HomeMy WebLinkAbout1998-04-01 TIF Commission ResolutionRESOLUTION NO. 98-04-0 !
RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF
RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE AGREEMENT
RELATING TO FUNDING OF CERTAIN LEVEE PROJECT COSTS BETWEEN THE
CITY OF RIVERSIDE, MISSOURI THE TAX INCREMENT FINANCING COMMISSION
OF RIVERSIDE, MISSOURI AND THE RIVERSIDE-QUINDARO BEND LEVEE
DISTRICT OF PLATTE COUNTY, MISSOURI ("AGREEMENT"); AND ACTIONS
RELATED THERETO.
WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996,
classified the Redevelopment Area (as defined in the L-385 Redevelopment Plan ("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; 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; which designation provides for the approval of individual projects on aproject-by-project
basis; and
WHEREAS, the Commission, by Resolution Nos. 96-06-01, 97-01-02, 97-01-03, 97-01-
04 and 97-08-01, approved Phases A, B, C, D and E, respectively, of the Plan; and
WHEREAS, the Board of Aldermen, by Ordinance Nos. 96-72, 97-11, 97-12, 97-13 and
97-95, approved Phases A, B, C, D and E, respectively, of the Plan; and
WHEREAS, the City anticipates issuing tax increment financing bonds of approximately
$700,000, the proceeds of which will be used to finance certain initial reimbursable project costs
under the Plan; and
WHEREAS, it is desirable for the parties to enter into the Agreement to set forth the
terms, conditions and manner under which PILOTs and EATS and/or proceeds of the Obligations
will be used for the funding of certain costs.
NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing
Commission of Riverside, Missouri;
Section 1. The Agreement, in substantially the form attached as Exhibit A, is
approved.
Section 2. The Chairman, Secretary and other officers are authorized and directed to
execute the Agreement with such changes as such officer shall approve, execution of such
document being conclusive proof of such approval. Each officer is authorized and directed to
]:A61492V000Ol1TIFRES.FUN
perform all acts and execute any other documents necessary or desirable to effectuate the intent
of this Resolution.
Section 3. This Resolution shall be in full force and effect from and after its passage
and approval.
Passed this 15th day of April, 1998.
~~
~-- -y/ ~
/'~ F~ 2a~. f ~~ .P. ~ ,,
CHAIRMAN
ATTEST:
l~
/ /
~i- /L~ 4~ ja,t.,_. C~
SECRETARY
-2- 7: A61492V00001 \TIFRES FU N
EXHIBIT A
AGREEII~IENT RELATING TO
FUNDING OF CERTAIN LEVEE PROJECT COSTS
BETWEEN
THE CITY OF RIVERSIDE, MISSOURI
THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI
THE RIVERSIDE-QUINDARO BEND LEVEE DISTRICT
OF PLATTE COUNTY, MISSOURI
TABLE OF CONTENTS
ARTICLE I. DEFINITIONS .. ...... ........ ..... ... .. .... .. ... .. -3-
1. Definitions ............ .............. ... .. ... . ... . -3-
a. Blighted Area ................................. -3-
b. Board of Aldermen .............................. -3-
c. City ....................................... -3-
d. City ....................................... -3-
e. Commission .................................. -3-
f. Cooperative Agreement ........................... -3-
g. Corps ...................................... -4-
h. County ..................................... -4-
i. County Assessor ........................ ....... -4-
j. County Collector ............................... -4-
k. Debt Service .................................. -4-
1. District ..................................... -4-
m. Economic Activity Account ......................... -4-
n. Economic Activity Taxes .......................... -4-
o. Escrows .................................... -4-
p. Financial Officer ............................... -4-
q. Financing Plan ................................ -4-
r. Interim Period ................................. -5-
s. Levee ...................................... -5-
t. Levee Bond Fund ............................... -5-
u. Levee NID Fund ............................... -5-
v. Levee Project ................................. -5-
w. Local Share .................................. -5-
x. MDFB ..................................... -5-
y. NID ....................................... -5-
z. NID Act .................................... -5-
aa. NID Project Costs .............................. -5-
ab. Obligations ................................... -6-
ac. Ordinance ................................... -b-
ad. PCA ....................................... -6-
ae. Payments in Lieu of Taxes ................ ........ -6-
af. Payment of Lieu of Taxes Account .................... -b-
ag. Plan ....................................... -b-
ah. Project Costs ................................. -6-
ai. Property .................................... -7-
aj. RSMo ...................................... -7-
ak. Redevelopment Area ............................. -7-
al. Redevelopment Project ........................... -l-
am. Redevelopment Project Area ........................ -7-
an. Redevelopment Project Costs .. .. ..... ............. . . -T-
ao. Reimbursable Project Costs ......................... -B-
ap. Special Allocation Fund .. .. ....... ..... ........ ... -8-
aq. Start Date ................................... -B-
ar. State ....................................... -B-
as. Taking Districts .............. .................. -B-
at. Taxing Districts' Capital Costs ....................... -9-
au. TIF ....................................... -9-
av. TIF Act ..................................... -S-
aw. TIF Revenues ........................... ...... -S-
ax. Total Initial Equalized Assessed Value .................. -g-
ay. Unprotected Area ............................... -9-
2. Interpretation ...................................... -9-
ARTICLE II. PERFORMANCE .................................. -9-
1. Performance by the Commission ........................... .9-
2. Performance by the City . ............................. -10-
3. Performance by the District . ........................... -10-
ARTICLE III. TIF PROJECTS .................................. - 11-
1. Levee Froject ..................................... -11-
2. Other Projects .................................... -11-
3. Amelioration of Existing Conditions ....................... -11-
ARTICLE IV. COLLECTION OF TIF REVENUES ..................... -11-
1. Payments in Lieu of Taxes ............................. -11-
2. Economic Activity Taxes .............................. -I1-
3. Special Allocation Fund .............................. -12-
ARTICLE V. DISBURSIII~IENTS ................................ -12-
1. Disbursements Fmm Special Allocation Fund ................. -12-
2. Procedures for Disbursements to District ..... ......... -12-
......
