HomeMy WebLinkAbout1998-04-15 TIF Commission MinutesRIVERSIDE TAX INCREMENT FINANCING COMMISSION
MINUTES
APRIL 15, 1998
The Riverside Tax Increment Financing Commission met on April 15,
1998, at 7:00 p.m. at the City Hall Annex, 4712 NW Gateway,
Riverside, MO 64150. The meeting was called to order by Chairman
Ron Super with the following members present: Bill Bright, Diza
Eskridge, Jimmy Karr, Phil Krause, Ron Super, Al Tunis, and Tim
Weeks. Also present: Steve Crystal, City and TIF Attorney;
Deborah Polk, attorney, and Ann Daniels, Secretary to the TIF
Commission.
Minutes from the meeting of September 3, 1997, were approved as
printed by a motion from Diza Eskridge, seconded by Tim Weeks, and
a unanimous favorable vote.
Steve Crystal, City and TIF Attorney, gave an overview of the two
items on the Agenda.
The first item was the Agreement Relating to Funding of Certain
Levee Proiect Coats Between The City of Riverside, Missouri, The
Tax Increment Financing Commission of Riverside Missouri, and the
Riverside-Ouindaro Bend Levee District of Platte County, Missouri
and Resolution No. 98-04-01 approving the Agreement.
Mr. Crystal gave an overview of his discussions with the Trillium
Corporation and stated he is in the process of developing a
definitive agreement that will cover the payback of funds to each
of the taxing bodies and funding agencies.
Trillium has requested from the City, and received confirmation
from the Board of Aldermen, that two issues be addressed as
follows:
1. Trillium would be allowed to continue to pursue a
gaming license for operations in Riverside
2. Trillium continues to request that consideration be
given to TIF funds being used for construction of the
major infrastructure needs to make the property more
attractive for development, i.e. the 635 interchange.
Crystal informed the Commission members that the first bond issue
for $750,000 will be completed late next week. Proceeds from this
issue will be used to provide a survey of the properties, hire an
expert appraiser to provide information for the plan of
reclamation, and the Neighborhood Improvement District plans would
be put in place, if this method of financing is still needed.
The process for hiring bond counsel was reviewed and information
presented that this first issuance will be handled by Kirkpatrick
and Pettis, a subsidiary of Mutual of Omaha. No details on the
bond issue are available at this time.
Questions were asked about the payback of this first issuance and
whether the revenue stream would support repayment. Ms. Polk
assured the Commission members that this would be the case.
In addition to the bond issue, the Levee District and Board of
Aldermen have been working with Senator Bond and the Chairman of
the House Committee on Water and Energy to restore construction
funding for the L-385 project to the federal budget for the
upcoming year. Representatives from the Corps of Engineers have
stated that no project which has had any federal money expended for
project construction has ever been deleted from final inclusion in
the federal budget. All parties involved believe Senator Bond will
see that the funds are restored to the budget.
Following discussion and questions, a motion was made by Al Tunis,
seconded by Jimmy Karr, to adopt Resolution 98-04-01 which is
titled: Resolution of the Tax Increment Financing Commission of
Riverside Missouri ("Commission") approving the agreement relating
to funding of certain levee project costs between the City of
Riverside Missouri the Tax Increment Financing Commission of
Riverside Missouri and the Riverside-Ouindaro Bend Levee District
of Platte County Missouri ("Agreement") and actions related
thereto.
The vote in favor was unanimous and the Resolution was
adopted.
A review of the application submitted by Conoco Pipe Line Company
for TIF approval was conducted. Following discussion, as motion
was made by Tim Weeks, seconded by Diza Eskridge, that Resolution
98-04-02, titled: Resolution of the Tax Increment Financing
Commission of Riverside Missouri ("Commission") approving the
Inclusion of the Redevelopment Project I-Phase F Area; AAprovinq
the adoption of Tax Increment Financing for the Redevelopment
Proiect I-Phase F Area• and expressing its Recommendation to the
Citv Council of Riverside Missouri with respect to the same.
The vote in favor was nnarri-n[~us and the F2esolu~.ion was
adopted.
Both Resolutions will be forwarded to the Board of Aldermen for
their consideration.
With no further business to be discussed, the meeting adjourned at
8:35 p.m.
g y
Ann Daniels, Secretary
Tax Increment Financing Commission