Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2002-11-01 TIF Commission Resolution
Resolution No. 2002 -11 -01 A RESOLUTION APPROVING AMENDMENTS TO THE L -385 LEVEE REDEVELOPMENT PLAN, AS AMENDED; APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I -PHASE M WITHIN THE L -385 LEVEE REDEVELOPMENT PLAN, AS AMENDED; APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I -PHASE M AREA; APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I- PHASE M AREA; AND EXPRESSING ITS RECOMMENDATIONS TO THE BOARD OF ALDERMEN OF RIVERSIDE, MISSOURI WITH RESPECT TO THE SAME. WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri ( "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 L -385 Levee Redevelopment Plan ( "Original 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; 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 a project -by- project basis; WHEREAS, the Board of Aldermen has approved subsequent amendments to the Original Plan (the Plan and all amendments being the "Plan") after recommendations by the Commission, including Redevelopment Project I -Phases A, B, C, D, F, G, H, I, J, K and L; and WHEREAS, amendments to the Plan are proposed including updating reimbursable project costs relating to Redevelopment Project I taking into account current projected cost information provided by the US Army Corps of Engineers, the approval of Redevelopment Project I -Phase M and the Redevelopment Project I -Phase M Area, and the incorporation of the Gateway Grant and Loan Program to the Plan. NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING COMMISSION OF THE CITY OF RIVERSIDE, MISSOURI AS FOLLOWS: The 2002 Amendment to the L -385 Levee Redevelopment Plan, as amended, attached hereto as Exhibit A is approved. 2. The Commission has previously found that: a. the existing conditions of the Redevelopment Project I -Phase M Area, as described in the Plan, are a fair depiction of the Redevelopment Project I -Phase M Area and cause the Redevelopment Project I -Phase M Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I -Phase M 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; e. the Plan included an economic impact analysis as required by the Act; and f. there are currently no businesses or residences within the Redevelopment Project I -Phase M Area which will be required to be relocated due to Phase M. 3. The Commission approves the designation of the Redevelopment Project I -Phase M Area as a redevelopment project area under the Act. 4. The Commission approves the inclusion of the Redevelopment Project I -Phase M 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 Aldermen pass one or more ordinances: a. Approving the 2002 Amendment to the L -385 Levee Redevelopment Plan, as amended. b. Finding the Redevelopment Project I -Phase M Area to be blighted and designating the Redevelopment Project I -Phase M Area as a redevelopment project area under the Act. b. Approving the inclusion of the Redevelopment Project I -Phase M within the Plan. C. Approving tax increment financing for the Redevelopment Project I -Phase M Area and providing that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I -Phase M Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I -Phase M 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 M 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 the ordinance adopting tax increment financing 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 M 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 M Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I -Phase M 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 M 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. (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. 6. This Resolution shall be in full force and effect from and after its passage and approval. PASSED BY THE TAX INCREMENT FINANCING COMMISSION OF THE CITY OF RIVERSIDE, MISSOURI, THIS {Q� DAY OF NOVEMBER, 2002. [no s al] Secretary 2002 AMENDMENT TO THE AMENDED AND RESTATED L -385 LEVEE REDEVELOPMENT PLAN, AS AMENDED RIVERSIDE, MISSOURI INTRODUCTION The L -385 Levee Redevelopment Plan (the "Original Plan ") was originally approved by the Board of Aldermen pursuant to Ordinance No. 96 -72 passed on July 16, 1996 after recommendation of same by the Tax Increment Financing Commission of the City of Riverside, Missouri (the "TIF Commission') pursuant to Resolution No. 96 -06 -01 passed on June 27, 1996, all in accordance with the provisions of the Real Property Tax Increment Allocation Redevelopment Act, Missouri Revised Statutes, Sections 99.800 through 99.865 (the "Act'). The Original Plan was modified, supplemented and amended (upon recommendation of the TIF Commission by Resolution 97 -01 -01 amending the Original Plan, Resolution 97 -01 -02 approving Phase B, Resolution 97 -01 -03 approving Phase C, and Resolution 97 -01 -04 approving Phase D, all adopted January 15, 1997; Resolution 97 -08 -01 approving Phase E, adopted August 6, 1997; Resolution 99 -03 -01 amending and restating the L -385 Levee Redevelopment Plan and approving Phases G, H and I adopted on April 7, 1999; Resolution 99 -08 -01 approving the Relocation Plan and amendments to the L -385 Levee Redevelopment Plan adopted on August 4, 1999; Resolution 99 -12 -01 approving Phase J adopted on December 1, 1999; and Resolution 01- 03 approving Phase L adopted on October 1, 2001) by the Board of Aldermen by Ordinance Number 97 -10 amending the Original Plan, Ordinance Number 97 -11 approving Phase B, Ordinance Number 97 -12 approving Phase C, and Ordinance Number 97 -13 approving Phase D, all adopted February 4, 1997; Ordinance Number 97 -95 approving Phase E, adopted August 19, 1997, Ordinance Number 99 -34 approving the Amended and Restated L -385 Levee Redevelopment Plan and approving Phases G, H and 1, adopted May 4, 1999; Ordinance Number 99 -61 approving the Relocation Plan and amendments to the L -385 Redevelopment Plan adopted August 17, 1999, Ordinance Number 99 -94 approving Phase J adopted December 7, 1999; and Ordinance Number 2001 -115 approving Phase L adopted October 9, 2001 (the Original Plan, as modified, supplemented and amended, the "Redevelopment Plan"). The L -385 Levee Project is approved as Redevelopment Project I pursuant to the Redevelopment Plan. Certain costs of Redevelopment Project I are Reimbursable Project Costs. In March 2002, the U.S. Army Corps of Engineers ( "Corps ") accepted the bid of Environmental Specialists, Inc. to construct certain portions of Redevelopment Project I. This Amendment increases Reimbursable Project Costs related to Redevelopment Project I to conform with the most current information available, including taking into account the current projected cost information provided by the Corps. TIF Revenues generated from Redevelopment Projects, including phases, will be used to pay Reimbursable Project Costs under the Redevelopment Plan. This Amendment sets forth Redevelopment Project I -Phase M as a phase of Redevelopment Project I and designates the Redevelopment Project I -Phase M Area. The Redevelopment Project I -Phase M is located in the vicinity of the 4400 block of Gateway in Riverside. Redevelopment Project I -Phase M provides for the construction of a building housing an automotive repair shop and a car lot. No TIF 304113 assistance has been requested for the construction of Phase M. TIF Revenues generated from Redevelopment Project I -Phase M will be utilized to pay Reimbursable Project Costs under the Redevelopment Plan. Pursuant to the Gateway Redevelopment Plan (the "Gateway Plan "), approved by the Board of Aldermen by Ordinance No. 2001 -108 adopted on October 2, 2001, upon the recommendation of the TIF Commission pursuant to Resolution No. 01 -01 adopted October 1, 2001 after public hearing on June 27, 2001 and July 11, 2001, the Gateway Grant and Loan Revitalization Program (the "Grant and Loan Program ") was established. The Grant and Loan Program provides annual funding by the City to properties within the Gateway Plan Redevelopment Area to assist in the elimination of blight and revitalization of properties within the Gateway Plan Redevelopment Area. The City's funding of the Grant and Loan Program is not derived in any way from the TIF revenues generated under the Gateway Plan and will not be derived from TIF revenues generated under the Redevelopment Plan; rather, the Grant and Loan Program is funded from the general revenues of the City. The City desires to extend the benefits of the Grant and Loan Program to certain properties located within the Redevelopment Area established under the Redevelopment Plan (in addition to those in the Gateway Redevelopment Area) along Vivion Road, Gateway Road and/or Platte Road (as further described in the attached Map). The extension of the benefits of the Grant and Loan Program to such properties will serve the public interest of elimination of blight and revitalization of the Vivion Road and Gateway Road/Platte Road corridors and fostering a pleasant, attractive environment that will contribute to the development and revitalization of those portions of the Redevelopment Area established under both Redevelopment Plans. The City intends to amend the Gateway Redevelopment Plan, concurrently with the adoption of this Amendment, to provide eligibility to such properties. AMENDMENT REDEVELOPMENT PROJECT I The 6' paragraph of Article II is deleted in its entirety and replaced with the following: The anticipated cost of the Redevelopment Project I as estimated by the Corps is $79.6 million ( "Corps Estimated Cost ") plus City and Local Sponsor costs and expenses not included in the federal estimate. The Riverside - Quindaro Bend Levee District of Platte County, Missouri ( "Levee District ") will be the local sponsor (the "Local Sponsor ") of the Levee Project. Under the Corps' current formulas, the Local Sponsor's share of the Corps Estimated Cost is approximately $35.4 million or forty -five percent (45 %) plus City and Local Sponsor costs and expenses not included in the federal estimate ( "Local Share "). Current sources of financing the Local Share are insufficient without the public assistance provided by this Redevelopment Plan. 1: \CLIENTS \61492\00001 \K0304113.DOC 2 2. The Redevelopment Plan is further amended by attaching thereto, and incorporating therein, Exhibit 8 -S attached hereto. 3. The Redevelopment Plan is further amended by attaching thereto, and incorporating therein, Exhibit 6 -M attached hereto. 4. The Redevelopment Plan is further amended by deleting in its entirety Exhibit 7 -I and replacing it with and incorporating therein, the revised Exhibit 7 -I attached hereto. 5. The third, fourth, and fifth sentences of the 8 1h paragraph of Article II are deleted in their entirety and replaced with the following: Phase G was the construction of an 11,000 sq. ft. building addition by Industrial Spring Corporation (the "Redevelopment Project I -Phase G "), with Phase H being the construction of a 37,000 sq. ft. warehouse by Mark S. Jansen Revocable Trust (the 'Redevelopment Project I -Phase H "), with Phase I being the construction of a tower and shelter by Southwestern Bell Wireless Inc. (the "Redevelopment Project I -Phase I "), with Phase J being the construction of a 30,000 square foot addition to the existing 60,000 square foot building (the "Redevelopment Project I -Phase J ") by Knappco Corporation, and with Phase L being the construction of an approximately 86,000 sq. ft. mixed use building (the 'Redevelopment Project I -Phase L ") by Riverside Associates L.L.C., all of which will benefit significantly from the Redevelopment Project I. Due to the applicant's decision not to move forward, the City did not approve Phase K. Phase M of Redevelopment Project I is considered by this Amendment with Phase M being the construction of an 8,400 sq. ft. building (the "Redevelopment Project I -Phase M ") by Merritt M & Debbie E. Hilt and David L. & Judy A. Ramsey. Redevelopment Project I and Phases A, B, C, D, E, F, G, H, I, J, L and M of Redevelopment Project I have been approved. These phases are necessary to provide funding for Redevelopment Project I. 6. The first sentence of the 9` paragraph of Article II is deleted and replaced with the following: The Payments in Lieu of Taxes, Economic Activity Taxes and New State Revenues to be generated from Redevelopment Project I Areas, including Phases A, B, C, D, E, G, H, 1, J, L and M and future phases and subphases of Redevelopment Project I will be used to pay Reimbursable Project Costs of Redevelopment Project I, including but not limited to the annual cost of TIF Bonds and other Obligations issued and to be issued to pay a portion of 1: \CLIENTS \61492 \0000 I\K0304113.DOC 3 the Local Share of the cost of the Redevelopment Project I as well as City and TIF Commission Reimbursable Project Costs. 7. The first five sentences of the 13' paragraph of Article II is deleted and replaced with the following: Upon completion of Redevelopment Project I- Phases A, B, C, D, E, G, H, I, J, L and M, it is estimated that the market value of the Redevelopment Area will increase by almost $18 million. This will result in an estimated $6 million increase in the assessed value of the Redevelopment Area. The increased assessed value will yield annual Payments in Lieu of Taxes of approximately $375,000. In addition, it is estimated that upon completion of the Levee Project, the increase in market value of the portion of the Redevelopment Area protected by the Levee Project will increase significantly. It is estimated that upon completion, Redevelopment Project I- Phases A, B, C, D, E, G, H, 1, J, L and M will generate in excess of $76,000 in Economic Activity Taxes annually. A portion of Phase A and Phases B, C, D, E, G, H, I, J, and L have been completed. 8. The Redevelopment Plan is further amended by supplementing Exhibit 9 with the revised Exhibit 9 attached hereto. 9. The following definitions set forth in Article III are amended to read as follows: B. Additional Assessment Bo nds: NID Bonds, additional Levee District bonds or other bonds issued to fund Redevelopment Project Costs associated with Redevelopment Project I and secured by or paid from Special Assessments in addition to TIF Revenues, including the Series 2001 Levee District Bonds. D. Board of Alderpersons The Board of Aldermen of the City of Riverside, Missouri. G. City Participation Payment City contribution of $2,500,000, payable in cash payments of $500,000 per year for the first five years after the Series 2001 Levee District Bonds are issued to reduce the annual assessments required to service the debt of such bonds, which payments constitute a capital cost of the City under the Act and therefore a Redevelopment Project Cost but not a Reimbursable Project Cost. N. Financing Plan The Financing Plan prepared by the City in conjunction with the Levee District for the L -385 Levee Project and all supplements and amendments thereto. I VCL1L• NTSV61492V00001 AK0304113 DOC 4 Q. Levee District Bonds Bonds issued by or on behalf of the Levee District to pay Redevelopment Project Costs and secured by or paid from Special Assessments. W- 1. Obligations Bonds, notes or other obligations, singly or in series, issued by the City pursuant to the TIF Act or issued by another entity with the prior written approval of the City to finance Reimbursable Project Costs. AO -1. Redevelopment Project I -Phase J : The construction of a 30,000 square foot addition to the existing 60,000 square foot building by Knappco Corporation. AO -2. Redevelopment Project I -Phase K : Due to the applicant's decision not to move forward, the City did not approve Phase K. AO -3. Redevelopment Project I -Phase L The construction of an approximately 86,000 sq. ft. mixed use building by Riverside Associates L.L.C. AO -4. Redevelopment Project I -Phase M : The construction of an 8,400 sq. ft. building by Merritt M & Debbie E. Hilt and David L. & Judy A. Ramsey. AQ. Redevelopment Project Area Any area within the Redevelopment Area selected for a Redevelopment Project. The area selected for Redevelopment Project I- Phases A, B, C, D, E, G, H, I, J, L and M are described in Exhibit 6 . Properties eligible to be designated as a Redevelopment Project II Area(s) are described in Exhibit 6 -II AR. Redevelopment Project Costs The sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan or any Redevelopment Project, as applicable. Such costs include, but are not limited to, the following: Costs of studies, surveys, plans and specifications; ii. Professional service costs, including, but not limited to, architectural, engineering, legal, marketing, financial, planning or special services; iii. Property assembly costs, including, but not limited to, acquisition of land and other property, real or personal, of rights or interests therein, demolition of buildings and the clearing and grading of land; l: \CLIENTS \61492 \00001 \K0304113.DOC iv. Costs of rehabilitation, reconstruction, or repair or remodeling of existing buildings and fixtures; V. Costs of construction of public works or improvements, including special assessments made against property in the Redevelopment Area; vi. Financing costs, including, but not limited to, all necessary and incidental expenses related to the issuance of TIF Bonds and other Obligations, and which may include payment of interest on any TIF Bonds and other Obligations issued hereunder accruing during the estimated period of construction of any Redevelopment Project for which such TIF Bonds and other Obligations are issued and for not more than eighteen months thereafter, and including reasonable reserves related thereto; vii. All or a portion of a Taxing District's capital costs resulting from any Redevelopment Project necessarily incurred or to be incurred in furtherance of the objectives of this Redevelopment Plan and such Redevelopment Project, to the extent the City by written agreement accepts and approves such costs; and viii. Payments in lieu of taxes. AS. Reimbursable Project Costs Any and all Redevelopment Project Costs incurred by the City or the TIF Commission and any and all Redevelopment Project Costs incurred by any other entity in connection with the Redevelopment Project 1, including the Local Share as further described herein, the City Deposit, the Landowner Deposit, the MDFB Funding and the Additional Assessment Bonds, pursuant to a written agreement with the City, and 50% of the Redevelopment Project Costs of the Redevelopment Project I1 as further designated by the City in writing as Reimbursable Project Costs to be reimbursed to such entity pursuant to a Development Agreement or other written agreement. AT -1. Series 2001 Levee District Bonds $22,100,000 Riverside - Quindaro Bend Levee District of Platte County, Missouri (Levee District Improvement Bonds) Series 2001. AV. Special Assessments Special assessments and taxes which are levied by the Levee District against property which is within the ): \CLIENTS \61492 \00001 000304113.DOC 6 Levee District's jurisdiction and which is benefited by the construction of the Redevelopment Project I. AY. TIF Bonds Any bonds, loans, debentures, notes, special certificates or other evidences of indebtedness issued by the City or the TIF Commission to (i) pay Reimbursable Project Costs pursuant to and in accordance with an ordinance authorizing the same; and (ii) refund, redeem or defease the same. BA. TIF Revenue Revenue generated from Payments in Lieu of Taxes resulting from increased assessed valuation, from Economic Activity Taxes resulting from increased economic activities in a Redevelopment Project Area and New State Revenues resulting from increased activities in a Redevelopment Project Area and appropriated as such. 10. The fourth and fifth sentences of the 2 ❑d paragraph of Article VI are deleted and replaced with the following: The City may issue one or more requests for proposals from developers for the redevelopment of all or any part of the Redevelopment Area. The City may select developer(s) and enter into development agreements to implement the intent of this Redevelopment Plan. The City, in 2001, issued a Request for Qualifications for a developer to develop approximately 500 acres acquired by the City pursuant to this Redevelopment Plan. The developer selected as the developer of such acres shall enter into a mutually agreeable development agreement with the City. 11. The fourth, fifth and sixth sentences of the P paragraph of ARTICLE VI are deleted and replaced with the following: Since the Original Plan was approved, Phases B, C, D, E, G, H, I, J and L of Redevelopment Project I have been approved, all of which are expected to contribute to the Local Share which Local Share is necessary to fund and construct the Redevelopment Project I. Phase M of Redevelopment Project I is expected to contribute to the Local Share, which Local Share is necessary to fund and construct the Redevelopment Project I. There are no developer Reimbursable Project Costs associated with Phases A, B, C, D, E, G, H, I, J, L or M of Redevelopment Project I. As development occurs, additional phases of Redevelopment Project I will be approved to provide additional funding to pay Reimbursable Project Costs pursuant to this Redevelopment Plan. 1: \CLIENTS \61492 \0000 I\K0304113.DOC 7 12. The first sentence of the 6 °i paragraph of Article VI is deleted and replaced with the following: From time to time, the City as well as the TIF Commission, the Levee District and other entities, pursuant to a written agreement with the City relating to each such issuance, may issue bonds or other Obligations to finance Reimbursable Project Costs in an amount which may be serviced by Payments in Lieu of Taxes and Economic Activity Taxes and New State Revenues. 13. Section A of Article VII is amended to added the following paragraph directly after the first paragraph in Section A: The coordinated and prompt development of the land within the Redevelopment Area is vital to the overall success of Redevelopment Project I, its Financing Plan and this Redevelopment Plan. The City, in order to facilitate the objectives of this Redevelopment Plan, filed a petition in condemnation against Trillium Corporation and related parties in the case entitled City of Riverside, Missouri v. Trillium Corporation, et. al., case number 99CV82064, in the Circuit Court of Platte County, Missouri seeking condemnation of approximately 687 acres within the Redevelopment Area. Pursuant to this Redevelopment Plan, the City acquired the property on May 9, 2001 by paying into the court the commissioners' award of $3,089,430.00. Approximately 162 acres were taken by the Levee District for the Levee Project with the remaining approximately 525 acres being the subject of the Request for Qualifications for development. 14. The first paragraph of Section B of Article VII is deleted and replaced with the following: The City, Platte County, Missouri, the TIF Commission, MDFB and Trillium Corporation, a Washington corporation, entered into the Cooperative Agreement with the Levee District for the purpose of providing financing for the Redevelopment Project 1. Trillium Corporation is no longer involved in Redevelopment Project I. The City acquired all of the property owned by Trillium within the Redevelopment Area by eminent domain on May 9, 2001. The Levee District entered into the PCA with the Corps to construct the Levee Project. Most of the actual construction of the Levee Project will be controlled by the Corps pursuant to the PCA between the Corps and the Levee District. However, the Levee District is responsible for all lands, easements, rights -of -way as well as all relocations and borrow required for the Levee Project, all of which are 100% local sponsor costs and Reimbursable Project Costs under this Redevelopment Plan. J: \CLIENTS \61492 \0000 I UK0304113.00C 8 15. The following sentences are added to the end of the third paragraph of Section C of Article VII: Redevelopment Project I -Phase J, the construction of a 30,000 sq. ft. addition to an existing 60,000 sq. ft. building, has been completed by Knappco Corporation. The Redevelopment Project Area selected for Redevelopment Project I -Phase J consists of real property which is legally described in the attached Exhibit 6 -J . Redevelopment Project I -Phase L, the construction of an approximately 86,000 sq. ft. mixed use building, has been completed by Riverside Associates L.L.C. The Redevelopment Project Area selected for Redevelopment Project I -Phase L consists of real property which is legally described in the attached Exhibit 6 -L . Redevelopment Project I -Phase M, the construction of 8,400 sq. ft. proposed by Merritt M & Debbie E. Hilt and David L. & Judy A. Ramsey. The Redevelopment Project Area selected for Redevelopment Project I -Phase M consists of real property which is legally described in the attached Exhibit 6 -M . 16. In the fifth paragraph of Section C of Article VII, each phrase "Phases A, B, C, D, E, G, H and I of Redevelopment Project I" is replaced with "Phases A, B, C, D, E, G, H, I, J, L and M of Redevelopment Project I and future phases of Redevelopment Project I." 17. The first paragraph of Article VII, Section D is deleted and replaced with the following: The initial revenue which is necessary for this Redevelopment Plan to be feasible will come from Phases A, B, C, D, E, G, H, I, J, L and M as well as additional phases of the Redevelopment Project I. The acquisition of the right -of -way needed for the Redevelopment Project I began in 1999, using TIF Bonds and the Payments in Lieu of Taxes, Economic Activity Taxes generated by Redevelopment Project I and Phases A, B, C, D, E, G, H,1, J and L of Redevelopment Project I. The property rights identified by the Corps as required for the Levee Project were acquired by the Levee District in March 2002. On March 29, 2002, the Corps accepted the bid of Environmental Specialists, Inc. ( "ESI ") to construct the Levee Project. Notice to Proceed was issued to ESI by the Corps on April 26, 2002. Additional information is set forth in the Financing Plan attached as Exhibit 8 . Additional funding for the construction of the Redevelopment Project I will be provided by the issuance of TIF Bonds, Levee District Bonds, Additional Assessment Bonds and other Obligations. Anticipated funding is as outlined in Exhibit 7 -1 and Exhibit 8 . The Redevelopment Project I is expected to be completed by 2005. 1: \CLIENTS \61492 \0000 M0304113DOC 9 Once the Levee Project is constructed, the protected area would include approximately 1,000 acres of undeveloped land located on the north bank of the Missouri River along Interstate 635 at Highway 169 in Riverside, Missouri. This undeveloped land is located very near downtown Kansas City and has excellent interstate highway, railroad, airport and river access. In order to encourage prompt development, the City acquired, through eminent domain pursuant to this Redevelopment Plan, approximately 525 acres within the protected area for development. The City has issued a request for qualifications and is in the process of negotiating with a potential developer. The development of this area is essential for the successful implementation of this Redevelopment Plan, including the Financing Plan for the Levee Project. 18. The first paragraph of Section A of Article VIII is deleted and replaced with the following: The anticipated cost of the Redevelopment Project I as estimated by the Corps is $79.6 million plus City and Local Sponsor costs and expenses not included in the federal estimate. Under the Corps' current formulas, the Local Sponsor's share of the Corps Estimated Cost is approximately $35.4 million or forty - five percent (45 %) plus City and Local Sponsor costs and expenses not included in the federal estimate ( "Local Share "). The federal share is estimated at approximately $44.2 million. A breakdown of the estimated project costs for the Redevelopment Project I and the plan for financing for the Local Share of the Project are included in the Projected Redevelopment Project Costs attached as Exhibit 7 and the Financing Plan attached as Exhibit 8 . 19. The Section B of Article VIII is deleted and replaced with the following: B. Source of Funds It is anticipated that the following sources of funds will be used to finance the costs of the Redevelopment Project 1: (1) Federal Funds from the Corps; (2) Tax Increment Financing Revenues (TIF Bonds); (3) City Contribution (Deposit) of $2,800,000; (4) Levee District Bonds and Additional Assessment Bonds (payable from TIF Revenues, the City Participation Payment and landowner assessments) netting to the Levee Project $17,500,000. ]: \CLIENTS \61492 \00001 \K0304113.DOC 10 It is anticipated that the substantial portion of the Local Share of the Redevelopment Project I will be financed through the issuance of TIF Bonds, Levee District Bonds and /or Additional Assessment Bonds which will be issued in one or more series. To date, the City has issued three series of TIF Bonds: (i) pursuant to Ordinance No. 98 -49 adopted May 19, 1998, the City issued its Tax Increment Revenue Bonds (L -385 Levee Project), Series 1998 in the principal amount of $1,000,000, (ii) pursuant to Ordinance No. 99 -60 adopted August 17, 1999, the City issued its Tax Increment Revenue Bonds (L -385 Levee Project), Series 1999 in the principal amount of $1,400,000, and (iii) pursuant to Ordinance No. 2002 -94 adopted August 20, 2002, the City issued its Tax Increment Revenue Bonds (L -385 Levee Project), Series 2002 in the principal amount of $1,300,000, to (1) fund certain Redevelopment Project Costs, and (2) pay the costs of issuing the Bonds. Additionally, to provide funds to pay a portion of the costs of the Levee Project, the Missouri Development Finance Board ( "MDFB ") issued its Infrastructure Facilities Revenue Bonds (Riverside - Quindaro Bend Levee District of Platte County, Missouri L -385 Project), Series 2001 and the Levee District, in turn, issued its Levee District Improvement Bonds, Series 2001 ( "Series 2001 Levee District Bonds ") in the principal amount of $22,100,000, which issuance netted approximately $17,500,000 to fund costs of the Levee Project. The City, Platte County, Missouri, the Levee District and UMB Bank, N.A. entered into a Cooperation Agreement dated as of December 1, 2001, relating to the Series 2001 Levee District Bonds ( "2001 Cooperation Agreement "). Pursuant to the 2001 Cooperation Agreement, the Series 2001 Levee District Bonds are secured, in part, by TIF Revenues. Two - thirds of the debt service on the Series 2001 Levee District Bonds are payable from available TIF Revenues. It is anticipated that additional TIF bonds will be issued as well. It is anticipated that the costs of the Redevelopment Project II will be financed by the developer selected to implement Redevelopment Project II. Reimbursable Project Costs may be paid from the issuance of Obligations and may also be incurred and reimbursed on a pay -as- you -go basis. With respect to Redevelopment Project I, the City will pledge the TIF Revenues generated by the private development within the Redevelopment Area to repay all or a portion of the TIF Bonds, the Additional Assessment Bonds, the MDFB Funding, the City Deposit, the Landowner Deposit, and other costs identified as Reimbursable Project Costs. J: \CLIENTS \61492 \00001\K0304113.DOC I 1 In conjunction with the Financing Plan attached hereto as Exhibit 8 , the City Deposit has been made to the Levee District, TIF Bonds and Levee District Additional Assessment Bonds have been issued, additional TIF Bonds will be issued and the City Participation Payment will be made. The TIF Revenues generated within each Redevelopment Project Area will be paid into the Special Allocation Fund, and then be used to make TIF Bond payments, to make annual Levee District Additional Assessment Bond payments and to reimburse the City Deposit, the Landowner Deposit, all or a portion of the MDFB Funding, and other Reimbursable Project Costs incurred pursuant to this Redevelopment Plan and to pay Reimbursable Project Costs of Redevelopment Project II as provided in Exhibit 7 , all in the priority as set forth below and as may be further provided in a reimbursement agreement between such parties. 20. Section C(1) of Article VIII is deleted and replaced with the following: Redevelopment Project I. a. Preliminary acquisition and administrative costs will be funded using TIF Bonds proceeds. Other acquisition costs, construction costs and administrative costs will be funded using the City Deposit, the Landowner Deposit, the MDFB Funding, proceeds of Obligations and Levee District Additional Assessment Bonds and the TIF Revenues generated by Redevelopment Project I and its phases. Other Reimbursable Project Costs will be paid through the issuance of additional TIF Bonds and other Obligations. b. The Reimbursable Project Costs of the Levee Project are estimated to be $15,100,000 plus costs of issuance, capitalized interest and other financing costs in addition to the Levee District Bonds and the TIF Bonds currently outstanding as well as any future financing gap. It is anticipated that additional TIF Bonds will be issued to fund these Reimbursable Project Costs as well as any other financing gap. The bonds issued to date are described in Section B of Article VIII of this Redevelopment Plan. C. Additionally, the City has incurred and will incur Reimbursable Project Costs including acquisition costs as well as legal, administrative and other costs and expenses. In order to generate the TIF Revenues needed to fully implement the financing plan for Redevelopment J: \CLIENTS \61492 \00001 \K 12 Project I, development must occur within the Redevelopment Area. To encourage prompt and coordinated development, the City has, pursuant to this Redevelopment Plan, acquired the Trillium property and is in the process of obtaining a developer for the property. d. The Local Share of the Redevelopment Project I, Levee District costs, a contingency reserve and financing costs are estimated as set forth on Exhibits 7 and 8. 1: \CLIENTS \61492 \00001\K0304113DOC 13 21. Section E(1) of Article VIII is deleted and replaced with the following: a. Equalized Assessed Valuation According to the records of the County Assessor, the Total Initial Equalized Assessed Value of the project areas for the phases of Redevelopment Project I for which tax increment financing has been adopted are as follows: Redevelopment Project I Total Initial Equalized Assessed Value P hase A 11,636,740 P hase B 110 Phase C 123,020 P hase D 171,280 P hase E 109,180 P hase G 103,680 P hase H 108,160 Phase I 361 Phase J 304,540 P hase L 214 T otal $12,557,285.00 The Total Initial Equalized Assessed Value for Phases M has not yet been determined by the County Assessor but is estimated as $83,200. The current ad valorem tax levy rate in the Redevelopment Area is $6.33 per $100 of assessed valuation. l: \CLIENTS \61492 \00001 T0304113.DOC 14 b. Anticipated Assessed Valuation For year 2002, the estimated assessed value for each of the following phases of Redevelopment Project I are as follows: Redevelopment Project I Current Equalized Assessed Value Phase Al 11,040,000 P hase B 398,426 P hase C 1,454,901 P hase D 1,160,000 P hase E 149,872 Phase G 210,272 Phase H 608,000 P hase I 361 Phase J 682,786 P hase L 302,880 Total $16,007,498 Upon final completion, the estimated assessed value of Phase A is an additional $3,200,000 and the estimated assessed value of Phase L and of Phase M is approximately $1,800,000 and $227,000, respectively. This increased assessed value will yield annual Payment in Lieu of Taxes estimated as set forth on Exhibit 9 . 22. Section E(2)(c) of Article VIII is deleted and replaced with the following: C. Anticipated Sales and Utility Taxes Upon full completion of Redevelopment Project I and Redevelopment Project I- Phases A, B, C, D, E, G, H, I, J, L and M, the Economic Activity Taxes will be generated within the Redevelopment Area and are expected to increase as set forth on Exhibit 9 . While a portion of Phase A and Phases B, C, D, E, G, H, I, J and L have been completed, Phase M and a significant portion of Phase A, the hotel, has yet to be built. 23. The second paragraph of Article IX is deleted and replaced with the following: The City shall make payments on outstanding Obligations (other than TIF Bonds related to Redevelopment Project II) as such payments come due out of funds available in the Special Allocation Fund and from any other source pledged for such payments. On April 1 of each year and on such other dates as required by cooperation agreements or ordinances authorizing the IThe hotel portion of Phase A has yet to be built. S \CL1EN'!S \61492 \00001 \K0304113.DOC 15 issuance of Obligations, until all Obligations (other than TIF Bonds related to Redevelopment Project Il) are repaid and Reimbursable Project Costs incurred have been reimbursed, the City shall determine the amount of funds necessary to pay the debt service and maintain debt service reserve requirements on outstanding Obligations through March 31 of the next succeeding calendar year or such other dates as in required in such Ordinance authorizing the issuance of Obligations. 24. Subpart "Third" of the third paragraph of Article IX is amended to read as follows: Third, to reduce (and eliminate) annual assessments with respect to Additional Assessment Bonds, including reducing by up to 2 /3 rds the annual assessments with respect to the Series 2001 Levee District Bonds. 