HomeMy WebLinkAbout1997-01-15 TIF Commission MinutesMINUTES
TAX INCREMENT FINANCING COMMISSION
JANUARY 15, 1997
The Tax Increment Financing Commission met on Wednesday, January
15, 1997, at 7:00 p.m. at the City Hall Annex, 4712 NW Gateway,
Riverside, Missouri.
The following members were present: Jim Davis, Diza Eskridge,
Jimmy Karr, Phil Krause, Ron Super, and Tim Weeks. Absent: Bill
Bright, David Brenner, and Al Tunis. Also present: Steve Crystal,
Attorney and Ann Daniels, Secretary to the Commission.
A discussion was held concerning an amendment to the Bylaws which
would change the number from 6 to 5 members to be required in
attendance for a quorum to be in place. At the conclusion of the
discussion, it was determined, by general consent, to leave the
Bylaws as they are currently in place.
Steve Crystal, Attorney for the Commission, gave an update on the
status of the L-385 Levee Project. He gave typical costs per acre
for the Levee District Bonds and Neighborhood Improvement District
Bonds. He reported that the Levee District members had voted in
favor of the assessments for the Levee Bonds with an approval rate
of 80o in favor and 20~ opposed.
Intergovernmental Agreements will be prepared for signatures by all
the entities involved in the financing, i.e. State of Missouri,
Platte County Commission, City of Riverside, and Levee District
Board of Commissioners, and Trillium.
Mr. Crystal further stated the Missouri Industrial Development
Board has agreed to act as the bonding agent for all the bonds to
be issued which will negate the need for each entity to secure bond
counsel, underwriters, etc. They also authorized $3 million in tax
credits for the project. The State's economist also reported a
projected benefit to the State of Missouri, by the end of the TIF
project, of $120 million.
The purpose of this meeting was to review and discuss three
additional projects being developed in the Redevelopment Area and
to authorize these projects to ensure capture of the taxes from the
projects to go towards the $2.9 million agreed upon by the
Commission and the Board of Aldermen. Since the Argosy hotel is
not underway, these projects would contribute funds now that would
offset the projected funds from the hotel. He emphasized the fact
that no more than $2.9 million will be collected for TIF payments
regardless of the number of projected needed to meet that amount
without the Argosy hotel.
A motion was made by Diza Eskridge, seconded by Jimmy Karr, to
approve Resolution 97-01-01 which amends the L-385 Levee
Redevelopment Plan to change defined terms relating to the Plan.
The vote was unanimous and the Resolution was adopted.
A motion was made by Jimmy Karr, seconded by Phil Krause, to
approve Resolution 97-01-02, approving the inclusion of the
Redevelopment Project I-Phase B within the L-385 Levee
Redevelopment Plan; approving the designation of the Redevelopment
Project I-Phase B Area; approving the adoption of Tax Increment
Financing for the Redevelopment Project I-Phase B area; and making
recommendations of same to the Board of Aldermen of the City of
Riverside. The vote was unanimous and the Resolution was adopted.
A motion was made by Jim Davis, seconded by Diza Eskridge, to
approve Resolution 97-01-03, approving the inclusion of the
Redevelopment Project I-Phase C within the L-385 Levee
Redevelopment Plan; approving the designation of the Redevelopment
Project I-Phase C Area; approving the adoption of Tax Increment
Financing for the Redevelopment Project I-Phase C area; and making
recommendations to the Board of Aldermen of the City of Riverside.
The vote was unanimous and the Resolution was adopted.
A motion was made by Tim Weeks, seconded by Phil Krause, to approve
Resolution 97-01-04, approving the inclusion of the Redevelopment
Project I-Phase D within the L-385 Levee Redevelopment Plan;
approving the designation of the Redevelopment Project I=Phase D
Area; approving the adoption of Tax Increment Financing for the
Redevelopment Project I-Phase D; and making recommendations to the
Board of Aldermen of the City of Riverside. The vote was unanimous
and the Resolution was adopted.
A new listing of the names, addresses, and phone numbers of the
members of the TIF Commission will be mailed to the members along
with the Minutes of this meeting.
The Commission members agreed to discuss electing an actual member
of the Commission as the Secretary of record with the understanding
that Ann Daniels would continue to be the Secretary to the TIF
Commission.
The meeting was adjourned at 8:20 p.m.
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Ann Daniels, Secretary to the
TIF Commission