HomeMy WebLinkAbout1998-10-07 TIF Commission MinutesMINUTES
TAX INCREMENT FINANCING COMMISSION
OCTOBER 7, 1998
The Tax Increment Financing Commission met in regular session at
7:30 p.m. on Wednesday, October 7, 1998, at the City Hall Annex,
4712 NW Gateway, Riverside, MO. The Chairman, Ron Super, called
the meeting to order. Roll Call was answered by the following
members: Ron Super, Jimmy Karr, Jim Davis, Diza Eskridge, Tim
Weeks, Al Tunis, and Bill Bright.{^~r;'ti"~~bsent members were: Phil
Krause and David Brenner. Also present were: Steve Crystal, TIF
and City Attorney, Deborah Polk, attorney, and Ann Daniels,
Secretary to the TIF Commission.
The Minutes of the last meeting were approved as printed.
Ann Daniels reported that, in accordance with the revised bylaws
and to reflect the changes to the State Statutes on the composition
of the TIF Commission, the Platte County Commission has appointed
Diza Eskridge and Michael Short to represent them. A member from
the remaining taxing entities within the county will be selected by
that group in the coming month. Park Hill School District has
reappointed Tim Weeks to serve, along with Al Tunis, as their
representatives.
Steve Crystal then presented a variety of documents for detailed
review. He began the review by discussing the letter sent to the
Missouri Development Finance Board reconfirming that board's role
in the financing of the costs of the Levee Project which would
include: is§u}A pack-to-back bonds; issuing tax credits up to an
amount of $~ ~ ,` -corresponding to contributions to fund a loan
from the Board to the City; having the MDFB Loan being secured by
and payable solely from TIF revenues and its priority being behind
payments already committed to be made on TIF bonds, NID bonds
and/or Levee District bonds to be used to finance the Levee
Project; and the City's request that the amount of the MDFB loan be
repaid only in the amount of the discounted value of the tax
credits utilized.
The second document reviewed was the AGREEMENT BETWEEN THE CITY,
THE TIF COMMISSION, THE COUNTY, THE LEVEE DISTRICT, TRILLIUM AND
MDFB RELATING TO REIMBURSEMENTS FROM TIF REVENUES. This document,
as proposed, sets forth the following order of priority for
payments of TIF Revenues: First, to pay TIF Bond; Second, to fund
the City's administrative and other TIF related costs; Third, to
reduce annual assessments with respect to assessment bonds; Fourth,
to repay the MDFB loan; and then a proposed breakdown for repayment
to the taxing bodies as follows:
1. 10% of the then remaining
to the Taxing Districts.
2. 25~ of the then remaining
(1)
TIF Revenues to be distributed
TIF Revenues to be applied to
Questions followed the discussion of each document. Discussion was
held concerning the percentages proposed for return to the taxing
jurisdictions, approval of Redevelopment Project II which would
permit Trillium to be reimbursed, in some percentage, for
infrastructure constructed to serve the project, and overall
general discussion of the various documents.
Steve Crystal and Deborah Polk then reviewed the Basic Assumptions
in the Best, Medium, and Worst Case Scenarios. Updated Assumptions
will be prepared for review at the next meeting.
When all discussion had been exhausted, the meeting was adjourned
at 9:15 p.m.
The next meeting will be held on Wednesday, October 21, 1998, at
4:30 p.m. at the City Hall Annex.
Ann Daniels
Secretary to the TIF Commission
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