25. The last paragraph of Article IX is amended to read as follows: Funds remaining in the Special Allocation Account after all Redevelopment Projects are completed, all TIF Bonds and other Obligations are fully retired and all administrative costs and all Reimbursable Project Costs are fully paid, will be returned to appropriate Taxing Districts and the State in accordance with and as required under the Act. II. GRANT AND LOAN PROGRAM. Article VII of the Redevelopment Plan is hereby amended by adding at the end thereof the following new Section F: "F. Grant and Loan Program The Grant and Loan Program was originally established pursuant to the Gateway Redevelopment Plan approved by the Board of Aldermen by Ordinance No. 2001- 108 adopted on October 2, 2001, upon the recommendation of the TIF Commission pursuant to Resolution No. 01 -01 adopted October 1, 2001 after public hearing on June 27, 2001 and July 11, 2001. The Grant and Loan Program is attached hereto as Exhibit 14 and incorporated in this Redevelopment Plan by this reference. As part of this Redevelopment Plan, the City designates the properties along Vivion, Gateway Road and/or Platte Road (as further described on the attached Map) located within the Redevelopment Area established under this Redevelopment Plan as properties eligible to participate in and obtain funding pursuant to the Grant and Loan Program in additional to those properties located within the Redevelopment Area established under the Gateway Redevelopment Plan, as amended (the "Eligible Areas "). The Grant and Loan Program provides for an annual amount of 1: \CLIENTS \61492 \00001\K0304113.DOC 16 funds as determined by the City for the Grant Program and a revolving amount for the Loan Program. These amounts will not be Reimbursable Project Costs but rather will be funded by the City to assist in the elimination of blight and revitalization of the Eligible Areas. The City may adopt policies and modify and amend the Grant and Loan Program at any time and from time to time without amending this Redevelopment Plan provided that such modification or amendment shall not classify the above amounts as Reimbursable Project Costs. It is intended that the neighborhood improvements funded through the Grant and Loan Program will foster a pleasant, attractive environment which will contribute to the development and revitalization of the Redevelopment Area." 2. The Redevelopment Plan is further amended by attaching thereto, and incorporating therein, Exhibit 14 attached hereto. III. FULL FORCE AND EFFECT Except as amended hereby, the Redevelopment Plan shall remain in full force and effect in accordance with its terms. 1: \CLIENTS \61492 \00001\K0304111DOC 17 tsXHibi1 b —J Description of Redevelopme Project I - Phase J Area J -A 33 v H'r (HELD) EXHt +IT A TO •RESOLUTION 99 -11 -01 GRAPHIC SCALE Tui T=) 1 inch - 100 ' -EGAL DESCRIPTION CONTAINING 661,934 SO. FT. OR 15.1959 ACRES A TRACT OF LMM BEING PART OF I=S 1 AND 2 PARTITION Pi eT nQ R08ERTS PST��a A SUBDIVISION IN PLATTE COUNTY d norp AS FOLLOWS: BEGINNING AT A POINT O MISSOURI, BEING DES(3tIBED POINT BEING N CO 15' -1A" B ALONG N N T THE RUT LINE OF SAID LOT 2, SAID !,637.68 F88'P FROM THE STt Cop OF SAID LOT L8� F SAID LOT B NE CORNER OF A 50.00 FOOT Z=PTION AS DESCRUID IN A "so BEING THE BOOK 0748 AT PAIGE 418; THZNC8 N 6 -W -17" N C RECORDED IN SINE OF SAID LOTS 1 AND 2 567,35 FEET TO A L , I OF AND PARALLEL WITS THE EAST LINE N PARALLEL E THAT IS 21.2 FEET WEST PAGB 89 200 OF A TRACT RECORDED IN BOOK 101 AT S °41 - THENCE 10" E, N 00 ° - 18' -So" $, ALONG SAID LINE, 1286.90 21.21 FEET TO THU EAST LING OF SAID TRACT, CB� S CO"- 18 -SO" W, ALONG SAID EAST LI M 2.06 FEET; THENCE S 65 27• -44 E, PARALLEL WITH THE SOUTHERLY RIGHT -OF -WAY LINE OF THE BURLINGTON NORTHERN RAILROAD, S97.69 FEET (DIED ° 602.8 FEET) TO A ON THE EAST LINE OF SAID. LO. 2, SAW POINT BEING S 00•- 15' -18• W� 716PO .00 FEET FROM THg INTERSECTION OF SAID LINE WITH THE SOUTHERLY RICH'[ -OF -WAY LINE OF SAID RAILROAD; THENCE 8 00 ° - 1S' -18" W. ALONG TEE E AST - LINE OF SAID TAT 2, 1041.72 FE ET 10 THE QOINT OF SEGII�IDIYNG, SUWCCT TO THAT PART' ON TSB EAST NOW BEItiG USED FOR THE RIGHT -OF -WAY OF M7= ROAD. x �' R° THfi A80VE DESCRIPTION I6 THE SAID WARRANTY DEED RECORDED IN BOOK 748 AT RAGS 6 8,OCORRECTI0�Y� I BY A RECORD$D IN BOOK 754 AT PAGES 452, 453, AND 4S5, A QUIT CL,Ar gDS ND R iN HCOK 754 AT PAGES 451, 4SG, AND 459, EXHIBIT 6 -1, Legal Description of Redevelopment Project I - Phase L Area LEGAL DESCRIPTION (LOT 3) A tract of land located In Fractional Section 4, Tomtship 50 North of the Baseline, Range 33 west of the F tth Pr4n4al Merl eml, Riverside, Platte County, Missouri, and being moos particularly described as twm: Boom" at the Northeast comer of RIVERSIDE MOM SUPER 8, a whdnlsion of land recorded In P{at Book 18 at Page 30 In the Wke of the Recorder of Deeds for said Platte County, Mtssouri; Thence South 71 degrees 4423' west wV the Northerly line of said RtvumE mm s m 8, a dWam of 85.44 (South 71 degrees 48'tr west, 85.45 feet by deed) to the Midwest corm of sold RWBDSDDE MM "M B; Thence North 17 degmes 23'43" East; a distance of 74.86 feet (North 17 degrees 15'29' East by deed); Tbenoft North 02 degrees 56'08' West, a distance of 545.18 feet (North 02 degrees ST40' West, 54520 feet by deed); Thence North 66 degrees 4711' East, a distance of 378.80 feet (North 66 degrees 4647' East by deed): Thence South 05 degrees 00'41' West, a distance of 82.28 feet; Thence South 85 degrees 0139" East, a distance of 130.00 feet; Mm= South 15 degrees 13'51' East, a distance of 150.57 feet: Thence South OS degrees 0373' West, a distance of 350.77 feet; Thence South 09 degrees 3939" West a distance of 27.20 feet; Thence South 71 degrees 44'23" West, a distance of 410.00 feet to the Point of beginning. The above desalted bast contaim, 6.70 awes, mere or less and is subJect to an easement, restrictions, reservations, rights of way and covenants, recorded or unrecorded, if any. EXHIBIT 6 -M Legal description of Redevelopment Project I - Phase M Area lss.: The rollowi teal ng Property locoed in the Coup of Matte Lot r Two (2) , in �R PLAZA No. 1 vi ofMisscwrr: Riverside, Platte County, Hisaouri, accordim a to thevrecordin land in thereof. PARCEL NUMBER 23- 2 04- 4 00-004- 003 -000 (4333 NW Lot 3, RUMMR PLAZA No. 1, Missouri, according to the PARCEL NUMBER a aubdivisiom in Riverside, Platte County, recorded Plat ther f GATEWAY) eo . 23- 2 . 0 -04- 4 00 - 004- 004 -000 (4357 NW GATEWAY) The street tddm" of the I tl Property (if Applicable) Is: tsAtons o "Wow Ftnpdd SdmIe., t:, N+MQ mM t+ 3M 4333 & 4357 N.W Gateway Riverside, Mo 64150 tiA. f a� EXHIBIT 7 -I 2002 AMENDMENT TO L -385 LEVEE REDEVELOPMENT PLAN ESTIMATED REDEVELOPMENT PROJECT I REDEVELOPMENT PROJECT COSTS/REIMBURSABLE PROJECT COSTS LEVEE PROJECT COSTS' AS ESTIMATED BY U.S. ARMY CORPS OF ENGINEERS TOTAL ESTIMATE $79,600,000 FEDERAL SHARE $44,200,200 LOCAL SHARE $35,400,000 FINANCING SOURCES (based solely upon Corps Cost Estimate) Source City Contribution Estimated Amount Reimbursable Project Cost $2,800,000 100% Series 2001 Levee District Additional Assessment Bonds $22,100,000 issued with net to project fund of $17,500,000. Payable from City's annual $500,000 contribution for 5 years, available tax increment financing revenues (up to 2/3s of annual debt service) and Levee District taxes collected from property owners. Additional Tax Increment Revenue Bonds -Net to Levee Project Corps' Estimate of Non-Federal Share $17,500,000 plus 2/3` of Debt Service on financing costs and $22,100,000 Levee District capitalized interest Additional Assessment Bonds are Reimbursable Project Costs; UP of Debt Service will be paid by landowner assessments. The City Participation Payment of $2,500,000 is NOT a Reimbursable Project Cost. $15,100,000 plus 100% financing costs and capitalized interest and funds needed to fund any financing gap $35,400,000 ESTIMATE OF ADDITIONAL REIMBURSABLE PROJECT COSTS Additional Local Share Costs: $1,000,000 $3,700,000 plus 100% Tax Increment Revenue Bonds (L -385 Levee financing costs Project), Series 1998, $1,400,000 Tax Increment Revenue Bonds (L -385 Levee Project), Series 1999 and $1,300,000 Tax Increment Revenue Bonds (L -385 Levee Project), Series 2002 I Plus City and Local Sponsor costs and expenses not included in the federal estimate EXHIBIT 8 —S {AJI,�FRO \G - TEAS 1)ALF-1LP Stephen A. Crystal (202) 861 -6283 MISSOURI KANSAS 1111 \011 \V.{�HI \GTON, DC SHA \GHAI SYD \L) ATTORNEYS AT LAW March 27, 2002 Bob Dimmitt Project Manager U.S. Army Corps of Engineers 601 E. 12th Street 700 Federal Building Kansas City, Missouri 64106 -2896 Re: Financing for the L -385 Levee Project City of Riverside, Missouri You have informed us that based on the bid amount of the apparent low bidder, the total estimated cost of the Levee Project is $79.6 million with the local share estimated at $35.4 million. The City intends that the increase in the local share be paid from increased revenues including tax increment financing revenues. Enclosed please find a copy of the resolution adopted by the Board of Aldermen of the City of Riverside, Missouri last evening pursuant to which the Board (i) acknowledged and approved the bids opened by the Corps, (ii) expressed its intent to take such action as necessary to make available funds from increased revenues including tax increment financing revenues to fund the local share based upon the low bid, and (ii) aTressed its support for the award of the contract for the construction of the Levee Project to the low bidder(s) as selected by the Corps. It is my understanding that the contract award for the Levee Project is a "go" and the Corps still desires to award the contract by March 31 2002. We look forward to the contract award and working with you and the Corps on the construction of the Project. Very truly yours, Enclosure cc: Mayor and Board of Aldermen, City of Riverside, Missouri Michaud Md 3inoess, Esq. 214S GRAND sou3EvARD I SUITE 2000 I KANSAS c11Y, MISSOURI 6108.2617 I TEL: 816.221.3420 I FAX: $16.221.0786 r�r�r.aneftron$ttudde.00m EXHIBIT 8 -S MARCH 2002 SUPPLEMENT TO FINANCING PLAN On March 27, 2002, the U.S. Army Corps of Engineers informed the Riverside - Quindaro Bend Levee District of Platte County, Missouri ( "Levee District ") and the City of Riverside, Missouri ( "City "), that based on the bid amount of the apparent low bidder for construction of the L -385 Levee Project ("Levee Project "), the total estimated project cost of the Levee Project is $79.6 million with the local share portion of such cost being estimated at $35.4 million. The City and the Levee District have adopted resolutions (i) acknowledging and approving the bids opened by the Corps, (ii) expressing their intent to take such action as necessary to make available funds from increased revenues including tax increment financing revenues to fund the local share based upon the low bid, and (iii) expressing their support for the award of the contract for the construction of the Levee Project to the low bidder(s) as selected by the Corps. Upon submission of the supplemental financing information, it is anticipated that the construction contract will be awarded on or prior to March 31, 2002. FINANCING SOURCES (based solely upon Corps Cost Estimate) City Contribution $2,800,000 Series 2001 Levee District Bonds $17 $22,100,000 issued with net to project of $17,500,000. Payable from City's annual $500,000 contribution for 5 years, available tax increment financing revenues (up to 2/3s of annual debt service) and Levee District taxes collected from property owners. Additional Tax Increment Revenue Bonds- $15 Net to Levee Project Corps' Estimate of Non-Federal Sharer $35,400,000 1 Plus City and Local Sponsor costs and expenses not included in the federal estimate EXHIBIT 8 -S SUPPLEMENT TO RIVERSIDE /QUINDARO L -385 LEVEE PROJECT CITY OF RIVERSIDE, MISSOURI FINANCING PLAN Submitted to the Army Corps of Engineers On Behalf of the Riverside /Quindaro Bend Levee District of Platte County, Missouri March 2001 TABLE OF CONTENTS I. EXECUTIVE SUMMARY ................... ............................... 1 II. SUMMARY OF SOURCES AND USES OF FUNDS I III. DISCUSSION: SOURCES OF FUNDS -- LOCAL SHARE ....................... 2 City Contribution .......... 2 ............. TIF Bonds and Additional TIF Bonds ......... ............................... 2 Levee District Bonds ....................... ..............................3 Additional Levee District Bonds ............. ............................... 3 IV. DISCUSSION: USES OF FUNDS -- ESTIMATED LEVEE PROJECT COSTS ....... 3 V. TIMETABLE FOR CONSTRUCTION OF LEVEE PROJECT /AVAILABILITY OF LOCAL SHARE ...................... ............................... 3 VI. CONCLUSION ............................ ..............................4 Exhibits Exhibit S -A Project Cooperation Agreement Exhibit S -B February 28, 2001 Letter From Corps Exhibit S -C Information on Estimated TIF Revenues SUPPLEMENT L EXECUTIVE SUMMARY This Supplement amends and supplements the Financing Plan for the L -385 Levee Project ( "Original Financing Plan") submitted in May 1996 by the City of Riverside, Missouri ( "City ") and the Riverside Quindaro Bend Levee District of Platte County, Missouri ( "Local Sponsor "). The Original Financing Plan detailed the public /private plan for providing the Local Share of the Riverside Levee and the Quindaro Bend Levee also known collectively as the L -385 Levee Project ( "Levee Project "). The Original Financing Plan provided a framework for the financing of $27,974,000 for the Local Sponsor's portion of the Levee Project. In September 1997, the United States Army Corps of Engineers (the "Corps ") and the Local Sponsor entered into a Project Cooperation Agreement in connection with the Levee Project ( "PCA "), a copy of which is attached as Exhibit S -A . By letter dated February 28, 2001 (a copy of which is attached as Exhibit S -B ), the Corps informed the Levee District that the estimated total costs for the Levee Project had increased to $69,975,000 and that the Local Sponsor's share of this cost is $30,878,000. The City and the Levee District submit this Supplement to detail the proposed financing for the revised Local Share. II. SUMMARY OF SOURCES AND USES OF FUNDS The total anticipated cost of the Levee Project is projected by the Corps at $69,975.00, based on February 2001 dollars. The percentages and total cost of the Levee Project may go up or down depending upon a recalculation of the respective shares based on new development within the Unprotected Area as well as circumstances relating to the letting and awarding of the contract for construction of the Levee Project. The Levee Project will actually benefit approximately 1,400 acres of land within the Unprotected Area. There are five primary sources of funds which will be used to pay the Local Share of the cost of the Levee Project: City Contribution; 2. Tax Increment Financing ( "TIF ") Bonds; 3. Additional TIF Bonds 4. Levee District Bonds; and 5. Additional Levee District Bonds. The Local Share of the Levee Project will be fully financed through the sources of funds referenced above and more fully described below. M. DISCUSSION: SOURCES OF FUNDS -- LOCAL SHARE It is anticipated that the Local Share costs of an anticipated $30,878,000 will be paid by the following sources: City Contribution Payment $ 2,800,000 TIF Bonds $ 2,900,000 Additional TIF Bonds $ 7,854000 Levee District Bonds backed solely by landowner taxes /assessments $ 6,150,000 Additional Levee District Bonds backed by landowner taxes /assessments, City payments (up to $500,000 per year for 5 years) and tax increment financing revenues to the extent of availability. $11,174,000 Total Current Sources of Revenue $30,878,000 City Contribution: The City has agreed to contribute $2,800,000 in cash to the Levee Project. Additionally, the City has agreed that it would contribute, during the first five (5) years in which the Additional Levee District Bonds are outstanding, 50% of the annual Additional Levee District Bond payment up to a maximum of $500,000 per year. TIF Bonds and Additional TIF Bonds: The L-385 Levee Redevelopment Plan provides for the use of TIF revenues to pay redevelopment costs including a portion of the Local Share costs of the Levee Project. TIF revenues consist of up to 100% of the incremental increase in real property tax on a given redevelopment project area and 50% of the total additional revenue from certain taxes which are imposed by the municipality and county which are generated by economic activities within the area of the redevelopment project over the amount of such taxes generated by economic activities within the area of the redevelopment project in the calendar year prior to the adoption of the redevelopment project. The issuance of approximately $2,900,000 in TIF bonds has been approved by the City under the L -385 Levee Redevelopment Plan. The L -385 Levee Redevelopment Plan also allows for the issuance of Additional TIF Bonds which may be issued in the amount of $7,228,000. Information on estimated TIF Revenues is attached as Exhibit S -C . 2 Levee District Bonds: It is estimated that the Levee District Bonds will be issued in the approximate principal amount of $7,100,000. It is estimated that the Levee District Bonds will result in a net cash contribution to the Levee Project of approximately $6,150,000 after subtracting necessary reserves and the cost of issuance. Repayment of these bonds will be made from special taxes /assessments collected each year from the property owners within the Levee District. The amount of the special taxes /assessments on each parcel of property will be determined by the proportionate share of benefit that parcel received as a percentage of the entire benefit generated by the construction of the Levee Project within the Levee District. This percentage is then applied to the total obligations. Additional Levee District Bonds: It is estimated that the Additional Levee District Bonds will be issued in the approximate principal amount of $13,000,000. It is estimated that the Additional Levee District Bonds will result in a net cash contribution to the Levee Project of approximately $11,174,000 after subtracting necessary reserves and the cost of issuance. Repayment of these bonds will be made from three sources. During the first five years of the bond issue, the City will contribute to the repayment of these bonds, 50% of the annual payment up to $500,000 each year. The amount due each year will also be reduced by available TIF revenues generated from within the Redevelopment Project I Area. The remaining obligation will be paid from special taxes /assessments collected each year from the property owners within the Levee District. The amount of Levee District special tax/assessments on each parcel of property will be determined by the proportionate share of benefit that parcel received as a percentage of the entire benefit generated by the construction of the Levee Project within the Levee District. This percentage is then applied to the total obligations. IV. DISCUSSION: USES OF FUNDS -- ESTIMATED LEVEE PROJECT COSTS* The total cost of the Levee Project is estimated to be approximately $69.9 million. Under current estimates, approximately 56% of the costs of the Levee Project will be federal costs with the remaining 44% being the local share costs. Federal Share Local Share Total Cost $38,985,000 $30,878,000 $69,863,000 V. TIMETABLE FOR CONSTRUCTION OF LEVEE PROJECT /AVAILABILITY OF LOCAL SHARE The construction phase of the Levee Project is anticipated to take approximately 3 to 5 years. The timetable for construction of the Levee Project and the flow of local and federal funds for the Levee Project are as follows: 3 FED /NON -FED ALLOCATION OF FUNDS (IN THOUSANDS) MISSOURI RIVER LEVEE SYSTEM UNIT L -385 March 1, 2001 Fiscal Year Total Project Cost/1 LERRD Special LERRD Remain LERRD SCH Const Cost Special Const Cost Remain Const Cost Percent/3 Non- Red Cash /4 Non -Fed Special Cash Total Non -Fed Cash/? Fed Cash/9 Thur FY8 1215 FY86 -00 9419 10634 10634 FY01 10334 7011 2126 4885 3323 0.24 4493.06 3323 FY02 17577 4000 650 3350 13577 0.24 4370.73 7372 FY03 14855 1278 679 599 13577 0.24 4370.73 7000 FY04 13577 0 13577 0.24 4370.73 7000 FY05 3000 0 3000 0.05 965.76 3808 TOTAL 69977 12289 3455 8834 57688 18197 39491 18571 39137 VI. CONCLUSION The Levee Project remains vital for the protection of the Unprotected Area. This Supplement, along with the Original Financing Plan, provides the framework for the financing of the Local Share. Since the Original Financing Plan was submitted in 1996, the parties have made significant strides in moving this project forward and look forward to the realization of this project. El H U w O w z a Q � IL z W F z a w O 2 J IL w O> J W > W W w 0 LL W 0 W W a W (n J W M 2 � a O� O H Z LL w N W Z Z z W W 2 > Q W N 0 LL o F N Q a , w ~ ~ 0o 2 E F= W W p J (n W Q W W H F H 7 Q O > U W Ln W V V N O O V W LD (D V V N Lo Ln M r O Lo M O M m W M M Ln m W r M LO m M V r r N_ m V W V r O r m r O m Cl) _ N m m O r W O (D W Ln (D (D r W O V Lo M O N Ln (D Cl) V LO (D (D M M W W CO V m m Ln LO I r m 1 M V V V V LO LO LO Ln (D (D (D (D r r W W LO (O fA (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A ce m W r N V r J U) oQ Q F O W (D Lo Ln (o O r c0 M m m N N m W N m (D (D p O W N O m N W r m (O M LO O N m m N O N r r m co m V O (D co O r Lo CO 1 m W N N W 00 m M r F V (o r m I N V (o r m I Co V (o N 6 N V (o O w W r r r r W W W W W W m m m m m O O O O (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» r (A (A EA Y) h G9 j p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LLI fA fA (A fH fA fA fA fA fA fA (A EA Y) Y) Y) Ul Y) Y) Q 2 N w 1wXC S (i Q O W d N Z r M 0 m N O V m m m W V M m N V r O? O m LO r V m O r , N O M W W LO , V LO M W U N ° w w W r W m , M r 0 M O (D N O) r (D (D (D r O) M N LO W N LO W N Lo m N (D m M r Ln D) M o ¢ J V LO to LO (D (D (D r r r W W W m m 0 0 awpF- �»»69696969Eq69(»GqGqGqGq »GqGqV>� (n P W J J w (1 .d (a () p J (n Q H V Lo LO (D (D W W W W M M M M Ln Ln N m M W r-�O M 0 0 0 0 m m W W V V (O (D N N m O m Lo Lo v v v v m m v v m m v v r0 O O d W N N r r N N m m m m o o v v o 0 o LT F- LO r r W W LO M m m V V O O LO Ln m 0 N N m M M M V V V V Lo W (D m m m r r V LO r W (A (A (n (A (A (A (A (n to EA N w w 0 0 0 0 (A (n D j EA < O O O O O O O O O O O W W (D (D V V V V (A O O (D m LD m W W m m m m O O m m m r w W O O r r r r m m V V N N V V V O ~ W V V m m LO LO W W LO LO N N m m m r w� w vvvvLOLo(o(o(D(Drr W W W W W m U a u) u> e» e» e» (» e» (» e» f» i» i» (» i» i» i» i» i» U) a w ? > O O O W W O O m m N N V V O O O O O m p O O O W W V V (o (o m m N N W W W W W M LU p N N N N N r r Ln Ln r r V V V V m m m m ( co r r (O (D Ln U) L() L() Ln Ln (D (D r r W W W O W �N W W NNMM V V Inln(D(D W W mmCF) Q H n J N (A (A (A (A (A 63 63 M 69 (A (H (fl (H fA (H V) M M a w ¢ > < (D (D W LO LO V V m m co Cl) V V LO LO V V V V (D W W O O r r O O M co r r (D (o V V V LD w W O m m r r M M .- O O N N m m N N N N J <' Q W N N N W (O Cl M M M W W N N L( Ln Ln N r LO LO M W W p O V V m m r V V Cl) N N N N M CO CO m m m m O O == N N co C) 'T V V Lo < = y U G 6 '� —Z N N N N N N N N N N N N f» E» U) Y) CL w z > (» (» (» (» (» (» (» C4 (» (» (» (» (A (» O O O co W Lo LD m m m M LD Lo W W LO LO LO (D W O O N N O O V V W W M m m m N N N V wp W NNmm(D(DMMNN Ln J P W 04 M M (D (D M M M CO (D W N N N N LD LD LD N w Q N w C) V V m m r r LO LO V V CO CO N N N N M W W m m m m O O N N CO CO V V V LO Q F co —7 N N N N N N N N N N (V N S (n N Q (A (A (A (A (A (A (H (A (H Y) (A (A (A (A of (A M M a w Q > H r W W V V W (D W W W W M (D LO Ln Ln W W Lo LO N N == W W m m r' N N= W Z N (> O W W W W N N V V r r N N M m m N W fn V V V m m 0 0 LO LD r r r r V V V m W w w V m m V V W W Ln LO M M N N N N N N N q7 K p r W W O O N N M M Lo LO r r m m = M = W U¢ M m M V V V V V V V V V V V V Lo LD Lo Lo a m z > (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» (» W M M M CO O O m m N N N O O O LO LO (D (D V V N N M m , LO LO LO O (D N N N N O O m m N N N N m Cl) W W W N p V , Lo Lo r r O O Lo Lo N N W W M M co m W N W M Lo Lo V V V V Lo Ln r r O O m m W W W M W (j w W W W O O N N V V (O (D m m, , M M M (D Q N .0 � q q q Lo Lo Lo Lo Lo LO Lo Lo Lo Ln (D (D (D (D (D (D r = W w < (» rfl sv b(» 6(» 69 (» (A (» (» (» (» (» (» (» (» (» (» (» 0waoQ> D J O O O O O m m m m W W N N r r N N O O w (A (A fA (n (p Lo Lo m m O O W W V V (D (D M Cl) J r r V V m M N N Z Z w W W LO LO N N I N N w w Q r r m m m M m m r r N W W W r r N N r r M M W W V V z K p 69 69 - _ N N N N co M < W 2 U Q (fl (fl (fl 69 6 6 w w M M g a ? > Q O O O V V m m m m W W N N r r N N N N CL 0 0 0 co (D m m m M V V N N W W 0 0 (D (D p w p w O (D (D CO W V V N " W W == W W O O Cl) Cl) 6 O O co W Ln Ln m m r r m m M M M W Q w V V V M M (D W N N O O Q (n O V V m m V V m m V V m m M LO r r 2 ( w j �_ N_ N_ N_ N M CO M M V V LO LO LO LO __ __ _- N S V Q U3 fA EA fA U3 EA EA EA EA Ef) (A (A (A (A M M M EA EA w a Q� N m V LO (D r W m O N CO V LO (D r W m 0 w 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N 0- m O O V 0 co N N N O M M o a) O V L W r O T EO N N (0 N X @ O d a) m � (1) � E o >_D L N O > U 'O U O N O 0 N > 3 w o w o Q C N Q Q I m TQ m D O > w O C O C D- — X N . N .0 N O N N 9 9 E_: E F- 0 W O w Za gZ aZ w H g Z w O n. w W a > W W a' 0 LL W O w W w Q J W rn coo Q M x J a 0 a) O F- LL Z LL w W M Z Z Z W W � W Q N LL OO W x Q H ~ m S H W W ° L O m M N r - W N O O (D N LO CO CD LO M r m M M M • W ` r (0 M M M LO Ln O CD d' r r O O) 00 CO n r r- 1` 00 LO C CO (� M m m M co 4� M M Cq 00 0 0 r r M M LO Ln r� C N N Ln N N X m w �a U m c O CL CD c C 0) CL fU m 0) c m L U 3 U) c O U a) �o CL N O `t C CL T m c N c O U O CD- V) c O U m T N N O c N O O N rn m co Of X m O O N C O a 3 N to m m K02MU1.)ds EXHIBIT 9- PHASFS n -iu ecciuAor,..,� EXHIBIT 9 - PHASES A -M ASSUMPTIONS PHASE 2002 MARKET 2002 ASSESSED VALUE IEAV PER COUNTY VALUE PER PER ASSESSOR'S ASSESSOR'S OFFICE ASSESSOR'S OFFICE ESTIMATED 2002 OFFICE INCREMENT A $11,040,000.00 $11,040,000.00 $11,636,740.00 $0.00 B $1,245,080.00 $398,426.00 $110.00 $398,316.00 C $1,454,901.00 $1,454,901.00 $123,020.00 $1,331,881.00 D $1,160,000.00 $1,160,000.00 $171,280.00 $988,720.00 E $468,350.00 $149,872.00 $109,180.00 $40,692.00 G $657,100.00 $210,272.00 $103,680.00 $106,592.00 H $1,900,000.00 $608,000.00 $108,160.00 $499,840.00 I $1,900.001 $361.00 $361.00 $0.00 J $2,131,732.00 $682,154.0 $5,268.00 $632.00 --------------- -- $2,137,000.00 $682,786.00 $304,540.00 $378,246.00 K N/A N/A N/A L $216,500.00 $302,880.00 $214.00 $302,666.00 M $260,000.00 $83,200.00 $83,200.00 $0.00 $20,540,831.00 $16,090,698.00 $12,640,485.00 $3,450,213.00 W J F Z n co CO m O V O ((0 0 r, O (� m r ( N O O CO -4t ( Q V O c0 O W M r O M O O O 0 V m co M F Q W O O O O �- N m M M (O - O W r M O N N r N M r CO N O W 49 49 49 69 CD NO M r W N O M V O' O O N r, O m (O N N F 0 N O V (0 0 m O O m W 0 M . CO V O V 00 N U 49 49 N (h V (n O r cn O O N ri V V (n 0 (O (O n W LL 49 49 49 4) 49 49 (A 49 �- c" 1 1 1 1 r 1 p 49 49 0 49 M 49 M 49 49 M 49 w LL W m O r r r O O O M m W I'. W M (O W 0 m r O r O N O W r O O M m W r O r M V N 0 r N M Q U O O (O m W 0, 0 m O O V M N M O m W V O m N y 0 0 0 0 (O N L6 -T O O V N N W (O O O (p n (p 49 0 49 O V N m O m O CO (O W 0) N Cl) 0 O m V 0) V O r N V O 0) r- M O 0 O N V r m M 0 (� 0 O N M U H e 49 49 49 49 49 _ _ r N N N N N c (h M V M V V V W Q O 49 0 M 49 49 M 49 49 O 49 M M 49 M d3 M 49 W N O V V N O m O O r r N Q W W O r M O r M O O r m ( O V n m 0 O N r O V n 0) O M .- M 0 0 0 r m r V r O W 0 m OD V J O O O O r N N V W 0 0 CO' V N (7 O N O N m Q M (A 4) H O m M , 0 (O O (O W V (O O M 0) CO W 0) , O M F - U I - N C) W V N W M r N 0, O 0) V co M r V r O V r U V) 49 49 N N (+S c7 V V V N (n 4D (O r n r Op OD OD O W 49 49 4) 49 49 fA (9 49 49 M 49 49 49 49 M V9 69 0 (A r )- a O W M N M N O M O W O V r W O 0 m V N N n N (O m N O r 0 O O M W N 0 O W r 0 0 0. o ", ' O r O (0 , IO m V N W M 0 W O M 0 1-- O 00 r O (O OD (O O M r- O O) CD O r M V N h N M V (n J W 0 0 0 0 0 N (n N W , O O � OD C7 0 V Cl) N 0 M 0 0) W V O 0) N N Q a C O m, a 0D 0 (O N (O V O O V N .-- N co to O O (O r (O F U V N 17 M (n Oi O M In W m N M 0 0 m V O) V O h y N V Co 0) `- C) (O W O N V r 0) M O r 0 O N M �- F aj (A (9 (A 69 69 `- 1 •- N N N N N Cl) M co co M V V V p 49 69 (A 49 69 69 49 49 69 H 49 (A 49 " 49 49 49 !f? M O M N r (V O r cO 0 0 0 r O m V m M V O N O M N (O r ~ N o H (n N a0 (O O O V M r m e- N 00 N (V O N CD (O n 0 (O V' r O m O m 0 N O (V V O O r m V r �.., m m 0 0 V N N N N 0) r V .- (D r N r M W OD O fn (A N (h V (n (O (O n CD 0) O) O O V .- N N N N M W 49 49 49 H f9 H f9 fA (9 69 49 �- �- �- 49 49 69 49 49 49 69 49 0 J cc M V V m N f0 V (O r . V 0 m I V W O r 0 m 0 (O V m O M W O r V O W O m O m O N m V V .-- 0 r F W 1 6 p N 0 0 V 0 V V r O r O m (O r W O O (O V m N r 0 V) O O O O M N c O O O (O O OD , m `-' R N (h M: O (O 0) O r t" W 69 49 49 4) N Cl) O N N m M W .- N M Co r M ((j ( v O Co N (3) R 0 ( O V O ( V4 V O M O O N O N U (O O OD V p M R 'T ( ( n OD O m m� 0 W Q W (9 49 0 4 (9 49 �- r r 1 1 1 , r r, N J 49(949 f9 M 49 H(9496%0 U) Z 0 � J F N V O V O 0 f W m O .- N M V O (O r h 0. 0 0 0 0 0 0 r .-- r .- , �. �- � N N N N N N N N Q O M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0~ N O N N N N N N N N N N N N N N N N N N N N N N N N m U) N Q U W W N O N C � a F (D o m N y rrZ O U r' U (1) a VJ R r F o a X N W co F ( M O M M 0 O N 0 L N M N M O M V V M I- N +7 h O- m OD ( 0 N M In V In M �( ?pp O rnp V O CO M O» (Mrs M Mm N N _ fO c0 O V N LO OD M C a O (h 7 LO V, y� yy N N M co M V V V Lr Lf L6 n co (O (O (O (D f9 69 fA &4 fA 69 N, tf, (A V, V, f9 fA fA Vi W> V, 64 V, N N po ( M O Cl) M m O N p m M m Co N m 00 M a 8(p M V r N N V I� O m N m M (() m V (O Cl) V M V O m N N 0 m (0 N m ((7 � 00 (0 O V (O V I M OD r m Co m O » M w 6 (+) ( M N N (MD N (D O V M N M 0 Cl) (D (D OOD O M M V (M V, gq M N N (0 co (0 V V V LD (D (O (() (D (O (D (D (u 69 V, 69 fH f9 to 69 69 V, 64 V, 64 tH V, fA ff, to O O O (O I� V7 O (n CO W 00 lh 00 1 M (D W (O 0) I- O (A Gf) ff, N (O N O 00 I-- O o 0M M 00 I O r CO V' N (O 1� N M O M m 00 O OD M 0 0 V M N M (!) m 00 V O m N O O M M O M N (n R O O V N N W (O 0 0 (D I- O N V (O m M (O O O N V r- O (M (O 1� 00 O N Cl) ( fl ( A r ' N N N N N CO (`O CO Cl) CO V W V ff, fA 69 fA Ef, 69 ff, El, fA Vj fA fig 6q Vj (A fA M « O s(p M V o V M 0 0 0 I- M V N M M lO m r p (� O m V ^ r 0 0 (O V (D (D N -- R M U N 0D - (O V V w 1 m M �_ 0 0 0, ,, 6`, (fl (D V N (D M N M I- O M V M N O M m M M N M OD N (D m M (D Cl) (O co O N N CO V LO Lo U F O m M w Mf1, in N 69 N M 6 M Cl) w b�v M M w M Y e « e M (O CO OD N IT N M O O (O m V r N M N g co lC O In ( (O M ( O000 000 N� V n 00 (D N N M O I- O a r OD 00 r 1 OD (D M M p fA t9 ff, M r M (0 00 V (D N (D O M N (D I- fq N (D N M V V (O m m r r m m M m m 0 0 J X O W fA V, (n fA H, ff, V) fA Vi w 69 fA V9 (A tf, fA in 6. U (n F O LC) (D V M O N (D M M N V O m N N m ( m (OO O (0 O ( `'• M OD N V M V W r (O Cl) M m co O N m V m (D V CL M M o N (( (V r (D N co (h rl (O C O 0) V OD M (O (D U X (D Oi (D I� t� N V CD m O N V 0 1- m m O N M V V (O (O (D bq N N N N N N N N N z F O 69 !» 60 in !A (» iA in tf, fA V, 6q 2 « e w 0 M I� N r N N M M cO V (O N W w M m (D � r� 0 M N M N V Cl) M O O O 0 c m M m v (D N to U7 0 J a. p = X r . ((OO 000 m pp ((DD V, H, 69 ((j N N M (O M O M O N M V N (D M 00 N m M N N Z f9 69 (A fA bq 69 IA V, fA f9 GO V, V, fH V, V, 69 fH Z (L d « ;? p M N O0 m 0 I__ r M m� M 0 0 N ( LO V N ( o pp ( t- F_ z (0 o co 0) r) Cl) M M (h 00)) O N r- (rD (O M V 1- v n (O M N O O O co V (D lO N M lO N 00 M (D m N (O uJ = G t9 69 H, W� d : O M N C M ( r M M O r N N M V V (O m N (D (D in uv J u, fs, f» u, w � in ea u, � CL = ~ O J F Li.j d e N O T M (O M M m N V (1° o N m v 0 M W W w Q O 0 0 0 ( 00 M (VD V M m ( ( ( r LO p M x ~ XQ w Vl V, M M( O N p V c0 N (O O CO M M N M M M N M (O N N N M M V V V V (fl fs ,( nfn6vin(nfn(nto W d N p fow n6,(nV)61 n n(nu,(n(s> w O F LU J W W W N \° p co O O I- h N O M M (D N O M M M ( m O ( M ( O M M V O V N M W M m Q' O n M M m O� O O� V 1� O N m (V N O (O V N O (0 N V (O I- m 00 N� (D M V M (D 00 J W J X M M V r� r (D O V 1- O M OD V, N N M M V V V (O 0 N M m (D co (D (D (D LO 00 w m O M 64 u, fi, u, Cl) U J Q o O Z « Y o 04 N V (_ N f` m I- cO m m V LO W CO (O N M N N m 00 m (- M V m r N V N '- 0 (O I- O co N N (D N m M 00 Co O O co O N O 1- M m m m 1 O I- r r- N N Cr 00 N r m M ( r r- ( M r r- M M M cl� V� , F Z U t G a 0 1� ( (NO 1- V r- (O CO OD V O (D (D O V 00 N N r m X o f/) o 0 N tn- V, to M M w 69 M M M M M 6 M M M M fg (n w 69 (» W C/) :3 Z Z W W ) « o ;� 0 pppp i- M CO V CO p Nppp V I- V O (O m M N (�D ( (O N 00 OD CO M O M W O (D (D (� N CD ( 00 o M r 2 W U Q x X 0 (9 N 000 04 (^D V (O O M (D O Ld (D O N M M Cl) Cl) N O V m Cr) I-- V, V, V, (D 1- N O m- M N CO M Cl) V d' Z Z () �-- X V (D (- 00 0) 0 bq 6Y N0) It (D 0) M Mff, N N N N N N N N 64 w w 69 N O LL G 6 fA tH t!, 69 tH ff, tH O CN ~ 01 W= Q (/) w o _ o 0 r o M IT M O LO CO N P - 04 0 M M N (D O � 0 r- m O O N M m 1 0 O N M F- (p 0 O a - V ( v , M M OM O M V r M r M N N n- M O ED FJJ th J_ 6 0 9 ( D N W ( 0 (O m N (- M M (O V N N N N M I- V- (D M M ( n 69 w w N co V (D m (D r- c0 M m O O.. N N N N » »(n e, f»fn(nu>64(n6 (A n64 64 fn 6646464 X(n0 W W LL FO W �• l u o O o 0 0 0 o ( o O O o O o N} V LO MO 1 M O O r- N M V 0 (0 r M M O N N N N N N N IL S O N M O N O C14 C4 O N N CN N N N O N C � a F (D o m N y EXHIBIT 9 -TIF REVENUE PROJECTIONS ASSUMPTIONS 11000 ACRE DEVELOPMENT FOR 2002 AMENDMENT IF71 YEAR INDUSTRIAL ABSORPTION BUILDING ANNUAL TOTAL TOTAL S4 FT. VALUE TOTAL VALUE CUMULATIVE CUMULATIVE (as of Dec 311 PER S.F. (1) (as of Dec 31) S . FT. VALUE 2002 0 $30.75 $0 $0 2003 YR 1 0 $31.37 $0 $0 2004 100,000 $32.00 $3,199,542 100,000 $3,199,542 2005 125,000 $32.64 $4,079,416 225,000 $7,342,949 2006 300,000 $33.29 $9,986,411 525,000 $17,476,219 2007 450,000 $33.95 $15,279,209 975,000 $33,104,952 2008 500,000 $34.63 $17,316,436 1,475,000 $51,083,487 2009 600,000 $35.33 $21,195,318 2,075,000 $73,300,475 2010 700,000 $36.03 $25,222,429 2,775,000 $99,988,914 2011 650,000 $36.75 $23,889,243 3,425,000 $125,877,935 2012 600,000 $37.49 $22,492,641 4,025,000 $150,888,135 2013 550,000 $38.24 $21,030,620 4,575,000 $174,936,517 2014 500,000 $39.00 $19,501,120 5,075,000 $197,936,368 2015 450,000 $39.78 $17,902,028 5,525,000 $219,797,123 2016 400,000 $40.58 $16,231,172 5,925,000 $240,424,238 2017 350,000 $41.39 $14,486,321 6,275,000 $259,719,044 2018 325,000 $42.22 $13,720,616 6,600,000 $278,634,040 2019 300,000 $43.06 $12,918,487 6,900,000 $297,125,208 2020 275,000 $43.92 $12,078,786 7,175,000 $315,146,498 2021 250,000 $44.80 $11,200,328 7,425,000 $332,649,756 2022 225,000 $45.70 $10,281,902 7,650,000 $349,584,653 2023 0 $46.61 $0 7,650,000 $356,576,346 2024 0 $47.54 $0 7,650,000 $363,707,873 2025 0 $48.49 $0 7,650,000 $370,982,030 2026 0 $49.46 $0 7,650,000 $378,401,671 2027 0 $50.45 $0 7,650,000 $385,969,705 SUBTOTALS 7,650,000 5292,012,025 EXHIBIT 9 -TIF REVENUE PROJECTIONS ASSUMPTIONS /1000 ACRE DEVELOPMENT FOR 2002 AMENDMENT F YEAR RETAIL RETAIL Sa FT. BUILDING ANNUAL TOTAL TOTAL ABSORPTION VALUE TOTAL CUMULATIVE CUMULATIVE (as of Dec 31) PER S.F.(1) VALUE S . FT. VALUE 2002 0 $101.30 $0 $0 2003 YR 1 0 $102.32 $0 $0 2004 0 $103.34 $0 - $0 2005 55,000 $104.37 $5,740,549 55,000 $5,740,549 2006 65,000 $105.42 $6,852,128 120,000 $12,650,082 2007 75,000 $106.47 $7,985,364 195,000 $20,761,947 2008 80,000 $107.54 $8,602,899 275,000 $29,572,465 2009 125,000 $108.61 $13,576,450 400,000 $43,444,640 2010 75,000 $109.70 $8,227,329 475,000 $52,106,415 2011 75,000 $110.79 $8,309,602 550,000 $60,937,081 2012 60,000 $111.90 $6,714,158 610,000 $68,260,610 2013 60,000 $113.02 $6,781,300 670,000 $75,724,516 2014 50,000 $114.15 $5,707,594 720,000 $82,189,356 2015 50,000 $115.29 $5,764,670 770,000 $88,775,919 2016 40,000 $116.45 $4,657,853 810,000 $94,321,532 2017 40,000 $117.61 $4,704,432 850,000 $99,969,179 2018 30,000 $118.79 $3,563,607 880,000 $104,532,478 2019 30,000 $119.97 $3,599,243 910,000 $109,177,046 2020 25,000 $121.17 $3,029,363 935,000 $113,298,180 2021 25,000 $122.39 $3,059,657 960,000 $117,490,818 2022 - $123.61 $0 960,000 $118,665,727 2023 - $124.65 $0 960,000 $119,852,384 2024 - $126.09 $0 960,000 $121,050,908 2025 - $127.36 $0 960,000 $122,261,417 2026 - $128.63 $0 960,000 $123,484,031 2027 - $129.92 $0 960,000 $124,718,871 SUB TOTALS 860,000 5 106,876,188 EXHIBIT 9 -TIF REVENUE PROJECTIONS ASSUMPTIONS /1000 ACRE DEVELOPMENT FOR 2002 AMENDMENT �1 YEAR OFFICE OFFICE BUILDING ANNUAL TOTAL TOTAL ABSORPTION VALUE TOTAL CUMMULATWE CUMULATIVE SQ. FT. PER S.F.