HomeMy WebLinkAbout1996-05-01 TIF Commission ResolutionRFSnL ON
.,
WIIEREAS, the L-385 Levee Project (the Levee Project") has been proposed by the
United States Army Corps of F.ttginee~ ("Corps") which would involve the Constriction of two
levees in Riverside, Missouri; and
WHEREAS, the Levee Project requires the local sponsor to match the cost of the Levee
project with the Corps at a ratio of 48 °,b for the local sponsor and 52 9b for the Corps; and
WHEREAS, the total estimated cost of the Levee Project is $56,240,000; and
WHEREAS the local sponsor's matching contribution for the Levee Project is
approximately X27,000,000; and
vV>E~1tEAS, the TIF Commission believes that the Levee Project is advantageous to the
City of Riverside and the TIF District and that the benefits of the Levee Project will exceed the
cost of the Levee Project; and
WR'EREAS, the Riverside Tax increment Financing Commission (TIE Commission")
desires to assist the local sponsor in funding the local sponsor's share of the cost of the Levee
Project by implementing a TIF Plan which would capture the increment of future development
to assist in funding the Levee protect.
TgF,REFORE, BE IT gE,SOLVF.D '1'IiAT:
1. The TIF Commission believes that the Levee Project is advantageous to the TIF
District and that the benefits of the Levee Project will exceed the cost of the Levee Project.
2. The TIF Commission shall take such actions as required by the TIF statute tv
cause the implementation of a T7F Plan to provide potential funding for the Levee Project and
related infrastructure.
Passed [his ~~ day of ~Z,_.,~ _ , 1996.
C
ATTEST:
SECRETARY
07/16/98 THU 14:58 [TX/RX NO 66301 ~ 002