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Home My WebLink About1996-06-27 TIF Commission MinutesMINUTES TAX INCREMENT FINANCING COMMISSION PUBLIC HEARING JUNE 27, 1996 The Riverside Tax Increment Financing Commission met on June 27, 1996, at 7:00 p.m. in the IAMAW Union Hall, Vivion Road, Riverside, Missouri. Those present were: Ron Super, Al Tunis, Diza Eskridge, Jimmy Karr, Philip Krause, Bill Bright, Tim Weeks, Jim Davis, and David Brenner. Others attending the Public Hearing were: Nancy Jack, Mildred Stewart, Danita Buckingham, Bob Wrap, Steve Wolcott, Paul Clancy, Mary Clancy, Irene Paulhe, Debbie Polk, Wes and Carol Scyller Robert Riss, Loretta Riss, E.H. Young, C.J. Kuhlman, Cliff Wathen, Kathy Hodge, Richard Hornback, Shirley Rose, ,June Woods, Homer McKeehan, Eugene Eickhoff, Mary Ann Casey, Norma J. Keys, Gary E. Keyes, Phyllis Reece, Ken Whittlesey, Merly and Betty Johnson, Nina Hohimer, James Scott, Don Coleman, Robert Gieseke, Bob Varker, Harlan Russell, Jon Connelly, Rick Turner, Christopher Waltz, Ray Beard, George Flaws, Betty Knight, Betty Burch, Ed Rule, Steve Crystal, and Ann Daniels. The minutes of the TIF Commission meeting of June 5, 1996, were approved as printed. Chairman Ron Super opened the public hearing and welcomed all those in attendance. He then introduced Steve Crystal, City Attorney and Attorney for the TIF Commission. Mr. Crystal gave a complete overview of the proposed L-385 levee project including the area to be included in the TIF Area. He gave the statutory requirements for a TIF District and then detailed the area under consideration for designation as the "Redevelopment Area" for Riverside's firs t. TIF project. Crystal further showed the breakdown of costs for the levee, as determined by the federal government and the Corps of Engineers, showing a total proposed cost of $56 million with the federal share being 51% and the local sponsor's share being 49%. He gave the following recap of plans for paying for the levee as follows: 1. Landowner Contribution - Trillium Corporation of $2.8 million proposed 2. City of Riverside Contribution - $2.8 million proposed 3. Levee District bonds - to be assessed by the Riverside- Quindaro Levee District to the property owners in the benefitted area of the project An additional source of funding which might be used would be Neighborhood Improvement District Bonds which would be issued in part by the Platte County Commission and in part by the City of Riverside since Riverside does not have enough bonding capacity to assess the full $10 million needed to complete the funding. Also to be considered are income tax credits which might be available from the State of Missouri. Mr. Crystal then responded to questions as follows: Steve Wolcott - "If the Corps of Engineers approves the funding plan as presented, how long will it be before the project would be built? Response: Cooperative Agreement would need to be approved by the Levee District, TIF Commission, State of Missouri, Platte County, Corps of Engineers, and City of Riverside. Potential start date would be 1999 for advertising for bids for the project if all easements, right of way, etc. have been acquired. Steve Wolcott - "What happens if somewhere along the way the plan fails?" Response: The agreement is written with "outs" several points along the way to ensure that the project can actually be bid and constructed for the amount estimated by the Corps and to prevent the levee district or the City from being left with higher fees they could not pay. The project could be abandoned for any of these reasons without the City's losing anything. James Scott, Parkville Special Road District - "Is any of the TIF money to be used for other infrastructure improvements in that Area? Will the property be assessed on the tax rolls?" "We are for this project." Response: No infrastructure improvements are currently being considered from TIF funds for this project. This project is different from many TIF projects in that the TIF Commission is approving each parcel of property which requests construction or improvement to their site and when the amount of revenues to be generated from the property taxes and special allocations. taxes generated by that specific property totals enough to pay the TIF bonds for the LEVEE ONLY, the project will not assess any further properties. Infrastructure projects could be considered at a later date. The properties will all be assessed as they are built and the base assessments will continue to be paid to the taxing bodies but assessment for the improvements will be paid to the TIF Account to pay off the TIF bonds. Harlan Russell - "What happened to the 75-25 split with the Corps of Engineers?" Response: The federal government changed this method of funding several years ago. We are bound by their requirements. Mary Clancy - "Where did the Corps say the water will go when we put the levee here?" Response: The Corps does not believe installation of this levee will create any additional water problems for anyone else up or down stream from Riverside. They designed the project and they are the ones responsible for the outcome. Harlan Russell - "What is the average increase going to being to the property owners for their taxes?" Response: This will be decided by the Levee District and we don't have that information at this time. A Public Hearing with the affected property owners will be held by the Levee District to address those questions. When all questions had been exhausted, a motion was made by Phil Krause to close the Public hearing, seconded by Tim Weeks. The vote was unanimous and the Public Hearing closed at 8:50 p.m. The TIF Commission remained in session. A motion was made by Jim Davis, seconded by Tim Weeks, that Resolution 96-01-01 be adopted by the TIF Commission and forwarded to the Board of Aldermen with the recommendation for them to adopt same. The vote was as follows: Super, Weeks, Tunis, Eskridge, Karr, Brenner, Davis, Krause - Affirmative. Bill Bright abstained. Motion carried. With no further business to be discussed, the meeting adjourned at 9:15 p.m. ~= ~' Ann Daniels, Secretary Riverside TIF Commission ~~~ ~ ~s~ a7 ~/f 9L U~ - --1~ 2-c r ~ ~_. - ---~~'r~- , ~'f ~ /~ f~ r ~ , l \' ~~~% ifs ~~ % ~.~~~ ~~--~~~ --~ `) ,~ ~ i ~26C c CL~~~ ~ C'L-- 4 ~ i ~ ~~i~,~ ~ ~'cc r ~~~ ~=y~~~'-7 ~~ , ~~ ~~~ L~~~~ ~cl fh y~ %~ ~ ~y Fj - /' /") ~~~~ L ~~' ~~ C~ ? ~l ~~ t . J ~ ~i ~ // ~ G j d~ ~~ em'u' /~/,~-~ ~ ~/"~' ~%G~t~~~; _~, ~ >r~ ~ ,?~-~'~~ 1 Fr rr ~~ n ~+ '_~ -~/iJ r j~ % ~ ~ ~% ~ ~~, e~„~.r i• ~~~1_ ~7 Vii. `, e'~ L.lJ, ~y:~2~ li ~._