(1) VALUE SQ. FT. VALUE 2002 0 $122.26 $0 $0 2003 YR 1 0 $124.70 $0 $0 2004 0 $127.20 $0 - $0 2005 30,000 $129.74 $3,892,171 30,000 $3,892,171 2006 40,000 $132.33 $5,293,353 70,000 $9,263,368 2007 50,000 $134.98 $6,749,025 120,000 $16,197,660 2008 80,000 $137.68 $11,014,409 200,000 $27,536,023 2009 90 .000 $140.43 $12,639,034 290,000 $40,725,777 2010 80,000 $143.24 $11,459,391 370,000 $52,999,684 2011 75,000 $146.11 $10,958,043 445,000 $65,017,720 2012 60000 $149.03 $8,941,763 505,000 $75,259,838 2013 50000 $152.01 $7,600,498 555,000 $84,365,533 2014 40000 $155.05 $6,202,007 595,000 $92,254,850 2015 30000 $158.15 $4,744,535 625,000 $98,844,483 2016 25000 $161.31 $4,032,855 650,000 $104,854,227 2017 $164.54 $0 650,000 $106,951,312 2018 $167.83 $0 650,000 $109,090,336 2019 $171.19 $0 650,000 $111,272,145 2020 $174.61 $0 650,000 $113,497,588 2021 $178.10 $0 650,000 $115,767,539 2022 $181.67 $0 650,000 $118,082,890 2023 $185.30 $0 650,000 $120,444,548 2024 $189.01 $0 650,000 $122,853,439 2025 $192.79 $0 650,000 $125,310,508 2026 $196.64 $0 650,000 $127,816,718 2027 $200.57 $0 650,000 $130,373,052 SUB TOTALS 650,000 $ 93.527,085 EXHIBIT 9 -TIF REVENUE PROJECTIONS ASSUMPTIONS /1000 ACRE DEVELOPMENT FOR 2002 AMENDMENT TEAR TOTAL DEVELOPMENT TOTAL DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT TOTAL EST. TOTAL FOR YEAR MARKET FOR YEAR ASSESSED MARKET VALUE ASSESSED _VALUE (as of Dec 31) VALUE (as of Jan 1) (as of Dec 31) VALUE (as of Jan 11 2002 S0 $0 $0 $0 2003 YR 1 $0 $0 $0 $0 2004 $3,199,542 $p $3,19 $0 2 005 $13,712,136 $1,023,853 $16,975,669 $1,023,853 2006 $22,131,892 $4,387,884 $39,389,669 $5, 2007 $30,013,598 $7,082,205 $70,064,559 $12,604,694 2008 $36,933,744 $9,604,351 $108,191,975 .604,6 $22,420,659 20 09 $47,410,803 $11,818 $157,470,893 $34,621,432 2010 $44 148 $15,171,457 $205,095,013 $50,390,686 2011 $43,156,888 $14,370,928 $251,832,737 $65,630,404 2012 $38 $13,810,204 $294,408,583 $80,586,476 2013 $35,412,418 $12,207,540 $335,026,567 $94,210 2014 $31,410,721 $11,331,974 $372,380,574 $107,208,501 2015 $28,411,233 $10,051,431 $407,417,525 ,50 $119,161,784 2 016 $24,921,880 $9,091,595 $439,599997 $130,373,608 2017 $19,190,753 $7,975,002 $466,639,534 $140,671,999 2018 $17,284,223 $6,141,041 $492,2E�6,8,�6` $149,324,651 2019 $16 ,517,731 $5,530,951 $517,574,399 $157,522,194 2020 $15,108,149 15,285,674 $541,942,265 $165,623,808 2021 $14,259,985 $4,563,195 $565,908,114 1173,421,525 2022 2023 $586,333,270 $181,090,597 2024 $596,873,278 $187,626,646 2025 5 $607,612,220 $190,999,449 $ $194,435,910 2027 1629,702,420 $197,937,266 SUB TOTALS $482,133,407 1149,448.083 $641,061,628 $201,504,774 EXHIBIT 14 GRANT AND LOAN REVITALIZATION PROGRAM INTRODUCTION The Board of Aldermen of the City of Riverside, Missouri has approved the Gateway Redevelopment Plan (the "Gateway Plan ") and the Amended and Restated L -385 Levee Redevelopment Plan, as amended (the "Levee Plan "), which include the Grant and Loan Revitalization Program. The Grant and Loan Revitalization Program is intended to encourage ongoing redevelopment and revitalization and provide financial incentives to businesses, developers and owners of property located along Vivion Road, Gateway Road and/or Platte Road (as further described on the Map attached to the applicable Plan) in the Redevelopment Area established under the Gateway Plan or the Redevelopment Area established under the Levee Plan ( "Eligible Areas "), to remove blight, encourage redevelopment and increase the economic vitality of this area. Pursuant to the Gateway Plan and the Levee Plan, the City has established the Grant and Loan Revitalization Program to assist in funding neighborhood improvements (i.e., facade improvements, streetscape improvements and parking, etc.) in the Eligible Areas. The neighborhood improvements will foster a pleasant, attractive environment which will contribute to the development and revitalization of the Gateway Plan Redevelopment Area and the Levee Plan Redevelopment Area. The Board solicits projects from Eligible Areas that would benefit the Gateway Plan Redevelopment Area and/or the Levee Plan Redevelopment Area. Persons interested in requesting assistance will complete the attached application and submit it to the City for consideration. ASSISTANCE PROGRAM A combination of grants and low- interest loans may be used as determined by the City to accomplish the improvement projects not to exceed a specific dollar amount set by the City in addition to tax increment financing assistance. A $100,000 fund for the Grant Program has been established for the first year of the Grant Program to assist eligible businesses within the Eligible Areas with specified improvement types that have been selected by the Board of Aldermen. Thereafter, the size of the annual fund will be set by the Board of Aldermen. With respect to the Loan Program, a revolving loan fund of $500,000 is anticipated to be established by the City to assist eligible businesses within the Eligible Areas with specified improvement types that have been selected by the Board of Aldermen. Funding for the Loan Program, as well as interest rates, terms, down payments and other requirements will be determined by the City. ELIGIBLE AREAS AND ELIGIBLE PROJECTS Eligible Areas are those located within the boundaries of the Gateway Plan Redevelopment Area and those properties designated in the Levee Plan as Eligible Areas. Eligible projects may include: - Improvements to building facades - Roadside frontage improvements - Other Site Redevelopment (Loan Program Only) - Parking improvements - Streetscape and landscaping improvements - Improvements to comply with ADA (Loan Program Only) - Relocation to Business Park within City (Loan Program Only) - Other improvements designated by the Board FORM OF ASSISTANCE The program will provide assistance in the form of grants and low interest loans. TYPE AMOUNT Grant 50% of the cost of the proposed project with a maximum of $5,000. Loan 50% of the cost of the proposed project with a maximum of $25,000. Applicant must be a for - profit business with gross annual revenues of less than $500,000 and less than 100 employees. This program requires matching funds be expended by the applicant. Neither the grant nor the loan can exceed 25% of the appraised value of the property for the prior year; provided however, in the case of new construction, such amount cannot exceed 25% of the construction contract for the real improvements. The City will evaluate the proposals, in part, on the basis of the amount of funds being invested by the applicant. The grant funds will be provided after the private investment has been applied to the project and only after the work for which the grant will approved has been completed. SUBMISSION OF PROPOSALS The City will consider proposals from time to time as set by the Board of Aldermen. Proposals may be submitted to the City Administrator at: City Hall, 2950 Vivion Road, Riverside, Missouri. Initially proposals will be considered on a quarterly basis. Proposals may be submitted during the 1 st (January, February, March) and 3` (July, August, September) quarters of each calendar year. For proposals submitted during January, February and March of each year, such 1:\CLIENTSM 492 \00001 \K0305234.BKB submissions will be reviewed during the months of April, May and June. For proposals submitted during July, August and September of each year, such submissions will be reviewed during the months of October, November and December of each year. The City reserves the right to accept or reject any and all proposals. All applicants and their contractors must be current on all taxes in order to be considered. ADDITIONAL INFORMATION For additional information, please contact David Blackburn, City Administrator, 2950 Vivion Road, Riverside, Missouri. The City reserves the right to accept or reject any and all proposals. The City reserves the right to change, supplement and /or waive any requirement or time period under the program. J: \CLIENTS \61492 \0000 10K0305234. BKB �A y r i . F BOUNDARY 1 1M tt Gf� I 113 1f4 f15 (C) 111 .) f12 Page 2 of 2 , r � 4 ® I NOT Owl } -s,il ' ' t �'roY 2 -S� ° � • • i � fir P " r pc i f 2 Page 2 of 2 EXHIBIT 2 AMENDED AND RESTATED L- 385 LEVEE REDEVELOPMENT PLAN RIVERSIDE, MISSOURI SUBMITTED BY: CITY OF RIVERSIDE, MISSOURI 4500 High Drive Riverside, Missouri 64168 PREPARED ON BEHALF OF THE CITY BY: ARMSTRONG TEASDALE LLP 2345 Grand Boulevard, Suite 2000 Kansas City, Missouri 64108 ORIGINAL PLAN APPROVED JULY 16 1996 JANUARY 15, 1997 (FIRST AMENDMENT); FEBRUARY 4, 1997 (PHASES B, C & D); AUGUST 19, 1997 (PHASE E); AND MAY 5, 1998 (PHASE F) THIS AMENDED AND RESTATED PLAN .1999 TABLE OF CONTENTS Page I . PREAMBLE ................................. .............................. H. INTRODUCTION ............................ ..............................2 III. DEFINITIONS .............................. ..............................6 A . Act ............................... ..............................6 B. Additional Assessment Bonds ......... ............................... 6 C . Blighted Area ....................... ..............................6 D. Board of Alderpersons ................ ..............................6 E . City ............................... ..............................6 F . City Deposit ........................ ..............................6 G. City Participation Payment ........... ............................... 6 H Cooperative Agreement .............. ............................... 6 I. County Assessor ..................... ..............................6 J. County Collector ................... ............................... 7 K. Development Agreement ............. ............................... 7 L. Economic Activity Account ........... ............................... 7 M. Economic Activity Taxes ............. ............................... 7 N. Financing Plan ...................... ..............................7 O. Landowner Deposit .................. ..............................7 P. Levee District ....................... ..............................7 Q. Levee District Bonds ................. ..............................7 R . MDFB ............................ ..............................8 S. MDFB Funding ..................... ..............................8 T. New State Revenues ................. ..............................8 U . NID ............................... .............................. V . NID Bonds ......................... ..............................8 W. NSR Account ....................... ..............................8 X . Ordinance .......................... .............................. Y. Payments in Lieu of Taxes ............ ............................... 8 Z. PILOT Account ..................... ..............................9 AA. Preliminary Master Plan .............. ............................... 9 AB. Quindaro Levee ..................... ..............................9 AC. Redevelopment Area ................. ..............................9 AD. Redevelopment Plan ................. ..............................9 AE. Redevelopment Project ............... ..............................9 AF. Redevelopment Project .............. ..............................9 AG. Redevelopment Project I -Phase A ...... ............................... 9 AH. Redevelopment Project I -Phase B ...... ............................... 9 iii Al. Redevelopment Project I -Phase C ...... ............................... 9 AJ. Redevelopment Project I -Phase D ...... ............................... 9 AK. Redevelopment Project I -Phase E ...... ............................... 9 AL. Redevelopment Project I -Phase F ...... ............................... 9 AM. Redevelopment Project I -Phase G ...... ............................... 9 AN. Redevelopment Project I -Phase H ..... ............................... 10 AO. Redevelopment Project I -Phase 1: .... ............................... 10 AP. Redevelopment Project II ............ ............................... 10 AQ. Redevelopment Project Area ........... .............................10 General Land Use .................... .............................19 AR. Redevelopment Project Costs ........ ............................... 10 AS. Reimbursable Project Costs .......... ............................... 11 AT. Riverside Levee ..................... .............................11 AU. Special Allocation Fund ............... .............................11 21 AV. Special Assessments ............... ............................... 11 AW . State .............................. .............................11 ......... 22 AX. Taxing District ...................... .............................11 AY . TIF Bonds ......................... .............................11 AZ. TIF Commission .................... .............................11 BA. TIF Revenues ....................... .............................11 BB. Total Initial Equalized Assessed Value . ............................... 12 IV. TAX INCREMENT FINANCING ............. ............................... 12 V. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA .................... 13 VI. REDEVELOPMENT PLAN OBJECTIVES ..... ............................... 13 A. General Plan Objectives ............... .............................15 B. Specific Plan Objectives ............ ............................... 15 VII. REDEVELOPMENT PROJECT .............. ............................... 16 A. Site Acquisition, Clearance and Preparation ............................ 16 B. Redevelopment Project I, Redevelopment Project II and Public Improvements ................................ ............................... C. Private Development ................. .............................17 D. Schedule of Development ............. .............................18 E. General Land Use .................... .............................19 VIII. FINANCING .............................. .............................19 A. Projected Project Costs .............. ............................... 19 B. Source of Funds . .................... .............................20 C. Phasing Financing and Construction .... ............................... 21 D. Evidence of Commitments to Finance . . ............................... 22 E. Projected Payments in Lieu of Taxes and Economic Activity Taxes ......... 22 tv 1. Payments in Lieu of Taxes ..... ............................... 22 a. Equalized Assessed Valuations .......................... 23 b. Anticipated Assessed Valuation ......................... 23 2. Economic Activity Taxes ...... ............................... 24 a. Current Sales and Sales Tax Rates ........................ 24 b. Current Utility Tax Rate ............................... 24 C. Anticipated Sales and Utility Taxes ....................... 24 F. New State Revenues ................. .............................25 G. Special Allocation Fund ............... .............................25 IX. DISBURSEMENTS FROM SPECIAL ALLOCATION FUND ..................... 25 X. PROCEDURES FOR PAYMENTS TO THE SPECIAL ALLOCATION FUND ........ 27 A. Payments in Lieu of Taxes ........... ............................... 27 B. Economic Activity Taxes ............ ............................... 28 1. Documentation of Economic Activity Taxes by Taxpayers .......... 28 2. Certification by TIF Commission .............................. 28 3. Presentation to Taxing Districts . ............................... 28 4. Deposit of Funds .............. .............................28 C. New State Revenues ................. .............................28 XI. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN ................. 29 XH. TERMINATION OF TAX INCREMENT FINANCING .......................... 29 XIII. REQUIRED STATUTORY FINDINGS ....... ............................... 29 v LIST OF EXHIBITS EXHIBIT 1 Legal Description of Redevelopment Area Legal Description of Redevelopment Area as Amended EXHIBIT 2 Map of Redevelopment Area Map of Redevelopment Area as Amended EXHIBIT 4 Blight Study prepared by Rule and Company EXHIBIT 4 -A Supplemental Blight Study for Property Located Generally North of Highway 9 Within and About the Boundaries of the Levee District in Riverside, Platte County, Missouri] EXHIBIT 6 -A Legal Description of the Redevelopment Project Area for Redevelopment Project I and Redevelopment Project -Phase A EXHIBIT 6 -B Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase B EXHIBIT 6 -C Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase C EXHIBIT 6 -D Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase D EXHIBIT 6 -E Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase E EXHIBIT 6 -F Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase F EXHIBIT 6 -G Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase G EXHIBIT 6 -H Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase H EXHIBIT 6 -I Legal Description of the Redevelopment Project Area for Redevelopment Project I -Phase I EXHIBIT 6 -II Description of Eligible Redevelopment Project H Areas vl EXHIBIT 7 -I Projected Redevelopment Project I Costs EXHIBIT 7 -II Projected Redevelopment Project H Costs EXHIBIT 9 Assumptions for Projected Payments in Lieu of Taxes and Economic Activity Taxes EXHIBIT 11 Cooperative Agreement EXHIBIT 12 Request For State TIF Assistance vil I. PREAMBLE The L -)385 Levee Redevelopment Plan {-ftltt} "Original Plan "), the establishment of the Redevelopment Area as a "blighted area," its designation as a redevelopment area under the Act, Redevelopment Project I (also referred to as the Levee Project) and the Redevelopment Project I Area were originally approved by the Board of Alderpersons pursuant to Ordinance No. 96 -72 passed on July 16 1996 after recommendation of same by the Tax Increment Financing Commission of the City of Riverside, Missouri C TIF Commission") pursuant to Resolution No. 96 -06 -01 passed on June 27 1996. One of the primary objectives of the Original Plan is to provide flood protection through the construction of Redevelopment Project I in or der to stimulate growth and remove blighting factors within the Redevelopment Area. It is anticipated that the phases of Redevelopment Project I will generate TIF Revenues to fund a portion of the costs of Redevelopment Project I. Without such TIF Revenues, there is insufficient funding to construct the Levee Project. Additional phases of Redevelopment Project I have been recommended by the TIF Commission by Resolution Nos. 96- 06 -01, 97-01 97 -01 -04 97 -08 -01 and 98- 04 -02, and approved by the Board of Alderpersons, by Ordinance Nos 96 -72 adopted July 16, 1996, 97 -11 adopted January 21, 1997, 97 -12 adopted January 21 1997 97 -13 adopted January 21 1997 97 -95 adopted August 19, 1997, and 98 -41 adopted MU 5 1998 as Phases A B, C, D, E and F, respectively, of the Redevelopment Project I. The Original Plan as previously amended and as amended hereby is referred to as this "Redevelopment Plan." This Redevelopment Plan also sets forth Redevelopme Pro I -Phase G Redevelopment Project I -Phase H and Redevelopment Project I -Phase I as phases of Redevelopment Project I. TIF Revenues generated from Redevelopment Projects, including phases, will be used to pay Reimbursable Project Costs. Pursuant to Section 99.845.4, RSMo, an applic for appropriation of New State Revenues has been filed. This Redevelopment Plan i ncludes, in its definition of TIF Revenues such New State Revenues deposited into the Special Allocation Fund. Prior to the approval of this Redevelopment Plan, the only Redevelopment Project Costs which have been approved as Reimbursable Project Costs were certain costs associated with Redevelopment Project I This Redevelopment Plan increases the amuReimbursable Project Costs and sets forth a priority for such payments and/or reimburseme No developer Redevelopment Project Costs associated with the phases of Redevelopment Project I have been approved as Reimbursable Project Costs; it being intended that the TIF Revenues generated by Phases A B C D, E and F of Redevelopment Project I as well as Phases G H and I and future phases of Redevelopment Project I will be used to pay Reimbursable Project Costs of Redevelopment Project I. Additionally, the Redevelopment Area under the Original Plan has been expanded to include properties within and about the Levee District in Riverside, Platte County, Missouri, as further described in Exhibits 1 and 2. The Original Plan stated that it was anticipated that other public infrastructure improvements including sewer, water and roads (collectively, the "Public Improvements ") would be implemented as Redevelopment Projects. This Redevelopment Plan includes the addition of the following improvements as Redevelopment Project II• the construction of a full diamond interchange at I -635 and Van de Populier Road, and the improvement of Van de Populier Road to arterial street standards. This Redevelopment Plan is also being amended to provide that certain Redevelopment Project Costs for Redevelopment Project II may, subject to compliance with certain terms and conditions, be reimbursed or paid from TIF Revenues as Reimbursable Project Costs pursuant to this Redevelopment Plan and a Development Agreement. II. INTRODUCTION This is the Amended and Restated L -385 Levee Redevelopment Plan (thisl "Redevelopment Plan ") prepared in accordance with the provisions of the Real Property Tax Increment Allocation Redevelopment Act, Missouri Revised Statutes, Sections 99.800 through 99.865 (the "Act "). {fhef Jlhis l Redevelopment Plan provides for the construction of jciu the Quindaro Levee and the Riverside Levee and related improvements (collectively the "Redevelopment Project (F), togethet with;' [I"also referred to as the "Levee Project"); (ii) a full diamond interchange at I -635 and Van de Populier Road and improvement of Van de Populier Road to arterial street standards (collectively the "Redevelopment Project II "); and (iii) new water and sewer trunk lines along Van de Populier Road construction of an internal storm drainage system for the land behind the Levee and construction of an access road from the I -635 interchan eg and] other public infrastructure improvements f including sevv,T, water and toads ((collectively" the "Public Improvements "). The Redevelopment Project I, ftegether with; the Redevelopment Project II and the Public Improvements", shall be referred to collectively as the Redevelopment Projects which may be implemented in several f Phases) [components, projects and phases] The Redevelopment Project I fief• [and the Redevelopment Project II are] necessary to facilitate the development of the Redevelopment Area as defined herein L Construction of the Redevelopment Project I and the Redevelopment Project II will not occur, however, without the assistance provjded under this Redevelopment Plan] f f-The Redevelopment Project I is approved for construction by the United States Army Corps of Engineers (the "Corps ") as Project L f - occur, howevet, vvithout the assistmice provided unde, the Redevelopment Plan.) [-385. ] The Quindaro Levee will protect the western portion of the Redevelopment Area against a 500 -( _ f Ldyear flood and the Riverside Levee will protect the eastern portion of the Redevelopment Area and the City's business district from a 500 t -year ioo" -year flood. Redevelopment Project II will provide necessary access to the Redevelopment Area. 1 {ThC } [The on ig Hall Redevelopment Area consists of approximately 1800 acres of land located on the North bank of the Missouri River along Interstate 635 at Highway 169, and is 2 legally described on the attached Exhibit 1 and shown on the map attached as Exhibit 2 . f The Redevelopment Area is being expanded to include additional properties within and about the boundaries of the Levee District in Riverside, Platte County, Missouri and is legally described on the attached Exhibit 1 and shown on the map attached as Exhibit 2.1 The Redevelopment Area provides a promising location for development due to its proximity to the downtown areas of both Kansas City, Missouri, and Kansas City, Kansas, as well as to the Kansas City International Airport. Poor accessibility from public roads and inadequate levees for flood protection, however, have resulted in little development occurring in the Redevelopment Area. This lack of development is clearly shown on the aerial photograph attached as Exhibit 3 . The original Redevelopment Area qualifies as and has been determined by the City to be a Blighted Area as that term is defined herein and by the Act. The increasedl Redevelopment Area qualifies as a Blighted Area as that term is defined herein and by the Act. Specifically, the Redevelopment Area consists of ground which lies in a flood plain and which lacks adequate sewer such as to constitute an economic and/or social liability or menace to the public health, safety, morals and/or welfare in its present condition. Economic data and conditions discussed herein indicate development will not occur within the Redevelopment Area without the adoption of fti c} LIhW Redevelopment Plan. A Blight Study detailing the characteristics which qualify the Redevelopment Area as a Blighted Area under the Act is attached as Exhibit 4 [and Exhibit 4 -Al The total anticipated cost of the Redevelopment Project I {is projected) Lbas been estimated by the Corps at $56,280,000.00, based on May 1996 dollars. The Riverside } Bend Levee District [of Platte County. Missouril ( "Levee District ") will be the local sponsor (the "Local Sponsor ") of the Redevelopment Project I. Under current formulas, the Local Sponsor's share of the cost of the Redevelopment Project I is approximately forty {— U- nine percent (49 %) fort [("Local Share ") that amount being estimated at approximately $28 Million . Current sources of financing the Local Share {efthe Re& velopment Project 1) are insufficient without the public assistance provided by {the} Ithi s Redevelopment Plan. The f total anticipated cost of the Redevelopment Project H is $4,287,000. Current sources of financing the Redevelopment Project H are insufficient without the public assistance provided by this Redevelopment Plan. Ihis Redevelopment Plan provides for the development of the Redevelopment Area in several Redevelopment Projects as well as subphases thereof,l which will be proposed and approved according to the provisions of the Act. The first redevelopment project consists of the Redevelopment Project I [(the Levee Project)] with Phase A being the expansion of the land "— L- ] based support facility for the Argosy Riverside Casino including the construction of a hotel by Argosy (the "Redevelopment Project I - —*—"" [-Phase A" ), with Phase B being the construction of a hotel by Phil Snowden, Steve Danner and Gary Sima (the "Redevelopment Project I -Phase B "), with Phase C being the construction of light industrial buildings by Security Capital Industrial Trust (the "Redevelopment Project I -Phase C "), with Phase D being the construction of two office /warehouse buildings by Riverside Development Company. L.L.C. ( "Redevelopment Project I -Phase D "), with Phase E being the construction of a commercial building by Carter Petroleum Products, Inc. ( "Redevelopment Project I -Phase E "), and with Phase F being the construction of a 30,000 BBL tank project by Conoco, Inc. (the "Redevelopment Project I -Phase F), all of] which will benefit significantly from the Redevelopment Project I. (" PffiEffs") and Economic A Taxes " Redevelopment Project I and [Phases A, B, C, D, E and F thereof have been approved. Phases G, H and I ofl Redevelopment Project I f -Phase used to pay the annual cost of TEF Bonds which vvilf be issued to pay a portion of the Local Share of the cost of are considered by this Redevelopment Plan with Phase G being the construction of an 11,000 sq. ft. building addition by Industrial Spring Corporation (the "Redevelopment Project I -Phase G "), with Phase H being the construction of a 37,000 sq. ft. warehouse by Mark S. Jansen Revocable Trust (the "Redevelopment Project I -Phase H "), and with Phase I being the construction of a tower and shelter by Southwestern Bell Wireless Inc. (the "Redevelopment Project I -Phase I") all of which will benefit significantly from the Redevelopment Project I. These phases are necessary to provide funding for , it is econornicalty infeasible to const, uct the) Redevelopment Project I. f Without the Redevelopment Ptoject i the Redevelopinnit Area cannot be developed. 1 of [The] Payments in Lieu of Taxes {mTftLd Economic Activity Taxes {generated-by development putsuant to the Rcdevelopnient Plait afong with federal funds and othei financing SOUICes Will produce the necessmy funds to colistivet the) land New State Revenues to be generated from] Redevelopment Project If. [Areas, including Phases A, B. C, D, E, F, G, H and I and future phases and subphases of Redevelopment Project I will be used to pay Reimbursable Project Costsl of the Redevelopment Project I { is completed }L including but not limited to the annual cost of TIF Bonds and obligations which will be issued to pay a portion of the Local Share of the cost of the Redevelopment Project I. The Payments in Lieu of Taxes, Economic Activity Taxes and New State Revenues to be generated from projects identified as "Redevelopment Project H" phases or subphases will be used to pay Reimbursable Project Costs of both the Redevelopment Project I and Redevelopment Project H as set forth herein. Without the use of tax increment financing, it is economically infeasible to construct the Redevelopment Project I and the Redevelopment Project H. Without the Redevelopment Project I and the Redevelopment Project H, the Redevelopment Area is not expected to be developed. Use of Payments in Lieu of Tax_ es, Economic Activity Taxes and New State Revenues generated by development pursuant to this Redevelopment Plan alone with federal funds and other financing sources will produce the necessary funds to construct the Redevelopment Project I and, subject to compliance with certain terms and conditions, a portion of the Redevelopment 1�{-} DEFINITIONS As used in this Redevelopment Plan, the following terms shall mean: A. Act: The Real Property Tax Increment Allocation Redevelopment Act, Section 99.800, et seq., Revised Statutes of Missouri as amended.1 f"L_ Additional Assessment Bonds: NID Bonds, additional Levee District bonds or other bonds secured by or paid from property assessments or Special Assessments in addition to TIF Revenues which Additional Assessment Bonds are issued to fund Redevelopment Project Costs associated with], Redevelopment Project I f - - based hotel by Aigesy } with such bonds constituting Reimbursable Project Costs. C. Blighted 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. D. Board of Alderpersons The Board of Alderpersons of Riverside, Missouri. E. Citv Riverside, Missouri. F. City Deposit The City's deposit of cash into escrow in the amount of $2.8 (-nfi}}ion) Million to pay for a portion of the feasts) [Reimbursable Project Costsl of the Redevelopment Project I, which amount constitutes a capital cost of the City under the Act and therefore a Redevelopment Project Cost [and a Reimbursable Project Costl G. City l Participation Payment Cash payments by the City of up to $500,000 per year for the first five years after [the Additional Assessmentl Bonds are issued to defray the cost of the annual assessments of f0te Bonds) such bonds which amount constitutes a capital cost of the City under the Act and therefore a Redevelopment Project Cost. HL_ Cooperative Agreement: The L -385 Intergovernmental Agreement between the City, the TIF Commission and the Levee District, Platte County, Missouri, a Missouri first class county, MDFB and Trillium Comoration, a Washington corporation, relating to implementation of the Financing Plan a copy of which is attached as Exhibit 11. 1. County Assessor The assessor of Platte County, Missouri. fif jib. County Collector The collector of Platte County, Missouri. ff} f KI. Development Agreement A comprehensive agreement between the City and one or more developers which will be executed following approval of this Redevelopment Plan to govern the implementation of certain Redevelopment Proiects under this Redevelopment Plan and the completion of the responsibilities of the City and the (Developer [developer(s)1 created pursuant to this Redevelopment Plan. f K--f f I . Economic Activity Account The separate segregated account within the Special Allocation Fund into which Economic Activity Taxes are to be deposited. tht fMl Economic Activity Taxes Fifty percent (50 %) of the total additional revenue from taxes which are imposed by the City or other Taxing Districts, and which are generated by economic activities within any Redevelopment Project Area, over the amount of such taxes generated by economic activities within such Redevelopment Project Area in the calendar year prior to the adoption of the Redevelopment Project for such Redevelopment Project Area by Ordinance, while tax increment financing remains in effect, but 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. [N. Financing Plan: The Financing Plan prepared by the City for the Riverside /Ouindaro Bend L -385 Levee Project. 