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Home My WebLink About2001-01-03 TIF Commission ResolutionRESOLUTION NO.O1-03 RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE L WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN, AS AMENDED ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE L AREA; APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE L AREA; AND EXPRESSING ITS RECOMMENDATIONS TO THE BOARD OF ALDERMEN 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, 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 Board of Aldermen has approved subsequent amendments to the Plan after recommendations by the Commission, including Redevelopment Project I-Phases A, B, C, D, F, G, H, I, and K; WHEREAS, the Commission has received and reviewed a Tax Increment Financing Application from Riverside Associates L.L.C. regarding the construction of a 95,000 sq. ft. office building (the "Redevelopment Project I-Phase L") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase L 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 L Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase L Area and cause the Redevelopment Project I-Phase L Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase L 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 L Area which will be required to be relocated due to Phase L. 2. The Commission approves the designation of the Redevelopment Project I-Phase L 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 L within the Plan and expects to adopt additional specific redevelopment project(s) and redevelopment project area(s) within the Redevelopment Area on aproject-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 L Area to be blighted and designating the Redevelopment Project I-Phase L Area as a redevelopment project area under the Act. b. Approving the inclusion of the Redevelopment Project I-Phase L within the Plan. c. Approving tax increment financing for the Redevelopment Project I-Phase L Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase L Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such 2 Redevelopment Project I-Phase L 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 L 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 L 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 L Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase L 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 L 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. (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. 3 (iii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act and the economic activity taxes described in Section 99.845.3 of the Act, the total additional revenues from New State Revenues generated within a Redevelopment Project Area as provided in Section 99.845.4-.12 of the Act shall be allocated as set forth in Section 99.845.4-.12 of the Act. Passed this 1 sr day of October, 2001. ;- ~. G-~;~ 9 ha' an ATTES .~~~ Secretary ' , 4 EXHIBIT A LEGAL DESCRIPTION (LOT 3) A tract of land looted in Fractional Section 9, Tpwnshlp 50 North of the Baseline, Range 33 West pf ~ ~tt1 principal Meridian, Riverside, Platte County, Missouri, and being more parpcularly desrn-bed as follows: beginning at the Northeast comer of RIVERSIDE MOTEL SUPER 8, a subdivision of land recorded to Plat Book 18 et Page 30 in the Office of the Recorder of Deeds for said Platte County, Missouri; Thence South 71 degrees 4423' West along the Northerly line of said RIVERSIDE MOTEL SUPER 8, 8 distance of 85.44 (South 71 degrees 48'27" West, 85.45 feet by deed) to the NOrthvrest corner of said RIVERSIDE MOTEL SUPER 8; Thence North 17 degrees 23'43" East, a distance of 79.66 feet (North 17 degrees 1529" East by deed); Thence NorU- 02 degrees 56'08" West, a d'~stance of 545.18 feet (North 02 degrees 5540" West, Thence North 66 deg, reel 47'11' East, a distance of 378.80 feet (NOrtfi 66 degrees 46'47' East by deed): Thence South 05 degrees 40'41' west, a distance of 82.28 feet; 'thence South 85 degrees 0139" East, a distance of 130.00 feet; Thence South 15 degrees 13'51" East, a distance of 150.57 feet; 'Thence South 05 degrees 0323" West, a distance of 350.77 feet< Thence South 09 degrees 39"39" West, a dlstartce of 27.20 feet; Thence South 71 degrees 4423" West, a distance of 410.00 feet to the Point of geginn(ng. The above described tract wr~ins, 6.70 aces, more or less and is subject to all easement restrictions, reservations, rrc}ht5 of way and covenants, recorded or unrecorded, if any. EXHIBIT B APPLI~ATIOL~ AEI~ATEn TO TA~(~NCFt£Iri1;N7 F7lyw-vCTNG F'OR TH)r L-3,85 L)EVF.