3. Administration .................................... -14-
4. Payment of Reimbursable Project Costs--Issuance of Obligations or Use
of Other Financing Mechanisms ......................... -14-
5. Interim Period .................................... -15-
ARTICLE VI. COOPERATION AND TERMINATION ................... -15-
1. Issuance of Bonds .................................. -15-
2. Funding Insufficient/Cooperation ......................... -15-
3. Termination ...................................... -15-
ARTICLE VII. DEFAULT .....................................-15-
1. Default ......................................... -15-
2. Excusable Delays .................................. -15-
ARTICLE VIII. NOTICE ...................................... -16-
ARTICLE IX. MISCELLANEOUS ............ ....... ........ . ... . -17-
1. Successors and Assigns ................... .. ...... ... . -17-
2. Governing Law .......................... ..... . ... -17-
3. Amendments ............................... ..
.... -17-
4. Counterparts ..................................... -18-
5. Waiver ......................................... -18-
6. Validity and Severability .............................. -18-
7. Other Agreements ........................... . ...... -18-
8. Financing Plan .................................... -18-
9. Recording ....................................... -18-
EXHIBITS
E}C~IIBIT NO. DESCRIPTION
A LEGAL DESCRIPTION OF REDEVELOPMENT AREA
A-1 MAP OF REDEVELOPMENT AREA
B NID PROCEDURES
C DEVELOPMENT SCHEDULE
D PAYMENT REQUEST CERTIFICATE
E BUDGET
F ARCHITECT/ENGINEER CERTIFICATE
G L-385 LEVEE REDEVELOPMENT PLAN
AGREII~fENT RELATING TO FUNDING OF CERTAIN LEVEE PROJECT COSTS
THIS AGREEMENT is entered into as of 1998 between the City of
Riverside, Missouri, a Missouri fourth class city (the "City"), the Tax Increment Financing
Commission of Riverside, Missouri (the "Commission") and the Riverside-Quindaro Bend
Levee District of Platte County, Missouri (the "District")
RECTTALS
A. The City is a fourth class municipality of the State of Missouri ("State") duly
organized and validly existing.
B. 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 and pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1994, as amended (the "TIF
Act").
C. The District was duly and validly created as a levee district under the laws of
the State.
D. In the area generally known as the Quindaro Bottoms of Riverside, Missouri
(the "Unprotected Area") there is approximately 1,800 acres of developed and undeveloped
land located on the north bank of the Missouri River along Interstate 635 at Highway 169,
(legally described on attached Exhibit "A" and shown on the map attached as Exhibit "A-1")
which is currently only protected from Missouri River floods by an agricultural levee which
is more than 10 feet below the 100 year flood plain and as recently as 1993, the entire
Unprotected Area was flooded resulting in extensive damage to existing businesses and
industry.
E. A levee which is a portion of the proposed project will protect the western
portion of the Unprotected Area against a 500-year flood ("Quindaro Levee") and a levee
which is a portion of the proposed project will protect the eastern portion of the Unprotected
Area and the City of Riverside's business district from a 500-year flood ("Riverside Levee").
(The Quindaro Levee and the Riverside Levee are collectively referred to as the "Levee".)
F. The Levee is approved for construction by the United States Army Corps of
Engineers (the "Corps") as Froject L-385 (the "Levee Project").
G. The total anticipated cost of the Levee Project is projected by the Corps at
$55,980,000.00, based on March 1997 dollars.
H. Approximately fifty-three percent (53 ~) of the cost of the Levee Project is
expected to be paid by the Corps.
I. The local share is approximately forty-seven percent (47%) of the cost of the
Levee Project (the "Local Share").
J. The City, the Commission and the District entered into the L-385
Intergovernmental Agreement ("Cooperative Agreement") along with Platte County,
Missouri, a Missouri first class county (the "County"), Missouri Development Finance Board
("MDFB") and Trillium Corporation, a Washington corporation relating to implementation of
the Financing Plan for the Riverside/Quindaro L-385 Levee Project ("Financing Plan").
K. The Financing Plan details a suggested public-private partnership in providing
the Local Share for the Levee Froject, which Financing Plan has been reviewed and accepted
by the Corps.
L. The Commission, by Resolution No. 96-06-01, passed on June 27, 1996,
classified the Redevelopment Area (as defined in the L-385 Redevelopment Plan ("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; and expressed its
recommendation to the Board of Aldermen with respect to the same.
M. 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; which designation provides for the approval of individual projects on a
project-by-project basis.
N. The Commission, by Resolution Nos. 96-06-01, 97-01-02, 97-01-03, 97-01-04
and 97-08-01, approved Phases A, B, C, D and E, respectively, of the Plan.
O. The Board of Aldermen, by Ordinance Nos. 96-72, 97-11, 97-12, 97-13 and
97-95, approved Phases A, B, C, D and E, respectively, of the Plan.
P. Pursuant to the Cooperative Agreement, the District will prepare and file the
Plan of Reclamation or amendment thereto necessary to proceed with the Levee Project.
Q. Pursuant to the Cooperative Agreement, the City and the County will work
towards the organization of the City and the County neighborhood improvement districts.
R. The City anticipates issuing tax increment fmancing bonds of approximately
$500,000, the proceeds of which will be used to fmance, as detailed in this Agreement,
certain initial reimbursable project costs under the Plan.
-2-
S. As the Levee Project moves forward, additional bonds will be issued in
accordance with the Financing Plan, the Cooperative Agreement and this Agreement.