01 +Nff. Landowner Deposit f Pursuant to the Financing Plait f6i the Redevelopment Project 1, attached as Exhibit 8 heteto, Tifflinin eotporation, nit Owner of [A landowner] within the Redevelopment Areal; has agieed to for a developer, who pursuant to a Development Agreement with the City, contributes $2.8 Million net] cash to the Redevelopment Project I f which t fin the marine.r and at the time re ciuired pursuant to such agreement, which contribution(s)1 constitutes a capital cost of f-T,iliitim) (such payor(s)1 under the Act and therefore a Redevelopment Project Cost [and a Reimbursable Proiect Cost. Rit. O}. Levee District The Riverside {— f Bend Levee District [of Platte County, Missouri. Q Levee District Bonds: Bonds secured solely by Special Assessments issued by or on behalf of the Levee District to pay Redevelopment Project Costs. R. MDFB: The Missouri Development Finance Board. S. MDFB Funding: The funding from MDFB the proceeds of which are used to pay Redevelopment Project Costs constituting Reimbursable Project Costs. T. New State Revenues: As set forth in the City's Application for State TIF Assistance, up to 50% of the following but only to the extent that such amount is appropriated by the General Assembly and distributed by the Missouri Department of Economic Development: The state income tax withheld on behalf of new employees by the employer pursuant to Section 143.221, RSMo, at the business located within the project as identified by the City. The state income tax withholding is based on the City's estimate of the amount of state income tax withheld by the employer within the Redevelopment Area for new employees who fill new jobs directly created by the Redevelopment Projects. U. NID: Neighborhood Improvement District. V. NID Bonds: Neighborhood improvement district bonds issued to fund a portion of the Local Share. W. NSR Account: The separate segregated account within_ the Sp ec Allocation Fund into which New State Revenues are to be deposited. XY7 - - mogum . :. .. I Wire I I L, I I I :. R}. Ordinance An ordinance enacted by the Board of Alderpersons. -{ st f Yl , Payments in Lieu of Taxes Revenues from real property taxes in a Redevelopment Project Area selected for a Redevelopment Project, which are to be used to reimburse the Reimbursable Project Costs, and which Taxing Districts would have received had the City not adopted tax increment allocation financing, and which result from levies made after the time of the adoption of tax increment allocation financing within such Redevelopment Project Area, and during the time the current equalized value of real property in such Redevelopment Project Area exceeds the Total Initial Equalized Assessed Value of real property in such Redevelopment Project Area, until the designation is terminated pursuant to this Redevelopment Plan which shall not be later than 23 years after the Redevelopment Project for such Redevelopment Project Area is approved. {f} fzl PILOT Account The separate segregated account within the Special Allocation Fund into which Payments in Lieu of Taxes are to be deposited. " [AA ]. Preliminary Master Plan The proposed Preliminary Master Plan of the Redevelopment Area to be attached as Exhibit 5 . {-V} AB 1. Ouindaro Levee The portion of the public improvements consisting of a 500 {= }j_1year flood levee to protect the western portion of the Redevelopment Area as shown on the Preliminary Master Plan. {Y% [AC J Redevelopment Area The area described in Exhibit I k as amended, I {�ff fADI Redevelopment Plan The L {— }L-1385 Levee Redevelopment PlanL as amended.i f -} {-Nff [AE] Redevelopment Project Any of the private or public projects which are to be completed pursuant to this Redevelopment Plan. fZ+ Redevelopment Project L • Construction of the Quindaro Levee and the Riverside Levee [and related improvements. AG. Redevelopment Project I -Phase A: The expansion of the land -based support facility for the Argosy Riverside Casino including the construction of a 200 -room hotel_by Argosy. AH. Redevelopment Project I -Phase B: The construction of a hotel by Phil Snowden, Steve Danner and Gary Sima, Al. Redevelopment Project I -Phase C: The construction of light industrial buildings by Security Capital Industrial Trust. AJ. Redevelopment Project I -Phase D: The construction of two office /warehouse buildings by Riverside Development Company, L.L.C. AK. Redevelopment Proiect I -Phase E: The co nstruction of a commercial building by Carter Petroleum Products, Inc. AL. Redevelopment Project I -Phase F: The construction of a 30,000 BBL tank project by Conoco, Inc. AM. Redevelopment Project I -Phase G: The construction of an 11,000 sq. ft. building addition by Industrial Spring Comoration. AN. Redevelopment Project I -Phase H: The construction o_ _f_ a 37.000 sg. ft. warehouse_ by Mark S. Jansen Revocable Trust. AO. Redevelopment Project I -Phase I: The construction of a tower and structure by Southwestern Bell Wireless Inc. AP. Redevelopment Project 11: The construction of a full diamond interchange at I -635 and Van de Populier Road and improvement of Van de_ Populier Road to arterial street standards. Alt }. Redevelopment Project Area Any area within the Redevelopment Area selected for a Redevelopment Project. The area selected for Redevelopment Project I and Redevelopment Project I f" 1- Phases A, B, C, D, E, F, G, H and I arel described in Exhibit 6 Properties eligible to be designated as a Redevelopment Project H Area(s) are described in Exhibit 6 -fl. ARl f$B-f. Redevelopment Project Costs The sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan or any Redevelopment Project, as applicable. Such costs include, but are not limited to, the following: 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 and the clearing and grading of land; 4. Costs of construction of public works or improvements, including special assessments made against property in the Redevelopment Area; 5. Financing costs, including, but not limited to, all necessary and incidental expenses related to the issuance of TIF Bonds, and which may include payment of interest on any TIF Bonds issued hereunder accruing during the estimated period of construction of any Redevelopment Project for which such TIF Bonds are issued and for not more than eighteen months thereafter, and including reasonable reserves related thereto; 6. All or a portion of a Taxing District's capital costs resulting from any Redevelopment Project necessarily incurred or to be incurred in furtherance of the 10 objectives of this Redevelopment Plan and such Redevelopment Project, to the extent the City by written agreement accepts and approves such costs; and Payments in lieu of taxes. fC-E —f Lam Reimbursable Project Costs Any and all Redevelopment Project Costs incurred by the City or the TIF Commission and any and all Redevelopment Project Costs incurred f , by any other entity in connection with the ( Initial hiftastructure, the Quindaro Levee or the Rivet side t=Vee-.f Redevelopment Project I, including the Local Share as further described herein, the City Deposit the Landowner Deposit, the MDFB Funding and the Additional Assessment Bonds, pursuant to a written agreement with the City, and 50% of the Redevelopment Project Costs of the Redevelopment Project II as further designated by the City in writing as Reimbursable Project Costs to be reimbursed to such entity pursuant to a Development Agreement or other written a reement. tDf)f [AT] Riverside Levee The portion of the public improvements consisting of a 500 {--}j -year flood levee to protect the eastern portion of the Redevelopment Area. -f£d*} IAU1 Special Allocation Fund The fund into which, as required by the Act, all Payments in Lieu of Taxes {m-fd}Ld Economic Activity Taxes [and New State Revenues] are deposited. {fT-} [AV] Special Assessments Special assessments which are levied by the Levee District against property which is within the Levee District's jurisdiction and which is benefitted by the construction of the Redevelopment Project I. LAW. State: The State of Missouri. AXXI f6&�. Taxing District Any political subdivision of the State f of Nfissomi located wholly or partially within the Redevelopment Area. [AY. TIF Bonds: Any bonds, loans, debentures, notes, special certificates or other evidences of indebtedness issued by the City or the TIF Commission to G) pay Reimbursable Project Costs pursuant to and in accordance with an ordinance authorizing the same; and (ii) refund, redeem or defease the same. AZI { if. TIF Commission The Tax Increment Financing Commission of Riverside, Missouri. f H. TfF Bondsm Any* (i) bonds, foans, debentures, notes, special ceitificates 0I Othet evidences of indebtedness issued by an entity to pay Reimbursable Project eosts, and (ii) [BA. TIF Revenues: Revenue generated from Payments in Lieu of Taxes resulting from increased assessed valuation on new development, from Economic Activity Taxes resulting from increased economic activities in a Redevelopment Area and New State Revenues resulting from increased activities in a Redevelopment Area and appropriated as such. 1 fJJ+ Total Initial Equalized Assessed Value That amount certified by the County Assessor which equals the most recently ascertained equalized assessed value of each taxable lot, block, tract, or parcel of real property within a Redevelopment Project Area immediately after tax increment financing for such Redevelopment Project Area has been approved by the Board of Alderpersons by an Ordinance. ffft fV1. TAX INCREMENT FINANCING This Redevelopment Plan is adopted pursuant to the provisions of the Act. The Act enables municipalities, including the City, to finance Redevelopment Project Costs with -fthe reventie generated ftoin Payments in hiett of Taxes resulting fioni incteased assessed vafnation on 11M development and ftoin Econonfir Activity Taxes tesulting fioin incteased econontic activities in a Redevelopment Area (coflectively referred to as " Revenues"). [TIF Revenues.] Immediately after the Board of Alderpersons approves a Redevelopment Project and adopts tax increment financing for the Redevelopment Project Area of such Redevelopment Project, the County Assessor shall certify the Total Initial Equalized Assessed Value of such Redevelopment Project Area. Real estate taxes resulting from the Total Initial Equalized Assessed Value for each Redevelopment Project Area will be payable to Taxing Districts as if tax increment financing were not adopted. Payments in Lieu of Taxes collected f €ram owners eff Lon property within each Redevelopment Project Area will be paid by the County Collector to the City and deposited in the PILOT f Account within the Special Allocation Fund. hi addition, follovviin! annual arviorriation by the aprrop.iate Taxing Dishicts, Economic Activity Taxes wil Economic Activityt Account within the Special Allocation Fund. In addition, subject to constitutional and statutory limitations, fifty percent (50 %) of the total additional revenue from taxes which are imposed by the City{ , } or other Taxing Districts, and which are generated by the economic activities within the Redevelopment Project Areas, while [tax increment financing] remains in effect, excluding licenses, fees or special assessments other than Payments in Lieu of Taxes shall be f af located to and deposited) [paid by the collecting Taxing Districts to the City who shall deposit such funds in the Economic Activity Account within the Special Allocation Fund for payment of Reimbursable Project Costs and/or] the retirement of obligations as defined her issued to pay Reimbursable Project Costs.] {W} [The Act provides that the General Assembly may appropriate a portion of New State Revenues to provide assistance to certain redevelopment projects. The City has submitted an Application for State TIF Assistance in connection with this Redevelopment Plan. In such 12 application, the City elected to have New State Revenues calculated based upon a portion of the estimate of the state income tax withheld for the businesses within the Redevelopment Project Areas over and above the amount of in such taxes reported by such businesses prior to the approval of the Redevelopment Project by ordinance while tax increment financing remains in effect. If appropriated and paid over, the City shall deposit such funds into the NSR Account within the Special Allocation Fund for payment of Reimbursable Project Costs and/or the retirement of obligations issued to pay Reimbursable Project Costs. Y1. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA The Redevelopment Area is currently protected from Missouri River floods by an agricultural levee which is more than 10 feet below the 100 year flood plain. As recently as 1993, almost the entire Redevelopment Area was flooded. This recurrent flooding, which constitutes an unsafe condition endangering life and property, in and of itself qualifies the Redevelopment Area as a Blighted Area under the statutory definition in the Act. Furthermore, the poor accessibility to the area highway system and the lack of infrastructure within the Redevelopment Area constitutes an inadequate street layout and an insanitary and unsafe condition which are also statutory factors allowing a finding of blight. A Blight Study prepared by Rule and Company is attached as Exhibit 4f -city} (and a Blight Study with respect to the expanded Redevelopment Area is attached as Exhibit 4 -A (collectively referred as the `Blight Study "). The Blight Study] provides a detailed description of the conditions of the Redevelopment Area. The combination of inadequate street layout, the unsafe conditions caused by the recurrent flooding, the deterioration of existing site improvements and existence of conditions which endanger life and property has retarded development within the Redevelopment Area, and constitutes an economic liability due to its lack of development in the Redevelopment Area. Additionally, these conditions cause the Redevelopment Area to constitute a social liability and a menace to the public health, safety and welfare. {V-} VfVI . REDEVELOPMENT PLAN OBJECTIVES The " City and the TIF Commission propose to undertake the redevelopment of the area described in Exhibit 1 attached hereto (the "Redevelopment Area ") in accordance with the terms of {the} lthjs Redevelopment Plan. For the purpose of redeveloping the Redevelopment Area, the Original Plan was prepared on behalf of the Citv, submitted to the TIF Commission, recommended by the TIF Commission to the City and adopted be the Board of Aldemersons. Additionally, thisl Redevelopment Plan has been prepared {byf ion behalf of the City andl the TIF Commission, and may be recommended [by the TIF Commission] to the Board of Alderpersons f of the eityfL. City, along with the 13 Levee District, will work towards constructing the Ouindaro Levee and the Riverside Leveel The TIF Commission shall request proposals from developers for the redevelopment of the Redevelopment Area. The proposal(s), which in the opinion of the TIF Commission will best implement the intent of the Redevelopment Plan, shall become a part of the Redevelopment Plan. fT-he+ [Under this] Redevelopment Plan Ld the first f Phase! [component] of redevelopment fbef is the construction of the Redevelopment Project I f Redevelopment Project I - [could not be constructed without the approval of the phases which shall provide the financing for and are an integral part ofl Redevelopment Project I f-+ . The Redevelopment Project 1- ]Phase A is expected to contribute to the Local Share which Local Share isl necessary to fund and construct the Redevelopment Project I. f Additional phases of the red, velopment inay f 01fow Upon Since the Original Plan was approved. Phases B C D E and F of Redevelopment Project I have been approved, all of which are expected to contribute to the Local Share which Local Share is necessary to fund and construct] the Redevelopment Project L Phases G. H and I of Redevelopment Project I are expected to contribute to the Local Share which Local Share is necessary to fund and construct the Redevelopment Project I. There are no developer Reimbursable Project Costs associated with Phases A. B. C. D. E. F. G or H of Redevelopment Project I. Under this Redevelopment Plan, another component of redevelopment is the construction of the Redevelopment Project H. Phases of Redevelopment Project H approved for Eligible Redevelopment Project H Areas are expected to contribute to the funding of a portion of the costs of Redevelopment Project I and Redevelopment Project II. Additional components of the redevelopment may follow due to Redevelopment Projects I and 11. The Redevelopment Plan will be amended and expanded when the details of any additional fPhasesI components] are determined. The City may issue and/or the TIF Commission may recommend to the Board of Alderpersons that bonds or other obligations be issued to finance fRedevclolnncnt} [Reimbursable] Project Costs (the "Obligations ") in an amount which may be serviced by fPfeTsI [Payments in Lieu of Taxesl resulting from the construction of the improvements according to the Redevelopment Plan and from Economic Activity Taxes f. fn the alternative, the and New State Revenues. Reimbursable Project Costs may also be reimbursed on an as f- f L-Icollected basis as collection of fPffi9Ts and) [Payments in Lieu of Taxes.] Economic Activity Taxes [and New State Revenuesl allow, without [or in conjunction with] the issuance of Obligations. Upon being deposited in the Special Allocation Fund, fPffi9Ts) [Payments in Lieu of Taxes ] resulting from improvements in the Redevelopment Project Areas, fandf Economic Activity Taxes [and New State Revenues] may be used to service any Obligations issued including interest on and the cost of issuing the Obligations as well as payment of other Reimbursable Project Costs are set forth herein. 14 When fullvl When) implemented, this Redevelopment Plan will remove the existing conditions of blight . The objectives of this Redevelopment Plan are outlined below. A. General Plan Objectives The general objectives of this Redevelopment Plan are: 1. To enhance the tax base of the City and other Taxing Districts by development of the Redevelopment Area to its highest and best use and encouraging private investment in the surrounding area. 2. To discourage commerce, industry and manufacturing from moving operations to another state. 3. To increase employment in the City. 4. To eliminate adverse conditions in the Redevelopment Area which have hindered development and which constitute blight and therefore make the Redevelopment Area a Blighted Area. 5. To provide for access to and traffic flow in the Redevelopment Area. 6. To enhance the aesthetics of the Redevelopment Area. B. Specific Plan Objectives Specific objectives of this Redevelopment Plan are: 1. To construct levees to protect the Redevelopment Area from flooding up to the level of a 500 {= }jlyear flood. 2. To cure the currently existing adverse conditions by providing flood protection for the Redevelopment Area as well as for the City. 3 L To provide more effective access to the Redevelopment Area for future development. 441. To encourage the orderly development of land within the Redevelopment Area to maximize the public benefit from private investment. -{4} L51. To expand the tax base of the City by encouraging private investment in the Redevelopment Area and the surrounding area. {f} [6]. To increase the employment opportunities for the City's residents by investing in public improvements that encourage or support commercial operations. 15 {{r} u . To enhance the public health, safety and welfare of the community by eliminating problems with flooding. L To constructl roads, sewers and water mains within the Redevelopment Area to provide efficient traffic patterns and adequate utility service for future development. {V} f VHJ REDEVELOPMENT PROJECT A. Site Acquisition, Clearance and Preparation Site acquisition, clearance and preparation for the Redevelopment Project I (will -be) [isl addressed in the (project coopel agreement} Project Cooperation Agreementl (the "PCA ") between the Local Sponsor and the Corps which provides for the financing and construction of the Redevelopment Project I. Site acquisition, clearance and preparation for the Redevelopment Project II will be addressed in the Development Agreement between the City and the developer selected to implement Redevelopment Project II, B. Redevelopment Project lk Redevelopment Project III and Public Improvements The City, Platte County, Missouri F, the TIF Commission, MDFB and Trillium Comoration, a Washington comoration. have negotiated and entered into th Cooperative Agreement] with the Levee District for the purpose of providing financing to the Redevelopment Project I fpnrsuantto which) I and the Levee District fhas enteredl into the PCA with the Corps to construct the Redevelopment Project I. The actual construction of the Redevelopment Project I will be controlled by the Corps pursuant to the PCA between the Corps and the Levee District. The (Public firnpioveincrits constittite future Phases under the Redevelopment Pian and rynty includes (f) the construction of a full dianiond intetchange at 1-635 mid Van de Populier Road (2) new water and sewe, trunk hnes (3) oad improveninits On Van de Pop"Her Road fioin Missouri Route 9 to f-635 an internal stonn drainage systein for the land behind Cit and/or the TIF Commission will negotiate and enter into a Development Agreement in connection with the Redevelopment Project H. It is anticipated that such developer will fund the costs of Redevelopment Project H. Subject to such developer contributing the Landowner Deposit in a timely manner and the fulfilment of the other obligations set forth in this Redevelopment Plan, the Development Agreement and the Cooperation Agreement, such developer will then be reimbursed a portion of its Reimbursable Project Costs as approved by the City pursuant to the terms and conditions of such Development Agreement and the Cooperation Agreementh 1The Public Improvements will be considered on a project { —}L-1by {— }project basis. 16 The construction of the Redevelopment Project I and Redevelopment Project H 1 will attract new development to the Redevelopment Area. As the construction of new development begins, subsequent Redevelopment Projects will be approved and tax increment financing will be adopted for the respective Redevelopment Project Areas. The Payments in Lieu of Taxes and Economic Activity Taxes generated from the (current andl subsequent a licable Redevelopment Projects will be captured and used fin the manner specified herein and in applicable Development Agreements] to repay TIF Bonds issued and Reimbursable Project Costs incurred to finance the Local Share of the Redevelopment Project I, the Redevelopment Project II the Public Improvements and any other costs identified as "reimbursable" under {the} this Redevelopment Plan. C. Private Development Redevelopment Project I "— L- JPhase A will be completed by the Argosy Riverside Casino. Redevelopment Project I -Phase B has been completed by Phil Snowden, Steve Danner and G Sirna. Redevelopment Project I -Phase C has been completed by Security Capital Industrial Trust. Redevelopment Project I -Phase D has been completed by Riverside Development Company, L.L.C. Redevelopment Project I -Phase E has been completed by Carter Petroleum Products, Inc. Redevelopment Project I -Phase F has been completed by Conoco, Inc.] The Redevelopment Project Area selected for Redevelopment Project I and Redevelopment Project I "— L -JPhase A consists of approximately 40 acres of real property relating to the Argosy expansion which is legally described in the attached Exhibit 6f -Al The Redevelopment Project Area -afar} selected for Redevelopment Project I -Phase B consists of real property relating to a hotel project which is legally described in the attached Exhibit 6 -B. The Redevelopment Project Area selected for Redevelopment Project I -Phase C consists of real property relating to a building project which is legally described in the attached Exhibit 6 -C. The Redevelopment Project Area selected for Redevelopment Project I -Phase D consists of real property relating to a building project which is legally described in the attached Exhibit 6 -D. The Redevelopment Project Area selected for Redevelopment Project I -Phase E consists of real property relating to a building project which is legally described in the attached Exhibit 6 -E. The Redevelopment Project Area selected for Redevelopment Project I -Phase F consists of real property relating to a storage tank project which is legally described in the attached Exhibit 6 -F. Redevelopment Project I -Phase G is proposed by Industrial Spring Corporation. The Redevelopment Project Area selected for Redevelopment Project I -Phase G consists of real property which is legally described in the attached Exhibit 6 -G. Redevelopment Project I -Phase H is proposed by Mark S. Jansen Revocable Trust. The Redevelopment Project Area selected for Redevelopment Project I -Phase H consists of real property which is legally described in the attached Exhibit 6 -H. Redevelopment Project I -Phase I is proposed by Southwestern Bell Wireless Inc. The Redevelopment Project Area selected for Redevelopment Project I -Phase I consists of real property which is legally described in the attached Exhibit 6 -I. 17 Properties eligible to be designated as Redevelopment Project II Areas is described in the attached Exhibit 6 -II. Redevelopment Project II Areas will be benefitted both !W Redevelopment Project I and Redevelopment Project [II. All TIF Revenues generated within] fl=Pirasc-A the proposed redevelopment p -nts. ineltt&s only those parcels of reaf property and impovernents thmeon substantially benefitted+y Thc} Redevelopment Project II Areas will be used to fund Reimbursable Project Costs pursuant to this Redevelopment Plan, The Redevelopment] Area will be substantially benefitted by the Redevelopment Project I and Redevelopment Project U 1. Currently, at least part of the Redevelopment (Project) Area has been filled to one foot above the 100 {— }1_1year flood level. In the event of a flood such as the 1993 flood, [the Redevelopment Areal the Redevelopment Project Area for Redevelopment Project I and [Phases A, B, C, D, E, F, G, H and I of] Redevelopment Project I ( — Phase A) as well as the Redevelopment Project II Area(s)1 will be under six feet of water even though it has been filled to one foot above the 100 H- Ll year flood level. [The remainder of the Redevelopment Area will also be under water.] Consequently, the construction of the Redevelopment Project I will substantially benefit the entire Redevelopment Area including but not limited to the Redevelopment Project Areas] selected for Redevelopment Project I and [Phases A, B, C, D, E, F, G, H and I oft Redevelopment Project I f-- Phase " . Redevelopment Project II will provide access to the Redevelopment Area. (Upon the completion I [Due to the constructionl of Redevelopment Project I the phases thereoQ and Redevelopment Project {Phase Al jam other commercial development will begin to occur in the Redevelopment Area. It is anticipated in the Preliminary Master Plan to be attached as Exhibit 5 that future development will include retail and office space, warehouse and storage facilities, industrial and high "— L -[ tech manufacturing facilities, and recreational amenities including jogging and cycling paths and open recreational space. Future development may be considered as additional redevelopment projects /phases under the Redevelopment Plan and may be incorporated in the financing of the [Redevelopment Project I, Redevelopment Project II and the ] Public Improvements as outlined herein and as may be identified in the future. D. Schedule of Development j [The initial revenue which is necessary for this Redevelopment Plan to be feasible will come from [Phases A, B, C, D, E, F, G, H and I as well as additional phases of] the Redevelopment Project I f-Phase fir). It is anticipated that the acquisition of the right "- Ljof -(— }Ljway needed for the Redevelopment Project I will begin in f 199?} 1[ 999,1 using [TIF Bonds,] the City Deposit, f hevee District Assessment Bo rthe Landowner Deposit the MDFB Fundin and the Payments in Lieu of Taxes f arxl-}L] Economic Activity Taxes [and New State Revenues] generated by Redevelopment Project I and [Phases A, B, C, D, E, F, G, H and I ofl Redevelopment Project I f - Phase A as otitfinedff. Additional information is set forth] in the Financing Plan attached as Exhibit 8 . Construction of the Redevelopment Project I will begin in Um 2000. (Funding) [Additional fundingl for the construction of the Redevelopment Project I will be provided by the issuance of f Neighbothood filip District ffjIF Bonds, Levee District Bonds and Additional Assessment) Bonds as outlined in Exhibit [7 -1 and Exhibit] 8 The Redevelopment Project I is expected to be completed by 2003. The schedule relating to developer's acquisition of the right -of -way needed for the Redevelopment Project H and construction of Redevelopment Project 11 will be set forth in the Development Agreement. Funding for the Redevelopment Project H will be provided by the develo er. E. General Land Use The Redevelopment Area is currently zoned commercial, light industrial and industrial. In conjunction with the formulation of the Preliminary Master Plan to be attached as Exhibit 5 [and the Application the City may undertake to revise its zoning for the Redevelopment Area. Redevelopment Projects will be subject to the applicable provisions of the zoning ordinances of the City as well as other applicable codes and ordinances. All requirements for landscaping, storm water detention, parking, lighting and off "- U- site traffic improvements which are imposed pursuant to the zoning process will automatically become part of the requirements of this Redevelopment Plan. All public improvements which are to be dedicated to the City or any other municipality will comply with City or appropriate municipal street and road construction standards. LA. Projected Project Costs. It is estimated that the] Redevelopment Project I will cost approximately $56.3 million. The Local Share of the cost of construction of the Redevelopment Project I fwill-} [is estimated to be approximately $28.0 million. All cost estimates are preliminary and expressed in 1996 dollars. A breakdown of the estimated project costs for the Redevelopment Project I and the plan for financing for the Local Share of the Project are included in the Projected Redevelopment Project Costs attached as Exhibit 7 and the Financing Plan f f-OL the h-385 Redevelopment Project f (the "Financing Plan") I attached as Exhibit 8 . The Redevelop Project H wil cost approximately $4,287,000. All cost estimates are preliminary In order to obtain any payment or reimbursement of Reimbursable Project Costs, the developer of Redevelopment Project H must make the Landowner Deposit, comply fully with its obligations under the Cooperative Agreement and the Development Agreement and use its best efforts to obtain state and federal funding for Redevelopment Project II. The right of such developer to receive payment of and/or reimbursement from TIF Revenues is conditio u M The acceptance of a bid and award of the contract for the construction of the Levee Project. 19 The developer selected to implement Redevelopment Project II entering into an acceptable Development Agreement with the City. Contribution by the developer of cash in a net amount of $2,80 and real property for the Levee Project. The developer exhausting all state and federal funding sources for Redevelopment Project II. The developer supporting the Levee Project bond issues as follows: i. reasonably support the marketing of the TIF bonds; and ii. cause to be provided, as credit enhancement for the bonds, a stand -by letter of credit in the amount of $4,000,000 with terms mutually agreeable to the developer and the issuer of the bonds with repayment eligibility for credit enhancements costs. The developer executing the L -385 Neighborhood Improvement District Petition should it be determined that NID Bonds will be utilized in the financin og f the Levee Project. The developer developing a Master Plan which, to the greatest extent reasonably possible, promotes retail development on the Eligible Redevelopment Project II Areas . B. Source of Funds There are currently six (6) sources of funds identified in the Financing Plan to f p-dy f Ffinance the cost of the Redevelopment Project I: (1) Federal Funds from the Corps will pay for at least fifty -{— }Bone percent (51 %) of the Redevelopment Project I costs; (2) Tax Increment Financing Revenues (TIF Bonds); (3) City Deposit; (4) Landowner Deposit [either alone or in connection with the MDFB Fundin ; (5) Levee District (Assessinent) Bonds; and (6) [Additional Assessment] Bonds including the City jam) Participation Payment. It is anticipated that the substantial portion of the Local Share of the Redevelopment Project I will be financed through the issuance of TIF Bonds, Levee District 20 and Neighborhood Improvement Disttictl [Bonds and/or Additional Assessment] Bonds which will be issued in one ( mote -series - or more series. It is anticipated that the costs of the Redevelopment Project II will be financed by the developer selected to implement Redevelopment Project II. Reimbursable Project Costs may, however, J&o be incurred and reimbursed on a pay f- as- basis. The) -as- you -go basis. With respect to Redevelopment Project I, the City will pledge the TIF Revenues generated by the private development within the Redevelopment Area to repay (all or a portion of] the TIF Bonds, the f Neighbot hood finp, o vement Dist, ict Bonds, [Additional Assessment Bonds, the MDFB Fundjng,l the City Deposit, the Landowner Deposit, and other identified Reimbursable Project Costs f as provided in Exhibit 7 attached hereto I. In conjunction with the Financing Plan attached hereto as Exhibit 8 , the City f wiff make issue the TEF Bonds, ' [anticipates that the City Deposit will be made, TIF Bonds, Levee District Bonds and Additional Assessment_ Bonds will be issued and the City ] Participation Payment f as defined the twill be madel The TIF Revenues generated within each Redevelopment Project Area will be paid into the Special Allocation Fund, and then be used to make TIF Bond (Payments) a menu , to make annual f [Additional Assessment] Bond paymentsf -,f rand to reimburse the City Deposit, {to reiznbmse} the Landowner Deposit, , ehrbu, se handowner MD Premium Payment as provided in the Financing [all or a portion of the MDFB Funding and Reimbursable Project Costs of Redevelopment Project III and as provided in Exhibit 7[, all in the priority as set forth below and as may be further provided in a reimbursement agreement between such parties] C. Phasing Financing and Construction As stated above the rates at which TIF Bonds land other Obligationsl can be issued and ro'ects constructed are dependent on many variables. The phasing suggested by this section can be compressed or extended as conditions warrant. At the present time, however, the following time line is suggested as reasonable for financing and construction of the Redevelopment Project I and Redevelopment Project H. a. It] is anticipated that the costs to acquire right -{ —}L-1of - - }L-1way for the Redevelopment Project I and other early construction and administrative costs associated with the Redevelopment Project I will be paid pay-as-yotr- go basis until the first seties of using TIF Bonds, the City Deposit, the Landowner Deposit, the MDFB Funding and the TIF Revenues generated by Redevelopment Project I - Phases A• B, C, D, E, F, G, H and I and other 21 subphases of Redevelopment Project I. Other Reimbursable Project Costs will be paid through the issuance of additional] TIF Bonds, Levee District (Bonds and Additionall Assessment Bonds BOLids are issued-.fLl +2-f u . It is anticipated that TIF Bonds through one or more issues for the Redevelopment Project I will be issued in the initial amount of approximately $2.9 million; {that} [additional TIF Bonds may be issued to fill financing gaps;] Levee District Bonds for the Redevelopment Project I will be issued in the [estimatedl amount of approximately f$6.8-nrillien and NID [$7.1 million; and Additional Assessment Bonds (also backed by TIF Revenues)] will be issued in the [estimated) amount of f app, oximately f $13,000,000.00. These bonds will be used to pay for {the} [Reimbursable Project Costs. The] Local Share of the Redevelopment Project I, Levee District costs, a contingency reserve and financing costs finthef Larel estimated (amounts} as set forth on Exhibits 7 and 8 . fT+ret [It is estimated the] TIF Bonds feanf Lma be amortized over 23 years from their date of issuance with an average annual debt service payment of $275,000, assuming a 6.5% average annual interest rate. fThet [It is estimated the] Levee District Bonds feanf Lmayl be amortized over 20 years with an average annual debt service payment of approximately f$666,000.00) [$600,0001 assuming a 6% average interest rate. [It is estimated the Assessment Bonds maul be amortized over 20 years with an average annual debt service payment of approximately $1,133,000, assuming a 6% average interest rate. [2. Redevelopment Project H. It is anticipated that the costs to acquire right -of -way for the Redevelopment Project H and construction of Redevelopment Project H will be paid by the developer selected to implement Redevelopment Project H. The developer will then be reimbursed for certain Reimbursable Project Costs of Redevelopment Project H in an amount no greater than 50% of the Redevelopment Project Costs after being reduced by all Federal and State funding but in no event to exceed $2,143,500 from designated TIF Revenues generated by development within the Redevelopment Project H Area(s), all pursuant to an acceptable Development Agreement between the City and such developer. D. Evidence of Commitments to Finance The availability of financing for the Redevelopment Project I is documented in the Financing Plan, f see Exhibit 8 . E. Projected Payments in Lieu of Taxes and Economic Activity Taxes The assumptions used to project Payments in Lieu of Taxes and Economic Activity Taxes are described in Exhibit 9 . 1. Payments in Lieu of Taxes Calculation of anticipated Payments in Lieu of Taxes are based on current and projected future real property assessed valuations and the best 22 available information concerning future property tax levy rates, both of which are subject to change due to many factors, including statewide reassessment, the effects of real property classification for real property tax purposes, and the rollback in tax levies resulting from reassessment or reclassification. a. Equalized Assessed Valuations According to the records of the County Assessor, the Total Initial Equalized Assessed Value of the hases o Redevelopment Project I Area for which tax increment financing [has been adopted was as follows:l {-is to be adopted is approximatefy $12,032,218. The cutrent ad valorein tax fevy tate in Hit, [Redevelopment Project I bloWNPOMPnesessial Value Phase A 11,659,840 Phase B 110 ...... 123,020 - - ----- -- — 171,280 Phase E 109.180 S .. IF . : . � . . , : [Redevelopment Project I Total Initial Equalized Assessed Value Phase A 11,659,840 Phase B 110 Phase C 123,020 Phase D 171,280 Phase E 109.180 12,011,9321 [The Total Initial Equalized Assessed Value for Phases F, G, H and I have not vet been determined by the County Assessor but are estimated as follows: Phase F, unknown; Phase G. $96,000; Phase H $108,160 and Phase I $1,900. The current ad valorem tax levy rate in the Redevelopment Area is $6.07 per $100 of assessed valuation. b. Anticipated Assessed Valuation. Upon completion of the following phases of Redevelopment Project I the assessed value was as follows:l 23 Redevelo ment Project I Current Equalized Assessed Value Phase A' 11,063,100 Phase B 398,430 Phase C 1,923,110 Phase D 1,261,860 Phase E 109,180 14,704,1821 an estimated that the final completion of the phases of Redevelopment Project I set forth above will increase the assessed value of the Redevelopment Area by more than $6,388,000 or approximately $3,188,000 if the remainder of Phase A is not completed. This increased assessed value will yield annual Payment in Lieu of Taxes of approximately $190,000. With respect to anticipated Payments in Lieu of Taxes for the Redevelopment Area, the TIF Commission will undertake a Preliminary Master Plan in conjunction with this Redevelopment Plan. The results of the Preliminary Master Plan will determine the anticipated Pavments in Lieu of Taxes for the Redevelopment Area. 2. Economic Activity Taxes Economic Activity Taxes to be generated in the Redevelopment Area consist of sales taxes and utility taxes. a. Current Sales and Sales Tax Rates There were no sales tax revenues resulting from sales in the Redevelopment Area in 1995, the year prior to the year in which this Redevelopment Plan -{is} was adopted. The current local sales tax rate for the Taxing Districts is 1.5 %, which includes the 1% City sales tax and the .5% Platte County sales tax. Beginning July 1, 1996, the County sales tax will increase to 1% for a total local sales tax rate for the Taxing District equal to 2.0 %. Current Utility Tax Rate The current utility tax rate for the City is 5%. C. Anticipated Sales and Utility Upon jfull completion] of Redevelopment Project I and Redevelopment Project I f -Phas -*, Phases A, B, C, D, E, and F,1 the Economic Activity Taxes generated within the Redevelopment Area are expected to increase by $175,000. [While a portion of Phase A and Phases B, C, D, E and F have 'The hotel portion of Phase A has yet to be built. 24 been completed a significant portion of Phase A, the hotel, has vet to be built.] With respect to anticipated Economic Activity Taxes for the Redevelopment Area, the TIF Commission will undertake a Preliminary Master Plan in conjunction with this Redevelopment Plan. The results of the Preliminary Master Plan will determine the anticipated {EAT -sI [Economic Activity Taxesl for the Redevelopment Area. FL_ New State Revenues. The Citv has elected to have the New State Revenues calculated based upon a portion of the estimate of the state income tax withheld for the businesses within the Redevelopment Project Areas over and above the amount of in such taxes reported by such businesses prior to the approval of the Redevelopment Project by ordinance while tax increment financing remains in effect. Estimated New State Revenues are set forth on Exhibit 12. al. Special Allocation Fund The City shall establish and maintain the Special Allocation Fund which shall contain ftvm 11hree separate segregated accounts. Payments in Lieu of Taxes shall be deposited into the PILOT Account within the Special Allocation Fund, f and f Economic Activity Taxes shall be deposited into the Economic Activity Account within the Special Allocation Fund [and New State Revenues shall be deposited into the NSR Account within the Special Allocation Fund] Payments in Lieu of Taxes tandf fLd Economic Activity Taxes [and New State Revenuesl so deposited and any interest earned on such deposits will be used for and are pledged for the payment of Reimbursable Project Costs and for the distribution to the Taxing Districts [and the State] in the manner set forth in the Act and Article VIII of this Redevelopment Plan. fVfft) fIX1. DISBURSEMENTS FROM SPECIAL ALLOCATION FUND All disbursements from the Special Allocation Fund will be made by the City out of the ftvm fthLee separate segregated accounts maintained within the Special Allocation Fund for Payments in Lieu of Taxes f an1}Ll Economic Activity Taxes f and New State Revenues] in proportion to the respective balances in each such account at the time of such disbursement.] 