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HomeMy WebLinkAbout1996-06-05 TIF Commission MinutesMINUTES RIVERSIDE TAX INCREMENT FINANCING COMMISSION 4712 NW GATEWAY, RIVERSIDE, MO. JUNE 5, 1996 The Riverside Tax Increment Financing Commission met in regular session at 7:00 p.m. at 4712 NW Gateway, Riverside, MO. The meeting was called to order by Vice Chairman Jimmy Karr. The following members answered roll call: David Brenner, Diza Eskridge, Jimmy Karr, Phillip Krause, Al Tunis, and Tim Weeks. Absent: Ron Super, Jim Davis, Bill Bright. Also present: Steven Crystal, TIF Attorney; Motion to approve the Minutes from the previous meeting with the correction to remove `;'im Weeks from attendance, was made by Tim Weeks, seconded by Da-:.3 Brenner. Motion carried unanimously. Steven Crystal, TIF Attorney, distributed Financial Plans for walked through the flan step by step. Concerning the legislation relating to Neighborhood Improvement District bonds adopted by the Missouri General Assembly in May, Mr. Crystal stated this would have not effect on this project since it specifically exempted first class counties and the cities located with those counties. Consequently, the City of Riverside would still be able to issue bonds in the amount of 1.Oo of the assessed valuation which is currently $60,000,000. Mr. Crystal stated that the new plan being considered addresses only the TIF boundaries but no paybacks for anyone. Consequently, each project proposed in the TIF area would require separate consideration prior t-o its being included in the TIF financing or eligibility for paybacks to any entities. Al Tunis expressed a~:;~reciation for the role former Mayor Betty Burch played in the veto of the previous TIF proposal to protect the other taxing bod?.es and stated the School District wants to be a partner in the TIF' project. Mr. Crystal addressed the fact that Trillium, the developer, would only be seeking reimbursement for monies spent above their normal contributions on the Neighborhood Improvement District assessments. They would be paying the same assessments for Levee District Improvement Bonds and Neighborhood Improvement District Bonds that all other land owners in the District would pay. The time line for the project was addressed by ldr. Crystal. It would appear the Neigt_r~rhood Improvement District bonds would not be issued until 1999. 'Phe City of Riverside has agreed to consider making a $500,000 payment on the NIDs for the first five years to offset the costs fc~z the bonds until such time as they area is bringing in sufficient funds to make the total payments. In response to the question "When does the money get spent?", Mr. Crystal responded that no money gets spent unless the bonds are in place. A question was asked concerning whether the Federal Government expects the local share to be in the bank prior to commitment of the federal funds? Mr. Crystal responded that was no the case. The firm financing commitment must be in place and the Cooperative Agreement signed between the Levee District Board and the Corps of Engineers stating all is in order for collection of the funds to make the payments. During discussion of exactly what of the Argosy properties would be included in this new plan, Mr. Crystal stated that 500 of the sales tax from the casino a:,d the real property and sales tax from the hotel development would be included. Any further development in the area would require a separate TIF Redevelopment Project. He stated very emphatically that "This project is just to build a levee in the first phase." No other projects are included, i.e. infrastructure, etc. Mr. Crystal reviewed the steps involved in the TIF process involving assessments, etc. as follows: 1. The Platte County Assessor goes out and determines the assessed valuation at the date the TIF goes into place. 2. The calculation of future sales taxe s is considered at this time. 3. The TIF Commission has ten years from that date to determine other projects that may take place in the Redevelopment area. 4. Every project would be considered each time it comes about. 5. The land will not develop all at onc e. Because of this review process the TIF Commissi on can gauge the administrative costs and the benefit to be derived before deciding whether to allow the project to be included in the TIF. 6. The Redevelopment Area would not be covered by a blanket coverage. Only those areas that need to be used to pay ~~ff the project would be included in the TIF. Board members expressed appreciation of this complete explanation and determined the~~ would be looking at this proposal with new vision. Announcement was made of the Public Hearing on June 27, 1996, at 7:00 p.m. at the IAMAW Union Hall, Vivion Road. Members were reminded they need to make every effort possible to be in attendance. A tentative date of June 19 was discussed for the next meeting, if it is determined there is a need for such a meeting. Notices will be sent. Motion was made by Dizc Eskridge, seconded by Al Tunis, to adjourn. The meeting adjourned at 8:50 p.m. (./t/~t/I7// ;/ a~/~LLC~~ Ann Daniels Secretary to TIF Commission