~g~~ aPPLICANT: ~ l ve ,~~ ~ ~ ~ ~ J s G ~ ~ ~ ~ ~ .^-~~ v -- PFiONB la. ~ / b ~ 3 ~ ~ , ~l ~ ~ ~ FAX#: /~- x.2/1--/ ~l `~ CONTACT PERSON: ~ t~ a .1 c ~C J r~ ~ h 3 0..~ Please answer the following questions (if additional space is needed. Please attachedutfvtmation): p) Describe the proposed project, including itY nature, size, scope and phasing (inc[uding ProJe~ completion date): ~4nstt't>etioe of 95;000 sa ft office buildiao to serve as talc ~Sn1~i cod diaaibucion fae;G w• work eo enm.+,~-~ Rn a~n ~ ~ ~ ~ ~~,~~~ Lam: ~(`2) Id~tify the owner of t2ie real estate npoq which the proposed projeM would be Coastavctod: (3) Define the boundaries of such real estate hY addreas:_ ~e 2 .~ ~ ~ ~ ~c d J.__-~~+<..~~TT Attach a mppdsketcb ofthe area and a lctrytl description of ttlu„e~rev. ,/(4) Provide the Platte County Tax Parcel Numbez for the property: a ~- a.0 -~1 - o -D - (v -z (S) Provide estimated cost of the ProP~~ Proj~ (~ ProP~Y-buildings, improvements, ate. portion only-not personal property): 57.23 0.000.00 ~ ~6) Will the proposed project generate retail sales? YeJ ~f yes, p~rovidt: of annual recast alts 3ubjeet to Sales taX: .• L .. ~ ~- ~(Q ~ t ca l (7) Will portions of the ProPo~ Proj~ leased? ~ 4 ~ . If Yes, Please identify oll tenants: _ Mad w o~.....v..~ (8) Provide the number of curr+cnt full-time employees 0 and part~ime emiployees Q employed ott the development site priorto this psoj act end an tatitnate of the clamber of additional full- titne employees . '~ O andpat-time employees ,due to the proposed project. (9) Estiinatcd 3rart of Construction and Estimated Cotttpledon Date. 8~4/Ot. Q3/t 5/02. 'tfproposedprojat is an eEdiaoaw aeaareattygdstin` . piei+eprovide ioforaudea nlstinatotpeaeW addition Daly. THE ABOVE INFORMATION IS TRUE AND CORRBCT. THIS APPLICATION IS SUBMIT'('ED ON BE LF OF TI~Ib APPLICANT AND IS DULY 6XT:CUTED ITiIS ~ ~ DAY OF , 2001, Name: Y./ct ~- ~ °t L ~a ~~ ~-, - ~' ~, Titlc: ~ ~ ~ ~ e ~-- LEGAL DF_SCRIP'TION (LOT 3) A tract of tend located in Fractional Section 9, Township 50 North of the Baseline, Range 33 West of the RRh PrInCiPal Meridian, Riverside, Platte County, Missouri, and being nwre particularly descn-bed as follows: tieglnning at the Northeast comer of RIVERSIDE MOTEL SUPER 8, a subdivlsan of land recorded in Plat Book 18 at Page 30 in the Offke of the Recorder of Deeds for said Platte County, Missouri; Thence South 71 degrees 4423" West along the Northerly line of saki RIVERSIDE MOTEL SUPER 8, a distance of 85.44 (South 71 degrees 4827" West, 85.45 feet by deed) to the Northwest corner of said RIVERSIDE MOTEL SUPER 6; Thence North 17 degrtes 23'43" East, a distance of 79.86 feet (North i7 degrees 1529" East by deed); Thence North 02 degrees 56'08" West, a distance of 545.18 feet (North 02 degrees 5540" West, Thence North ti6 degrees 47'11" East, a distance of 378.80 feet (North 66 de9reps 46'47" East by deed): Thence South OS degrees 00'41" West, a distance of 82.28 feet; Thence South 85 degrees 01'39" East, a distance of 130.00 feet; Thence South I5 degrets 13'51" East, a distance of 150.57 feet; Thence South OS degrees 0323" West, a distance of 350.77 feet; Thence South 09 degrees 39'39" West, a distance of 27.20 feet; Theme South 71 degrees 44'23" West, a distance of 410.00 feet to the Point of 6eginn[ng. The above described tract contains, 6.70 acres, more or less and is subject to all easement, restrictions, reservations, rights of way and covenarrts, recorded or unrecorded, if any.