1The City shall make payments on outstanding TIF Bonds [(other than TIF Bonds related to Redevelopment Project as such payments come due out of funds available in the Special Allocation Fund and from any other source pledged for such payments. On April 1 of each year, until all TIF Bonds [(other than TIF Bonds related to Redevelopment Project Mi are repaid and Reimbursable Project Costs incurred have been reimbursed, [and on such other date(s) as may be required in an Ordinance authorizing the issuance of TIF Bonds,] the City shall determine the amount of funds necessary to pay the debt service and maintain debt service reserve requirements on outstanding TIF Bonds through March 31 of the next succeeding calendar year for such other date as in required in such Ordinance authorizing the issuance of TIF Bonds] I 1Funds of such determined amount shall be disbursed to pay Reimbursable Project Costs as eutlmed } [(which costs are estimated) in Exhibit 7[)1 in an order of priority (to be determincd by the TIF eormnission and the Board of Alde,petsons at such firn, as the Plelit"i"my Master Plan is completed and zeasonabic teverme p rojections can be fonnulated in accoidance with that 25 5) Takeover of MD Annual Assessment! [set forth below and as may be further specified pursuant to a reimbursement agreement: First, to pay TIF Bonds related to Redevelopment Project I. Second, to fund Reimbursable Project Costs incurred by the City and /or the TIF Commission. Third to reduce (and eliminate) annual assessments with respect to Additional Assessment Bonds. Fourth, to repay the MDFB Funding. Fifth, the then remaining TIF Revenues after payment of the above as follows: 20% of such then remaining TIF Revenues to be distributed to the Taxing Districts on a pro -rata basis. 40% of such then remaining TIF Revenues to be applied to reimburse the developer of Redevelopment Project II for (A) Reimbursable Project Costs for Redevelopment Project II; however, (i) such reimbursement shall not exceed 35% of the TIF Revenues generated during the applicable time period from Redevelopment Project II Areas; (ii) the reimbursement period shall not extend beyond the earlier of 15' year after the designation of such Redevelopment Project H Area; (iii) not more than 90% of such reimbursement shall be attributable to Payments in Lieu of Taxes generated during the applicable time period from Redevelopment Project H Areas; and (iv) such Reimbursable Project Costs shall not exceed $2,143,500 plus a reasonable rate of interest approved by the City; and (B) the then outstand_in_g balance of its Landowner Deposit, the Property_ Amount and the Credit Enhancement Costs. 40% of such then remaining TIF Revenues to repay to the City the then outstanding balance of the City Deposit. The right to receive payment of and/or reimbursement from TIF Revenues for Redevelopment Project H is conditioned upon: 26 The acceptance of a bid and award of the contract for the construction of the Levee Proiect. The developer selected to implement Redevelopment Project H entering into an acceptable Development Agreement with the City. Contribution by the developer of cash in a net amount of $2,800,000 L and property for the Levee Project, (4)_ The developer exhausting all state and federal funding sources for Redevelopment Proiect H. The developer supporting the Levee Proiect bond issues as follows: L reasonably support the marketing of the TIF bonds; and ii. cause to be provided, as credit enhancement for the bonds, a stand -bv letter of credit in the amount of $4,000,000 with terms mutually agreeable to the developer and the issuer of the bonds with repayment eligibility for credit enhancements costs. The developer executing the L -385 Neighborhood Improvement District Petition should it be determined that NID Bonds will be utilized in the financing of the Levee Project. The developer developing _ g Master Plan which, to the greatest extent reasonably possible, promotes retail development on the Eligible Redevelopment Project H Areas . Funds remaining in the Special Allocation Account after all Redevelopment Projects are completed, all TIF Bonds are fully retired and all [administrative costs and all] Reimbursable Project Costs are fully paid, will be returned to appropriate Taxing Districts [and the State] in accordance with [and as required under] the Act. {-3�)ff W. PROCEDURES FOR PAYMENTS TO THE SPECIAL ALLOCATION FUND A. Payments in Lieu of Taxes Following the designation of any Redevelopment Project Area, for as long as such Redevelopment Project Area is subject to tax increment financing, the County Assessor shall determine the assessed value of the Redevelopment Project Area without regard to tax increment financing. The County Collector shall collect sums due from real property within such Redevelopment Project Area in accordance with the current equalized assessed valuation and tax levies in effect for each year. The amount collected which represents Payments in Lieu of Taxes shall be paid by the County Collector within 30 days after collection to the City and the City shall immediately deposit the amount paid into the PILOT 27 Account within the Special Allocation Fund, to be utilized and expended in accordance with the Act and this Redevelopment Plan provided, further, that commencing upon the latest to occur of the execution of a Development Agreement in connection with Redevelopment Project II, the receipt by the Levee District of the Landowner Deposit and the designation of Redevelopment Project II Areas, the City shall also keep a separate record of all Payments in Lieu of Taxes deposited into the Special Allocation Fund with respect to such Redevelopment Project II Areas] B. Economic Activity Taxes Following the designation of any Redevelopment Project Area, for as long as such Redevelopment Project Area is subject to tax increment financing, Economic Activity Taxes generated within such Redevelopment Project Area shall be determined and deposited into the Economic Activity Account within the Special Allocation Fund in accordance with the following procedures: 1. Documentation of Economic Activity Taxes by Taxpayers No later than thirty (30) days following payment of any Economic Activity Tax the taxpayer or its agent or representative shall present to the TIF Commission documentation of the type and amount of the Economic Activity Taxes paid. The documentation presented must clearly establish the type and amount of taxes paid and transactions which occurred which generated Economic Activity Taxes and may include certificates or actual tax returns, original sales records or similar specific business records of the taxpayer. 2. Certification by TIF Commission The TIF Commission for the Cityl following reasonable research and investigation, using independent consultants, accountants and counsel when appropriate, shall certify the nature and amount of Economic Activity Taxes payable by each Taxing District from which Economic Activity Taxes are due. 3. Presentation to Taxing Districts The TIF Commission Ior the Cityl shall deliver by mail or hand delivery its certification of Economic Activity Taxes payable by each Taxing District to the governing body of each such Taxing District. Each Taxing District shall within 30 days of receiving the certification or within 30 days after receiving any such Economic Activity Taxes, whichever is later, appropriate the amount of Economic Activity Taxes actually received and pay the appropriate sum to the City. 4. Deposit of Funds The City shall deposit the payments of Economic Activity Taxes received from the respective Taxing Districts in the Economic Activity Account in the Special Allocation Fund, to be utilized and expended in accordance with the Act and this Redevelopment Plan provided, further, that commencing upon the latest to occur of the execution of a Development Agreement in connection with Redevelopment Project II, the receipt by the Levee District of the Landowner Deposit and the designation of Redevelopment Project II Areas, the City shall also keep a separate record of all Economic Activity Taxes deposited into the Special Allocation Fund with respect to such Redevelopment Project II Areas.] f*} L New State Revenues. Pursuant to the Act, the Department of Economic Development shall distribute annually from the "Missouri Supplemental Tax Increment Financing Fund" the amount of the New State Revenues as appropriated by the State for Redevelopment Projects. No New State Revenues will be committed prior to an appropriation being made for a project under this Redevelopment Plan. All New State Revenues received shall be kept separate from the account into which Payments in Lieu of Taxes are deposited, and separate from the account into which Economic Activity Taxes are deposited. 2LIJ. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN This Redevelopment Plan may be amended only {pursuant to) [in accordance with] the provisions of the Act. {} 1XIIl TERMINATION OF TAX INCREMENT FINANCING Tax increment financing for the Redevelopment Projects and their corresponding Redevelopment Project Areas shall remain in effect for a period of 23 years from the date of the Ordinance approving the corresponding Redevelopment Project and adopting tax increment financing for the Redevelopment Project Area, except that tax increment financing may be terminated earlier by Ordinance in the event all Obligations have been retired and all Reimbursable Project Costs incurred or expected to be incurred have been paid. Tax increment financing shall be terminated for each Redevelopment Project Area by the adoption of an Ordinance of the [Board of Aldemersonsl which terminates the designation of the Redevelopment Project Area under the Act or by any other method authorized by the Act. tK* [XMJ REQUIRED STATUTORY FINDINGS With the approval of [the Original Plan, each amendment andl this Redevelopment Plan, the Board of Alderpersons has made the findings set forth in Exhibit 10 as required by the Act. f►3'. EXHIBIT 1 LEGAL DESCRIPTION DESCRIPTION ALL THAT PART OF SECTIONS 3 4, 5, AND 6; THAT PART OF FRACTIONAL SECTION 10, AND ALL OF FRACTIONAL SECTIONS 7 8 AND 9; ALL IN TOWNSHIP 50 NORTH, RANGE 33 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, IN PLATTE COUNTY AND CLAY COUNTY, MISSOURI, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHERE THE LINE BETWEEN PLATTE COUNTY AND CLAY COUNTY, MISSOURI INTERSECTS THE CENTERLINE OF NORTHWEST PLATTE ROAD, AS NOW ESTABLISHED, (OLD U.S. HIGHWAY NO. 71), WHICH POINT IS 828.0 FEET EAST AND 180.0 FEET, MORE OR LESS, NORTH OF THE SOUTHWEST CORNER OF SECTION 3 TOWNSHIP 50 NORTH, RANGE 33 WEST, IN PLATTE COUNTY, MISSOURI, THENCE SOUTHERLY ALONG SAID LINE BETWEEN PLATTE COUNTY AND CLAY COUNTY, TO A POINT ON THE NORTHERLY TOP OF THE HIGH BANK OF THE MISSOURI RIVER; THENCE NORTHWESTERLY, WESTERLY, SOUTHWESTERLY, WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG THE SAID NORTHERLY TOP OF THE HIGH BANK TO THE MOST SOUTHERLY CORNER OF A TRACT OF LAND DESCRIBED AS TRACT 2 IN THE WARRANTY DEED FILED FOR RECORD AS DOCUMENT NO. 11457 IN BOOK 647 AT PAGE 137; THENCE NORTHEASTERLY ALONG THE SOUTHEASTERLY LINE OF SAID TRACT 2, AS DESCRIBED IN THE SAID WARRANTY DEED TO THE SOUTHERLY RIGHT -OF -WAY LINE OF THE BURLINGTON NORTHERN RAILROAD, AS NOW ESTABLISHED; THENCE NORTHEASTERLY ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY CORNER OF THE TRACT OF LAND DESCRIBED AS TRACT 1 IN THE AFORESAID WARRANTY DEED; THENCE NORTHEASTERLY AND NORTHERLY ALONG THE EASTERLY LINE OF SAID TRACT I TO THE NORTHEAST CORNER OF SAID TRACT I SAID POINT BEING ON THE SOUTHERLY RIGHT -OF -WAY LINE OF MISSOURI ROUTE NO. 9, AS NOW ESTABLISHED; THENCE NORTHEASTERLY ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY INTERSECTION OF THE NORTHERLY RIGHT -OF -WAY LINE OF SAID MISSOURI ROUTE NO. 9, WITH THE NORTH -SOUTH CENTERLINE OF SAID SECTION 6; THENCE EASTERLY ALONG SAID NORTHERLY RIGHT -OF -WAY LINE TO THE WESTERLY RIGHT -OF -WAY LINE OF INTERSTATE ROUTE NO. 635, AS NOW ESTABLISHED; THENCE EASTERLY ALONG A STRAIGHT LINE TO THE SOUTHWEST CORNER OF TRACT "D ", "CLIFF MANOR" A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI, SAID POINT BEING ON THE NORTHERLY RIGHT -OF -WAY LINE OF U.S. HIGHWAY NO. 69, AS NOW ESTABLISHED; THENCE SOUTHEASTERLY, EASTERLY AND NORTHEASTERLY ALONG SAID NORTHERLY RIGHT -OF -WAY LINE AND ITS NORTHEASTERLY PROLONGATION, TO A POINT ON THE NORTHERLY RIGHT -OF- WAY LINE OF SAID NORTHWEST PLATTE ROAD, SAID POINT ALSO BEING ON THE WESTERLY AND SOUTHWESTERLY LINE OF BLOCK " B " , "RENNER PLAZA NO. 3 A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI; THENCE SOUTHERLY AND SOUTHEASTERLY ALONG THE WESTERLY AND SOUTHWESTERLY LINE OF SAID BLOCK "B ", TO THE SOUTHEAST CORNER OF SAID BLOCK "B "; THENCE NORTHERLY ALONG THE EAST LINE OF SAID BLACK "B", TO THE NORTHERLY LINE OF THE FORMER KANSAS CITY, CLAY COUNTY AND ST. JOSEPH RAILWAY COMPANY RIGHT -OF -WAY; THENCE SOUTHEASTERLY ALONG SAID NORTHERLY LINE TO THE SOUTHWEST CORNER OF LOT 12, "JANIE LANTS ADDITION " , A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI; THENCE NORTHERLY ALONG THE WEST LINE OF SAID LOT 12, TO THE NORTHWEST CORNER OF SAID LOT 12; THENCE EASTERLY ALONG THE NORTH LINE OF SAID LOT 12 TO THE NORTHEAST CORNER OF SAID LOT 12, BEING ON THE EAST LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 4; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID SOUTHEAST 1/4 TO THE AFORESAID CENTERLINE OF NORTHWEST PLATTE ROAD (OLD U.S. HIGHWAY NO. 71) ; THENCE SOUTHEASTERLY ALONG SAID CENTERLINE TO ITS INTERSECTION WITH THE LINE BETWEEN PLATTE AND CLAY COUNTIES, SAID POINT BEING THE POINT OF BEGINNING, EXCEPT ANY PORTION THEREOF LYING NORTH OF THE NORTHERLY RIGHT -OF -WAY LINE OF SAID MISSOURI STATE ROUTE NO. 9. TRACT 2: All of Lot 2, RIVERSIDE BUSINESS PARK, a subdivision of land in Riverside, Platte County, Missouri, according to the recorded plat thereof. TRACT 3: All that part of Lot 1, RIVERSIDE BUSINESS PARK, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 1; thence South 89 degrees 44 minutes 14 seconds West along the South line of said Lot 1, 143.80 feet; thence Northerly and Westerly along the Southwesterly line of said Lot 1, on a curve to the right, having a radius of 122.00 feet and tangent to the last described course, an arc distance of 192.86 feet; thence North 8 degrees 18 minutes 44 seconds East along the West line of said Lot 1, 52.63 feet; thence North 89 degrees 44 minutes 14 seconds East, 265.21 feet to a point on the East line of said Lot 1; thence South 0 degrees 15 minutes 46 seconds East along said East line 175.85 feet to the point of beginning. TRACT 4: All that part of Lot 1, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, more particularly described as follows: Beginning at the Northeast corner of Lot 1, thence South 0 degrees 15 minutes 46 seconds East 285.0 feet, thence South 89 degrees 44 minutes 14 seconds West 265.21 feet, thence North 0 degrees 18 minutes 44 seconds East 384.36 feet; thence South 83 degrees 54 minutes 51 seconds East 87.81 feet, thence Southeasterly along the Northerly line of Lot 1, being a curve to the left having a radius of 1351.73 feet and a central angle of 8 degrees 18 minutes 31 seconds, a distance of 196.02 feet to the point of beginning. TRACT 5: Lot 5, RIVERSIDE BUSINESS PARK, a subdivision of land in Riverside, Platte County, Missouri, according to the recorded plat thereof. TRACT 6: All that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof; lying Westerly of a line described as follows: Beginning at a point North 89 degrees 44 minutes 14 seconds East 310.0 feet from the Southwest corner of said Lot 4; thence North 0 degrees 18 minutes 44 seconds East 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East 53.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane. TRACT 7: All of Lot 3 and all of that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 3; thence South 89 degrees 44 minutes 14 seconds West along the South line of said Lots 3 and 4, 615.04 feet; thence North 0 degrees 18 minutes 44 seconds East, 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East, 53.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane, as now established, being also a point on the Northerly line of said Lot 4; thence Southeasterly along said Northerly line, on a curve to the left, having a radius of 182.00 feet, an arc distance of 183.92 feet; thence North 89 degrees 44 minutes 14 seconds East along the Northerly line of said lots 3 and 4 186.24 feet; thence Southeasterly, continuing along the Northerly line of said Lot 3, on a curve to the right, having a radius of 60.00 feet, an arc distance of 43.36 feet; thence Easterly continuing along the Northerly line of said Lot 3 on a curve to the left, having a common tangent with the last described curve, and a radius of 60.00 feet, an arc distance of 137.61 feet; thence North 89 degrees 44 minutes 14 seconds East, along said Northerly line, 90.00 feet to the Northeast corner of said Lot 3; thence South 0 degrees 19 minutes 56 seconds West, along the East line of said Lot 3, 360.02 feet to the Point of Beginning. EXHIBIT 1 ract 1 also described as LEGAL DESCRIPTION i o s : • TRACT 1: DESCRIPTION: "All that part of Sections 3, 4, 5, and 6; that part of fractional Section 10, and all of fractional Sections 7, 8 and 9; all in Township 50 North, Range 33 West, of the fifth principal meridian, in Platte County and Clay County, Missouri, described as follows: Beginning at a point where the line between Platte County and Clay County, Missouri intersects the centerline of Northwest Platte Road, as now established, (old U.S. Highway No. 71), which point is 828.0 feet East and 180.0 feet, more or less, North of the Southwest comer of Section 3, Township 50 North, Range 33 West, in Platte County, Missouri; thence Southerly along said line between Platte County and Clay County, to a point on the Northerly top of the high bank of the Missouri River; thence Northwesterly, Westerly, Southwesterly, Westerly, Northwesterly and Northerly along the said Northerly top of the high bank to the most Southerly comer of a tract of land described as Tract 2, in the warranty deed filed for record as Document No. 11457 in Book 647 at Page 137; thence Northeasterly along the Southeasterly line of said Tract 2, as described in the said warranty deed to the Southerly right -of -way line of the Burlington Northern Railroad, as now established; thence Northeasterly along a straight line to the most Southerly comer of the tract of land described as Tract 1, in the aforesaid warranty deed; thence Northeasterly and Northerly along the Easterly line of said Tract 1, to the Northeast comer of said Tract 1, said point being on the Southerly right -of -way line of Missouri Route No. 9, as now established; thence Northeasterly along a straight line to the most Southerly intersection of the Northerly right -of -way line of said Missouri Route No. 9, with the North -South centerline of said Section 6; thence Easterly along said Northerly right -of -way line to the Westerly right -of - -way line of Interstate Route No. 635, as now established; thence Easterly along a straight line to the Southwest corner of Tract "D ", "Cliff Manor" a subdivision of land in Riverside, Platte Count}; Missouri, said point being at the intersection of the Easterly right -of -way line of Interstate Route No. 635, as now established, with the Northerly right -of -way line of Vivion Road, (U.S. Highway No.'s 69 and 169), as now established; thence Southeasterly and Easterly along the Easterly right - of -way line of said Interstate Route No. 635, and its connection to the Northerly right -of -way line of said Missouri State Route No. 9, to the Westerly right -of -way line of the connecting road between said Missouri State Route No. 9 and said Northwest Platte Road (old U.S. Highway No. 71); thence Northerly and Northeasterly along the Westerly right -of -way line of said connecting road and its Northeasterly prolongation thereof to a point on the Northerly right -of -way line of said Northwest Platte Road (old U.S. Highway No. 71), said point also being on the Westerly and Southwesterly line of Block "B ", Renner Plaza No. 3, a subdivision of land in Riverside, Platte, County, Missouri; thence Southerly and Southeasterly along the Westerly and Southwesterly line of said Block `B ", to the Southeast comer of said Block "B "; thence Northerly along the East line of said Block "B ", to the Northerly line of the former Kansas City, Clay County and St. Joseph Railway Company right -of -way; thence Southeasterly along said Northerly line to the Southwest corner of Lot 12, "Janie Lants Addition ", a subdivision of land in Riverside, Platte County, Missouri; thence Northerly along the West line of said Lot 12, to the Northwest comer of said Lot 12; thence Easterly along the North line of said Lot 12 to the Northeast comer of said Lot 12, being on the East line of the Southeast '/, of said Section 4; thence Southerly along the East line of said Southeast' /. to the aforesaid centerline of Northwest Platte Road (old U.S. Highway No. 71); thence Southeasterly along said centerline to its intersection with the line between Platte and Clay Counties, said point being the Point of Beginning. Except any portion thereof lying North of the Northerly right -of -way of said Missouri State Route No. 9. � ° a w ro v W ~ r m a E E -H H z w H v N � ° a w ro v W ~ r m LEGAL DESCRIPTION OF REDEVELOPMENT AREA (As amended in 1999) The original Redevelopment Area, including the areas legally described in Exhibit 6 which are hereby incorporated by reference, and the Expanded Redevelopment Area are legally described as follows: "All that part of Sections 3, 4, 5, and 6; that part of fractional Section 10, and all of fractional Section 7, 8 and 9; all in Township 50 North, Range 33 West, of the fifth principal meridian, in Platte County and Clay County, Missouri, described as follows: Beginning at a point where the line between Platte County and Clay County, Missouri intersects the centerline of Northwest Platte Road, as now established, (old U.S. Highway No. 71), which point is 828.0 feet East and 180.0 feet, more or less, North of the Southwest comer of Section 3, Township 50 North, Range 33 West, in Platte County, Missouri; thence Southeasterly along the centerline of said Northwest Platte Road (old U.S. Highway No. 71), across that part of said Section 3 and Section 10, Township 50 North, Range 33 West, to a point on a line which forms a Northwesterly angle of 56 ° -58', from the East line of said Section 10 at a point that is 390.10 feet South of the East 1/4 corner of said Section 10; thence Southeasterly along the last described line to its intersection with the centerline of the North Kansas City Levee District's tie -back levee; thence Southwesterly along last said levee centerline to its intersection with the centerline of said Northwest Platte Road (old U.S. Highway No. 71); thence Southwesterly, continuing along last said levee centerline to its intersection with the centerline of the North Kansas City Levee District's Missouri River Levee, said centerline being parallel with and 40.45 feet Southwesterly of, as measured at right angles to, the centerline of the westbound main line track of the Burlington Northern & Santa Fe Railroad; thence Southeasterly along last said levee centerline, a distance of 226.0 feet, more or less, to a point on the East and West centerline of the Southeast 1/4 of said Section 10, said point being 715.6 feet, more or less, West of the Southeast corner of the Northeast 1/4 of the Southeast 1/4 of said Section 10; thence West along the East and West centerline of the Southeast 1/4 of said Section 10, to a point on the Northerly top of the high bank of the Missouri River; thence Northwesterly, Westerly, Southwesterly, Westerly, Northwesterly and Northerly along the said Northerly top of the high bank to the most Southerly comer of a tract of land described as Tract 2, in the warranty deed filed for record as Document No. 11457 in Book 647 at Page 137 at the Platte County, Missouri, Recorder of Deeds Office; thence Northeasterly along the Southeasterly line of said Tract 2, as described in the said warranty deed to the Southerly right -of -way line of the Burlington Northern & Santa Fe Railroad, as now established; thence Northeasterly alotlg a straight line to the most Southerly corner of the tract of land described as Tract 1, in the aforesaid warranty deed; thence Northeasterly and Northerly along the Easterly .line of said Tract 1, to the Northeast comer of said Tract 1, said point being on the Southerly right -of -way line of Missouri Route No. 9, as now established; thence Northeasterly along a straight line to the most Southerly intersection of the Northerly right -of -way line of said Missouri Route No. 9, with the North -South centerline of said Section 6; thence Easterly along said Northerly right -of -way line to the most Westerly corner of a tract of land described in the warranty deed filed for record as Document No. 33773 in Book 692 at Page 740 at the Platte County, Missouri, Recorder of Deeds Office; thence Northeasterly, along the most Westerly line of the tract of land described in the last said warranty deed, to a point on a line that is 8.00 feet Northeasterly of and parallel to the Northerly right -of -way line of said Missouri Route No. 9; thence Southeasterly and Easterly, along a line that is 8.00 feet Northeasterly of and parallel to the Northerly right -of -way line of said Missouri Route No. 9, to the most Easterly line of the tract of land described in the last said warranty deed; thence Southerly, along the most Easterly line of the tract of land described in the last said warranty deed, to a point on the Northerly right -of- way line of said Missouri Route No. 9; thence Easterly along said Northerly right -of -way line to the Westerly right -of -way line of Interstate Route No. 635, as now established; thence Easterly along a straight line to the Southwest corner of Tract "D ", "Cliff Manor" a subdivision of land in Riverside, Platte County, Missouri; thence Easterly and Northeasterly along the Southerly and Southeasterly line of said Tract "D ", to the most Easterly corner of said Tract "D ", said point also being the Northwest corner of a tract of land described in the instrument filed for record as Document No. B -48772 at the Platte County, Missouri, Recorder of Deeds Office; thence Northeasterly along the Northwesterly line of said tract of land to the most Northerly corner of Salo tract of tana; thence iNortn -)L 3.S 4 / Last along a line, rile prolongation of Wtllell intersects [he Westerly right -of -way line of Vivion Road, (U.S. Highway No.'s 69 and 169), as now established, that is 225.00 feet South of the North line of the Southwest 1/4 of said Section 4, as measured along said Westerly right -of -way line, a distance of 418.68 feet; thence North 39 26' 57" East a distance of 27.24 feet; thence North 27° 25' 58" West a distance of 92.00 feet; thence North 17° 19' 10" West a distance of 43.34 feet; thence North 10° 21' 03" East a distance of 22.86 feet; thence North 60 45' 06" East a distance of 32.80 feet; thence South 24 49' 25" East a distance of 102.29 feet; thence South 33° 50' 29" East a distance of 49.31 feet to a point on the aforesaid prolonged line; thence North 52 53' 47" East along the aforesaid prolonged line, a distance of 137.46 feet to the aforesaid point on the Westerly right -of -way line of Vivion Road; thence Southeasterly to a point on the Easterly right -of -way line of said Vivion Road that is 268.26 feet South of the North line of the Southwest 1/4 of said Section 4, as measured along said Easterly right -of- way line; thence Northeasterly along said Easterly right -of -way line, a distance of 268.26 feet to the North line of the Southwest 1/4 of said Section 4; thence Easterly along said North line, a distance of 358.27 feet; thence Northeasterly, parallel with the Easterly right -of -way line of said Vivion Road, a distance of 225.00 feet; thence North 62° 09' 21" East along a line, the prolongation of which goes to the Northwest comer of Lot 3, Block 1, "Indian Hills First Addition," a subdivision of land in Riverside, Platte County, Missouri, a distance of 153.13 feet; thence North 48 06' 11" East a distance of 15.56 feet; thence North 49° 18' 05" East a distance of 58.77 feet; thence North 82° 30' 39" East a distance of 48.45 feet to a point on the last said prolonged line; thence North 62° 09' 21" East, along the last said prolonged line, a distance of 83.22 feet to the Northwest corner of said Lot 3, Block 1, "Indian Hills First Addition, "; thence Northeasterly, along the North line of said Lot 3, to the Northeast corner of said Lot 3; thence Northeasterly along a straight line to the Northwest corner of Tract "C" "Resurvey of Block 2, Indian Hills First Addition ", a subdivision of land in Riverside, Platte County, Missouri; thence Northeasterly along the Northerly line of said Tract "C," a distance of 114.25 feet to an angle point in said Northerly line; thence Northeasterly, continuing along said Northerly line, a distance of 368.25 feet to an angle point in said Northerly line; thence Southeasterly along a straight line to the most Northerly comer of Lot 12, Block 3, said "Indian Hills First Addition;" thence Southwesterly along the Northwesterly line of said Lot 12, to the most Westerly corner of said Lot 12; thence Southeasterly along the Southwesterly line of said Lot 12 to the most Southerly corner of said Lot 12; thence Southwesterly along the Southeasterly line of Lot 13, said Block 3, to the Northwest corner of Lot 17, said Block 3; thence Southerly along the West line of said Lot 17 and along the Southerly prolongation thereof, to the North line of the Southeast 1/4 of said Section 4; thence Westerly along said North line to the Northeast corner of Lot 1, "Renner Plaza No. 1," a subdivision of land in Riverside, Platte County, Missouri; thence Southerly along the East line of Lots 1 through 8, both inclusive, said "Renner Plaza No. V to the Southeast corner of said Lot 8; thence Westerly along the South line of said Lot 8, a distance of 250.00 feet; thence Southerly along a straight line to the Northwest comer of Block "B ", "Renner Plaza No. 3 ", a subdivision of land in Riverside, Platte County, Missouri; thence Southerly and Southeasterly along the westerly ana Southwesterly line of said Block "B", to the Southeast comer of said Block "B "; thence Northerly along the East line of said Block "B," to the Northerly line of the former Kansas City, Clay County and St. Joseph Railway Company right -of -way; thence Southeasterly along said Northerly line to the Southwest corner of Lot 12, "Janie Lants Addition ", a subdivision of land in Riverside, Platte County, Missouri; thence Northerly along the West line of said Lot 12, to the Northwest comer of said Lot 12; thence Easterly along the North line of said Lot 12 to the Northeast comer of said Lot 12, being on the East line of the Southeast 1/4 of said Section 4; thence South 00° 03' 04" East, along the East line of the Southeast 1/4 of said Section 4, a distance of 57.30 feet; thence South 70° 25' 38" East a distance of 192.35 feet; thence South 19 34' 18" West a distance of 217.83 feet to the aforesaid centerline of Northwest Platte Road (old U.S. Highway No. 71); thence Southeasterly along said centerline to its intersection with the line between Platte and Clay Counties, said point being the Point of Beginning; except those portions thereof lying in Clay County, Missouri." m RIVERSIDE /QUINDARO LEVEE BLIGHT STUDY AbLt Ur 1 —UN I EN I S TABLE OF CONTENTS Letter of Transmittal Table of Contents Aerial Photographs Purpose of the Stud . I Descriptionof the Properties ......................................................................... .............................. PlatteCounty, Missouri ................................................................................ ............................. TheRiverside Neighborhood ...................................................................... ............................... 21 BlightAnalysis ............................................................................................. .............................23 C ............................. Assumptions & Limiting Conditions ........................................................... ............................. Addenda Legal Description Photographs of August 1993 Flood Tax Parcel Maps Qualifications of Thomas M. Rule, MAI Company Profile RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY `v• It om " ) .•. • { OL �t o ._ • • t -.T go • ' 1 ' , , I J =� 2 , is �.: � �• E. •. • IT 1 • T PURPOSE OF THE STUDY Introduction The purpose of this study is to provide and document evidence of any existence of a blighted condition affecting the approximately 1,800 acres of land and 113 tax parcels situated within the area comprising the Riverside - Quindaro Levee Redevelopment Plan. The properties studied are located along the north bank of the Missouri River and generally south of MO Hwy 9 in Riverside, Missouri. A map showing the boundary of the redevelopment area is in the Addenda. The plan area is bisected by I -635 and US 169. Riverside is a small town just a 5- minute drive northwest of downtown Kansas City, Missouri. The Missouri River in this location forms the boundary location of the states of Missouri and Kansas. Definitions The definition of blight as stated in Section 99.805 (1) of the Real Property Tax Increment Allocation Redevelopment Law, Revised Statutes of Missouri, is as follows: "Blighted 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 In 1987 the Missouri Supreme Court in reviewing the definition of "blighted area" as used in the Planned Industrial Expansion Law, Sections 100.300 et seq. RSMo., which has the same definition for "blighted area" as does the T1F Act, held that economic underutilization is a proper factor consider when making a finding of blight. Tierney v Planned Industrial Expansion Authority Kansas City. 742 S.W.2d 146 (Mo. en banc. 1987). In the Tierney case, the court specifically found that the redevelopment of the area in question "could promote a higher level of higher economic activity, increased development and greater services to the public. Industrial development is a proper public purpose." Id. at 151. The Missouri Supreme Court has also clearly held that vacant land may be considered blighted. State ex rel. Atkinson v Planned Industrial Expansion Authority 517 S.W.2d 47 (Mo. en banc. 1975). The court held the vacant area to be blighted reasoning that "It may well be vacant because it no longer meets the economic and social needs of modern city life and progress." Id. at 46. The underlying premise is that blightedness is a general neighborhood or specific property condition possessed by a substantial proportion of the individual properties or an individual property that is undesirable and/or unprofitable in view of their/its potential. Although the inadequacies of each property in the affected district contribute to the general condition of blight, there is no requirement that all or even a majority of the properties in the area suffer from such deficiencies. The same is true when dealing with an individual property in that not all RIVERSIDE- QUINDARo LEVEE BLIGHT STUDY PAGE 1 U o . rrs.. Vr ,nt JluUr characteristics of the property need to be blighting in order for the overall property to be considered blighted. The primary difficulty in defining blight is the fact that the demographic and economic character of each neighborhood or property is unique. Common to most definitions is the under utilization of a neighborhood or property in view of its optimal potential. Along these lines, the Missouri Supreme Court has determined "the concept of urban redevelopment has gone far beyond 'slum clearance' and the concept of economic under utilization is a valid one." This quality is to be found in RSMo ch. 353.020 (2), where blight is defined as: Blighted area means those portions of the city which the council shall determine that, by reason of age, obsolescence, inadequate or outmoded design or physical deterioration, have become economic and social liabilities and that the conditions in such localities are conducive to ill health, transmission of disease, crime or inability to pay reasonable taxes. Methodology /Format The fundamentalfbackground sections of the study cover the description of the properties within the redevelopment area of the County Data and the Riverside neighborhood. These descriptive sections are followed by the actual Blight Analysis. The Blight Analysis section includes detailed discussion of several blight tests included in the blight definition. Legal Description The detailed legal description of the redevelopment area is included in the Addenda. This legal description was provided by the client and is believed to be accurate. The plan area encompasses 113 tax parcels but only about 50 land owners since a few property owners control multiple tax parcels. Data Provided The client provided the following information: • Legal description of the Redevelopment Area Legal definition of blight and legal citations • Platte County Assessor's tax maps • County tax data for each tax parcel including ownership, acreage, county real estate taxes, an abbreviated legal description and the assessed valuation •. A copy of the Riverside - Quindaro Levee Redevelopment Plan RIVERSIDE - QUINDARO LEVEE BLIGHT STUDY PAGE 2 QQ O w 6 _ ' all e� C A f ° g _b £O C r ..., M OOOZ I S . y oov o F �� <i I� I M 009 A 009 M 000£ b -S —.0 Z ( Z �\ r' � hl Z � /Z � •1+ .C _ �.r O W LU OR W =� MOR M OOLS __ z 7 val Y 4� _- MOOl9 zi cl II Y N r_ C Y • c ,r ug.