HomeMy WebLinkAbout1996-05-01 (2) TIF Commission ResolutionRESOLUTION NO. 96-05-O1
WHEREAS, the L-385 Levee Project (the "Levee Project") has been proposed by the
United States Army Corps of Engineers ("Corps") which would involve the construction 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% for the local sponsor and 52% 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 $27,000,000; and
WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri (the
"Commission") was established pursuant to Ordinance No. 95-64, adopted by the City Council
of Riverside, Missouri on September 12, 1996; and
WHEREAS, the Commission believes that the Levee Project is advantageous to the City
of Riverside and that the benefits of the Levee Project will exceed the cost of the Levee Project;
and
WHEREAS, the Commission desires to prepare and consider the approval of a tax
increment financing plan to assist the local sponsor in funding the local sponsor's share of the
cost of the Levee Project by implementing a tax increment financing plan which would capture
the increment of future development to assist in funding the Levee Project.
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, § § 99.800
- 99.865, R.S.Mo. (the "TIF Act") provides that the Commission shall set a public hearing date
to consider any tax increment financing plan as well as to consider the designation of a
redevelopment area, redevelopment project(s) and redevelopment project area(s) under the TIF
Act.
THEREFORE, BE IT RESOLVED THAT:
1. That the Commission hold a public hearing of the Commission on June 27, 1996
at 7:00 p.m. at the IAMAW Union Hall, 3050 NW Vivion Road, to consider the proposed L-
385 Levee Project Tax Increment Financing Plan as well as to the designation of a
Redevelopment Area, Redevelopment Project(s) and Redevelopment Project Area(s) under that
Plan.
2. That appropriate notices regarding the public hearing be authorized pursuant to
the provisions of the TIF Act.
SO RESOLVED this ~r day of 1996.
CHAI AN
ATTEST:
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SECRETARY