HomeMy WebLinkAbout1995-11-13 TIF Commission MinutesCITY OF RIVERSIDE TAX INCREMENT FINANCING
4500 HIGH DRIVE, RIVERSIDE, MO
PUBLIC HEARING
NOVEMBER 13, 1995
7:30 P.M.
A Public Hearing for the purpose of allowing the Developers,
Trillium Corporation and John Brown Company, to make a presentation
to the general public of the City of Riverside, and for the Tax
Increment Financing Commission members to receive input from the
residents of Riverside and representatives from affected taxing
bodies in Platte County, was called to order by the Commission
Chairman, Ron Super, at 7:30 p.m. on Monday, November 13, 1995, at
the above named location.
Commission members present: Betty Burch, Jim Davis, Diza Eskridge,
Jimmie Karr, Ron Super Al Tunis, Jim Wedua, Tim Weeks, and Ed
Young.
Others present included: Paul Pien, Trillium Corporation; Richard
King and Roxsen Koch, attorneys for Trillium; Dick Smith, attorney
for the Commission; Don Witt; Jon Conoly, Corps of Engineers; Tom
Rule, MAI; Kent Crippen, planner; John Brown, developer; and Ann
Daniels. A list of those attending the hearing is attached to
these minutes.
Chairman Super welcomed the overflow crowd and presented the format
for the Hearing. He then introduced Richard King, attorney for
Trillium Corporation (the developer) and asked that they make their
presentation of the proposed plan.
Mr. King introduced Paul Pien, Vice President and Legal Counsel for
Trillium Corporation, who spoke of the developer's plans for the
area and their desire to make the project a success.
King then presented the plan which includes the following:
1. Both the Quindaro and Riverside levees would be
constructed by a joint agreement between the
Quindaro Bend Levee District, the City of Riverside,
and ultimately, the Corps of Engineer, at a projected
cost of $52 million.
2. Infrastructure, including a full diamond interchange
from 635, improvements to VandePopulier Road, and
water, sewer, drainage, curbs, gutters, and streets,
totaling $8.5 million.
3. Participation by taxing jurisdictions would be as
follows:
City of Riverside - $3.5 million
School District - $5.5 million
Other taxing jurisdictions - $1.8 million
RESOLUTION
WHEREAS, the Tax Increment Financing Commission of Riverside,
Missouri (the "Commission" has previously considered the Riverside-
Quindaro Levee Redevelopment Plan (the "Redevelopment Plan")
submitted by the Trillium Corporation of Bellingham, Washington
(the "Developer") at a public hearing held on November 13, 1995;
and
WHEREAS, the purpose of the Redevelopment Plan was to utilize
revenues generated by the Argosy Riverboat expansion to help fund
the local match associated with the Riverside-Quindaro Levee
Project (the "Project"; and
WHEREAS, the Commission voted on November 27, 1995 to not
recommend approval of the Redevelopment Plan to the Board of
Aldermen of Riverside, Missouri; and
WHEREAS, the Board of Aldermen approved by Ordinance the
Redevelopment Plan, as amended, at a meeting held on December 19,
1995 which Ordinance was subsequently vetoed by the Mayor on
December 26, 1995; and
WHEREAS, the Board of Aldermen failed to take action to
override the Mayor's veto in time to have enabled the use of tax
revenues generated by the Argosy Riverboat to be captured under the
Redevelopment Plan in effect invalidating the Redevelopment Plan,
as amended; and
WHEREAS, nonetheless, the Board of Aldermen approved a motion
on January 16, 1996, reactivating the Commission for the purpose of
considering financing alternatives in addition to and in
conjunction with tax increment financing for providing the local
match associated with the aforementioned Project; and
WHEREAS, the Commission has consulted with a financial adviser
and a tax increment financing attorney regarding financing options,
including the use of levee district and neighborhood improvement
district Bonds in addition to and in conjunction with tax increment
financing; and
WHEREAS, the Commission recognizes the importance of the
Project in terms of flood protection and economic development for
the City of Riverside and further recognizes the need to fully
explore the availability of financing mechanisms and funding
sources in addition to an in conjunction with tax increment
financing prior to the deadline when federal funds for the Project
may no longer be available;
THEREFORE, BE IT RESOLVED THAT:
1. The Commission recommends that the City continue to
pursue negotiations with the Developer regarding the various
financing mechanisms available to fund the proposed Project
including, but not limited to, developer equity, tax increment
financing, City contribution, levee district and neighborhood
improvement district bonds.
2. The Commission further recommends that a meeting be
convened by the City with representatives of the Developer, the
City, the TIF Commission and the Levee District Board to discuss
and exhaust financing options.
3. The Commission further recommends that a condition of the
meeting should be the presentation of firm financing proposals from
the Developer and the City regarding the local match for the
Project.
4. The Commission finally recommends that the City Council
consider engaging the financial adviser services of Greg Bricker
with George K. Baum and the tax increment financing legal services
of Stephen A. Crystal with Armstrong, Teasdale, Schlafly & Davis to
advise the Tax Increment Financing Commission and City on an
ongoing basis regarding the Project and the related business of the
Commission.
Passed this day of
1996.
Chairman
ATTEST:
ecretary