T. The parties desire to enter into this Agreement to set forth the terms and
conditions under which PILOTS and EATS and/or proceeds of the Obligations will be used
for the funding of certain costs as set forth below and to detail the procedures to be used to
pursue the Plan of Reclamation, the establishment of neighborhood improvement district(s)
and other actions necessary to move the Levee Project forward.
AGREII~IENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained in the Agreement, the parties agree as follows:
ARTICLE I.
DEFINITIONS
DefuiJtions•
a. "B1iEhted Area." an area which, by reason of the predominance of
defective or inadequate street layout, insanitary or unsafe conditions, deterioration of
site improvements, improper subdivision or obsolete platting, or the existence of
conditions which endanger life or property by fire and other causes, or any
combination of such factors, retards the provision of housing accommodations or
constitutes an economic or social liability or a menace to the public health, safety,
morals, or welfare in its present condition and use as defined by Section 99.805(1) of
the TIF Act;
b. "Board of Aldermen." the governing body of the City;
c. "Ct~t ," the City of Riverside, Missouri;
d. "City Representative." the City Administrator of the City;
e. "Commission." the Tax Increment Financing Commission of Riverside,
Missouri;
f. "Cooperative Agreement." the L-385 Intergovernmental Agreement
between the City, the Commission, the District, the County, MDFB and Trillium
Corporation, a Washington corporation, relating to implementation of the Financing
Plan;
-3-
g. "Coros." the United States Army Corps of Engineers;
h. "County." Platte County, Missouri, a Missouri first class county;
i. "County Assessor." the assessor of Platte County, Missouri;
"County Collector." the collector of Platte County, Missouri;
k. "Debt Service." amount required for the payment of interest and
principal on Obligations as they come due, for the payment of mandatory or optional
redemption payments and for payments to reserve funds required by the terms of the
Obligations to retire or secure the Obligations;
1. "District." the Riverside-Quindaro Bend Levee District of Platte
County, Missouri;
m. "Economic Activity Account." separate segregated account within the
Special Allocation Fund into which Economic Activity Taxes pursuant to the TIF Act
are to be deposited;
n. "Economic Activity Taxes" or "SATs." fifty percent (50%) of the total
additional revenue from taxes which are imposed by the City or other Taxing
Districts, which are generated by economic activities within any Redevelopment
Project Area over the amount of such taxes generated by economic activity within
such Redevelopment Project Area in the calendar year prior to the designation of the
Redevelopment Project Area by ordinance, while tax increment fmancing remains in
effect, excluding taxes imposed on sales or charges for sleeping rooms paid by
transient guests of hotels and motels, licenses, fees or special assessments and
personal property taxes, other than Payments in Lieu of Taxes, until the designation is
terminated pursuant to subsection 2 of Section 99.850 of the TIF Act;
o. "Escrows." the escrows established during the Interim Period pursuant
to real estate purchase contracts for the acquisition of the Property;
p. "Financial Officer." the City Treasurer or other designated financial
officer of the City;
q. "Financing Plan." the Financing Plan for the Riverside/Quindaro L-385
Levee Project detailing the proposed method in which the Local Share will be funded;
-4-
r. "Interim Period. " the period of time from the date of this Agreement
until the issuance of the solicitation for construction bids and receipt of an acceptable
bid for the Levee Project;
s. "Levee." the proposed levee which will protect the western portion of
the Unprotected Area against a 500-year flood and the levee which will protect the
eastern portion of the Unprotected Area and the City's business district from a 500-
year flood;
t. "Levee Bond Fund." the fund or account holding the proceeds from the
issuance of District Obligations to pay a portion of the Project Costs of the
construction of the Levee Project;
u. "Levee NID Fund." the fund or account held by the Financial Officer
for NID assessments to pay a portion of the NID Project Costs;
v. "Levee Proiect." Project L-385 which has been approved for
construction by Corps;
w. "Local Share." approximately forty-seven percent (47~) of the cost of
the Levee Project; the amount which will not be funded by the federal government;
x. "MDFB," Missouri Development Finance Boazd;
y. "NID." a neighborhood improvement district established pursuant to the
NID Act;
z. "NID Act "the Neighborhood Improvement District Act, Sections
57.453 through 57.475, inclusive, RSMo;
aa. "NID Project Costs." shall at all times be consistent with the NID Act
or any final judicial interpretation of the NID Act and shall consist of the portion of
the Levee Project costs related to the NID which are to be funded with NID
assessments or the proceeds of NID bonds, and which are incurred by the City as a
result of preparing, reviewing and adopting the NID, designation of the NID,
planning, financing, acquiring and constructing the Levee Project and any other work
authorized by the NID, the oversight of the construction of the Levee Project and the
management of the Levee NID Fund; and which are incurred by the District in
planning, financing, acquiring and constnucting the Levee Project as further set forth
in this Agreement;
-5-
ab. "Obli atg ions." bonds, loans, debentures, notes, special certificates, or
other evidence of indebtedness issued by the City or Commission to carry out a
Redevelopment Project, by the City or the County to pay NID Project Costs, by the
District to pay Project Costs or to refund outstanding obligations;
ac. "Ordinance." an ordinance enacted by the Board of Aldermen;
ad. "PCA." the Project Cooperation Agreement between the District and
the Corps relating to the Levee Project.
