HomeMy WebLinkAbout1996-02-28 TIF Commission MinutesMINUTES
RIVERSIDE TAX INCREMENT FINANCING COMMISSION
FEBRUARY 28, 1996
The Riverside Tax Increment Financing Commission met in regular
session on February 28, 1996, at 4712 NW Gateway, Riverside. The
following members were present:
David Brenner, Mayor Betty Burch, Jim Davis, Jimmy Karr,
Ron Super, Al Tunis, and Tim Weeks
Absent: Diza Eskridge and Ed Young
Minutes were read and approved from the meeting of February 21,
1996.
A draft Resolution, prepared by Steven Crystal, Attorney, was
reviewed and minor changes were suggested.
A motion was made by Jimmy Karr, seconded by Al Tunis, that the
Resolution be presented to the Board of Aldermen at their next
meeting on March 5, 1996. The vote was unanimous.
A copy of the signed Resolution is made a part of these Minutes.
With no further discussion to come before the Commission, the
meeting adjourned at 8:10 p.m.
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Ann Daniels, Secretary
Riverside TIF Commission
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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.
C ai an
ATTEST:
Secretary