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Home My WebLink About1998-04-02 TIF Commission ResolutionRESOLUTION NO. 98-0~-0? RESOLUTION OF THE TAX INCREMENT FINANCING COiVTiVIISSION OF RIVERSIDE, NIISSOURI ("COMNIISSION") APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE F WITHIN THE L-385 LEVEE REDEVELOPMENT PLAi~1 ("PLAIN"); APPROVING THE DESIGNATION OF TIIE REDEVELOPMENT PROJECT I-PHASE F AREA; APPROVING THE ADOPTION OF TAX INCREMENT FINA~~ICING FOR THE REDEVELOPMENT PROJECT I-PHASE F AREA; AND EXPRESSING ITS RECONIMENDATIONS TO THE CITY COUNCIL OF RIVERSIDE, NIISSOURI 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, 1994, 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 Conoco, Inc. regarding the construction of a 30,000 BBL tank project (the "Redevelopment Project I-Phase F") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase E Area"). (A copy of the Application is attached as Exhibit B.) NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing Commission of Riverside, Missouri; 1. The Commission has previously found that: a. the existing conditions of the Redevelopment Project I-Phase F Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase F Area and cause the Redevelopment Project I-Phase F Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase F 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 fmance redevelopment project Costs have been stated in the Plan; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase F Area. 2. The Commission approves the designation of the Redevelopment Project I-Phase F 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 F 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 F Area to be blighted and designating the Redevelopment Project I-Phase F Area as a redevelopment project area under the Act. b. Approving the inclusion of the Redevelopment Project I-Phase F within the Plan. c. Approving tax increment financing for the Redevelopment Project I-Phase F Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase F Area exceeds the certified total initial equalized assessed valuation of the taxable real -2- property in such Redevelopment Project I-Phase F 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 F 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 F 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 F Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase F 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-Phase F 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- redevelopment costs have been paid as provided for in this section and Section 99.850. (ii) 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 a Redevelopment Project 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. Passed this ~~~ day of __L `~~,c,e, 1998. 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Y' E~~v ~8 b S k ~ Y~~, ~ ~PU krluy ~l<o~, •o ~'p~f o` t S ~ 3 7S ~ YID .n_~r t, o ~ s ' P 9S~C.'~ ~ .r° ei r_ ~~' ~,. r 80 ~ de'~gk~~zFl~^~ SCF`R~~G n ,.~ n n g h' ~ `'~'•^~ gc o e ~r°~~~~onrc~ -~~k~b kY8 ~*p //`` N (~ - U W (/J o°°~ 0 a ~ / ~n „i cp 6 ~ _ ~ Yr h ~ • ~~<~ Y w W i n !_oMa ~ oa fv ~ rd' rnz m w ~ r a r- 00 >rc u Yh .-.fr1 ~ z W Sao 3 n_r- i ~ -o N ~ d yt ~ ~ o ..¢id U Zn U [rJ,F b SRUU V ~ `` OJ UU00 222 T r. 0_ 00 00 g C+ r nJP io-rv a ;~ , ear __ 8~, M1 w ~ V V n i 4 ~ b~ ~~~ -~ U' L4 --r CIJ N ('") ('7 ('"I~M~MI L~ ~ ('") II~~ n~ " 1~~~ d- V h V ~7-~lfl (f) IC) I(l IC) ~ ~ lC) CD CO CD CD ~r G V; i. f., -n s FZ ~?q?Llx:l F.xhihit R APPLICATION FOR TAX INCREMENT FINANCING ("TIF") APPLICANT: Conoco, Inc. ADDRESS: 3125 CB, 1000 South Pine Street, Ponca City, OK 74602-1267 PHONE: (580) 767-3875 FAX #: (580) 767-5238 CONTACT PERSON: David Osburn PROJECT NAME: Riverside 30,000 BBL tank project Application Format: On a separate sheet of paper please answer the following questions. Please type each question prior to the applicable response. (1) In no more than three pages provide relevant information on the Applicant's background and development experience. Include resumes of key individuals assigned to the project. Conoco, Inc. is a major integrated energy company based in Houston, Texas with 16,000 employees who work in 30 countries. Conoco is a wholly owned subsidiary of Dupont. The "downstream" part of the business refines crude oil and other feedstocks into petroleum products, trades in crude oil and products, and distributes and markets petroleum products. The engineering, development, and project management for this project is being performed by the Mid-Continent Business Unit's (MCBU) Regional Engineering Office (REO). The MCBU is a business unit of Conoco that performs "downstream" activities in the midwest United States. The REO provides engineering support for projects in the MCBU. (2) Identify the Applicant's consultants involved or proposed to be involved in the project noting relevant experience on similar projects (i.e., civil engineer, land use planner, Applicant's legal counsel, Applicant's financial advisor). The engineering and design for this project is being performed in house. (3) Describe the proposed project, including the size and scope and phasing of the proposed project. Specifically outline residential development, if any, to be included in the project. The project includes installation of a 30,000 BBL petroleum product tank at the Riverside Products Terminal in Riverside, MO. Piping and related equipment will be installed to allow the tank to be filled from a Texaco pipeline manifold at the site. Piping and related equipment will be installed to allow pumping of the tank's stored product to a truck loading rack at the site. (4) Define the boundaries of the proposed TIF area by address and locator number(s). Include a map of the proposed TIF area. The site address is 6699 NW Riverpark Drive, Riverside, MO 64150. See the attached drawing that details the legal description. (5) Identify the property which is currently in the control of the Applicant via ownership or option. If under option note the option expiration date. See the answer to question #4. The property is jointly owned by