ae. "Payments in Lieu of Taxes" or PILOTs," those estimated revenues
from real property in any Redevelopment Project Area, which revenues are to be used
to retire Obligations and pay other Reimbursable Project Costs, which Taxing
Districts would have received had the City not adopted Tax Increment Allocation
Financing, and which would result from levies made after the time of the adoption of
Tax Increment Allocation Financing during the time the Current Equalized Value of
real property in any Redevelopment Project Area exceeds the Total Initial Equalized
Value of real property in such area until the designation is terminated pursuant to
subsection 2 of Section 99.850 of the TIF Act, which shall not be later than 23 years
after such Redevelopment Project is approved by an Ordinance. PILOTS which are
due and owing shall constitute a lien against the real estate of any Redevelopment
Project Area from which they are derived, the lien of which may be foreclosed in the
same manner as a special assessment lien as provided in Section 88.861 RSMo;
af. "Payment of Lieu of Taxes Account." or "PILOTS Account" a separate
segregated account within the Special Allocation Fund into which PILOTS are to be
deposited pursuant to the TIF Act;
ag. "Plan." the comprehensive program of the City for redevelopment
intended by the payment of redevelopment costs to reduce or eliminate those
conditions, the existence of which qualified the Redevelopment Area as an Economic
Development Area, Conservation Area or Blighted Area, or combination thereof, and
to thereby enhance the tax bases of the Taxing Districts which extend into the
Redevelopment Area. For purposes of this Agreement, the Plan is sometimes
referred to as the "L-385 Levee Redevelopment Plan" attached as Exhibit "G". For
purposes of the Plan, the Redevelopment Area is considered a Blighted Area as
defined by the TIF Act;
ah. "Project Costs." any and all reasonable, necessary or incidental costs
incurred or estimated to be incurred, in connection with the planning, financing and
construction of the Levee Project.
-6-
ai. "Project Fund," a project fund established under an ordinance or
indenture pursuant to which TIF Obligations are issued.
aj. "Property," the property, including lands, easements and rights-of-way,
required to constrict the Levee Project;
ak. "RSMo." the Missouri Revised Statutes, 1994, as amended;
al. "Redevelopment Area." an area designated by the City pursuant to the
T'IF Act, in respect to which the City has made a fmding that there exist conditions
which cause the area to be classified as a Blighted Area, an Economic Development
Area, Conservation Area or a combination thereof. For purposes of the Plan, the
Redevelopment Area legally described in attached Exhibit "A" is considered a
Blighted Area as defined by the TIF Act;
am. "Redevelopment Project." any redevelopment project in furtherance of
the objectives of the Plan;
an. "Redevelopment Project Area," any area designated for a
redevelopment project under the TIF Act;
ao. "Redevelopment Project Costs." shall at all times be consistent with the
TIF Act or any judicial interpretation of the T7F Act and shall include the sum total
of all reasonable or necessary costs incurred or estimated to be incurred, any such
costs incidental to a Plan and a Redevelopment Project. Such costs include, but are
not limited to, the following:
(1) Costs of studies, surveys, plans and specifications;
(2) Professional service costs, including, but not limited to,
architectural, engineering, legal, marketing, financial planning, or special
services;
(3) Property assembly costs, including but not limited to, acquisition
of land and other property, real or personal, or rights or interests therein,
demolition of buildings, and the clearing and grading of land;
(4) Costs of rehabilitation reconstruction, or repair or remodeling of
existing buildings and fixtures;
(5) Cost of construction of public works or improvements;
-7-
(6) Financing costs, including, but not limited to all necessary and
incidental expenses related to the issuance of Obligations, and which may
include payment of interest on Obligations issued hereunder accruing during
the estimated period of construction of any Redevelopment Project for which
such Obligations are issued and for not more than eighteen months thereafter,
and including reasonable reserves related thereto;
(7) All or a portion of a Taxing District's Capital Cost resulting
from the Redevelopment Project necessarily incurred or to be incurred in
furtherance of the objectives of the Plan and Redevelopment Project, to the
extent the City by written agreement accepts and approves such costs;
(8) Relocation costs to the extent that a city determines that
relocation costs shall be paid or are required to be paid by Federal or State
law; and
(9) PII,OTs.
ap. "Reimbursable Project Costs." shall at all times be consistent with the
TIF Act or any final judicial interpretation of the TIF Act and shall consist of the
portion of the Redevelopment Project Costs related to the Plan or Levee Project
which are to be funded with PILOTS, EATS or the proceeds of Obligations, and
which are incurred by the City or the Commission as a result of preparing, reviewing
and adopting the Plan and the Redevelopment Projects, designation of the
Redevelopment Area and the Redevelopment Project Areas, planning, financing,
acquiring and constructing the Levee Project and any other work authorized by the
Plan, the oversight of the construction of the Redevelopment Projects, the
implementation of the Plan, and the management of the Special Allocation Fund; and
such costs incurred by the District in planning, financing, acquiring and constructing
the Levee Project as further set forth in this Agreement;
aq. "Special Allocation Fund." the fund into which, as required by the TIF
Act, all PILOTS and EATS are deposited;
ar. "Start Date." the date the City passes a resolution or ordinance
approving the commencement of actions by the District to be reimbursed or funded
under this Agreement.
as. "State." the State of Missouri;
at. "Taxing Districts." any political subdivision of the State having the
power to levy taxes;
-8-
au. "Taking Districts' Capital Costs "those costs of Taxing Districts for
capital improvements that are found by the City to be necessary and to directly result
from the Redevelopment Project;
av. "T~" tax increment fmancing;
aw. "TIF Act." the Real Property Tax Increment Allocation Redevelopment
Act, Sections 99.800 to 99.865, RSMo; of the Missouri Revised Statutes, 1994, as
amended;
ax. "TIF Revenues. " EATS and PILOTS;
ay. "Total Initial Equalized Assessed Value." that amount certified by the
County Assessor which equals the most recently ascertained equalized land assessed
value of each taxable lot, block, tract or parcel or real property within the
Redevelopment Project Area(s) immediately after tax increment fmancing for such
area(s) has been approved by Ordinance;
az. "Unprotected Area. " the approximately 1, 800 acres of developed and
undeveloped land located on the north bank of the Missouri River along Interstate 635
at Highway 169 located in the area generally known as the Quindam Bottoms of
Riverside, Missouri, (legally described on attached Exhibit "A" and shown on the
map attached as Exhibit "A-1") which is currently only protected from Missouri River
floods by an agricultural levee which is more than 10 feet below the 100 year flood
plain and as recently as 1993, the entire Unprotected Area was flooded resulting in
extensive damage to existing businesses and industry.