= , 91 Uft(k,. PURPOSE OF THE STUDY Experience Rule & Company, Inc. has prepared a number of Blight Studies as enumerated next: • The Galleria Study Area, part of the Crosstown Redevelopment Project, downtown Kansas City, Missouri • Crosstown Addition Study Area, part of the Crosstown Redevelopment Project, downtown Kansas City, Missouri • Century Avenue Redevelopment Area, part of Executive Park, I -435 and Front Street, Kansas City, Missouri • Barry Towne, west side of US 169 at Barry Road, Kansas City, Missouri • Schnucks TIF Plan, I -70 and Lee's Summit Road, Independence, Missouri • Ward/Roanoke Parkway Redevelopment Area, Kansas City, Missouri • Harbor Town Redevelopment Area, I- 29/1 -35 and Russell Road, Kansas City, Missouri • Brotherhood of Railway Carmen Building, 4929 Main Street, Kansas City, Missouri • Cook Composites & Polymers, 820 E. 14th Avenue, North Kansas City, Missouri • The Elms Redevelopment Area, Excelsior Springs, Missouri RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY r �V, A-UL = ._-�a 0- M-19 iJNC- DESCRIPTION OF THE PROPERTIES DESCRIPTION OF THE PROPERTIES Location & Access Riverside has a fundamentally close -in location easily accessible to all parts of the Kansas City area. The Plan Area is served by I -635, MO Hwy 9 and US 69. These are all limited- access, 4 to 6 -1ane freeways. The only Riverside access to the freeways is via River Way Boulevard where there is access to westbound MO Hwy 9 which in turn, leads to the I -635 interchange. Access to eastbound MO Hwy 9 is via Tullison Road, the south side frontage road, to an on -ramp just east of the Riverside and plan area boundary. I -29 is just north of Riverside and the US 69 freeway (commonly known as the Broadway Extension) is a short distance east. The I -635 bridge together with the Fairfax Bridge (US 169) provides 2 of the 9 Missouri River crossings in the Kansas City metro area. Riverside is traversed by several freeways but access to those highways is limited and can be considered confusing for the uninitiated. Within the project area and off the freeways local road access is poor. The condition of these local roads is described as follows: Intercon Drive - asphalt paving to just south of railroad where it becomes a private road; signals but no gates at crossing of two main line tracks and a spun line; the Burlington Northern main line tracks are busy and carry high speed traffic. Mattox Road - has both gates and lights at railroad crossing; about the northerly 500 feet is asphalt paved; remainder is bad, potholed gravel road; becomes a one -lane road with two 90 turns south of Fleming Babcock; dirt trail south of DeConick Road. DeConick Road - one -lane, lightly graveled road, poor condition. Van de Populier Road - new chip and seal to DeConick Road; newly widened rail crossing with signals and gates; dirt trail south of DeConick Road to I -635 overpass. Platte Valley & Parkway Drives - good quality, two -lane, two -way asphalt roadways with concrete curbs. US 69 & I -635 Frontage Road - a loop road running from under the railroad crossing on the north to under the foot of the Fairfax Bridge on the south; accessible from US 69 only via steep ramps; little used and poorly maintained; being improved near new access road to the Argosy Casino permanent site. Tullison Road - generally good quality, two -lane, two -way, asphalt -paved road paralleling the south side of MO Hwy 9; west end becomes gravel and deadends at the railroad. Business Park Lane - good asphalt -paved road with concrete curbs serving the Riverside Business Park PAGE 4 RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY Land Size Most of the tax parcels are of a size and configuration that are amenable to development. Only a few parcels are less than an acre in size and would have limited development potential. Zoning All of the property within the 1,800 -acre project area is zoned M -2, Industrial. This is an inclusive zoning that permits most types of commercial and industrial uses. Utilities For the most part, utilities are only available along or near MO Hwy 9. Water Provided by Missouri Cities Water Company, a private, for a profit utility. A 12" trunk line is along the north side of the Burlington Northern Railroad tracks. A 10" line is in Mattox Road to 2,500 feet south of the railroad. Van de Populier has a 10" line to 850 feet south of the railroad. The Platte Valley and Riverside Business Parks are served by 10" water lines. An 8" water line is in Tullison Road for about half its length with a branch going south to the temporary site for the Argosy Casino. In general, water is available to the northern perimeter of the project area but about the southerly two- thirds of the area is not served by water lines. Natural Gas A 12" high- pressure line is in MO Hwy 9. Properties situated north of the Burlington Northern railroad tracks have natural gas. The three- fourths of the development area south of the railroad lacks natural gas service. Sewers A large force main is on the south side of Hwy 9. The Platte Valley and Riverside Business Parks are on sewers as are the Argosy facilities. Many of the remaining properties along Hwy 9 are not served by a public sewer since access to the force main requires a pump. Over 75% of the area is not served by sewers. Topography All of the area encompassed by the Riverside - Quindaro Levee Redevelopment Plan is within the 100 -year floodplain associated with the Missouri River valley (see floodplain map on the following page). There is a small agricultural levee in place but no drainage facilities. The ag levee protects from flooding of 10 to 15 years in frequency. The buildings in the Platte Valley and Riverside Business Parks are built to 1 foot over the 100 -year flood level but are beneath the 500 - year flood level by about 6 to 8 feet. Three other buildings along Hwy 9 at Tullison Road are also above the 100 -year flood level. The new Argosy buildings are at the 500 -year level but the surface parking areas are at or below the 100 -year level. All of the buildings above the 100 -year flood level are at that elevation because substantial fill dirt was brought to their sites. The accompanying floodplain map shows the 100 -year flood elevation range from 762 feet above mean sea level at the west end of the area to 757 feet at the east end. The land south of the RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY PAGE 5 \� � I I 00 I z 1 411 00 ��' _ _ � ,' fy' v /�/ , f • 1 � - a 3 , OO AHVON.109r — U r4 f •_ _ x - it I �D jp N - - _\ 5 Alp" CL m q CL CL W l ' �- y L •11•x• . M y I It -, 1 .( /. / -ar In I •.�J��. _ ... / n A ULE � COR57 PMV, WC. DESCRIPTION Of THE PROPERTIES railroad ranges in elevation from 740 feet to 750 feet above sea level. An average is about 745 feet. Thus, the bulk of the bottom land is about 15 feet below the 100 -year flood level. The area between the railroad and Hwy 9 is generally 8 to 10 feet below the 100 -year flood elevation. As noted earlier, the 500 -year flood level is 6 to 8 feet above the 100 -year flood mark. In August of 1993 the area experienced a devastating flood that reached to about 1 foot below the 500 -year flood level. The buildings in the Platte Valley and Riverside Business Parks were flooded to a depth of 5 to 7 feet despite their being built to above the 100 -year flood level. Hwy 9 and I -635 were also flooded, and, in fact, parts of I -635 were washed away. Over two years later there are still a few flood damaged buildings that have not been repaired. Photographs of the August 1993 flood are found in the Addenda. Real Estate Taxes On the following three pages is a summary of taxes paid by all the properties within the Riverside - Quindaro Levee Redevelopment Plan. Total 1994 taxes amounted to $337,131.26 or an average of $196 per acre. The properties with taxes in excess of $2,000 per acre are improved properties in the Platte Valley and Riverside Business Parks. The 46 tax parcels that are vacant agricultural land south of the Burlington Railroad pay only $9,028.96 in taxes or an average of $7.05 per acre for 1,280.74 acres. Note that many parcels pay only $2.00 to $3.00 per acre in taxes. Improvements About 75% of the land south of Hwy 9 north of the Burlington Northern Railroad and west of I -635 is improved. These are generally standard structures in fair t0 good condition. The Platte Valley Industrial Park has nine nearly new buildings that are functional in every respect. The exception is a vacated abandoned house and shed that was formerly occupied by the Dry Basement Company (tax parcel number 23- 3.0- 06- 100- 04 -02). The house shows signs of deterioration. It is considered a safety and health hazard. Tax parcel 23- 3.0 -06- 100 -05 -01 has an abandoned flood - damaged house as well as a falling - down greenhouse and shed behind the house. These improvements are very poor. The Knappco building next south is in reasonable condition. The Fleming Bobcock office and truck repair building further south on Mattox Road is in just fair condition overall but is not considered deteriorated. An abandoned, small concrete block house and some frame sheds are on the east side of Mattox Road (parcel number 23- 3.0 -0.5 -001 -043). A vacant metal truck garage is on the west side of Van de PopuGer Road (parcel 23- 3.0- 07 -000- 000 -001). At 4026 Van de PopuGer is a one and one -half story, 70 -year old, frame house that is flood damaged and unoccupied. A frame house converted to offices is at 4030 in good condition. A good metal warehouse is on the south side of the railroad tacks. Argosy Casino is building their permanent facilities including a two -story landside commercial building, a 4 -level parking garage and some surface parking. A March 1996 opening is planned. These buildings are, of course, in excellent condition and functional. Tax parcel 23- 3.0- 05 -000- 001- 048 -001 has two metal garages on it that are presently vacant. They are in fair to poor PAGE 6 RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY ?i•��r� ?� '(�,,'QMP/AXV IMC DESCRIPTION OF THE PROPERTIES Property Tax Summary 1994 Taxes 1994 Assessed Parcel Number Acres Valuation Amount Per Acre 23- 3.0 -06- 100 -004 - 001 -000 4.95 I $103,410 $6,256.31 $1,264 23- 3.0 -06- 100 -004 -002 -000 0.28 7,920 479.18 1,711 23- 3.0 -06- 100 -004 -003 -0 00 4.22 9,840 595.29 141 23- 3.0 -06- 100 -004 -004 -000 1.19 10,760 651.00 547 23- 3.0- 06- 100 -006 -001 -000 13.63 490 27.90 2 23- 3.0 -06- 100 -006 -002 -000 5.78 75,140 4,545.96 752 23- 3.0 -06- 100 -001 -081 -000 2.72 30,860 1 1 686 23- 3.0 -06- 100 -001 -082 -000 5.60 97,030 5,870.33 1,048 23- 3.0 -06- 100 -001 -088 -000 10.00 43,880 2,654.75 265 23- 3.0 -06- 100 -001 -089 -000 6.46 15,920 963.16 145 23- 3.0- 06- 100 -001 -089 -001 3.54 34,100 2,063.05 524 23- 3.0 -06- 100 -001 -090 -000 19.00 2 134.86 7 23- 3.0 -06- 100 -001 -091 -000 19.42 2,270 129.17 7 23- 3.0 -06- 100 -001 -092 -000 33.00 1,210 68.85 2 23- 3.0- 06- 100 -001 -093 -000 14.95 28,270 1,708.83 1 l4 23- 3.0 -06- 100 -001 -094 -000 17.63 660 37.57 3 23- 3.0 -06- 100 -001 -095 -000 2.00 1 79366 40 23- 3.0 -06- 100 -001 -096 -000 15.00 50,530 3,055.34 204 23- 3.0 -06- 100 -001 -096 -001 0.62 1 30 1.72 3 23- 3.0 -06- 100 -001 -099 -001 4.78 210 11.95 2 23- 3.0 -06- 100 -001 - 100 -001 4.78 160 9.12 2 23- 3.0 -06- 100 -001- 101 -001 4.98 210 11.95 2 23- 3.0 -06- 100 -001 - 102 -001 40.51 1 96.73 2 23- 3.0 -06- 100 -001 - 104 -001 115.80 559,880 33,872.74 293 23 -3.0 -06 -100- 001 -105 -001 30.60 1,270 72.27 2 23 -3.0 -06 -100 - 001 - 106 -001 22.30 249,298 15,081.44 676 23- 3.0 -05- 300 - 001 - 001 -000 0.00 168,730 10 208.16 - 23- 3.0 -05- 300 - 001 -002 -000 4.72 257,870 15,601.14 3,305 23- 3.0 -05- 300 - 001 -004 -000 0.00 204,420 12,637.43 - 23- 3.0 -05- 300 -001 - 005 -000 0.00 278,500 16,849.25 23- 3.0 -05- 300 -001 -007 -000 10.28 798,800 48,327.41 4,701 1 23- 3.0 -05- 300 - 001 -010 -000 1.54 16,350 989.23 642 23- 3.0 -05- 300 - 001 -010 -001 0.49 5,200 314.61 Rio 23- 3.0 -05- 300 -001 -011 -000 1.13 13,270 802.86 23- 3.0 -05 -000 -001 -041 -001 0.00 450 27.25 - 23- 3.0- 05 -000 -001 -041 -000 0.00 573,660 32,297.07 7 23- 3.0 -05 -000 -001 -042 -000 17.53 2,160 122.92 PAGE 7 RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY JS�ll.c , �;�►�1�G�1J�1Cf, J�](�� DESCRIPTION OF THE PROPERTIES Property Tax Summary - Continued - 1994 Tazes 1994 Assessed Parcel Number Acres Valuation Amount Per Acre 23- 3.0 -05 -000 -001-043 -000 109.09 23 -3.0 -05 -000-001 -048 -000 2.28 23-3.0-05-000-001-048-001 1.22 23- 3.0 -05 -000 -001 -049 -000 0.00 23- 3.0 -05 -000 -000 -050 -000 6.46 23- 3.0 -05- 000 -000 -051 -000 2.51 23- 3.0 -05- 000 -000 -052 -000 4.29 23- 3.0 -05 -000 -000 -053 -000 6.08 23- 3.0 -05 -000 -000 -054 001 1.74 23-3 -002 1.25 23- 3.0 -05- 000 - 000 -056 -000 4.21 23- 3.0 -07 -000 -000 -001 -000 3.00 23-3 1.60 23-3.0-07-000-000-003-000 15.09 23- 3.0 -07 -000- 000 -004 -000 5.89 23-3.0-07-000-000-005-000 13.75 23-3.0-07-000-000-006-000 13.08 23-3.0-07-000-000-006-001 1.92 23- 3.0 -07 -000- 000 -007 -000 5.00 23- 3.0 -07 -000- 000 - 008 -001 5.00 23 -3.0 -07 -000-000- 009 -000 49.85 23- 3.0 -07- 000 -000 - 001 -000 40.00 23- 3.0 -07- 000 - 000 -0 11 -000 0.52 23- 3.0 -07- 000 - 004 -012 -000 70.43 23- 3.0 -07- 000 - 000 -014.000 90.71 23- 3.0 -07- 000 -000 -0 15 -000 45.00 23- 3.0 -07- 000 -000 -016 -000 41.00 23- 3.0 -0 8- 000 - 000 - 001 -000 16.00 23- 3.0 -07 -000- 000 -017 -000 43.60 23- 3.0 -08- 000 -000- 002 -000 3.45 1,890 23- 3.0 -0 8- 000 - 000 - 001 -001 23- 3.0 -08 -000- 000 -002 -002 23- 3.0 -08- 000 - 000 - 003 -002 3.30 0.45 192.18 S 6,350 S 367.40 S 3 11,120 672.77 295 15,010 908.11 744 23,000 1,391.49 56,730 3,432.16 532 29,390 1,778.11 681 233 820 14 146313 3,297 483,840 29,272.31 4,815 69,500 4,204.74 2,417 58,960 3,567309 2,854 146,300 8,851.16 2,102 6 403.55 135 250 14.26 9 50 29.60 2 200 11_38 2 _ 470 26375 2 450 25364 2 150 8.57 4 70 3.99 1 170 9.68 2 1,890 107.56 2 1,440 81.92 2 70 3.99 8 3 100 176.39 3 4,520 257.20 3 2,170 123.48 3 1,280 72.82 2 470 26.75 2 1,370 77.96 2 130 741 2 60 3.43 1 820 46.61 104 7.310 415.94 2 PAGE 8 RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY : L:S '�l CCkP- Wf, j IC. DESCRIPTION OF THE PROPERTIES Property Tax Summary - Continued - RIVER SIDE -QUINDARO LEVEE BLIGHT STUDY PAGE 9 1994 Taxes Parcel Number Acres 1994 Assessed Valuation Amount Per Acre 23- 3.0 -08 -000 -000 -003 -001 0.00 320 19.37 23- 3.0 -08 -000 -000 -003 -002 52.08 320 19.37 1 23- 3.0 -08 -000 -000 -004 -000 13.00 470 26.75 2 23- 3.0 -08- 000 -000 -004 -001 0.00 320 19.37 - 23- 3.0 -08 -000 -000 -005 -000 1 131.19 1,710 97.30 1 23- 3.0 -08 -000 -000 -005 -001 1 69.08 1 320 19.37 1 23- 3.0 -08 -000 -000 -005 -002 0.00 1 320 19.37 - 23- 3.0 -08- 000 -000 -006 -000 6.00 J 0 1 0.00 1 0 23- 3.0- 08 -000 -000 -007 -000 26.23 360 20.50 1 23- 2.0 -09 -000 -001 -001 -000 2.54 90 5.14 2 23- 2.0 -09 -000 -001 -002 -000 31.34 0 0.00 0 23- 2.0 -09 -000 -001 -003 -000 10.89 45,320 2,740.04 252 23- 2.0 -09 -000 -001 -003 -001 0.60 0 0.00 0 23- 2.0 -09 -000 -001 -003 -002 3.14 129,230 7,818.44 2,490 23- 2.0 -09 -000 -001 -003 -003 2.11 30,400 1,839.20 872 23- 2.0 -09 -000 -001 -003 -004 2.09 21,280 1,287.43 616 23- 2.0- 09 -000 -001 -004 -000 2.01 230 13.10 7 23- 2.0- 09 -000 -001 -005 -000 1 1.23 0 0.00 1 0 23-2.0-09-000-001-0%-001 1.01 0 1 0.00 0 23- 2.0- 09 -000 -001 -005 -002 1.47 70 1 3.99 3 23 -2.0 -09 -000-001 -006 -000 44.19 01 0.00 0 23- 2.0 -09 -000 -001 -007 -000 0.001 0 0.00 0 23- 2.0 -09 -000- 001 - 007 -001 0.00 1 0 0.00 0 23- 2.0 -09- 000 - 001 -008 -000 41.64 2,260 119.10 3 23- 2.0 -09- 000 - 001 - 009 -000 0.00 0 0.00 1 0 23- 2.0 -09- 000- 001 -010 -000 26.28 0 0.00 0 23- 2.0 -09- 000 -001 -010 -001 28.30 70,590 4,264.62 150 23 -2.0 -09-000 -001 -010 -002 14.50 0 0.00 0 23- 2.0 -10- 000 -001 -002 -000 31.34 0 0.00 D 23- 2.0- 04 400- 008 - 008 -000 2.16 84,260 5,097.73 2,360 23 -2.0 -04400- 001 - 009 -000 1.01 42,370 2,563.38 2,538 23 -2.0 -04400- 001-009 -001 1.97 90,880 5,498.23 2,791 23 -2.0- 04400 -001 -010 -000 2.98 103,560 6,265.41 2,099 23 -2.0 -04400 - 008 -011 -000 23 -2.0 -04400-008 -012 -000 3.20 4.91 152,720 222,440 9,239.56 13 457.61 1 2.887 2,746 23- 2.0 -04- 300 -005 -001 -000 21.32 130,570 7,896.96 370 23- 2.0 -04- 300 - 005-001 -001 3.34 0 0.00 0 23- 2.0 -04- 300 -005 -002 -000 0.00 0 0.00 0 TotaWAverage 1,822.53 $5,946,220 $357,131.26 5196 RIVER SIDE -QUINDARO LEVEE BLIGHT STUDY PAGE 9 RULE , :i�,OiAF bpd y 3143C. DESCRIPTION OF THE PROPERTIES condition. Next south on parcel 23- 3.0 -05 -000- 001 -048 are four or 6vevery poor truck trailers. Junk equipment is stored on parcel 23- 3.0 -05- 000 - 001 -049. Several good buildings are on the south side of Tullison Road. A new building is under construction on Tullison east of the Hwy 9 ramp. The seven buildings in the Riverside Business Park are in good condition and functional in every respect. PAGE 10 RIVERSIDE - QUINDARO LEVEE BLIGHT STUDY Vacant House and Shed on Parcel 23-3.0-06-100-04-02 LAP OL j ac ■ ■ 2w i . �� __ .•gal .'� pll!, - A0 • . . . . . . . . . r4y 'Ail 7 1! V N� 71�1 ...... ----- l int ir i fit• %�?F. i .: `:. �.. ••'oa..� �: `` \..! .'i9.` �" l'� ye •�1 ' fir r .•.•... ' '• te•7 3' . •s: ..t= '�••��•y� rR �:!�'.�[�, • �1• t .� ' t \� •:.:C'•� tom` b _• ��.Yy �'ar - ,..� •� =. •M..� ` �.:...ar! ^••t... V - � � •• _. r��'� • ♦' •: �. _ • O ,' -' tom - - J'�S. • ?fir• �•��i ` 4 . IM. _�1'T \ ^ • I •�� (/• • 1 •' • �� •�' � I Sx. �• •♦ '.•- .+ • • YID. �• •{ ROW .� r • . • ' i �� l ■ I I r . ^pig ..• : ••. ��� 3 . �••).: « .. 7 ,1 • •'a,;��. w` �E yrs.f y .. �Y AA r - •:J IL RULE C-� l9 0MPc NV INC, PLATTE COUNTY, MISSOURI PLATTE COUNTY, MISSOURI Location Platte County is at the northwest corner of the Kansas City Metropolitan Area. However, the extreme southern tip of the county is only four miles and about five minutes driving time from Downtown Kansas City, Missouri. Interstate Highways I -29 and I-435 run through the County. Population Following is a summary of population trends and projections in Platte County: Year County Po uWon County AAGR Metro AAGR 1960 23,350 — — 1970 32,081 3.2% 3.2% 1980 46,341 3.7% 3.7% 1990 57,867 2.3% 1.5% 1996 67,733 2.7% 1.3% Source: U.S. Cerxua Bureau: 1988 projodiorn from "d America Regional Council (MARC) MGR - Annual AveraQe GraMh Rate In compound_ % Growth in the overall metropolitan area was 1.5% per year compounded for the decade ended 1990. Thus, Platte County growth outpaced the overall MSA during that same period. South Platte County (that part south of Barry Road/84th Street) is projected to grow at still faster rates. Growth within Platte County should continue to outpace the metro area. According to Sales and Marketing Management (S &MM), the median household Effective Buying Income (EBI, gross income less taxes) for Platte County as of August 30, 1994 was $43,098, which compares very favorably with the metro, state and national figures of $42,033, $31,869 and $35,056, respectively. Employment A large share of Platte County is still devoted to agriculture as only the southern third of the county is urbanized. Of the 25,782 jobs located in the County in 1994, roundly 5% were in the manufacturing sector. The unemployment rate is a low 3.1 %. Most of the area's manufacturing employment resides in the City of Riverside in the Platte Valley Industrial Park and the Riverside Business Park (over 1.0 million square feet). The main focus for overall employment, however, continues to be Kansas City International Airport (KCI). Trans World Airlines (TWA) is the largest employer in Platte County, maintaining a payroll of approximately 5,600 people at their main overhaul base, operational headquarters, and the WORLDSPAN Reservation Center. TWA filed for Chapter 11 bankruptcy protection in January 1992. TWA, like many airlines, has a tenuous future. However, most observers believe that the KCI overhaul base is a valued asset and should remain a viable enterprise regardless of the particular fate of TWA. TWA has now come out of bankruptcy, but its future is still tenuous. Employment at the overhaul base is obviously volatile, but holding steady. RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY PAGE 16 -1611- N Q 1 6 Kama CRY International Airport 6 9 6 45 43S IOU4 S. 152 A. B-i, Rd 0,*4 Slissoun �> t E i z Kansas 9 z 69 Richard Gcbaur r 69 Airport C Mid- America Regional Council LIB I 11 1 81 Area Map K. Rd 5 Downtown Airport • 9 269 . ll ' '� -t i 61) 6310 S, i s S. 3 -1611- N Q m 6 9 6 IOU4 S. A. B-i, Rd 0,*4 �> t E i z 169 ISO Richard Gcbaur r 69 Airport C Mid- America Regional Council LIB I 11 Area Map m y.UkP PLATTE COUNTY, MISSOURI In December 1986, TWA and Northwest Airlines formed the PARS reservation system. In January 1987 PARS relocated to the KCI neighborhood and hired 450 employees. As of early 1993, 860 persons were employed at PARS. PARS is expanding into the Orient via Singapore and formed a partnership with Delta Airlines to create WORLDSPAN. PARS has now been merged into WORLDSPAN and many of the 860 employees associated with PARS have moved to Atlanta. However, WORLDSPAN will expand so that the net loss is only 400 jobs. A local developer has purchased the 205,000 -square foot PARS buildings and released the buildings to WORLDSPAN. America West's, TWA and Continental have all come out of Chapter I I bankruptcy protection. America West's has opened a reservation center in the 27,600 -square foot facility originally constructed for Braniff. America West employs roundly 350 at the facility. Midway Airlines and Pan Am ceased operations in 1991, both of which had some form of service at KCI. Northwest Airlines is another troubled carrier providing service to KCI, though Northwest has thus far avoided any form of bankruptcy protection. Vanguard and MarkAir are new additions to the airport. Farmland Industries, long a Northland resident, previously announced its intention to construct a campus in the airport neighborhood. Plans called for a 400,000 -square foot headquarters to be built somewhere along the I -29 corridor from Barry Road north to Cookingham Drive. However, Farmland's announcement was made in 1989 and no action has yet been taken. All told, an estimated 12,000 people are employed on city-owned airport property. The other major employment generator in the county is the Executive Hills North mixed -use development. Details of this 4,000 -acre project will be discussed below. About 2,000 jobs, not including PARS and WORLDSPAN, now reside at Executive Hills North, and all have been added since 1985. The Kansas City International Airport Kansas City International Airport is the most dominant feature within Platte County. KCI is located on an 10,000 -acre site. The facility is fairly modern having begun flight operations November 11, 1972. Currently, the airport offers two north/south and one east/west runway. An additional 1,900 acres are being acquired for future expansion. The expansion land is west of the present facility and could support a total of four north/south and two east/west runways. Little development occurred on airport grounds between 1974 and 1986. However, considerable activity has occurred in the last three years with even more planned for the future. In 1987, a 6,000 -square foot private aviation center and a 70,000 -square foot air cargo facility ($10 million) were opened. In 1989, construction of a 2,000 -space parking garage at Terminal A was com- pleted (cost approx. $21 million). A similar garage was completed in late 1991 for Terminal B ($20.8- million bid). In 1989, Marriott expanded their airport hotel by over 50% with the addition of 125 rooms (total cost including rehab $10 million). Also in 1989, Alamo Rental Car constructed a new service center on airport grounds (7,100 -square foot building). The State of Missouri has separately funded and constructed an 8,000- Sq.Ft. livestock exporting center which opened in 1990. PAGE 17 RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY J UlflllL. rLP, I It "UN I Y, MIbsuUKI For the future, the infrastructure of the airport is undergoing major expansion because of passage of a $330- million revenue bond package in 1988. Phase I construction included the second north/south runway (9,500 feet). Total cost of the new runway was roundly $50 million. Kansas City made a strong bid to McDonnell Douglas for a 5,000 - employee aircraft assembly plant at the airport but the new plane and plant were put on indefinite hold. In the meanwhile, land at KCI is being actively marketed to other large users. The large amount of development of land at KCI Airport should become, in tune, a valuable asset. Other County Development For the most part, Platte County is still undeveloped, and thereby unspoiled, even for that part within the city limits of Kansas City. Strict land use controls have been imposed in and around the airport in order to assure orderly growth and to protect the city's large investment. Therefore, future development should be of good quality. Outside of the airport proper, the major commercial development in Platte County has been Executive Hills North. In 1982 Ted J. Ehney, Jr. began assembling farm land along the Interstate 29 corridor south of the airport entrance. By 1989 Executive Hills North had grown to encompass 4,000 acres slated for a 20 -year mixed -use development plan. Over 1.5 million square feet including offices, office/warehouse, hotel, retail, and residential uses had been constructed by 1989. Mr. Ehney had operated under the hypothesis that large inventories of office space were necessary to attract large in -town or out -of -town users. He was proved partially correct by attracting PARS to Executive hills in 1988. Unfortunately, an overbuilt office market in the region and slower - than- anticipated growth in the airport community resulted in the 1990 foreclosure of most of the Executive Hills North property. Although the collapse of the Executive Hills North has resulted in a setback for the airport community, the breakup of the large holdings has introduced several new players to the Northland. John Q. Hammons, a successful Springfield, Missouri hotel developer, has been a joint partner in several projects within Executive Hills North. Ehney and Hammons were beginning development of an 842 -acre golf and residential development called Tiffany Greens Country Club at the time of Mr. Ehney's financial collapse. The heart of this massive development is a 6,875 -yard, par 72, 18- hold golf course designed by Robert Trent Jones II that has been rough graded. The course was to be surrounded by 813 residential lots. In August, 1991, Mr. Hammons eliminated Ehney from the venture. Hammons is currently acquiring additional ground to round out his holdings. It is rumored that he will soon start construction on a 36 -hole golf community. After office, the most active sector is lodging. On the following page is an inventory of KCI lodging. The airport market is consistently amongst the best hotel segments in the city. The airport generally trails Johnson County in occupancy and follows the Downtown and Johnson County in average daily rate (ADR). RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY PAGE 18 ASUL& '� '1 KVXhv1 U V+JIS:. PLATTE COUNTY, MISSOURI FranchiselChain opening Date Rooms Ramada 1973 244 Hilton 1974 348 Holiday Inn 1974 197 Marriott 1974 388 Motel 6 1981 86 Super 8 1983 50 Comfort Inn 1985 92 Country inn 1985 44 Residence Inn 1986 110 Econo Lodge 1987 59 Hampton Inn 1987 122 Embassy Suites 1989 236 Marriott Courtyard 1990 149 Clubhouse Inn 1992 138 Total Rooms 3 The 1994 (3 QTR) occupancy figure for the airport neighborhood was 81 %. The ADR (2QTR) for the Northland area was $48. (The ADR for the airport neighborhood would be higher as the more valuable facilities in the Northland are near KCI.). Two or three new hotels may be built near KCI in 1995. Retail growth in the south part of the County is strong where two, 125,000 to 150,000 -square foot centers opened in early 1990. Enhanced shopping should permit many of the county's shoppers to spend more money within the neighborhood rather than travel to more mature Clay, Jackson and Johnson Counties. Residential Development Housing development in the Northland has been spurred on by the ample supply of rolling, unde- veloped land within 15 minutes of Downtown. A 700 -acre residential and retail project called Riss Lake is currently under development in Parkville. Lot prices at Riss Lake start at $40,000 and range up to $250,000 lakeside. Corresponding home prices are from $200,000 to $1,000,000. At 64th and I -29, Lakey Construction has developed the Tremont subdivision with similar lot and home pricing structures as Riss Lake. Briarcliff West, developed by Charles Gamey, has $250,000 lots overlooking the downtown. Homes developed in Briarcliff West have ranged from $300,000 to over $5,000,000. The most successful recent development is Platte Brooke North, where 118 homes in the $165,000 to $300,000 price range were built in a 28 -month period. The following page contains a summary of housing permits issued in Kansas City North. The 1990s have seen a continuation of the substantial increases that began in the late 1980s. In 1994, 553 single - family permits were issued, a figure second only to 1992 (626) and 2.6% higher than 1993. In the six years between 1983 and 1988, 5,788 apartments were added to the Kansas City North inventory. The dramatic increase in supply resulted in the Northland (Clay and Platte Counties) being among the weakest submarket in the metropolitan area. However, the market has continually improved since 1992. The Apartment Association of Kansas City (AAKC) indicates 2QTR 1994 occupancy in Platte County of roundly 96.8 %. This is slightly above the metro average of 96.4 %. Corresponding rents averaged $429 per month, a figure 7% below the metro RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY PAGE 19 ?ABLE , o�,{ r, ;� dd9 MC PLATTE COUNTY, MISSOURI average of $460 per month. According to the AAKC, concessions were being offered at 18% of the complexes in the metropolitan area. Land has been purchased for two new apartment projects near 64th Street and Interstate 29. Northland Building Permits Source: Home Builders Associates of Greater Kansas City Future Trends A substantial increase in population and employment had been forecast for Platte County with opening of the new airport, but many of these rosy predictions were not realized. Only since the mid 1980s has the growth been dynamic. Executive Hills North brought attention to the area after a significant lull in the late 1970s and early 1980s. The breakup of Executive Hills North has been a setback for the area. The RTC has been in control of the park for some time and hopefully will sell the property in the near future. The bankruptcy of Eastern, Braniff and Executive Hills North, the uncertainty surrounding TWA, America West and other U.S. airlines, and the delayed relocation of Farmland have been strong blows to the Northland. Still, the proposed expansions at KCI, the possibility of a large industry on the airport, and the announcement of several medium - sized relocations to the airport neighborhood (Citicorp, 2,000 jobs; Boatmen's Bank, 600 jobs; EDS, 400 jobs) provide hope for the future. The upgrading and expansion of KCI which is now underway will ensure the city's future competitive position and will help solidify the airport neighborhood employment base. The future outlook for Platte County is good. Moderate population and employment growth should continue and motivate above average to good quality developments. PAGE 20 RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY Clay County Platte County Single Multi Single Multi Grand Year Family Family Total Family Family Total Total 1978 892 38 930 532 325 857 1787 1979 576 176 752 395 208 603 1355 1980 1981 1982 272 77 349 110 76 186 535 1983 606 94 700 213 303 516 1216 1984 688 326 1014 243 818 1061 2075 1985 810 822 1632 244 303 547 2179 1986 1195 866 2061 417 606 1023 3084 1987 1025 1171 2196 471 214 685 2881 1988 916 729 1645 446 238 684 2329 1989 738 73 811 317 18 335 1146 1990 878 39 917 405 18 423 1340 1991 943 23 966 433 25 458 1424 1992 1188 45 1233 626 28 654 1887 1993 1159 57 1216 539 34 573 1789 1994 1296 142 1438 553 50 603 2041 Source: Home Builders Associates of Greater Kansas City Future Trends A substantial increase in population and employment had been forecast for Platte County with opening of the new airport, but many of these rosy predictions were not realized. Only since the mid 1980s has the growth been dynamic. Executive Hills North brought attention to the area after a significant lull in the late 1970s and early 1980s. The breakup of Executive Hills North has been a setback for the area. The RTC has been in control of the park for some time and hopefully will sell the property in the near future. The bankruptcy of Eastern, Braniff and Executive Hills North, the uncertainty surrounding TWA, America West and other U.S. airlines, and the delayed relocation of Farmland have been strong blows to the Northland. Still, the proposed expansions at KCI, the possibility of a large industry on the airport, and the announcement of several medium - sized relocations to the airport neighborhood (Citicorp, 2,000 jobs; Boatmen's Bank, 600 jobs; EDS, 400 jobs) provide hope for the future. The upgrading and expansion of KCI which is now underway will ensure the city's future competitive position and will help solidify the airport neighborhood employment base. The future outlook for Platte County is good. Moderate population and employment growth should continue and motivate above average to good quality developments. PAGE 20 RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY THE RIVERSIDE, NEIGHBORHOOD The Riverside Community The subject property is situated in a neighborhood comprised of the City of Riverside, Missouri. Riverside is located about a ten - minute drive northwest of Downtown Kansas City, Missouri, along the north bank of the Missouri River. The Fairfax Industrial District of Kansas City, Kansas, is south across the Missouri River. Riverside is a town of fairly recent origin that has been enveloped by the urbanization of Kansas City. The 1990 Census showed the population of Riverside to be 3,010 for a decrease of 6% since 1980 (population of 3,206). Housing units in the city decreased between 1980 and 1990 some 6% from 1,474 to 1,385. New residential construction since 1990 has probably arrested this downward trend. Transportation Riverside is readily accessible to all parts of the Kansas City Metropolitan Area. Running east and west through the city is Missouri Highway 9, a fairly new four -lane freeway running from Parkville to North Kansas City. Missouri Highway 9 connects with the Heart Of America and Broadway Bridges which cross the Missouri River and lead into Downtown Kansas City. Running north and south through the west end of Riverside is I -635, a four to six -lane freeway. Interstate 635 runs north to I -29 and thence to the Kansas City International Airport (about fifteen minutes from the neighborhood). Interstate 635 crosses the Missouri River into Kansas City, Kansas, and continues south via I -35 into the fast - growing suburban areas of Johnson County, Kansas. Also running through Riverside are two older highways; namely, US Highways 69 and 169. These highways merge with I -635 and then cross the Missouri River on the Fairfax Bridge (twin, two - lane spans) into the Fairfax Industrial District. There is a thirty -cent toll for using the northbound span. Another older highway is County Road A, now designated West Platte Road, which was formerly known as US Business Rte 71. The Burlington Northern Railroad has a main line track to St. Joseph and Omaha along the north- easterly side of the Missouri River. Area Land Uses In the past, development in Riverside had been somewhat haphazard and of varying quality. While a few older, fair quality commercial uses still exist along the highways near the river bluffs, much upgrading has recently occurred. The flat river bottom land has seen some industrial development but industry has been impeded by a lack of flood control. The flood of 1993 impacted the City of Riverside more severely than any other community in the Kansas City metropolitan area. The majority of larger industrial buildings within Riverside were flooded to a depth of 5 to 8 feet. These flooded buildings have since been RIVERSIDE- QUINDARo LEVEE BLIGHT STUDY PAGE 21 W. g , no" a OAKWI ILI I �-: W/1 tK TH •YY Hous TOM j LAKE TIST fMfNr L . - 446 W J, T OG.CAk 7 L - A f. pm. 7 6—IX RIVERSIDE 6415 10 I v 1 p f j4l j r 'L PB61 15 — t ol 0 0 K 111 0 WN A T $A Ll . 