HomeMy WebLinkAbout1996-05-08 TIF Commission MinutesTAX INCRSMSNT FINANCING COMMISSION
MINDTSS
MAY 8, 1996
The Riverside Tax Increment Financing Commission met at 4712 NW
Gateway, Riverside, on May 8, 1996, at 7:00 p.m.
Those present were: Betty Burch, Jim Davis, Diza Eskridge, Jimmy
Rarr, Ron Super, Al Tunis, Tim Weeks, and Sd Young. Also present
were Mayor Sd Rule, Stephen Crystal, Nancy Jacks, and Ann Daniels.
The meeting was called to order by Ron Super, Chairman. Mr. Super
suggested that he relinquish the title of Chai*~~*+ in favor of
Alderman Betty Burch since she was most knowledgeable about the
project.
Stephen Crystal, attorney for the Commission, reminded the group of
the state statute provision that members of the TIF Commission may
not be owners of property in the proposed area. Consequently, he
stated it was his belief that both Alderman Burch and Sd Young, as
property owners, would need to be replaced on the Commission.
In addition, Mr. Crystal stated that the appointment of Mayor Ed
Rule to act as an Alternate for David Brenner during his
convalescence, was not admissible by state statute since there is
no provision made in the statutes for Alternates to serve.
Mr. Rule, Mrs. Burch, and Mr. Young expressed disappointment at not
being able to continue with the project. Mayor Rule stated it was
the Board's intention, as well as his own, that everything about
this project be followed to the letter so no questions could be
asked or criticism be levied about the operations of the Commission
in making this plan work. Both Mr. Young and Mrs. Burch shared in
this sentiment.
Mayor Rule will begin recruiting two new members to serve on the
Commission.
Following review of the Minutes from the March 13, 1996, meeting,
motion was made by Jim Davis, seconded by Al Tunis, that the
Minutes be approved as printed. Motion carried unanimously.
Stephen Crystal gave an update on progress made since the last
meeting, as follows:
- A meeting had been held with Martin Lancaster, Assistant
Secretary for the Corps of Engineers, to discuss the
progress being made by the Riverside contingent to
provide the needed funding for the project. Lancaster
stated his support but that a letter of funding
commitment from a financial advisor would be required by
June 1, 1996, to hold the funds in the FY 97 budget.
- The Board of Aldermen have adopted a Resolution in
support of the proposed project, with the financing as
stated at the March 13 meeting.
- The Riverside-Quindaro Bend Levee District Board has
adopted a similar Resolution of support.
- A meeting will be held in the near future with the
Platte County Commissioners to solicit their adoption
of the same Resolution of support.
- A letter was distributed from the Trillium Corporation
showing their increased participation. Changes in their
position from previous discussions included:
a. An increase in the cash contribution from $2.3
million to $2.8 million and a request that the
City match this amount
b. IIse of state income tax credits which amounts
to an additional $1,390,000 in cash
contributions
c. A letter of credit will be provided for Platte
County to fully back the issuance of $4 million
in Neighborhood Improvement District Bonds
d. An agreement to provide some form of collateral
to the City for the $6 million in Neighborhood
Improvement District Bonds they will issue
e. A request for reimbursement of their
contributions through TIF assessments
- A suggestion was made that the City of Riverside
contribute $500,000 per year for five years to offset the
start up costs of the NIDs and reduce the amount paid
from property owners until development begins to occur
and repayment is available through TIF funds.
During a discussion of a means by which to apprise the property
owners of the possible assessment to their property, both for the
levee district improvement bonds and the neighborhood improvement
bonds, Jim Davis suggested using the assessed valuation of the
property as it is currently listed on the county's tax rolls.
Crystal agreed with this suggestion and will attempt to have a
figure computed for each property owner to review by June 1.
A discussion was held concerning the inclusion of the new hotel
proposed for construction by Argosy and the impact that would have
on the county taxing jurisdictions and the school district.
Al Tunis, representing the Park Hill School District, stated a
concern that the county, city, and developer were being paid back
through guarantees and eventual TIF funds and the School District
would be losing the revenues with no reimbursement proposed.
Mr. Crystal suggested a reimbursement could be considered under the
final plan and this would be discussed as plans unfold.
Further issues addressed concerned the potential for the City to
hold an election in August to ensure the support of the voters in
Riverside for city funds to be spent on the levee and the added
chance that an election would be required by all the voters in the
city to approve issuance of the Neighborhood Improvement District
Bonds, pending the ruling from the Supreme Court on the
constitutional change to NIDs. The Supreme Court ruling is
expected on May 28, 1996. The Board of Aldermen will be asked to
consider these issues at their meeting on May 21, 1996.
A Resolution was read, stating the TIF Commission was presenting a
project for consideration and that the Public Hearing for this plan
would be held on June 27, 1996, at 7:00 p.m. at the IInion Hall in
Riverside. Motion was made by Jimmy Karr, seconded by Jim Davis,
to adopt the Resolution. Motion carried unanimously.
Stephen Crystal's firm will handle all the public notices, prepare
Agendas for the Hearing, ordinances, etc. thereby relieving city
staff of this responsibility.
Ann Daniels, Secretary to the Board, requested an estimate of legal
fees to continue this project forward. Crystal stated the original
$15,000 had been expended it preparing the plan, which was not
expected at the time of engaging the firm's services, and estimated
an additional $50,000 would be required to complete the process.
Daniels stated she would take this amount to the Board of Aldermen
for their approval. Crystal stated he would include the
reimbursement of the legal fees as a part of the TIF contributions.
It was decided that the next meeting would be held on May 22, 1996.
The meeting adjourned, by general consent, at 9:20 p.m.
Ann Daniels, Secretary to the
TIF Commission