2. Interpretation. Where required for proper interpretation, words in the
singular shall include the plural, and words of any gender shall include all genders. The
descriptive headings of the articles and sections of this Agreement are for convenience only
and shall not control, define, limit or affect the meaning or construction of any provision of
this Agreement.
ARTICLE II.
PERFORMANCE
Performance by the Commission. The Commission will
a. prepare, review and consider any amendments to the Plan and/or
additional projects under the Plan in accordance with the provisions of the Act, give
all notices, make all publications, hold hearings and do all other acts as required by
the Plan and the Act; and
-9-
b. perform all acts and execute all documents necessary or desirable to
consummate the transactions contemplated in this Agreement.
2. Performance by the City. The City will
a. use its reasonable best efforts to issue initial TIF Obligations in the
amount of at least $616,000;
b. provide services for the continuing administration of the Plan and
management of the Special Allocation Fund, the Levee MID Fund and other funds
held under this Agreement;
c. subject to Section 6.1 of this Agreement, pursue the establishment of a
NID, whether by petition or vote (attached as Exhibit "B" is an outline of the
procedures necessary to establish a N1D);
d. meet with and provide assistance to the District in connection with the
Levee Project;
e. perform all acts and execute all documents necessary or desirable to
consummate the transactions contemplated in this Agreement.
3. Performance by the District. The District will, after the Start Date:
a. working with the City Attorney as co-counsel, file the Plan of
Reclamation within ninety (90) days thereof and diligently pursue its approval by the
Circuit Court;
b. working with the City Attorney as co-counsel, obtain the Property, to
the greatest extent possible, through Escrows;
c. meet with the City Representative and/or the City Attorney on a
scheduled basis to discuss the status of the Levee Project;
d. assist in obtaining the required signatures on the NID petitions and
related matters;
e. perform all acts and execute all documents necessary or desirable to
consummate the transactions contemplated in this Agreement.
-10-
ARTICLE III.
TIF PROJECTS
1. Levee Project.
a. Under the Plan, the Levee Project is the only project for which funding
through the use of tax increment fmancing has been approved.
b. Pursuant to the PCA, the District and the Corp shall construct or cause
to be constructed the Levee Project.
c. The Development Schedule attached as Exhibit "C" sets forth the
anticipated time table for the funding and constriction of the Levee Project. Any
subsequent material changes to the Development Schedule, either prior to or during
construction, shall be submitted to the City for its approval, which approval will not
be unreasonably denied, conditioned or delayed.
d. The District shall keep the City informed on all aspects and progress of
the Levee Project.
2. Other Projects. Other Redevelopment Projects have been approved and may
be approved in the future. To date, no Reimbursable Project Costs have been approved for
these projects.
3. Amelioration of Existing Conditions. The constriction of the Levee Project
is intended to ameliorate those conditions which are the basis for eligibility and designation
of the Redevelopment Area as a Blighted Area.
ARTICLE 1V.
COLLECTION OF TIF REVENUES
1. Payments in Lieu of Taxes. Pursuant to Section 99.845(2) of the TIF Act
and the Plan, when designated, the property within the Redevelopment Project Areas shall be
subject to assessment for annual Payments in Lieu of Taxes. Such amounts shall be paid to
the Financial Officer, who shall deposit such funds in the PILOTS Account.
2. Economic Activity Taxes.
a. In addition to the PILOTS, pursuant to Section 99.845(3) of the TIF
Act, EATS shall be allocated to, and paid by the collecting officer to the Financial
Officer, who shall deposit such funds in the Economic Activity Account.
-11-
b. The City Representative shall certify the nature and amount of EATS
payable by each Taxing District from which EATS are due.
c. The City Representative shall deliver by mail or hand delivery the
certification of EATS payable by each Taxing District to the governing body of each
such Taxing District. Each Taxing District shall within thirty (30) days of receiving
the certification or within thirty (30) days after receiving any such Economic Activity
Tax, whichever is later, appropriate the amount of EATS actually received and pay
the appropriate sum to the Financial Officer.
3. Special Allocation l~rnd. Pursuant to the TIF Act, the Financial Officer shall
establish and maintain the Special Allocation Fund which shall contain two separate
segregated accounts. PILOTS shall be deposited into the PILOTS Account within the Special
Allocation Fund, and EATS shall be deposited into the Economic Activity Account within the
Special Allocation Fund. PII.OTs and EATs so deposited and any interest earned on such
deposits will be used for and pledged for the payment of Reimbursable Project Costs,
including the retirement of Obligations, and for the possible distribution to the Taxing
Districts, in the manner set forth in the Plan.
ARTICLE V.
DISBURSII~IENTS
1. Disbursements )NYom Special Allocation )~rnd. All disbursements from the
Special Allocation Fund will be made out of the two separate segregated accounts maintained
within the Special Allocation Fund for PILOTS and EATs. Such disbursements shall be
made in the following manner and order of preference.
FIRST, funds in the Special Allocation Fund shall first be disbursed to pay Debt
Service at the times and in the amounts provided by the terms of outstanding TIF
Obligations.
SECOND, funds in the Special Allocation Fund shall be disbursed to pay other
Reimbursable Project Costs as they come due.
