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Home My WebLink About1997-08-01 TIF Commission ResolutionRESOLUTION NO. 97-08-O1 RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE E WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE E AREA; APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE E AREA; AND EXPRESSING ITS RECOMMENDATIONS TO THE CITY COUNCIL OF RIVERSIDE, MISSOURI WITH RESPECT TO THE SAME WHEREAS, 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 Board of Aldermen; WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996, classified the Redevelopment Area (as defined in the Plan) as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and WHEREAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996, classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; and adopted tax increment financing for the Redevelopment Project I Area; which designation provides for the approval of individual projects on aproject-by-project basis; and WHEREAS, the Commission has received and reviewed a Tax Increment Financing Application from Carter Petroleum Products, Inc. regarding the construction of a commercial building (the "Redevelopment Project I-Phase E") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I- Phase EArea"). (A copy of the Application is attached as Exhibit B.) NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing Commission of Riverside, Missouri; The Commission has previously found that: a. the existing conditions of the Redevelopment Project I-Phase E Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase E Area and cause the Redevelopment Project I-Phase E Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase E 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, as amended, 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 respective ordinances approving the Redevelopment Projects, of completion of the Redevelopment Projects and retirement of obligations incurred to finance redevelopment project costs have been stated in the Plan; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase E Areao 2. The Commission approves the designation of the Redevelopment Project I-Phase E Area as a redevelopment project area under the Act. 3. The Commission has previously approved the Plan. 4. The Commission approves the inclusion of the Redevelopment Project I-Phase E within the Plan and expects to adopt additional specific redevelopment project(s) and redevelopment project area(s) within the Redevelopment Area on a project- by-project basis. 5. The Commission recommends to the Board of Aldermen that the Board of Aldermen pass one or more ordinances: a. Finding the Redevelopment Project I-Phase E Area to be blighted and designating the Redevelopment Project I-Phase E Area as a redevelopment project area under the Act. b, Approving the inclusion of the Redevelopment Project I-Phase E within the Plan. c. Approving tax increment financing for the Redevelopment Project I-Phase E Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase E Area exceeds the certified total initial equalized assessed valuation of the taxable real -2- property in such Redevelopment Project I-Phase E 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-Phase E 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 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-Phase E 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-Phase E Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase E 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 R5Mo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the Redevelopment Project I-Phase E 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 -3- • a ' ~ 7t u ^7tlm • E- o~s~ c a+~c m ~' u .1 ~ O 0. Ox q 9 Mlu O ~b O ~ • tl 0 0. w iq ~1 iC • •. .. d, • ~ n C ''~ ~ C u w r,'m ^ a i o~ • ~ . y o O +•< + m c ~ '. ev Q o v Na~ t a w c 0 w V ~ /~^~ • F .t m r+ y a.C v -~ 0 0~ -+ p m ,nwb cc/oo oomw • -a f ~.. ,.. ~. V1 W O • •~ Y r .~ o G/ y w O I m o it+ r. ^ W .] O .A 7 O d ry ~ • O N m C• d Y ~ ` • .-1 ~ N x U d d ~~.+ • .Ca •-•i 2 O.~ ~+ a ~ `.+ ~ ~~ a p a/ .J O o 0^ z m m m c ~. ., ~uou~ Wo~. S ++ E O • • a•+ ~+ n ^ ^ ^~ rw "r g•~ ~ ^ V • w ~p O C p ay~yC/ CoyO o~.w a ..~r~s.::..- tr I G G y/ h .r .-. ~ C O N • v aJ • 1"~ ~••(p • V Gy ¢ F yNOOIrV•rV N ss oaaoax~ ' Cxe y~9o~7Fp p u • • ~rGa ~ ~ C ~ ... ~ 0 r G~ ax~ ~G . 9 Q ry< Q a a 0 ~ O • 0 C~ ~ ! '1 d F.nv.a+y C F ' • y ^C a•u•u• o '`°~ ~c ~ 7b C • C • ~~+0` ' • ~ , 4 •p,y 4~/rP ... . ..•.: /~M V ~ pOM p a Q • • ~. JIw ' ` ~•. ~ sxxiBiT a APPLICA'1ZON FOR TAX INCR]:MEN'1' FINANCL~ G ("TIF"i APPi.ICANT: ~-~ e-7 ~' V:.e -12~ ~~..~..rn l N o ~ ~- G1 ~ ~ c.. ADDRESS: PH0:1~ M: '?4~_a: FAX ~': f~} K 1. - S~~LQ~ CONTACT PERSON: 4,cv` ~n:~. ~u Ei~c --~ _ PROJbCT NAME: ___ ~~ -- .- AppLicadon Format; On a separate shrzet of paper please answer the following questions. Ple+tse type each question prior to thz applicable response. (1} In no more than three pagos provide relevant ittformataon on the Applicant's background and development experience Include resumes of koy individuals assigned to the ptoject, (2) Identify the Applicant's consultants utvolved or proposed to be involved in the project noting relevant experenca oa S~~ projects (i.c., civil engineer, land use planner, Applicant's legal wuneel, Applicant's financial, advisor). ('3) Describe the proposed project, includin; the size and scope and phasing of the proposed project. Specifically outline xsideati9] devalopmeot, if any, to be included in the project. (4) Refute the boundaries of the proposed 'Ig area by address and locator number(s). Iac]ude a trap of the proposed T7F ama. (3) Identify the properly which is cut=endy in the control of the Applicant via ownership or opdoa. IP under option Holt the option expiration due. (6) Is the property cumntly zoned for the proposed use1 If not, what zoning change will be required? (7) will the proposed project txsult in the rela~~atlon of residential, commercial or industrial faeilidea? If so, discuss the nature of any anticipated relocations. ($) State rho need and justification for TIF assistance. Explain hoe the applicant intends to demonstrate compliance with the "but for" cast. Substantiate that other alternative methods of ginancin6 have bees thoroughly oxplored. (9) Discuss the coaditioa(s) that would qualify the Proposed TIF District as a "blighted area" or "conservation arcs," as defined under blo. Rev, Slat. 99.805. (10) Identify sources, amounts, and status of all debt financing and/or equity funding available to eompleto the project. Does the applicant antlcipatc the debt to be privately financed by the construction Ieader or devclopor or publicly sold? Please preparti infot7nativn in the following table format. Contact Contact Sourze AmsZtttli TG.1m Crg is Person Telephone (11) Provide an outline of the costs associated with the development of the proposed project(s) and related panel or parcels located within the 'fIF area. Identify In the outline those costs you would prupc:sc to fund with 'IYP flnanctag and the proposed payback time fame. (12) IA oee page or less, discuss and document information used to describe the market feasibility of each eiemcnt of the proposed project. If a formal feasibility or comparable studies have been prepared, attach such reports as an appendix to this application. (13) On the attached ?IF' Revenue worl.~sbeet estimate the incremental property tares and economic activity reties to be generated by the project. (14) Provido an estimate of the market value of all ftxtures and equipment to be used by all owners or tenants of the proposed project which will be taxed as personal property. (IS) Identify any proposed tenanu of the project. Have leases been negotiated or signed? What type of lease is contemplated? (16) Who affil own the developed property? (1~ Briefly describe the "economic and quality of life" benefits of the proposed project to the City. (1~ Anach a letter from a financial lnstitutlon indicating that the applicant has sufficient financial trsourcec co obtain the pAvate finatteitrg for the project.