7 0 L9 T ie I �rlv ULYO. L —not Area Map repaired and are now nearly 100% occupied. This good occupancy is a credit to Riverside's excellent location even though the flood threat still exists. About 40 1 /6 of the general Riverside area is still undeveloped, primarily due to a lack of utilities and flood control facilities. A modest industrial area has sprung up north of Missouri 11iighway 9 and east of I -635. This industrial development is a mixture of fair to good quality structures had has been spurred by General Motor's Fairfax Plant. Mixed residential uses are found on the high bluff land. Some cheap apartments are in the original area of riverside while higher quality apartments are at the north edge of town. Indian Hills, a fairly good development of $50,000 to $100,000 homes, is at the east edge of Riverside. New homes in the $120,000 to $150,000 range are being built north of the original Indian Hills. Moderate quality single - family homes are west of 1 -635. Riverboat gaming has also impacted the city of Riverside within the last 8 months. Argosy Gaming Corporation has a temporary location along the banks of the Missouri in southwest Riverside. Tax revenue generated from the riverboat is estimated to be near $8,000,000 for the city. In addition to the tax revenue, the gaming company is developing a permanent site to be located west of the temporary facility. Argosy has committed to pay for new roads, soccer fields, softball diamonds, a performing arts center, and a 9 -hole golf course. Construction of the permanent project has begun and will completed within the next 4 or 5 months. Taxes generated by Argosy have been used for capital improvements such as upgrading streets in existing residential areas. Area Trend The area trend is judged to be moderately upward. Riverside once had a tarnished image, but it has an undeniably excellent location with good highway connections to other industrial, commercial, and residential areas. The city has upgraded its zoning standards and some of the poorer commercial development is being improved. Riverside is a good location for many types of industrial uses. Considerable future industrial development is possible if and when the flood threat is eliminated. Riverboat gaming is an attractive tax generator for the City and will inevitably assist development within the area. RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY PAGE 22 J Q� � u 9 uul�. OLIl h ^NALYSIS BLIGHT ANALYSIS Introduction The appraiser's analysis of the blight definitely discloses that there are seven factors that give evidence of blight. Each of these blight factors will be discussed in turn to see whether they are found in the general area or on individual properties. Test 1: Inadequate Planning The lack of through streets and an adequate utility infrastructure is an example of poor planning. The existing streets within the interior of the plan area have an incoherent pattern and many have no outlet. Most of the interior roads are inadequate to serve urban uses and need to be substantially upgraded. A few of the properties are landlocked. In terms of utilities, a large share of the area is not served by sanitary sewers and public water lines. The entire plan area lacks storm drainage. Allowing buildings to be built in flood -prone areas is an obvious example of poor planning. Laws that came into effect during the recent past prohibit constructing on land below the 100 -year flood level but there are still some old structures that are below flood level. There is no comprehensive plan to guide development in the project area. Test 2: Lack of Proper Sanitary Facilities Only a few buildings, principally in the Platte Valley and Riverside Business Parks are currently served by sanitary sewers. Many of the buildings fronting on Hwy 9 adjoin the force main but have chosen to be served by septic systems because of the cost to access the force main. For properties south of the railroad tracks, no sewers are possible except by building a trunk sewer east to a pumping station south of Tullison Road and east of I -635. It would be impractical for an individual property owner to build such a sewer system. Test 3: Building Age & Deterioration There are approximately 40 improved properties in the plan area. This is 35% of the 113 total tax parcels. However, the improved tax parcels encompass only 17% of the total 1,800 -acre land area. A survey of the area found 8 parcels (20% of the 40 improved parcels) which have improvements that are considered deteriorated. These blighted improvements have been described earlier in this report and portions are included in the Addenda. The parcels with deteriorated improvements are enumerated on the next page. RIVERSIDE - QUINDARO LEVEE BLIGHT STUDY PAGE 23 :�''ULE 31 (_C; Y INC. BLIGHT ANALYSIS 23- 3.0- 06- 100 -04 -02 23-3.0-06-100-05-01 23- 6.0 -05- 001 - 043 -00 23- 3.0 -07- 000 -000 -001 23 - 3.0 -06 -000 - 001 -091 23- 3.0 -05- 000 - 001- 048 -001 23- 3.0 -05- 000 -001 -048 23- 3.0 -05- 000 - 001 -049 These identified improvements are of an age and condition that produce deterioration and are, therefore, considered blighted. The above identified deteriorated structures also display varying degrees of obsolescence. Some of the so- called standard structures may not be deteriorated but may have minor amounts of obsolescence (poor layout, inefficient I-IVAC systems, inadequate insulation, older electrical wiring and less than modem fixtures). Building obsolescence is not a significant problem. Test 4: Economic Underutilization As noted in the real estate tax section of the study, the tax revenues obtained from about 1,300 acres of vacant land located south of the Burlington Northern Railroad and west of I -635 averages only $7.00 per acre. Some tracts pay only $1.00 to $2.00 per acre. These low rates of taxation are based on agricultural land values and an agricultural use classification. If this bottom land had flood protection and could be developed industrially, then land values for 5 to 10 -acre tracts would rise to approximately $50,000 per acre and pay taxes of $968 per acre. If improved, taxes would increase to an even higher level of from $2,000 to $4,000 per acre. Following the flood of 1993 the assessed valuation of all the properties in the plan area were reduced for the 1994 tax year. This reduction was true for both improved properties and vacant agricultural land. It is likely that taxes will again be reduced following floods that may occur in the future. There is little question that the lack of flood protection has severely restricted the development of land in the Riverside - Quindaro Levee Redevelopment Area. The aerial photograph at the front of this report graphically depicts the proximity of this area to the center of Kansas City. Note that the adjoining bottom land areas in North Kansas city and the Fairfax District that have flood protection are completely developed. The Riverside area has excellent highway and rail access, proximity to good quality residential areas, a low rate of taxes and flat land that is very amenable to industrial and commercial development. The few areas that have been filled to above the 100 - year flood level have been very successful in leasing the developed space. The blighting affect of the on -going threat of flooding has denied the opportunity of these 1800 acres to be developed and thereby produce a tax base and employment opportunities that would enhance Riverside, Platte County and the whole of the Kansas City area. RIVER SIDE-QUINDARO LEVEE BLIGHT STUOY PAGE 24 Test 5: Insanitary or Unsafe Conditions Periodic flooding is dangerous and may result in death or injury. Flooding is also a health hazard. The 1993 flood produced polluted water, mud and debris that had to be very carefully handled when it was removed. Flood- damaged buildings had to be cleaned and disinfected. There are three at grade crossings of the Burlington Northern Railroad tracks. This is a busy, two -rail mainline carrying fast - moving freight trains. The Mattox Road and Van de Populier crossings were recently improved with new lights and gates. The crossing to Intercontinental has signals but no gates. There have been numerous accidents at these crossings in years past but none in the last year after the signals and gates were installed. Nevertheless, the at -grade rail crossings still provide a dangerous situation. Furthermore, large scale industrial development would be impeded by at -grade crossings of main line railroad tracks. No environmental audits were made available. It is known that petroleum contamination has been found in Riverside a short distance north of this area. Some of the truck- related operations, particularly those that are vacant, may have gas and oil- saturated soil. Test 6: Menace To Public Morals There is very little crime in the study area. However, the deteriorated buildings on the eight properties previously cited are all vacant. Unoccupied buildings invite vandalism. Looting is always a problem during times of flooding. Test 7: Retards Housing Accommodations In previous years there were a number of houses in this bottoms area. However, periodic flooding has reduced the number of houses after each occurrence. Today, no houses remain since the last occupied house was demolished after the 1993 food (two other houses remain standing but are vacant and will soon be removed). Conclusion There are many blighting features evident within the Riverside - Quindaro Levee Redevelopment Area. A major item is the lack of street and utility infrastructure within the project area. The interior streets are substandard for most any use and there are no sewers for that large area south of the railroad tracks and west of I -635. The two other principal utilities, water and natural gas, are not available to over 75% of the area. Adequate provisions for drainage are also lacking. At grade crossings of busy railroad tracks raise serious safety concerns and hinders all types of development. There are also 8 properties that are improved with vacant and deteriorated structures that pose safety and public health issues. No residential accommodations are left in the redevelopment area. The most serious and obvious blighting factor has to do with the threat of periodic flooding. At least 80% of the area is beneath the 100 -year flood level by an average of 15 feet The flood threat is blighting because it produces both safety and public health problems because greatly reduced taxes are in evidence and because it results in a severely impaired economic value. PAGE 25 RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY IS oa Un%.,. OLIGHT ANALYSIS All seven of the blight tests are evidenced in the study area. The threat of flooding negatively impacts the whole redevelopment area. It is therefore concluded that factual evidence clearly demonstrates that the Riverside- Quindaro Levee Redevelopment Area, as of November 7, 1995, is blighted based upon Section 99.810(1) of the Real Property Tax Increment Allocation Redevelopment Act, Revised Statues of Missouri, by reason of inadequate street layout, insanitary or unsafe conditions, deterioration of improvements, improper platting and the existence of conditions which endanger life or property due to flooding so that the area is a social and economic liability with an inability to be property developed and pay reasonable taxes. RIVER SIDE-QUINDARO LEVEE BLIGHT STUDY PAGE 26 CERTIFICATE I certify that, to the best of my knowledge and befief .. 1) The statements of fact contained in this report are true and correct. 2) The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. 3) I have no present nor prospective future interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4) My compensation is not contingent on an action or event resulting from the analyses, opin- ions, or conclusions in, or the use of, this report. 5) Engagement of the appraisal assignment was not contingent upon a requested minimum valuation, a specific valuation, nor approval of a loan. 6) My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. 7) The use of this report is subject to the requirements of the Appraisal Institute relating to re- view by its duly authorized representatives. 8) As of the date of this report, Thomas M. Rule, MAI has completed the requirements of the continuing education program of The Appraisal Institute. 9) No one provided significant professional assistance to the persons signing this report. Thomas M. Rule, MAI Did Inspect --if Did Not Inspect RIVER SIDE-QUINDARo LEVEE BLIGHT STUDY PAGE L - SULU �!l a t a,"VN r i IUNS & "NUI I IONS GENERAL ASSUMPTIONS & LIMITING CONDITIONS This appraisal is subject to the following assumptions and limiting conditions: 1) Title to the property is assumed to be good and marketable and the legal description correct. 2) No responsibility for legal matters is assumed. All existing liens, mortgages or other encum- brances have been disregarded and the property is appraised as though free and clear, under responsible management and competent marketing unless otherwise stated. 3) All sketches in this report are intended to be visual aids and should not be construed as sur- veys or engineering reports. 4) The information in this report has been obtained from reliable sources. The appraiser cannot, however, guarantee or be responsible for the accuracy of information furnished by others. 5) The comparable market data relied upon in this appraisal is believed to be from reliable sources; however, it was not possible to rely on information furnished by others. Therefore, the value conclusions are subject to the correctness and verification of said data. 6) This opinion of value applies to land and improvements only. The value of trade fixtures, furnishings and other equipment has not been included with the value of the real estate, unless specifically stated otherwise. 7) Subsurface rights (minerals, oil, etc.) were not considered in-making this appraisal, unless specifically stated otherwise. 8) The appraiser is not required to give testimony or attendance in court by reason of this ap- praisal, unless prior agreements have been made in writing. 9) The distribution of the total valuation in this report between land and improvements applies only to the existing utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 10) The land, and particularly the soil, of the area under appraisement appears firm and solid. Subsidence in the area is unknown or uncommon, but the appraiser does not warrant against this condition or occurrence. 11) The appraiser very carefully inspected the building involved in this appraisal report and dam- age, if any, by termites, dry rot, or other infestations was reported as a matter of information and no guarantee of the amount or degree of damage, if any, is implied. 12) The appraiser has inspected, as far as possible, by observation, the land and the improvements thereon. However, it was not possible to personally observe conditions beneath the soil or hidden structural components within the improvements. Therefore, no representations are made herein as to these matters and unless specifically considered in the report. The value es- timate is subject to any such conditions that could cause a loss in value. Condition of heating, PAGE 28 RIVERSIDE- QUINDARO LEVEE BLIGHT STUDY cooling, ventilating, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. 13) Possession of this report or a copy thereof, does not imply the right of publication or use for any purpose by any other than the addressee, without the written consent of the appraiser. 14) Neither all nor any part of the contents of this report, especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or to the MAI designation shall be disseminated to the public through ad- vertising media, public relations media, news media, sales media or any other public means of communication without the prior written consent and approval of the undersigned. 1 S) Disclosure of the contents of this appraisal report is governed by the By -Laws and Regula- tions of the Appraisal Institute. 16) Unless otherwise stated in this report, the existence of hazardous conditions, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such conditions on or in the property. The appraiser, however, is not qualified to detect such circumstances. The presence of such conditions including with- out limitation, asbestos, polychlorinated biphenyls, leaking petrochemicals, urea- formalde- hyde foam insulation, electromagnetic fields or other potentially hazardous items may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property which would cause a loss in value. No responsibility is as- sumed for any such conditions, or for any expertise or engineering knowledge to discover them. The client is urged to retain an expert in this field, if desired. 17) The appraiser is not expert with regard to the Americans with Disabilities Act (ADA) of 1991. Unless otherwise stated, no consideration was given nor responsibility taken for com- pliance with ADA. The client is urged to retain an expert in this field, if desired. Thomas M. Rule, MAI RIVER SIDE- QUINDARO LEVEE BLIGHT STUDY FJAGt [y D v v m z c D ADDENDA EXHIBIT 1 LEGAL DESCRIPTION TRACT 1: DESCRIPTION ALL THAT PART OF SECTIONS 3, 4, 5, AND 6; THAT PART OF FRACTIONAL SECTION 10, AND ALL OF FRACTIONAL SECTIONS 7, 8 AND 9; ALL IN TOWNSHIP 50 NORTH, RANGE 33 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, IN PLATTE COUNTY AND CLAY COUNTY, MISSOURI, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHERE THE LINE BETWEEN PLATTE COUNTY AND CLAY COUNTY, MISSOURI INTERSECTS THE CENTERLINE OF NORTHWEST PLATTE ROAD, AS NOW ESTABLISHED, (OLD U.S. HIGHWAY NO. 71), WHICH POINT IS 828.0 FEET EAST AND 180.0 FEET, MORE OR LESS, NORTH OF THE SOUTHWEST CORNER OF SECTION 3, TOWNSHIP 50 NORTH, RANGE 33 WEST, IN PLATTE COUNTY, MISSOURI, THENCE SOUTHERLY ALONG SAID LINE BETWEEN PLATTE COUNTY AND CLAY COUNTY, TO A POINT ON THE NORTHERLY TOP OF THE HIGH BANK OF THE MISSOURI RIVER; THENCE NORTHWESTERLY, WESTERLY, SOUTHWESTERLY, WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG THE SAID NORTHERLY TOP OF THE HIGH BANK TO THE MOST SOUTHERLY .CORNER OF A TRACT OF LAND DESCRIBED AS TRACT 2, IN THE WARRANTY DEED FILED FOR RECORD AS DOCUMENT NO. 11457 IN BOOK 647 AT PAGE 137; THENCE NORTHEASTERLY ALONG THE SOUTHEASTERLY LINE OF SAID TRACT 2, AS DESCRIBED IN THE SAID WARRANTY DEED TO THE SOUTHERLY RIGHT -OF - WAY LINE OF THE BURLINGTON NORTHERN RAILROAD, AS NOW ESTABLISHED; THENCE NORTHEASTERLY ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY CORNER OF THE TRACT OF LAND DESCRIBED AS TRACT 1, IN THE AFORESAID WARRANTY DEED; THENCE NORTHEASTERLY AND NORTHERLY ALONG THE EASTERLY LINE OF SAID TRACT 1, TO THE NORTHEAST CORNER OF SAID TRACT 1, SAID POINT BEING ON THE SOUTHERLY RIGHT -OF -WAY LINE OF MISSOURI ROUTE NO. 9, AS NOW ESTABLISHED; THENCE NORTHEASTERLY ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY INTERSECTION OF THE NORTHERLY RIGHT -OF - WAY LINE OF SAID MISSOURI ROUTE NO. 9 WITH THE NORTH -SOUTH CENTERLINE OF SAID SECTION 6; THENCE EASTERLY ALONG SAID NORTHERLY RIGHT -OF -WAY LINE TO THE WESTERLY RIGHT -OF -WAY LINE OF INTERSTATE ROUTE NO. 635, AS NOW ESTABLISHED; THENCE EASTERLY ALONG A STRAIGHT LINE TO THE SOUTHWEST CORNER OF TRACT "D", "CLIFF MANOR" A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI, SAID POINT BEING ON THE NORTHERLY RIGHT -OF -WAY LINE OF U.S. HIGHWAY NO. 69, AS NOW ESTABLISHED; THENCE SOUTHEASTERLY, EASTERLY AND NORTHEASTERLY ALONG SAID NORTHERLY RIGHT -OF -WAY LINE AND ITS NORTHEASTERLY PROLONGATION, TO A POINT ON THE NORTHERLY RIGHT -OF- WAY LINE OF SAID NORTHWEST PLATTE ROAD, SAID POINT ALSO BEING ON THE WESTERLY AND SOUTHWESTERLY LINE OF BLOCK "B ", "RENNER PLAZA NO. 3 11 1 A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI; THENCE SOUTHERLY AND SOUTHEASTERLY ALONG THE WESTERLY AND SOUTHWESTERLY LINE OF SAID BLACK "B ", TO THE SOUTHEAST CORNER OF SAID BLOCK "B "; THENCE NORTHERLY ALONG THE EAST LINE OF SAID BLOCK "B ", TO THE NORTHERLY LINE OF THE FORMER KANSAS CITY, CLAY COUNTY AND ST. JOSEPH RAILWAY COMPANY RIGHT -OF -WAY; THENCE SOUTHEASTERLY ALONG SAID NORTHERLY LINE TO THE SOUTHWEST CORNER OF LOT 12, "JANIE LANTS ADDITION ", A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, MISSOURI; THENCE NORTHERLY ALONG THE WEST LINE OF SAID LOT 12, TO THE NORTHWEST CORNER OF SAID LOT 12; THENCE EASTERLY ALONG THE NORTH LINE OF SAID LOT 12 TO THE NORTHEAST CORNER OF SAID LOT 12, BEING ON THE EAST LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 4; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID SOUTHEAST 1/4 TO THE AFORESAID CENTERLINE OF NORTHWEST PLATTE ROAD (OLD U.S. HIGHWAY NO. 71) ; THENCE SOUTHEASTERLY ALONG SAID CENTERLINE TO ITS INTERSECTION WITH THE LINE BETWEEN PLATTE AND CLAY COUNTIES, SAID POINT BEING THE POINT OF BEGINNING, EXCEPT ANY PORTION THEREOF LYING NORTH OF THE NORTHERLY RIGHT -OF -WAY LINE OF SAID MISSOURI STATE ROUTE NO. 9. 1 0 TRACT 2: All of Lot 2, RIVERSIDE BUSINESS PARK, a subdivision of land in Riverside, Platte County, Missouri, according to the recorded plat thereof. TRACT 3: All that part of Lot 1, RIVERSIDE BUSINESS PARK, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 1; thence South 89 degrees 44 minutes 14 seconds West along the South line of said Lot 1, 143.80 feet; thence Northerly and Westerly along the Southwesterly line of said Lot 1, on a curve to the right, having a radius of 122.00 feet and tangent to the last described course, an arc distance of 192.86 feet; thence North 8 degrees 18 minutes 44 seconds East along the West line of said Lot 1, 52.63 feet; thence North 89 degrees 44 minutes 14 seconds East, 265.21 feet to a point on the East line of said Lot 1; thence South 0 degrees 15 minutes 46 seconds East along said East line 175.85 feet to the point of beginning. TRACT 4: All that part of Lot 1, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, more particularly described as follows: Beginning at the Northeast corner of Lot 1, thence South 0 degrees 15 minutes 46 seconds East 285.0 feet, thence South 89 degrees 44 minutes 14 seconds West 265.21 feet, thence North 0 degrees 18 minutes 44 seconds East 384.36 feet; thence South 83 degrees 54 minutes 51 seconds East 87.81 feet, thence Southeasterly along the Northerly line of Lot 1, being a curve to the left having a radius of 1351.73 feet and a central angle of 8 degrees 18 minutes 31 seconds, a distance of 196.02 feet to the point of beginning. TRACT 5: Lot 5, RIVERSIDE BUSINESS PARK, a subdivision of land in Riverside, Platte County, Missouri, according to the recorded plat thereof. TRACT 6: All that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof; lying Westerly of a line described as follows: Beginning at a point North 89 degrees 44 minutes 14 seconds East 310.0 feet from the Southwest corner of said Lot 4; thence North 0 degrees 18 minutes 44 seconds East 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East 53.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane. TRACT 7: All of Lot 3 and all of that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 3; thence South 89 degrees 44 minutes 14 seconds West along the South line of said Lots 3 and 4, 615.04 feet; thence North 0 degrees 18 minutes 44 seconds East, 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East, 53.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane, as now established, being also a point on the Northerly line of said Lot 4; thence Southeasterly along said Northerly line, on a curve to the left, having a radius of 182.00 feet, an arc distance of 183.92 feet; thence North 89 degrees 44 minutes 14 seconds East along the Northerly line of said lots 3 and 4, 186.24 feet; thence Southeasterly, continuing along the Northerly line of said Lot 3, on a curve to the right, having a radius of 60.00 feet, an arc distance of 43.36 feet; thence Easterly continuing along the Northerly line of said Lot 3 on a curve to the left, having a common tangent with the last described curve, and a radius of 60.00 feet, an arc distance of 137.61 feet; thence North 89 degrees 44 minutes 14 seconds East, along said Northerly line, 90.0.0 feet to the Northeast corner of said Lot 3; thence South 0 degrees 19 minutes 56 seconds West, along the East line of said Lot 3, 360.02 feet to the Point of Beginning. • r .• [• s �Nrr .• ..• `�' f�rs �j']'. Si3!�,w ✓ � ri s =1s w - is , -; .sr .. r � [ i C -.;mac. �•t �•fa. • r�' i,. + i. + � ♦�/1 i ..7i r --% R" - motAws , OW 4 Z . 0 V . ;f.�;J- ;t s August 1993 Flood Platte Valley Industrial Park Looking Southwesterly MO Hwy 9 In Fore 44 4 5 L*A %oil $s, .4 T' . ,4 7 V, lit OOV -.1 35V Js GIOL _11WV AHdVWSOLOMd 10 31V0 imnossm 'AiNnoO 311VId s 2 PARCEL HAP .3 -3.0 -5 V, lit OOV -.1 35V Js GIOL _11WV AHdVWSOLOMd 10 31V0 imnossm 'AiNnoO 311VId s 2 PARCEL HAP .3 -3.0 �— _. —�'•:- �.. : .vii• / /p `�jk .:, _ •. ��e ...� �• IPAM A l l oil rf,. ��• . • .�r� � 1. I • . , +� rr ..� .• • I if �. ►. :! ':. •i . )/.•tea 7: 4. +.�!•: {: {• /:. I. .' •j�P... . Lo OWN iL }. • .?l/ff '•� .�[' • •� %f . i � �' {.� i lam- 1 r� • mss '! •. �: rf f. '�a• a - r'�`•� f ?1•;jrl . r /.•A: i•laa.: . wt • k � =, r 1 :• •� r ., .+•��.71e'�1!tinaai�e. • 1'?��.Y -�' » �•" •�7ii t %�. �arf• .tip "a .i%` °.'• •�.�y : �' '-•'� „ I L•:'r - s'`•''•� •' :�l 'S ;:.j:� NY i At �.}1./n)h s + �iC.r w.. - YD::L:f1 �1 + ;ri�a�•�� �t `1 .��J~ •F�y'F•�±.i.±L.•'. L- -�`�jr S�'ti�•a(w ^ ': 1 • a-a1 f• S•.'.L7�i, • ••. Ji•�. �:.:� t -_ •70.it1.yay..1 +% 1+�+�••r�. .. ' :...J.1�� _ •. �...•• -+ `lj� fy ��( �. 1►. Lr alj a .%* I eo V -AY w VON.- OV 1_11 it.- .-*- . 3 ,i J•` * -. • E. !47 -01 • 9r .7 T i 04 J 4 1 'N x Ivimp t 40 ew ;*7 47 r T 1 4 %llv__ ..K. 1. t.M_"t Ar, I A9 !M* r—, �l . Zlv- lk-0 3-M -mg 40 A V, :j -W i;- e ;! osa. X 1 x... qf jo lr� T D / - 1 N ..L. en A, Mi • fi.• ` • •�`� � � � +.i..�. ` ':: � X NT IS It. , zg.i • . 4 1il Irt. O loo : -�` "- •rte •• �..�.. ��j '��4. Al R� i + t . i • r TAX PARCEL MAP 23- 3.0 -05 -300 • .� � �� {'• r� �A. . � : . � .�. _•� � • ice "�' — I f (� c J .., . � 'f }: �" f- ... �; �. 1.y �� � • ��•. :. � � F,• r f' •S �_ • =� '1' ' .��jl r . T � •, s �.� •�4�. .: . J.. � 1 � L i ~ �-�r' is �:� ��• • . .� :t.. •. ..��( � � � i f'1 �• •• 't;� �, � .. _ ..;_ • 6 �' .11.`:1 - _.'..a �•'` .C.�a• �•.. '.... :Y� �J .. •• •.� 4•� ��n. to oil W • y . ol IA. +• �� -J..fir . I r� . y .,,fir. -.. , -•.. to to oil W • y . ol IA. +• �� -J..fir . I r� . y t •s -ti• .�s�. C iaj�, � ra 'd J L• If. '•- w, U' Wov •• �/ •� '� is � •`. r . A yI F :� tip;•' . I •i jr %c.D•(r •�. 'SL \•C r t ti Vfi 5:.::° r. • -fir.` .. ��1':.;�i :� ^fir=: •_ L:S?t niVILM, v C:OXRMY, 3MC- THOMAS M. RULE QUALIFICATIONS OF THOMAS M. RULE, MAI Education Park College, Parkville, Missouri— Bachelor Of Arts, Economics (1955 -1959) The Appraisal Institute Designation Tom completed all of the course work for the MAI designation between 1955 and 1967. He obtained the MAI designation in 1967. Continuing Education Capitalization Theory & Techniques - Part A Capitalization Theory & Techniques - Part B Case Studies Condemnation Appraising Comprehensive Exam Workshop Standards of Professional Practice - Part B Employment Appraisal Associates, Kansas City, Missouri (1959 -1968) Staff appraiser and market analyst William C. Haas Company, Kansas City, Missouri (1968 -1974) Vice President Rule & Company, Inc., Kansas City, Missouri (1974 to present) Teaching Metro Kansas City Board of Realtors - General appraisal course Society of Real Estate Appraisers - Basic Introduction to Appraising American Institute of Real Estate Appraisers Real Estate Appraisal Principles Real Estate Appraisal Procedures Capitalization Theory & Techniques - Part A Affiliations The Appraisal Institute Kansas City Chapter Offices President (1978 & 1985) Board of Directors (7 years) National Offices Governing Council (1978 -1980) Chairman Comprehensive Examination Committee (199 1) Candidate Guidance Committee (1975 -1978) Professional Recognition Award (1980) The Appraisal Of Real Estate, Eighth Edition (1984), Contributing Editor Certified General Real Estate Appraiser in Missouri since 1992 (Certificate No. RA 001961) Certified General Real Property Appraiser in Kansas since 1992 (Certificate No. G -687) Commerce Bank of Clay County, Director (1980 to 1991), Advisory Director (1991 to 1993) THOMAS M. RULE KCI Rotary (1980 to present), President (1985) Platte County Economic Development Council (1985 to present), Vice Chairman (1992), Chairman (1993 -94) FOCUS 2000, appointed by Mayor of Kansas City, Missouri (1992 to present) Missouri Real Estate Commission, Licensed Broker (1971 to 1992) COMPANY PROFILE COMPANY PROFILE Rule & Company, Inc. is a commercial real estate appraisal and consulting firm. Our property experience is very broad. Special expertise exists with airport properties, leasehold valuations, secondary use of limestone caves, LIHC apartments, and lodging properties. Geographic coverage is national with emphasis on the Midwest. Our home territory is all of the states of Missouri, Kansas, Nebraska and Iowa. In the last two years we have performed appraisals in more than 20 other states. Rule & Company, Inc. is quality and customer driven. We strive to provide responsive service, insightful analysis, and detailed market data. Following is a partial list of our recent clientele: INSTITUTIONS Parkway Bank DEVELOPERS American General Standard Bank & Trust John Brown & Company Balcor Sterling National Bank The Garrey Companies Farm Bureau Life Insurance Union Bank HBE Corporation GE Investments United Missoun Bank Kerr & Company The Guardian Wells Fargo Medical Plaza Partners John Alden Life I.C. Nichols Company MetLife Capital MORTGAGE The Perot Group Mutual of Omaha BANKERS J.A. Peterson Company Penn Mutual Charter American Mortgage Price Properties Phoenix Mutual Northland Financial Mel Simon & Assoc. Principal Financial Investors Commercial Tower Properties Sentinel Real Estate Thellman Financial SECURITIZATION UNUM Triad Mortgage Woodmen of the World United Missouri Mortgage and REPTS Ryland Acceptance BANKS FNMA DUS, etc. Value Line Mortgage Banc One AMI Capital Column Financial Bank of Kansas Berkshire Financial Bank of New York Eichler, Fayne Associates GOVERNMENTS Bank IV Freddie Mac City of Kansas City, Missouri Blue Ridge Bank & Trust Multifamily Capital City of Gladstone, Missouri Boatmen's Bank Paramount Financial FDIC Citicorp Patrician Financial General Services Admin. Commerce Bank of Kansas City PW Funding Platte County Dickinson Financial Washington Mortgage RTC Equibank/Integra U.S. Army Corps of Engineers First Bank ATTORNEYS U.S. Post Office First National Bank of Olathe Blackwell Sanders First Service Corporation Day & Deacy OTHERS Hibernia National Bank Gage & Tucker KU Endowment Association Hillcrest Bank James W. Farley LDS Church Johnson County Bank Lewis Rice Fingersh Marriot Mark Twain Bank Polsinelli, White Midland Asset Management Mercantile Bank Shugart Thomson & Kilroy Park College MNC Financial Spencer Faine Salvation Army Norwest Williams & Barzee Taco Bell Oak Park Bank King, Burke EXHIBIT 4 -A SUPPLEMENTAL BLIGHT STUDY FOR PROPERTY LOCATED GENERALLY NORTH OF HIGHWAY 9 WITHIN AND ABOUT THE BOUNDARIES OF THE LEVEE DISTRICT IN RIVERSIDE, PLATTE COUNTY, MISSOURI TABLE OF CONTENTS Page PHOTOGRAPHS OF PORTIONS OF THE SUBJECT PROPERTY ..................... I INTRODUCTION TO BLIGHT STUDY ............ ............................... 3 I. DESCRIPTION OF THE PROPERTY .. ............................... 3 H. UTILIZATION ...................... .............................. A. Sewers ...................... .............................. B. Water ....................... .............................. C. Streets ....................... .............................. III. THE CITY OF RIVERSIDE, MISSOURI ............................... 4 A. Transportation ................. .............................. B. Area Land Uses ............... .............................. IV. DESCRIPTION Of THE AREA IN THE VICINITY OF THE PROPERTY ......... ............................... 5 V. DISCUSSION OF FACTORS FOR BLIGHT ............................ 5 A. Physical Blight ................ .............................. B. Economic Underutilization ....... .............................. C. Lack of Utilities ............... .............................. D. Economic Blight .............. .............................. VI. CONCLUSION ..................... ..............................6 � ;,. Q; SY� ` -.y a ��; l +� t �` {.' :�:.. �r A` 1 � � �� . a �.. �.' i �_- - �, u �.. INTRODUCTION TO BLIGHT STUDY The purpose of this report is to examine an area of land located north of Highway 9 and within and about the boundaries of the Riverside - Quindaro Bend Levee District of Platte County, Missouri, in Riverside, Missouri (the "Property ") and contiguous with the Redevelopment Area as set forth in the Plan. The Property is presently owned by public and private entities and individuals. Section 99.910(1) RSMo., as amended, of Missouri's Tax Increment Financing Statute defines a "blighted area" as follows: 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 plating, 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. The Property qualifies as a "blighted area" due to lack of street and utility infrastructure, inadequate drainage, the lack of public improvements and its topography, threats of flooding and deterioration of improvements, all of which endanger life and property and result in an economic and social liability. These conditions are conducive to ill health, transmission of disease, fire and crime which endanger life and property and result in an inability to generate reasonable taxes. I. DESCRIPTION OF THE PROPERTY The Property is depicted on Exhibit 1 and is located north of Highway 9 within and about the boundaries of the Riverside - Quindaro Bend Levee District of Platte County, Missouri, in Riverside, Missouri. The Property is contiguous with the Redevelopment Area set forth in the original Plan. H. UTILIZATION A. Sewers Although sanitary sewers are located in the vicinity of the Property, portions of the Property suffer from a lack of sanitary sewers for use at its highest and best use. Likewise, the Property does not have adequate storm sewers for use at its highest and best use. B. Water Water mains are in the vicinity of the Property; however, adequate water lines do not extend into all portions of the Property. N C. Streets While there are streets that service the Property, some are not adequate for use of the Property at its highest and best use. Accordingly, these inadequacies create hazards for fire and police protection and greatly retard the provision of accommodations necessary for development. III. THE CITY OF RIVERSIDE, MISSOURI A. Transportation Riverside is readily accessible to all parts of the Kansas City Metropolitan Area. Running east and west through the City is Missouri Highway 9, a four -lane freeway running from Parkville to North Kansas City. Missouri Highway 9 connects with the Heart of America and Broadway Bridges both of which cross the Missouri River and lead into Downtown Kansas City. Running north and south through the west end of Riverside is I -635, a four to six -lane interstate. I -635 runs north to I -29. The Kansas City International Airport is along I -29 (about fifteen minutes from the Property). I -635 crosses the Missouri River into Kansas City, Kansas, and continues south via I -35 into the fast - growing suburban areas of Johnson County, Kansas. Also running through Riverside are two older highways; namely, US Highways 69 and 169. These highways merge with I -635 and cross the Missouri River on the Fairfax Bridge into the Fairfax Industrial District. The Burlington Northern Railroad has a main line track to St. Joseph and Omaha along the northeasterly side of the Missouri River. B. Area Iand Uses Within the Redevelopment Area, as expanded, the flat river bottom land has seen some industrial development but industry has been impeded by a lack of flood control. The flood of 1993 impacted the City of Riverside more severely than any other community in the Kansas City metropolitan area. The majority of larger industrial buildings within Riverside were flooded to a depth of 5 to 8 feet. A modest industrial area has sprung up north of Missouri Highway 9 and east of I -635. Mixed residential uses are found on the high bluff land. Some cheap apartments are in the original area of Riverside while higher quality apartments are at the north edge of town. Indian Hills, a development of $50,000 to $100,000 homes, is at the east edge of Riverside. New homes in the $120,000 to $150,000 range are being built north of the original Indian Hills. Moderate quality single - family homes are west of I -635. C! About 40% of the general Riverside area is still undeveloped, primarily due to a lack of utilities and flood control facilities. IV. DESCRIPTION OF THE AREA IN THE VICINITY OF THE PROPERTY Some of the area in the vicinity of the Property is developed but not to its highest and best use. Other areas are undeveloped. A significant portion of the property located in the vicinity of the Property has previously been found blighted by the City. V. DISCUSSION OF FACTORS FOR BLIGHT A. Physical Blight The Property includes buildings which show signs of visible disrepair and deterioration and others which have been abandoned. On some, parking is limited. The Property includes vacant grounds, some with overgrown brush. Portions of the Property have improper platting. The Property is adjacent to other blighted property. The topography of the Property varies abruptly. B. Economic Underutilization Following the flood of 1993, the assessed valuation of many properties in the Plan area were reduced for the 1994 tax year. This reduction was true for both improved properties and vacant agricultural land. It is likely that taxes will again be reduced following floods that may occur in the future. The lack of flood protection restricts the development of land in the Redevelopment Area, as expanded. The adjoining bottom land areas in North Kansas City and the Fairfax District that have flood protection are completely developed. The Riverside area has excellent highway and rail access, proximity to good quality residential areas, a low rate of taxes and flat land that is very amenable to industrial and commercial development. The blighting affect of the on -going threat of flooding has limited the opportunities for development and thereby produce a tax base and employment opportunities that would enhance Riverside, Platte County and the whole of the Kansas City area. Periodic flooding is dangerous and may result in death or injury. Flooding is also a health hazard. The 1993 flood produced polluted water, mud and debris that had to be very carefully handled when it was removed. Flood- damaged buildings had to be cleaned and disinfected. C. Lack of Utilities The Property suffers from a lack of adequate streets and other utilities. The lack of adequate streets and utilities creates hazards for fire and police protection and greatly retards the development of the Property. 