2. Procedures for Disbursements to District.
a. For costs and expenses incurred after the Start Date, the District may,
no more often than once a month, make written request for disbursement upon the
form attached as Exhibit "D" (a "Payment Request Certificate") from the Special
Allocation Fund or the Project Fund, as applicable, for the payment of Reimbursable
Projects Costs and/or from the Levee NID Fund for the payment of N]D Project
Costs and/or from the Levee Bond Fund for the payment of other Project Costs
-12-
incurred in the Levee Project pursuant to this Agreement. Upon approval by the City
Representative of the Payment Request Certificate, the City Representative shall
submit the Payment Request Form, signed by District and the City Representative to
the Financial Officer for disbursement which disbursement shall be made within
fifteen (15) days of receipt by the Financial Officer provided funds are available
therefor in the appropriate fund.
b. The Levee Project, as outlined on Exhibit "E" (as revised pursuant to
City approval from time to time), reflects, by detailed category and line item, the
purposes and the amounts for which funds are to be spent by the District under this
Agreement ("Budget"). Disbursement for any category or line item of more than the
Budget prorated for the percentage of work completed must be submitted to the Board
of Alderman for consideration.
c. The parties acknowledge that the Budget reflects the parties best current
estimates relating to the matters set forth therein and that such estimates will be
affected by matters beyond the reasonable control of the parties, including but not
limited to landowner challenges, objections and related matters. The parties agree to
work together when these matters arise to revise the Budget to incorporate the then
known information.
d. The City's prior approval, which approval may not be unreasonably
denied, conditioned or delayed, of the District's detailed Budget for each legal action
or matter for which the District is requesting funding. As each action progresses, the
District will submit updates not less frequently than monthly, and additional updates
at any and all times requested by the City, including information as to whether the
action is on budget, to the City.
e. If disbursement of funds is requested for acquisition of Property either
through purchase, Escrow or condemnation, such acquisition must be approved by the
City, which approval may not be unreasonably denied, conditioned or delayed.
f. The City attorney shall serve as co-counsel in any and all legal actions
and matters for which disbursement of funds is requested under this Agreement.
g. If the District becomes aware of any change in Reimbursable Project
Costs, NID Project Costs or other Project Costs which will increase or decrease a
category or line item of Reimbursable Project Costs, NID Project Costs or other
Project Costs reflected on the Budget, the District shall immediately notify the City in
writing and promptly submit to the City, a revised proposed Budget which shall only
become effective upon the City's written approval thereof which approval shall not be
unreasonably denied, conditioned or delayed.
-13-
h. With respect to each Payment Request Form for direct construction
expenditures (i) proper lien waivers shall have been received, if applicable, (ii) all
work done as of the date of such Payment Request Certificate shall have been done in
a good and workmanlike manner without defects, and (iii) the District shall submit to
the City a certificate from an architect or contractor in the form attached hereto as
Exhibit "D" certifying that the costs submitted for reimbursement are Reimbursable
Project Costs, IVID costs or other Project Costs, as the case may be.
i. Each Payment Request Certificate relating to construction shall be
accompanied by a certificate from an architect or contractor in the form attached
hereto as Exhibit "F".
3. Administration.
a. The City and the Commission may also be reimbursed from the Special
Allocation Fund and/or proceeds of TIF Obligations for all costs and expenses related
thereto, including but not limited to staff time and expenses, and all professional
service costs and other expenses incurred by the City and/or the Commission which
are found by it to be reasonable and desirable for the City and/or the Commission to
discharge its duties whether or not directly attributable to the Plan.
b. The City may also be reimbursed from the Levee NID Fund and/or
proceeds of NID bonds or other Obligations for all costs and expenses related thereto,
including but not limited to staff time and expenses, and all professional service costs
and other expenses incurred by the City which are found by it to be reasonable and
desirable for the City to discharge its duties in connection with the thereto.
4. Payment of Reimbursable Project Costs--Issuance of Obligations or Use of
Other Financing Mechanisms.
a. The City shall use its reasonable best efforts to issue TIF Obligations in
the amount of at least $616,000 secured by TIF Revenues and all or any portion of
the money in the Special Allocation Fund on tetms and at an interest rate determined
by market conditions at the time of issuance, the proceeds of which will be used to
fmance certain Reimbursable Project Costs.
b. Approved Reimbursable Project Costs may also be reimbursed on an
"as collected" basis rather than paid with proceeds from the sale of TIF Obligations
secured by PII.OTs and EATS. In such cases, the procedure set forth above shall also
be followed.
-14-
of delays or inability to proceed in whole or in part due to causes beyond the reasonable
control or without the material fault of such party, including but not limited to, war,
insurrection, strikes, lock-outs, riots, floods, earthquakes, fires, casualties, acts of God,
labor disputes, governmental restrictions or priorities, embargoes, litigation, tornadoes,
unusually severe weather, inability to obtain or secure necessary labor, materials, or tools,
delays of any contractor, subcontractor, or supplier, acts or failure to act of any other
governmental agency or entity, or any other causes beyond the reasonable control or without
the material fault of such party.
ARTICLE VIII.
NOTICE
Any notice, approval, request or consent required by or asked to be given under this
Agreement shall be deemed to be given if it is in writing and mailed by United States mall,
postage prepaid, or delivered by hand, and addressed as follows:
For City of Riverside:
City of Riverside
4500 High Drive
Riverside, Missouri 64168
Attn: Ann Daniels, City Administrator
Phone: 816-741-3993
Fax: 816-746-8349
with a copy to:
Stephen A. Crystal, Esq.
Armstrong, Teasdale, Schlafly & Davis
2345 Grand Boulevard, Suite 2000
Kansas City, Missouri 64108
Phone: 816-221-3420
fax: 816-221-0786
For Riverside TIF Commission:
TIF Commission
4500 High Drive
Riverside, Missouri 64168
Attn: Ron Super, Chairman
-16-
with a copy to:
Stephen A. Crystal, Esq.
Armstrong, Teasdale, Schlafly & Davis
2345 Grand Boulevard, Suite 2000
Kansas City, Missouri 64108
Phone: 816-221-3420
fax: 816-221-0786
For Riverside-Quindaro Bend Levee District of Platte County, Missouri:
Bob Gieseke, Chairman
Riverside-Quindaro Levee District
5406 Northwood Road
Kansas City, Missouri 64151
with a copy to:
R. Michael McGinness, Esq.
McGinness & Shaw
303 Marshall Road, Suite 1
Platte City, Missouri 64079
Phone: 816-858-2630
Fax: 816-431-5086
Each party may specify that notice be addressed to any other person or address by giving to
the other party ten (10) days prior written notice thereof.
