Commission