Conoco, Inc. and Texaco. (6) Is the property currently zoned for the proposed use? If not, what zoning change will be required? Yes. (7) Will the proposed project result in the relocation of residential, commercial or industrial facilities? If so, discuss the nature of any anticipated relocations. No. (8) State the need and justification for TIF assistance. Explain how the applicant intends to demonstrate compliance with the "but for' test. Substantiate that other alternative methods of financing have been thoroughly explored. There is no need for TIF financing. (9) Discuss the condition(s) that would qualify the proposed TIF District as a "blighted area" or "conservation area," as defined under Mo. Rev. Stat. 99.805. See redevelopment plan. (10) Identify sources, amounts, and status of all debt financing and/or equity funding available to complete the project. Does the applicant anticipate the debt to be privately financed by the construction lender or developer or publicly sold? Please prepare information in the following table format. Source Amount Term Contact Contact Status Person Telephone Funding is being provided internally. (11) Provide an outline of the costs associated with the development of the proposed project(s) and related parcel or parcels located within the TIF area. Identify in the outline those costs you would propose to fund with TIF financing and the proposed payback time frame. This project is estimated to cost approximately $700,000. (12) In one page or less, discuss and document information used to describe the market feasibility of each element of the proposed project. If a formal feasibility or comparable studies have been prepared, attach such reports as an appendix to this application. The additional storage capacity provided by this project will allow for increased volumes of gasoline to be sold at the terminal. Without this project the terminal could lose business to competitors. (13) On the attached TIF Revenue Worksheet estimate the incremental property taxes and economic activity taxes to be generated by the project. See attached worksheet. (14) Provide an estimate of the market value of all fixtures and equipment to be used by all owners or tenants of the proposed project which will be taxed as personal property. See attached worksheet. (15) Identify any proposed tenants of the project. Have leases been negotiated or signed? What type of lease is contemplated? Not Applicable (16) Who will own the developed property? Conoco, Inc. and Texaco will own the property. (17) Briefly describe the "economic and quality of life" benefits of the proposed project to the City. The economic benefits will be increased revenue. (18) Attach a letter from a financial institution indicating that the applicant has sufficient financial resources to obtain the private financing for the project. Not Applicable TIF REVENUE WORKSHEET PROJECT SCHEDULE: Preliminary Construction Start Date: Preliminary Construction Completion Date: Phasing Anticipated: Date Occupied or Opened: SALES TAX REVENUE: Estimated Annual Sales $ ~ ~~;~~ o;~,~-, Total Annual Sales from New Development .. . PROPERTY TAX REVENUE: Market Value of New Construction ~, ~1~~~~ 5i ~ I ~~ ~/I ~ ~~ $ ~~ C' C~C~ . C',r'~'; Commercial $ ~,~~ ~GU Residential $ - Market Value of Land (Based on Optional Prices) $ N J (-~ Total Market Value of New Development $ ~o oov Commercial Assessed Value -Rate of Market Value .32 Assessed Value of Land and New Construction (a) $ ~~C Co0 Assessed Value of Existing Property (b) $ ~;/~~ Net Assessed Value for TIF Capture (a-b) $ ~ ~ c i cc~C~ Tax Rate Basis Per $ of Assessed Valuation $ 100.00 Tax Basis (Assessed Value =Tax Rate Basis) $ I ~O , cC~~ Property Tax Rate Per $100 of Assessed Valuation $ -7. CCU Annual Property Tax Captured by TIF from New Development $ I 1 ~ 2CC~ (Tax Basis x Property Tax Rate/$100) U:\6I 4\61441 \00002\ WORKS HEE July 3, 1996 - l0:37am RESOLUTION NO. 98-0~-0L RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE F WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE F AREA; APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE F 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, 1994, 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 Conoco, Inc. regarding the construction of a 30,000 BBL tank project (the "Redevelopment Project I-Phase F") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase E Area"). (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 F Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase F Area and cause the Redevelopment Project I-Phase F Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase F 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 F Area. 2. The Commission approves the designation of the Redevelopment Project I-Phase F 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 F 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 F Area to be blighted and designating the Redevelopment Project I-Phase F Area as a redevelopment project area under the Act. b. Approving the inclusion of the Redevelopment Project I-Phase F within the Plan. c. Approving tax increment financing for the Redevelopment Project I-Phase F Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase F Area exceeds the certified total initial equalized assessed valuation of the taxable real -2- property in such Redevelopment Project I-Phase F 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 F 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 F 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 F Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase F 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-Phase F 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- redevelopment costs have been paid as provided for in this section and Section 99.850. (ii) 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 a Redevelopment Project 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. Passed this ~ 57~ day of ? ~ i?~ 1998. ~~ ; -_ -. c ~. ~ Name: ~~,~ ._~li 4>~- Tltle: ~~kci`/-rr)ci i~i r/i ~:Jmrn,=»~oh ATTEST: ~~~ , Secretary -4-