ARTICLE IX.
MISCELLANEOUS
1. Successors and Assigns. Neither this Agreement nor any right or obligation
under it may be assigned by any party without the prior written approval of the other parties.
This Agreement shall be binding upon the parties and their respective successors and
permitted assigns.
2. Governing Law. This Agreement shall be construed and interpreted in
accordance with the laws of the State without regard to conflict of law statutes.
3. Amendments. This Agreement may not be amended or modified except by a
written instrument signed by the party against whom enforcement of such amendment or
modification is sought.
-17-
4. Counterparts. This Agreement may be executed in several counterparts,
including facsimile copies, each of which shall be an original and all of which shall constitute
but one and the same Agreement.
5. Waiver. No waiver by any party of any of its rights or remedies under this
Agreement shall be considered a waiver of any other or subsequent right or remedy. No
waiver by any party of any of its rights or remedies under this Agreement shall be effective
unless evidenced by a written instrument executed by the waiving party.
6. Validity and Severability. It is the intention of the parties that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws and public
policies of the State, and that the unenforceability (or modification to conform with such laws
or public policies) of any provision hereof shall not render unenforceable, or impair, the
remainder of this Agreement. Accordingly, if any provision of this Agreement is deemed
invalid or unenforceable in whole or in part, this Agreement shall be deemed amended to
delete or modify, in whole or in part, if necessary, the invalid or unenforceable provision or
provisions, or portions thereof, and to alter the balance of this Agreement in order to render
the same valid and enforceable.
7. Other Agreements. Notwithstanding the undertakings contained herein and
the commitment by the parties to accomplish the objectives of this Agreement, it is
acknowledged that additional agreements between various parties to this Agreement may be
required to implement the objectives of this Agreement.
8. l~nancing_Plan. It is further acknowledged that the Financing Plan is subject
to change as are the assumptions which have been used as a basis for the formulation of the
Financing Plan. Accordingly, the ability of the parties to implement their respective
undertakings is subject to the aforementioned acknowledgments.
9. Recording. This Agreement shall be recorded in the office of the City Clerk
of City of Riverside, Missouri and the Department of Records in Platte County, Missouri.
['The rest of this page is left intentionally blank.]
-18-
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their duly authorized representatives the day and year fast above written.
Date:
ATTEST:
Deputy City Clerk
APPROVED AS TO FORM:
City Attorney
STATE OF MISSOURI )
SS.
COUNTY OF )
CITY OF RIVERSIDE, MISSOURI
By:_
Name:
On this day of in the year 1998, before me, a Notary Public in
and for said State, personally appeared and ,Mayor
and City Clerk, respectively, of the City of Riverside, Missouri, who are personally known
to me to be the same persons who executed the within instnrment on behalf of said
corporation and such persons duly acknowledged to me that they executed the same for the
purposes therein stated and that the execution of the same to be the free act and deed of said
corporation.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal, the day and year above written.
Notary Public
My Commission Expires:
-19-
RIVERSIDE-QUINDARO BEND LEVEE
DISTRICT OF PLATTE COUNTY, MISSOURI
Date:
ATTEST:
Secretary
APPROVED AS TO FORM:
District Attorney
STATE OF MISSOURI )
)SS.
COUNTY OF )
By:_
Name:
Title:
On this day of in the year 1998, before me, a Notary Public in
and for said State, personally appeared and ,
Chairman and Secretary, respectively, of the Riverside-Quindaro Bend Levee District of
Platte County, Missouri, who are personally known to me to be the same persons who
executed the within instrument on behalf of said district and such persons duly acknowledged
to me that they executed the same for the purposes therein stated and that the execution of
the same to be the free act and deed of said district.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal, the day and year above written.
Notary Public
My Commission Expires:
-20-
TAX INCREMENT FINANCING
COMMISSION OF RIVERSIDE, MISSOURI
Date:
ATTEST:
Secretary
APPROVED AS TO FORM:
Commission Attorney
STATE OF MISSOURI )
SS.
COUNTY OF )
By:
Name:
Title:
On this day of in the year 1998, before me, a Notary Public in
and for said State, personally appeared and ,
Chairperson and Secretary, respectively, of the Tax Increment Financing Commission of
Riverside, Missouri, wha are personally known to me to be the same persons who executed
the within instrument on behalf of said Commission and such persons duly acknowledged to
me that they executed the same for the purposes therein stated and that the execution of the
same to be the free act and deed of said Commission.
IN TESTIMONY WIiEREOF, I have hereunto set my hand and affixed my official
seal, the day and year above written.
Notary Public
My Commission Expires:
-21-
EXI~~IT A
LEGAL DESCRIPTION OF REDEVELOPMENT AREA
EXI~IT A-1
MAP OF REDEVELOPMENT AREA
EX~IIBIT B
OUTLINE OF PROCEDURES TO
ESTABLISH A NEIGHBORHOOD IMPROVEMENT DISTRICT
BY PETITION FOR THE RIVERSIDE LEVEE DISTRICT PROJECT
The Board of Aldermen ("Board") may create a neighborhood improvement district
("NID") when a proper petition ("Petition") has been signed by the owners of record of
at least two-thirds by area of all real property located within the proposed district
("District").
2. To become effective, the Petition must be filed with the city clerk ("Clerk").
3. Upon the filing of the Petition, the Board, by resolution or ordinance, determines the
advisability of the improvement and orders that the District be established and that
preliminary plans and specifications ("Plans") for the improvement be made.
