HomeMy WebLinkAbout1996-06-01 TIF Commission ResolutionRESOLUTION NO. 96-06-01
RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF
RIVERSIDE, MISSOURI REGARDING THE L-385 LEVEE REDEVELOPMENT PLAN
(THE "PLAN"); APPROVING THE PLAN; APPROVING THE DESIGNATION OF A
REDEVELOPMENT AREA UNDER THE PLAN; APPROVING AND DESIGNATING THE
REDEVELOPMENT PROJECT I AND REDEVELOPMENT PROJECT I AREA UNDER THE
PLAN; AND APPROVING TAX INCREMENT FINANCING FOR THE REDEVELOPMENT
PROJECT I AREA AND RECOMMENDING SAME TO THE BOARD OF ALDERMEN
WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri (the
"Commission") was created pursuant to Ordinance No. 95-64, adopted by the Board of
Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12, 1995;
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), requires
the Commission to: (a) hold hearings with respect to proposed redevelopment areas,
redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c)
make its recommendations on the same to the City Council;
WHEREAS, it has been proposed that: (a) the real property legally described in the
attached Exhibit A be classified as a "blighted area" and be designated a "redevelopment area"
pursuant to the Act (the "Redevelopment Area") ; (b) the Plan be approved for the purpose of
redeveloping the Redevelopment Area; (c) the Redevelopment Project I authorized by the Plan
be approved; (d) other Redevelopment Projects be considered for approval at such time as the
Commission recommends the same; and (e) tax increment financing be adopted for the
Redevelopment Project I Area described in the Plan;
WHEREAS, the Commission issued a request for proposals to developers by publication
in a newspaper of general circulation for the implementation of the Plan;
WHEREAS, the Commission by Resolution No. 96-OS-O1, passed on May 8, 1996,
fixed a time and place for a public hearing on the designation of the Redevelopment Area, the
approval of the Plan, the approval of Redevelopment Project I and the adoption of tax increment
financing for the Redevelopment Project I Area;
WHEREAS, proper notice of the public hearing was given by publication and mailing
as required by the Act;
WHEREAS, the Commission held a public hearing in compliance with the Act on June
27, 1996, and the Commission heard and considered all protests, objections and comments
submitted by any interested persons and tax districts affected by the issues addressed at the
public hearing;
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NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing Commission
of Riverside, Missouri:
The Commission finds that:
a. The existing conditions of the Redevelopment Area described in the Plan
are a fair depiction of the Redevelopment Area and cause the
Redevelopment Area to be a "blighted area" as defined in the Act;
b. the Redevelopment Area has not been subject to growth and development
through investment by private enterprise and would not reasonably be
anticipated to be developed without the adoption of the Plan;
c. the Plan conforms to the comprehensive plan for development of the City
of Riverside, Missouri as a whole;
d. the estimated dates, which shall not be more than 23 years from the
adoption of the ordinance approving the Phase I Redevelopment Project,
of completion of the Redevelopment Project I and retirement of
obligations incurred to finance the Redevelopment Project costs have been
stated in the Plan; and
e. a plan has been developed and included in the Plan for the relocation
assistance of businesses and residences.
2. The Commission approves and designates the Redevelopment Area as a
redevelopment area pursuant to the Act.
3. The Commission approves and adopts the Plan.
4. The Commission approves and designates the Redevelopment Project I as a
redevelopment project.
5. The Commission adopts tax increment financing for the Redevelopment Project
I Area and provides that:
(1) after the total equalized assessed valuation of the taxable real property in
the Phase I Redevelopment Project Area exceeds the certified total initial
equalized assessed valuation of the taxable real property in such
Redevelopment Project I Area, the ad valorem taxes and payments in lieu
of taxes, if any, arising from the levies upon taxable real property in such
Redevelopment Project I Area by taxing districts and tax rates determined
in the manner provided in subsection 2 of the Section 99.855 of the Act
each year after the effective date of this Ordinance until the
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Redevelopment Project Costs pursuant to the Plan have been paid, shall
be divided as follows:
(a) That portion of taxes levied upon each taxable lot, block, tract, or
parcel of real property which is attributable to the initial equalized
assessed value of each such taxable lot, block, tract, or parcel of real
property in the Redevelopment Project I Area shall be allocated to and,
when collected, shall be paid by the county collector to the respective
affected taxing districts in the manner required by law in the absence of
the adoption of tax increment allocation financing;
(b) Payments in lieu of taxes attributable to the increase in the current
equalized assessed valuation of each taxable lot, block, tract, or parcel of
real property in the Redevelopment Project I Area over and above the
initial equalized assessed value of each such unit of property in the
Redevelopment Project I Area shall be allocated to and, when collected,
shall be paid to the municipal treasurer who shall deposit such payment
in lieu of taxes into a special fund called the "Special Allocation Fund"
of the municipality for the purpose of paying redevelopment costs and
obligations incurred in the payment thereof. Payments in lieu of taxes
which are due and owing shall constitute a lien against the real estate of
the redevelopment project from which they are derived. The municipality
may, in the ordinance, pledge the funds in the special allocation fund for
the payment of such costs and obligations and provide for the collection
of payments in lieu of taxes, the lien of which may be foreclosed in the
same manner as a special assessment lien as provided in section 88.861
RSMo. No part of the current equalized assessed valuation of each lot,
block, tract, or parcel of property in the Redevelopment Project I Area
attributable to any increase above the total initial equalized assessed value
of such properties shall be used in calculating the general state school aid
formula provided for in section 163.031 RSMo, until such time as all
redevelopment costs have been paid as provided for in this section and
section 99.850.
(2) in addition to the payments in lieu of taxes described in Section
99.845.1(2) of the Act, the total additional revenues from taxes generated
by economic activities in the Redevelopment Project I Area, as described
in Section 99.845.3 of the Act, shall be allocated as set forth in Section
99.845.3 of the Act.
6. The Commission makes a recommendation with respect to the same to the Board
of Aldermen.
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Passed this 27th day of June, 1996.
ATTEST:
SECRETARY
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