4. The Plans are then prepared and cost estimates revised, if necessary.
5. The Plans and cost estimates are filed with the Clerk.
6. The Boazd, by ordinance or resolution, (a) orders assessments to be made against each
pazcel of real property deemed to be benefited by an improvement based on the revised
estimated cost of the improvement or, if available, the fmal cost, (b) orders a proposed
assessment roll ("Roll") to be prepared, (c) sets the date for the public hearing, and (d)
orders the Clerk to give notice of the Public Hearing ("Hearing").
7. Notice.
(a) Published Notice. The Clerk, at the direction of the Boazd, publishes notice
("Notice") that the Board will conduct the Hearing to consider the proposed
improvement and proposed assessments. The Notice is published in a newspaper
of general circulation at least once not more than 20 days and not less than 10
days before the Hearing and states the project name for the improvement, the
date, time and place of the Hearing, the general nature of the improvement, the
revised estimated cost, or, if available, the fmal cost of the improvement, the
boundaries of the neighborhood improvement district to be assessed, and that
written or oral objections will be considered at the Hearing.
(b) Mailed Notice. At the same time, the Clerk mails to the owners of record of the
real property made liable to pay the assessments, at their last known post-office
address, a notice of the Hearing and a statement of the cost proposed to be
assessed against the real property so owned and assessed. The failure of any
owner to receive notice will not invalidate the proceedings.
8. The Roll is prepared and filed with the Clerk and is open for public inspection.
9. The Board holds the Hearing. At the Hearing, the Boazd heazs and passes upon all
objections to the proposed improvements and proposed assessments, if any, and may
amend the proposed improvements, and the Plans or assessments as to any property.
10. By ordinance or resolution, the Board then orders that the improvement be made and
directs that fmancing for the cost be obtained as provided in sections 67.453 to 67.475.
11. The City issues temporary notes with the proceeds being placed in a separate fund or
account.
12. After construction of the improvement is completed in accordance with the Plans, the
Boazd computes the final costs of the improvement and apportion the costs among the
property benefited by the improvement in an equitable manner as the Board determines,
charging each parcel of property with its proportionate share of the costs, and by
resolution or ordinance, assesses the final cost of the improvement or the amount of
bonds issued or to be issued as special assessments against the property described in the
Roll.
13. If temporary notes were issued, bonds are issued to pay off the temporary notes and
provide permanent financing.
14. After the adoption of the ordinance or resolution assessing the special assessments, the
Clerk mails a notice to each property owner within the District which describes each
parcel of real property to be assessed which is owned by such owner, the special
assessment assigned to the property, and a statement that the property owner may pay
such assessment in full, together with interest accrued thereon from the effective date of
the ordinance or resolution, on or before a specified date determined by the effective date
of the ordinance or resolution, or may pay such assessment in substantially equal annual
installments for the duration stated in the Petition.
15. Special assessments are collected and paid over to the city treasurer in the same manner
as taxes of the City are collected and paid.
EXHIBIT C
DEVELOPMENT SCHEDULE
EXHIBIT D
PAYMENT REQUEST FORM
A. Redevelopment Plan: L-385 Levee Redevelopment Plan
L Applicant:
2. Date of this Certification:
3. Certification No:
4. Originally estimated Reimbursable Project Costs are set forth on the Budget attached to the
Agreement Relating to the Funding of Certain Levee Project Costs:$ for Applicant.
5. Total sum of previously paid Applicant: $
B. Certification. Applicant certifies that the following costs are Reimbursable Project Costs
which have been incurred consistent with the Plan and the Agreement Relating to the Funding of Certain
Levee Project Costs since the immediately preceding Payment Request Certificate (including true copies
of all invoices or billings as applicable):
Type of Expenditure Amount
Requested Percentage of
Work Completed Percentage of
Work Remaining Budget
Amount
City Attorney 120,000
Levy District Attorney 7p,000
General Consulting Fees 20,000
Court Costs and
Commissioners' Fees 22,600
Appraisal Fees and Services 60,000
Engineering Fees and
Surveying 284,000
Land Acquisition, Earnest
Money Deposits and Related
Costs 40,000
TOTAL BUDGET 616,600
Request for Payment. Application is made by Applicant for the payment of Reimbursable Project Costs
incurred as certified by Applicant pursuant to this Payment Request Certificate.
APPLICANT
By:_
Name:
C. Applicant's Architect or Engineers Certification. [FOR CONSTRUCTION O,'~1LY]
The undersigned, being the architect or engineer of the Applicant responsible for the design,
review and approval of the improvements described in Section B of this Payment Request Certificate
certifies to the City of Riverside, Missouri and the Tax Increment Financing Commission of Riverside,
Missouri, that all such improvements are substantially completed in accordance with the Plan, as well as
the codes and requirements of the City of Riverside, Missouri.
Name:
(seal)
D. Payment Authorization.
The undersigned, being the City Representative authorized to review and approve this Payment
Request Certificate in accordance with the terms of the Agreement Relating to Funding of Certain Levee
Project Costs, approves this Payment Request Certificate.
CITY OF RIVERSIDE, MISSOURI
By:
Name:
Title:
Date:
-2-
EXHIBIT E
LEVEE PROJECT BUDGET`
PRESENT THROUGH MARCH 31, 1999
TYPE OF EXPENDITURE AMOUNT
City Attorney 120,000
Levy District Attorney 70,000
General Consulting Fees 20,000
Court Costs and
Commissioners' Fees 22,600
Appraisal Fees and Services 60,000
Engineering Fees and
Surveying 284,000
Land Acquisition, Earnest
Money Deposits and
Related Costs 40,000
TOTAL BUDGET 616,600
'Including costs and expenses associated with federal government approvals, U.S. Army
Corp. negotiations and related actions, Missouri programs, City and County funding,
structuring of funding, and actions and matters related to the foregoing.
EXI~IT G
L-385 LEVEE REDEVELOPMENT PLAN