5 D. Economic Blieht The Property, in its present state, represents a social and economic liability to the City of Riverside. The Property does not approach its highest and best use. If developed consistent with its highest and best use, the Property would provide a significant increase in tax revenue and jobs for the City of Riverside, Missouri. Less measurable, although equally important, is the ripple effect of further commercial and industrial expansion in the City in locations where property is zoned for such uses. The economic blight of the Property, therefore, is substantial. VI. CONCLUSION There are many blighting features within the Expanded Redevelopment Area. A major item is the lack of street and utility infrastructure within the Expanded Redevelopment Area. Some streets are substandard and there are no or inadequate sewers and water for portions of the Property. Adequate provisions for drainage are also lacking. Abandoned and deteriorated buildings as well as vacant ground are within the Expanded Redevelopment Area. The most serious and obvious blighting factor has to do with the threat of periodic flooding. The flood threat is blighting because it produces both safety and public health problems, results in greatly reduced taxes and results in a severely impaired economic utilization and value. The threat of flooding negatively impacts the whole Redevelopment Area, including the Expanded Redevelopment Area. It is therefore concluded that factual evidence clearly demonstrates that the Redevelopment Area including the Expanded Redevelopment Area, is blighted based upon Section 99.8100) of the Real Property Tax Increment Allocation Redevelopment Act, Revised Statutes of Missouri, by reason of inadequate street layout, insanitary or unsafe conditions, deterioration of improvements, improper platting and the existence of conditions, including flooding, which endanger life or property so that the area is a social and economic liability with an inability to be properly developed and pay reasonable taxes. J n a � H H x W 7 y EXHIBIT 6 -II DESCRIPTION OF ELIGIBLE REDEVELOPMENT PROJECT II AREAS Levee District Ownership Name Tax Map Parcel Number Assessor Parcel Number Acres (prior to taking of property for Levee Project) Tract # 20 Trillium Corp. 23- 3.0 -06- 000 -000- 092 -000 15- 0152 -00- 000100 33.0000 4350 Cordata Parkway Bellingham, WA 98T07-7E� 27 Trillium Co . 12 -000 15- 0153 -00- 000170 70.4300 31 Riverside Park R 10 -000 15- 0153 -00- 000080 40.0 000 c/o Trillium Co . 38 Trillium Co . -07 -000 -000 -003 -000 15- 0153 -00- 000040 15.0900 40 Trillium Corp. 23- 3.0 -o7- 000 - 000 -006 -001 15- 0153 -00- 000150 1.9200 41 Trillium Corp. 23- 3.0 -07- 000 -000 -007 -000 15- 0153 -00- 000130 5.0000 42 Trillium Corp. 23- 3.0 -07- 000 - 000 - 008 -000 15- 0153 -00- 000120 5.0000 43 Riverside Park Resort Co. 23- 3.0 -07- 000 - 000 -017 -000 15- 0153 -00- 000260 43.6000 c/o Trillium Co . 44 Paul Pien 23- 3.0 -08- 000 - 000 - 004-000 15- 0154 -00- 000020 13.0000 c/o Trillium Corp. 45 Trillium Corp. 23- 3.0 -08- 000 -000 -003 -000 15- 0154 -00- 000010 192.1800 46 Trillium Corp. 23- 3.0- 08- 000 -000 -005 -000 15- 0154 -00- 000150 131.1900 79 Trillium Corp. 23- 3.0 -05- 000 - 000 - 042 -001 15- 0151 -00- 000231 16.2500 80 Frank A. Street, Jr. Trust 23- 3.0 -05 -000- 000 - 042 -000 15- 0151 -00- 000230 1.2800 C/o Trillium Corp. 87 Trillium Co m. 23- 3.0 -05- 000 - 000 - 043 -000 15- 0151 -00- 000340 109.0900 x W H a L W W A J A H O �z 0 0 0 0 Q W O � O 0 CIO N W O foq H z 0. a a U 'o AO H O O ,D C O Q a O . N b 0 0 0 b . r Q o o i a cn 0 .Y U a Q i Al. ti a 3 ro o Q ° O °o 0 o ° o_ 0 o 0 o Q Cl1 N 64 b9 69 Q 69 6R 69 � Q W O � O 0 CIO N W O foq H z 0. a a U 'o AO H O O ,D C O Q a O . N sooinos 2uipund ajulS puu luiopa3 llu lsnugxa rind Ism iadolanaQ spsupuuls OOS`£bi `Z$ *.LNHwdSHf lffl IIaH NfIL1IIXvw ° /0OS *ZAIHw:IsHf1RwIIII2I IIOd.LI\ H3HHd 000`LBZ`b$ ISOD (IHIV nII.LSII S,LSO3 II .L3IIfOHd .LMHWdO'IIIA21UHH QII,L3HfOHd loads luuauu of puog lailndod OP uuA 3O Iuauianoidug Puu a3uug3lajul PuOWRICI 9£9-I II .LDIIf 02Id II J IHIHXd LEGAL DESCRIP'T'ION OF THE REDEVELOPMENT PROJECT AREA FOR REDEVELOPMENT PROJECT I - PHASE A A tract of land in the West half of the West half of Section 9, Township 50, Range 33, Riverside, Platte County, Missouri, described as follows: Beginning at a gas pipe monument hitherto set on a Southerly prolongation to the line between Sections 8 and 9, in said Township and Range, 1591.23 feet Southerly (azimuth 0 degrees 26 minutes clockwise from South meridian of Longitude 94 degrees 35 minutes 20.444 seconds, 1927 North American Datum) from the Railroad Rail on end marking the Northeast comer of Section 8 aforesaid; thence Easterly (azimuth 271 degres 07 minutes 20 seconds) 1303.5 feet to a stake; thence Southerly (azimuth 0 degrees 26 minutes) 744 feet to water's edge on left bank of Missouri River; thence in a Southwesterly direction along said water's edge to a point which is 1338 feet Southerly from a point of beginning; thence Northerly (azimuth 180 degrees 26 minutes) 1338 feet to point of beginning, also all that portion of the East half of fractional Section 8, Township 50 North, Range 33 West and the accretions thereto, bounded and described as follows, to wit: Beginning at a point in the East line of said fractional Section 8, 1591.25 feet South of the Northeast comer of said Section and running thence West parallel to the North line of said fractional Section 8, 1095 feet; thence South with a line parallel to the East line of said fractional Section 8, 1508.75 feet more or less to the North bank of the Missouri River as said river now flows; thence Northeasterly along the North bank of said Missouri River to the East line of said fractional Section 8, produced South to said Missouri River; thence North with said East line of said fractional Section 8, produced South as aforesaid, 1042.75 feet, more or less, to the point of beginning, all in Platte County, Missouri. (Except that part thereof lying West of the East right of way line of Interstate Route 635 as now established). EXHIBIT 6 -B PHASE B LEGAL DESCRIPTION A TRACT OF LAND LOCATED IN FRACTIONAL SECTION 9, TOWNSHIP 50 NORTH, RANGE 33 WEST, RIVERSIDE, PLATTE COUNTY, MISSOURI, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID FRACTIONAL SECTION 9; THENCE S 00 ° 02'00" E ALONG THE WEST LINE OF SAID FRACTIONAL SECTION 9 A DISTANCE OF 1,591.58 FEET; THENCE S 89 0 20'30" E A DISTANCE OF 377.65 FEET; THENCE N 78 °48'27" E A DISTANCE OF 72.45 FEET; THENCE S 11 °11'33" E A DISTANCE OF 8.00 FEET; THENCE N 78 0 48'27" E A DISTANCE OF 113.34 FEET; THENCE ON A CURVE TO THE LEFT, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 468.00 FEET AND AN ARC DISTANCE OF 57.18 FEET; THENCE N 71 0 48'27" E A DISTANCE OF 109.58 FEET TO THE POINT OF BEGINNING OF THE TRACT OF LAND TO BE DESCRIBED; THENCE N 18 °11'33" W A DISTANCE OF 240.00 FEET; THENCE N 17 0 15'29" E A DISTANCE OF 170.44 FEET; THENCE N 71 0 48'27" E A DISTANCE OF 91.15 FEET; THENCE S 18 °11'33" E A DISTANCE OF 378.84 FEET TO THE NORTHERLY RIGHT -OF -WAY LINE OF ARGOSY PARKWAY AS IT IS NOW ESTABLISHED; THENCE S 71 0 48'27" W ALONG SAID NORTHERLY RIGHT -OF -WAY LINE A DISTANCE OF 190.00 FEET TO THE POINT OF BEGINNING. CONTAINS 65,117 SQUARE FEET OR 1.49 ACRES MORE OR LESS. 1:\61492 \00001 \SNO WDEN.LGL EXHIBIT 6 -C PHASE C LEGAL DESCRIP'T'ION ALL OF LOT 5 AND LOT 4, PLATTE VALLEY INDUSTRIAL PARK EAST, RIVERSIDE, PLATTE COUNTY, MISSOURI, ACCORDING TO THE RECORDED PLAT THEREOF; EXCEPT THAT PART OF LOT 4 DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 4; THENCE N 20 °59'43" E ALONG THE WEST LINE OF SAID LOT 4 A DISTANCE OF 403.92 FEET TO THE SOUTH RIGHT -OF -WAY LINE OF N.W. PARKWAY AS IT NOW EXISTS; THENCE NORTHEASTERLY CONTINUING ALONG SAID SOUTH RIGHT -OF -WAY LINE ON A CURVE TO THE LEFT HAVING A CHORD BEARING N 82 0 07'38" E, A RADIUS OF 60.00 FEET AND AN ARC DISTANCE OF 57.95 FEET; THENCE S 36 °44'47" E A DISTANCE OF 90.18 FEET; THENCE S 20 0 59'43" W A DISTANCE OF 383.76 FEET TO THE SOUTHERLY LINE OF SAID LOT 4; THENCE N 69 °00'17" W ALONG SAID SOUTHERLY LINE A DISTANCE OF 127.00 FEET TO THE POINT OF BEGINNING. v- ruf :. TRACT I: 1 that part of Lots 2, 3 4 O 18, Tract A, Tract D and vacated Plaza Road, RED X PLAZA, a subdivision of land in the City of Riverside, Platte County, Missouri described as follows: Beginning at the Southeast cor:3- of said Tracz "A "; thence North 61 Degrees 01 Minutes 03 Sd• = o!^dS West alc";; the Northerly line u: the Chicago Buzlin,_on -sad Quincy R- �ilroad Rig'zt -of -Way, a :istance c-if 725..1 teed; thence Marth 0 Degrees 37 Minutes 35 Seconds East, a distance of 278.80 feet; thence South 89 Degrees 20 Minutes 07 Seconds East, a distance of 319.49 feet to the Westerly Right -of -Fay of Plaza Road; thence South 0 Degrees 33 Minutes 32 Seconds west along said Right -of -Way, a distance of 198.47 feet; thence con-."_nuing along said Riqht -o£ -Way along a curve to the right, being tangent to the last described course and h Wing a radius of 60.00 feet an arc distance of 40.32 feet; thence continuing along said Right -of -Way along a curve t the left bei.n:- tangent to the - last described course and hair:Lng a radiu, it 55.00 feet and arc distance of 246.70 feet;' thence contir:;`:.g along said Right -of -Way along a curve tol the right _ tangent to the last described course and having a -adi a of 60.00 feet an arc distance of 40.32 feet;, thence con'::zuing along said Right -of -Way North O.Degrees 33 Minutes 32 ;;_onds East, a distance of 478.35 feet to the Southerly Right--at-Way of Missouri State Highway Number 9; thence south 89 Degrees 20 Minutes 07 Seconds East along said Right -of Way, a distance of 300.00 feet to the Easterly line of said RE X PLAZA; :hence South 0 Degrees 33 Minutes 32 Sep -oonds ides'.; long the u.,:rei:ly line of said RED Y I.LAZAI a distance of 81 .68 '_eet t( ;hn of beginning. Tom`•. 11: a subdivis �.��.n All part of Lots 5 and Lot 17, RED X P of land in the City of Riverside, Platte County, MissOVIc'., described as follows: Commencing at the Northwest come- of the East one -half of the West.one -half of factional Se -tion 9, Township 50, Range 33; thenee.South 89 Degrees 10 W -rutss 19 Seconds Mast along the° North line of said fract:�nal Section 9,r a distance of 610.11 feet o the Southerly Right -of -Way of Missouri State Highway #9; once along said Right -of -Way South 43.Degrees 35 Minutes 15 Seconds East a dista- of 482.65 feet; thence continu g along said Right -of -Way, South 70 Degrees 08 Minutes 09 econds East, a distance of 377.23 feet; thence continu g along said Right -of -Way North 80 Degrees 13 Minutes 49 eeonds Ea$t, a distance of 675.30 feet to the point Of begin Jag of the't tact of lanri herein to be described; thence cant ::ing North 20 Degrees 13 Minutes 49 Seconds East, a distant of 13.66 feet; thence South 89 Degrees 20 Minutes 07 Ssconds;zast, a distance of 305. feet to the Westerly line of P?.a ;a Road; th _"n:e South 0 Degrees 33 Minutes 32. Secondr- West along ::aid Right -of -Way, a %'Lstance of 280.00 fzet; thence North 89 Degrees 20 Min utes 07 Seconds West, 'a distant of 319.48 f eet; thence North 0 Degrees 37 Minutes . 35 Facor ast, a distance of 277.52 feet to the point of `Clinnine, subject to that part in road. EXHIBI 16 -L LEGAL DESCRIPTION All that pKrt of Lot 2, PLATTE VALLEY INDUSTRIAL PARK EAST, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, being more particularly described as followst Commencing at the Northwest corner of said Lot 2; thence South 06 Degrees 39 Minutes 20 Seconds West along the Waet line of said Lot 2, a distance of 279.57 feet to the point of beginning; thence South 83 Degrees 20 Minutes 40 Seconds East parallel to the North line of said Lot 2, a distance of 215.00 feet; thence South 06 Degrees 39 Minutes 20 Seconds West, parallel to the West line of said Lot 2, a distance of 279.50 feet to a point on the South line of said Lot 2; thence North 69 Degrees 00 Minutes 17 Seconds West along the South line of said Lot 2, a distance O F 221.91 feet to the Southwest corner of said Lot thence North 06 Degrees 39 Minutes 20 Seconds East along the 'West line of said Lot 2, a distance of 224.54 feet to the point of beginning. V- EXHIBIT 6 -F LEGAL DESCRIPTION A TRACT Of LAW SITUATED IN THE'NEY SECTION 1. TOWNSIUF 50 NORTH. RANGE 34 WEST, AND '}t NNW4 Of SECTION 6. TooamiF SO NORM. RANGE 35 WEST Of THE STD. P.M.. PLATE COUHTT. MISs"l. MORE PAXTICLLARLY DESCRI6E0 AS FOLLOWS DEGIMIING AT r.-E POINT Of INTERSECTIDN OF TFE EAST LINE a SECTION 1, TOWNWIN 50 NORTH. RANGE 34 IEST. ST P.M.. PLATTE COUNTY. MISSOUI. 4/D TFE SOUTHERLY R1GfT -OF -MAY LI NE CF TIf C.S. 1 0. R. t.. SAID POINT SEINE S 00'46'5 W. A DISTANCE DF ,01.45 P°T FROM TFE NE CORNER or SAID SECTION li THENCE N 652A D6' W. ALONG 5A10 RIGHT -OF -MAY LINE 1155. THENCE S 24 W. A DISTANCE OF 260.75 FTrT TO TK MISSCLRI RIYER: THENCE FOLLOWING DOWNSTREAM TH± N�_MDERING OF SAID RIVER TK FOLLOWING COURSES AND OIStANNCE3: S 4554'40''_,113.10 FEITi S Si'S5'40' E. 100. D4 FEET: S 46'20'00' E, 20'1.60 PUT 61'46'00' E :U. 54 FW3'Ti S 41 E, 71.11 FEETi S 45'06'20' E, 65.36 FELT: S 40'44'20' E, 100.04 FEET S 41'1750' E. 100. TI FEET: S 40 C. 100.06 PWfT S 3't'4650' E. 300.32 ME: 5.m-o1'40 E, 164.26 FEETiS 3553U0' E, 161.53 Per:: TO THE It3T wW OF SAID SECTION 6.5AI0 POINT DEING S 00'4653' W. A DISTANCE Cr 1651.54 PST FROM THE NNW CORNER Of SAID SECTION 6i TW-NC C0NTWtNG ON 11 HEANCERIWS Of THE MIS50LRI RIVER. S 35'3500' E. 111.76 PR_'Ti S 22 E. 302.!3 FEET; S 35'SS'AO' E. 301.50 PER-* S 3356'50' E. 123.36 P=Ti TWNC LEAVING TFf MISSOURI RIVER. N4A55 4'E, A OtSTANC£ CF 1346.73 PUT. TO TFE SOUTHERLY RIGHT -Cf -MAY LIE OF TW C.D. 1 0. IM.:: Tr£NCE N 65'24'06' M ALONG SAID RR. RIGHT -OF -MAY L:NE, A 0ISTANC1 OF 1076.25 PET, TO THE POINT OF BEGINNING. 'TOGETH WITM TIE ACC2*:0 5 TO ALL Of SAID LAND WT SUS ECT TO ANY EROSION THEREFROM DT SAID RIVER. OCCEPT!CN EYZ PT THAT PART THEREOF 015C,RIDEO AS fO:OWS SEGIM'NG AT THE NE CORNER CF SAID SECTION li THENCE S 0 W ALONG THE EAST LINE Of SAID SECTION ! A DISTANCE CF 101.45 PE_'T TO 'H! SOUTF!RLT TIGHT -OP -WAY LINE Of TFI_ C.S. f O.RR.: THENCE N 65'2/'06' M AL CI SA1O RIGHT -OP -WAY LINE 1135. 1'I MIT TO THE TRLS POINT OP BEGINNING: 'FE. • S 2 W. A 0131ANC_" Cis 261.00 FEET MORE OR 13E5.T0 T1"'_ HISSOIRI RtVERi T'rE-NCE V 43'34'AO' W. 4 DISTANCS- Cf 21.50 FEET MORE CR LESS, TO THE M� ME5ICRLY CORNlt OF A TRACT OP LAtJ COAVE 0 TO Sltiwl OIL COWANT 5T Of ED DATED -I 26. 1965. AND REC:R:)ED IN SOCK 271. PAGE 651: TFOCE N 24 E ALONG THE WESTERL' LIFE OF SAID. TRACT 'Cwr -n- o 10 ScELLY OIL CO'PAN'!. A 015•ANC rr 26 .5 FEET TO TIf SOUTWRLT RIGHT -OP -MAY LINE OP THE C. 5. 8 0. RR. THENCE S 65':4'-`6' E ALOH:G SA:O tIGHT -Of -WAY ' DE. 20.00 PEE' TO TK TR1 V POINT OF `..EGINNING. SAVE APO UCEP: THAT PORTION TFER£Of COWETED by SKELLY OIL COWANY TO W.W. LEASING. iNC.ST DEED DATED MARCH ', MT. TOGO-7KOR WITH THE ACCRETIONS rO ALL OF SAID LAND. 5UT 516 CT TO AN' EROSION TFeXE. 61" SAID HISSOURI RIVER. TRACT 2 A TRACT OF LAW SITJATEO IN TK wi OF SECTION 6. TOWNSFOP 50 NORTH. RANGE 55 MA - * 5T.5 •. M., PLATTE C.OIAHTT, M1550 L MORE PARTICU AXLY CESCRUD AS FOLLOWS' FROM TW INTERSECT ION Of -Fe `ICRTFERLT RIGW -0 -WAY LIE Of MISSOUI STATE MIWAY H AS N1 WITH MPC I&-5T LINE OF SAID SECTION 6, SAID POINT BEING S 00'46'55' W. A CE DISTAN OF 534 SS FEET FRCM THEW CORNER Cf SUO SEC'IDN 6i SHENt'= S 65'2A'06' E, ALONG SAID NORTNIRLY RIGHT- O' - LINE. 65.06 PEE1 TO THE POINT OF BEGINNING; THENCE N 2A•35SA' E. A DISTANCE OP 161.00 FEET: TME,VL+ S 65'2A'06' E, A 015104 OF 500.00 FEET. THENCE S 2A'555A'W. A 0157L4CE OF 161.00 P!V TO 'K NORTKRLT RIGR- OF'WAT L:HC MISSOURI STAT*- HIWAY No. AS : TW_WZ 4 65'24'06' W. ALONG SAID RIGHT C•-MAY LIIZ. A 0'51ANCE Of 500.00 FEET TO - IE PCINT OF DEG:NNING. EXHIBIT 6 -G LEGAL DESCRIPTION: All that part of Lots 3, 4, 5, and 15 and that part of vacated Parallel Street, RENNER PLAZA N0. 5, a subdivision of land In the City of Riverside, Platte County, Missouri, according to the recorded thereof, described as follows: Beginning at the Northwest corner of said Lot 3; thence on an azimuth of 282 degrees 21 minutes 52 seconds along the Northerly line of said Lot 3, being also the Southerly line of RENNER PLAZA N0. 1, a subdivision of nty, Missouri, according to the recorded plat 'thereof, land in Platte Cou 160.57 feet; thence on an azimuth of 305 degrees 44 minutes 40 seconds along the Easterly line of said Lots 3, 4 and 5 in said RENNER PLAZA N0. 5, being also the Westerly line of said RENNER PLAZA N0. 1, 241.09 feet; thence on an azimuth of 82 degrees 27 minutes 13 seconds, 326.46 feet to a point on the Easterly line of West Riverside Drive, as now established; thence on an inutes 13 seconds along said azimuth of 172 degrees 27 m id Easterly right —of —way line, 220.0 feet to the Point of Beginning. All azimuths measured clockwise from South. EXHI1311 0 -n :THE 50UTHWEST. QUARTER O F. SE CTION 4 AN PART OF. 111% .QUARTER OF 7HE NOR'MWEST. QUARTER Is SECTION E BOTH 1NT01( dSH1P 50� RANGE •33; ..PLATTE'000NTYl MISS( BEING. MORE PARTICULARLY E NS IBB SST QUA - - ENORTHWESTiQUARrER OF T SAID GARNER : of THE SECTION .9; THENCE S 00'25'00" W ALONG THE EAST LINE 'OF SAID QUARTS QUARTER TERLY RIGHT -OFD -W W ALONG SAID NORTHEASTERLY RIGHT -OF -WAY NE 3 OF TH CHICAGO BURLINGTON & QUINCY NORTHERS RAILROAD; THENCE N 69'19'36 LINE A DISTANCE OF 526.73 ENLE CONTfNU NG N 9'19'36 W ALONG S D T OF LAND TO BE DESCRIBED; NO 14406' 5 4" E D STANCE OF 740.4 DIS OF A POINT ON THE FE THHE SOUTHERLY N 14'06'4" E RIGHT -OF -WAY LINE OF AI SD OU ROU RIGHT -OF 3 W Y LINE W A DISTANCE OF 124. 0 S 84'38'03" E ALONG RIGHT FEET TO A POINT � TH E SOUTH WESTERLY NOW ESTABLI SHED THENCE 53� 7'31 E MISS STATE HIGHWAY ALONG SAID SO 0'08" ADI RIG HT-OF-WAY CE OF 69319 FEET TO THE C POINT OF BEGINNING. THENCE S 19 40 08 CONTAINS 258680 SQUARE FEET OR 5.93 ACRES, MORE OR LESS. END OF DESCRIPTION. LEGAL OESCPJPMON: A nuOr OF WO QV4 PxRF of sa Wa 33. n+.. aLmm., Jw EXHIBIT 6 -I 7 000 I lia0 roc: 7, _ �S3" I RL7, 7 630. /LET TO Assumes a 4% increase every other year. 2 Assumes a 2% increase every year. ALL NUMBERS ARE ESTIMATES ONLY THERE IS NO ASSURANCE THAT ESTIMATES WILL BE REALIZED. XHIBIT PROJECTED PILOTS AND EATS PHASES A -H (EXCEPT FOR HOTEL PORTION OF A) Total Total Projected Sales Projected Total Total Projected Year Projected Taxes' Utility Taxes Projected TIF Revenue PILOTS al Portion Onl Unknown EATS 1999 Phases A -E 175,000 75,000 0 37,500 212,500 (does not include hotel rtion of Phase A) 2000 2001 175,000 212,000 76,500 0 78,030 0 38,250 39,015 213,250 251,015 (Add Phases G -H) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 212000 220,480 220,480 229,299 229,299 238,471 238,471 248,010 248,010 257,930 257,930 268,248 x,24 278,978 278,978 290,137 290,137 301,742 79,591 0 81,182 0 82,806 0 84,462 0 86,151 0 87,874 0 89,632 0 91,425 0 93,253 0 95,118 0 97,020 p 98,961 0 100,940 0 102,959 0 105,018 0 107,118 0 109,261 0 111,446 p 39,795 40,591 41,403 42,231 43,076 43,937 44,816 45,712 46,627 47,559 48,510 49,480 50,470 51,479 52,509 53,559 54,630 55 , 723 251,795 261,071 261,883 271,530 272,375 282,408 283,287 293,722 294,637 305,489 306,440 3 17,728 318,718 330A57 331A87 343,696 344,767 357,46` - -_ Assumes a 4% increase every other year. 2 Assumes a 2% increase every year. ALL NUMBERS ARE ESTIMATES ONLY THERE IS NO ASSURANCE THAT ESTIMATES WILL BE REALIZED. PROJECTED PILOTS AND EATS PHASES A -H (INCLUDES HOTEL PORTION OF A) Year Total t2or ax jected Sales Projected Total Total Projected Projected eS' Utility Taxes Projected TIF Revenue puffn, tion Onl (Unknown) EATS 1999 Phases A -E 330,000 171,000 0 85,500 415,500 (includes $155,000 PILOTS and $96,000 Sales Tax for hotel portion of Phase A) 2001 373,200 G -H) E 2002 373,200 -2019 531,18 2003 388,128 2004 388,128 2005 403,653 2006 403,653 2007 419,799 174,42U 177,908 181,467 88,954 90,733 417,210 462,154 2008 1 419,799 2010 2011 2012 1014 1 472,217 1015 1 491,106 2016 491,10E 2017 E 2018 499,940 -2019 531,18 185,096 188.798 1 17 746 .441 15 r 0 e e 48 480,676 99 482,527 �g7 499,940 Z13 501,866 177 519,976 180 521, 979 ��d 540.815 0 108,43) 0 110,603 0 112,815 0 115,072 0 117,373 0 119,721 0 122,115 0 124,557 `Assumes a 4% increase every other year. 2 Assumes a 2% increase every year. ALL NUMBERS ARE ESTIMATES ONLY THERE IS NO ASSURANCE THAT ESTIMATES WILL BE REALIZED- O W Q aQ �aa I W Cq N M N V Op .�. N b 0= N 0pp�= ^ M ��p CIF p V l� M O � C V b ' r p to �O O� N N N c M c cNn c t r In r ^ ^ ^ V7 p O O� M O N a W y�v�� Vl V o r 0 W vl t1 O N F can O M N M v p i � a NM O W t c'% , 00 N `O y O� P V 7 O� ^' a? N O� M ^' M r O m F N . N O O^ ^ ^ .-.i ^ ...i N N N M 7.y M h r rl OR z O `O .w M V Q� Q Q < T [� 00 O� T r�T W N o h O a 0 M V�1 r 00 O O h C ^ N N h y 60 a h ? W .y p 00 00 g O� oo O O u ^ y c v N O � .. t vl M N N N N N b0 z�.. .: F .p c�i M h D w G O N M oo O V h M 00 P h M O r cq � M N � M O � F M N � tM+t . � N O d' V cn vi vl �O I r N � c a O N W W q QCr"y' W W C W o W . N 0 V vi N �" v r r rn rn a o a. g v r o v r o 00 0 �O N M O cn M O ' M V F 0 D\ O K 0 a o rn o O� N � a o. CON M Vi V P oo v1 � N r O M m M m a� Y r r b a O o co c r o a rn a, \0 w oo a r W M � N " R ^ o a b Ow o 00 g $ oo $ r N b op^ O g � p m ao 00 0o O. O r N N N t M t '7 F > .N. M v r b V �O n O O^ t+t D\ M � N O h V N O� O. O� N N a, O o0 0 cn I W Cq N M N V Op .�. N b 0= N 0pp�= ^ M ��p CIF p V l� M O � C V b ' r p to �O O� N N N c M c cNn c t r In r ^ ^ ^ V7 p O O� M O N a W y�v�� Vl V o r 0 W vl t1 O N F can O M N M v p i � a NM O W t c'% , 00 N `O y O� P V 7 O� ^' a? N O� M ^' M r O m F N . N O O^ ^ ^ .-.i ^ ...i N N N M 7.y M h r r�T W �Q o a a 0 00 h N ^ .y O b0 G O tMn O r pq N G d b y U O � O O U L W O t J 7 LO 0 a O N t� A U W � C� G 7 (n W CA p �' f--i a a' O o ° � c a O N W W q QCr"y' W W C W o a o rn rn a o. CON o 0MO W � � p N N N-� M f% U rn rn a d' W v a � m m -� O O $ o o c � N � N �. � h h h > O p� a rp p pp� O O O O O O N ON N N N iS O O O O O N ty N N 7" O r�T W �Q a a 0 U 3 W .y O b0 � O N L c 6 T Q pq N G d b y U O � O O U L W O cd [11 J 7 LO 0 a O N t� A U W � C� G 7 (n W CA p �' f--i a a' O o ° W �CC F 7 h N W ?� d 04 v rr 7 ' ] � 1 o c a O N W W q QCr"y' W W C W EXHIBIT "9" TIONS POR PAYI�'IE'�'�'� TN LIEU OF �1`TD ECONOMIC ACTIVITY TAXES Redevelopment I - Phase A PHASE I Amosy Hotel Facility 1. 200 Rooms 2. Average Daily Rate: $70.00 3. Average occupancy Rate: 65% 4. Completion Date: December 1996 5. Construction Costs: $10 Million Payments in Lieu of Taxes 1. Real Property Tax Levy Rate: - 6.05% 2. Assessment Ratio: - 32.0% 3. Hotel Facility: _ $g Myron Market Value $2,6502000 Assessed Value $154,880 1997 PILOTS - Economic Activity Taxes k It 1. Sales Tax Rate: _ 1 % City 1 % k $ w County 2. Hotel Facility: 3.3 Milli 1997 Room Sales - ' 1997 other Sales (on site) - o I w� 1997 Sales Tax - $96,000 3 Argosy Expansion Facility Annual number of patrons - million $3. Purchases per patron - $3. 1996 Gross Sales - $9.3 3 Million 1996 Sales Tax - $186 (93 * For purposes of TIF, only 6 months of sales for the year are included. O M M O st N N O� �- 00 00 N C14 s M O vi h O v1 [� O % - n oo p N ONO O\ Oh0 ; 00 00 M C V M `"� h N h N O O N N N N N N N N N N N N N N [� N N N N N 14 0 W, CIA N O s O r h 000 0 0 N N [� 00 ,6 M M M - i O h 00 hIA -i M to 00 M M M M M V7 �D 00 0 N en v1 G�77W� •-• N M d' N �O v � � I �O �D �D O\ O � M OO 0 O �M-+h. O N N N G\ �p M (� .--i N 00 O •--� .-i M �p M V'1 M OM d' h M N 00 1^ O V�'1 00 M M M 1!1 h (J\ dam' O 0 � � � 0 O O O� � � O O C'4 O N H a a r. .� r. -� N N N N N 9 p p p C 14 CD v� o -, v r o N N O M M N O� h V p 1-4 C> h- to OHO o 00 ON O �p O O N 00 M O 00 Q� M O� p O O M h N 00 00 � d M N M O U N o w a\ •--� .-� N N M d� N N N N N N N M M M M to M M M M tY1 M � s 8 8 •--� Y1 O rr "'� � N � O�-r M . a\ a\ M eY G �p Y 0 O $ 00 M O 00 G\ M C\ p O N N \D O d �O N a M a N r O V %,D fV 00 �t �D l l 00 00 0\ C � N N M M M tr1 M M M M M M M M p, Q> N N N N N N N a w ¢ 92 z��ssssss$$ssssgsssss Q > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 y I CI CI �I �I NI slI slI N S 8 N N N N in Pmiected ADDITIVIVAI- irura u"� - -- -- TIF RPvenuesl Utility Tax 1. Utility Tax Rate: 5 % 2. Argosy Expansion Facility: $316,000 1997 Energy Expense for Boat - 1997 Energy Expense for Terminal - $362,000 1997 Utility Tax - $33,900 Gamine Head Tax 1. Tax Rate: $1 per Patron 2. Annual Number of Patrons: 3.1 Million 3. Annual Tax Revenue: $3.1 Million Gamine Receipts Tax 2% of Net Gaming Receipts 1. Tax Rate: 2. Annual Net Gaming Receipts: $86.6 Million 3. Annual Tax Revenue: $1.7 Million Additional Lease Payments 1. Lease Rate for Additional Rent: $1% of Net Gaming Receipts 2. Annual Net Gaming Receipts: $86.6 Million 3. Annual Lease Payments: $8662000 REVISED JANUARY 15, 1997 EXHIBIT "9" 'TIONS FOR PAYMENTS IN LIEU OF AND ECONOMIC ACTIVITY TAXES PHASE I Argosy Hotel Facilit I . 200 Rooms 2. Average Daily Rate: $70.00 3. Average Occupancy Rate: 65% 4. Completion Date: 1997 5. Construction Costs: $10 Million Payments in Lieu of Taxes 1. Real Property Tax Levy Rate: - 6.05% 2. Assessment Ratio: - 32.0% 3. Hotel Facility: _ $8 Million Market Value _ $2,650,000 Assessed Value - $154,880 1998 PILOTs Economic Activity Taxes 1. Sales Tax Rate: 1 % City _ I % County 2. Hotel Facility: $3.3 Million 1998 Room Sales 1998 Other Sales (on site) $1.5 Million 1998 Sales Tax - $96,000 3. Argosy Expansion Facility 3.1 million Annual number of patrons - $3.00 Purchases per patron - $9.3 Million 1996 Gross Sales - $186,000 (93,000) 1996 Sales Tax * of TIF, only 6 months of sales for the year are included. For purposes A V(� O o o r N 0 z 0 O O N 00 N 0 O 0 N � DD 0 O N N 0 0 0 0 d T4 � O M O M O 00 � O � N m M O O O 0 0 0 O M V1 O� M L C6:) N M M O N M 0 0 0 V1 r- N O l� 0 tn 00 M M M M 0 0 0 ° c 0 0 o c W O d N �n [� �D D\ l� O "I' c O m d Fa z O O O o N o0 N I MI dl v1 N M N ^ M v, I OI �I Q W O O O O O O O O M OO �! C 00 M O, ON E. > O 00 � O M O M M d' O V1 r v1 O\ � M r. M N M m M O V) m \D v v'i N N N oo r'? .M. o O O O O O rq r j to � C3 M O C) O 00 0000 tn O O O vl O \O 0 O N a\ d � N O M "D ON M �O D\ N 000 00 O\ W kr .. V) '21 Q W O M - O� O� M O N N N c � W U O '� N n v o M °` W v, M 00 00 .--i to O � �D d' M M M in [� Q O O O O M D O o0 00 00 00 0o a\ C O\ C\ O O N O � O N N A o W H O O O O N O M N Q\ r to r A F Z O O O N O � 00 O O ON 00 o O O�0 O^ M o O �O r J Q O M O N oo �n 00 O \0 oM N p O O W) 0 0 0�0 O 00 O - N N M M d rn � M Pw z O O N N N N N N N M M M M M A V(� O o o r N 0 z 0 O O N 00 N 0 O 0 N � DD 0 O N N 0 0 0 0 d T4 � O M O M O 00 � O � N m M O O O 0 0 0 O M V1 O� M L C6:) N M M O N M 0 0 0 V1 r- N O l� 0 tn 00 M M M M 0 0 0 ° c 0 0 o c oOl a\I OI ~ I N I MI dl �I ^ I OI �I O\ O\ O O O O O O C) O O C O O O, ON a\ O O O O O O ON N N O\ ADDITIONAL TAXES (not included in Projected TIF Reve I itilily Tax 1. Utility Tax Rate: 5 % 2. Argosy Expansion Facility: 1997 Energy Expense for Boat - $316,000 1997 Energy Expense for Terminal - $362,000 1997 Utility Tax - $33,900 Gamjn� Head Tax 1. Tax Rate: 2. Annual Number of Patrons: 3. Annual Tax Revenue: Gaming Receipts Tax 1. Tax Rate: 2. Annual Net Gaming Receipts: 3. Annual Tax Revenue: Additional Lease Payments 1. Lease Rate for Additional Rent: 2. Annual Net Gaming Receipts: 3. Annual Lease Payments: $1 per Patron 3.1 Million $3.1 Million 2% of Net Gaming Receipts $86.6 Million $1.7 Million $1% of Net Gaming Receipts $86.6 Million $866,000 EXHIBIT 11 This Agreement is effective as of the Effective Date (as defined in Section 16), by and between the City of Riverside, Missouri, a Missouri fourth class city (the "City"), Platte County, Missouri, a Missouri first elm county (the "County"), the Tax Increment Financing Commission of Riverside, Missouri ( "TIP Commission "), the Riverside- Quindaro Bend Levee District ( "District "), Missouri Development Finance Board ( "Board ") and Trillium Corporation, a Washington corporation ( "Trillium "). A. The City is a fourth class municipality of the State of Missouri ( "State ") duly organized and validly existing. B. The County is a fast class county of the State duly organized and validly existing. C. The TIF 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 "Act "), the real property (the "Redevelopment Area ") legally described in the attached Exhibit "A" has been classified as a "blighted area" and designated a "redevelopment area" pursuant to the Act; the L -385 Redevelopment Plan ( "Plan") has been approved for the purpose of redeveloping the Redevelopment Area; the Redevelopment Project I and Redevelopment Project I Area authorized by the Plan have been approved; and tax increment financing has been adopted for the Redevelopment Project I Area described in the Plan. D. The District was duly and validly created as a levee district under the laws of the State. B. The Board was created by State statute to administer financing programs and in administering such programs the Board frequently facilitates local projects by joining in partnership with local governments: F. Trillium is a Washington corporation which owns approximately 675 acres of undeveloped ground within the Unprotected Area (defined below). G. 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. H. 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 ".) I. The Levee is approved for construction by the United States Army Corps of Engineers (the "Corps ") as Project L -385 (the "Levee Project "). J. The Levee is necessary for the protection of the existing commercial buildings, infrastructure and jobs in the Unprotected Area as well as opportunities for substantial development after completion of the Levee Project. K. The total anticipated cost of the Levee Project is projected by the Corps at $55,980,000.00, based on March 1997 dollars. L. If a project cooperative agreement ( "PCA ") can be executed between the District and the Corps during the current federal fiscal year, approximately fifty -three percent (53�) of the cost of the Levee Project is expected to be paid by the Corps. M. The local share is approximately forty-seven percent (47 %) of the cost of the Levee Project (the "Local Share"). N. The City in conjunction with the District has submitted a Financing Plan for the Riverside /Quindaro L-385 Levee Project ( "Financing Plan ") detailing a suggested public- private partnership in providing the Local Share for the Levee Project, which Financing Plan has been reviewed and accepted by the Corps. O. There are five primary sources of funds which will be used to fund portions of the Local Share: 1. Trillium Contribution; 2. City Contribution; 3. Tax Increment Financing Bonds ( "TIF Bonds "); 4. Levee District Assessment Bonds ( "Levee District Bonds "); and 5. Neighborhood Improvement District Bonds ( "NID Bonds ") issued by the City ( "City NID Bonds ") and by the County to the extent the City's NID authority is exceeded ( "County NH) Bonds ") P. The City, County, TIF Commission and District have all adopted formal resolutions supporting participation in funding portions of the Local Share for the Levee Project in the manner set forth herein. Q. Additionally, the Board has approved the authorization of tax credits up to an amount of $2, 350,000 corresponding to contributions of up to $4,700,000 to fund a loan to the City ( "MDFB Loan") to assist in the financing of the Levee Project. -2- R. Realizing these sources of funds will require the cooperation and participation of the parties, each party has determined that it will cooperate and participate in the funding of the Local Share as further detailed' in this Agreement. NOW TEMREFORE, the parties agree as follows: 1. Trillium a. Contribution Trillium will contribute certain property located within the Unprotected Area in addition to a net of $2,800,000 in cash and will also provide credit enhancement for certain bond issues to fund a portion of the Local Share as set forth below: i. Trillium will contribute an amount of its property located within the Unprotected Area for use as right -of -way in conjunction with the construction of the Levee Project. The location of such property shall be determined by the Corps in cooperation with Trillium and the District and the timing of such contribution to be as set forth in the Schedule of Events, as revised from time to time ( "Schedule of Events "), the most recent copy of which is attached as Exhibit "B " . The contribution by Trillium shall be credited towards the Local Share cost of the Project at an amount mutually agreeable between the Corps and Trillium (the "Trillium Property Amount "). ii. Trillium will make its cash contribution in the net amount of $2,800,000 at the time(s) set forth in the Schedule of Events. Prior to the solicitation of bids for the first construction contract, Trillium will deposit such funds into an initial escrow account as further described in Section 7 which shall be subject to the receipt of an acceptable bid. Trillium will make its cash contribution to the Levee Project, either, through the Board's Tax Credit For Contribution Program ( "Program ") whereby tax credits are awarded for private contributions to infrastructure projects, or, directly to the Project as provided herein, the ultimate vehicle of the contribution being in the City's sole and absolute discretion. To the extent the cash contribution by Trillium is made through the Program, State income tax credits in the amount of fifty percent (50%) of the contribution will. be generated and may be utilized by Trillium or its assigns. It is estimated that a $4,700,000 cash contribution by Trillium will result in a net outlay by Trillium of approximately $2,800,000. If made through the Program, Trillium's cash contribution shall be an amount which will, after reducing such amount by the actual value of the tax credits received by Trillium (if any), result in. a net contribution to the Local Share of $2,800,000. In no event shall Trillium's actual contribution pursuant to this section (ii) exceed the net amount of $2,800,000 cash or cash equivalency. Trillium will: (1) reasonably support the marketing of the TIF Bonds according to an arrangement mutually agreeable between the City as issuer of the TIF Bonds and Trillium, and -3- (2) cause to be provided, as credit enhancement for the County MID Bonds, a stand -by letter of credit in an amount equal to the amount of the county NID Bonds issued by the County with terms mutually agreeable to Trillium and the County; provided, however, in no event shall such credit enhancement exceed $4,000,000. In other words, should either or both the terms or the provider of the letter of credit be unacceptable to either the County or Trillium, each in their sole and absolute discretion, then the County or Trillium shall not be obligated to issue the County NM Bonds or provide the stand -by letter of credit, as the case may be. In any event, the County has indicated its willingness to issue the County MID Bonds under the following terms: 10% of the proceeds of the County NID Bonds deposited in a debt service reserve fund for such Bonds, and the stand -by letter of credit being equal to the lesser of $4,000,000 or 110% of the County MID Bonds outstanding. It is acknowledged that in providing any credit enhancements required to be given pursuant to this Agreement, Trillium will incur certain costs including but not limited to fees required to be paid for stand -by letters of credit and the cost, in an amount to be determined, of committing a portion of its credit capacity in the amounts of such stand -by letters of credit (the "Credit Enhancements Costs "). Trillium shall be eligible to be repaid its Credit Enhancement Costs from excess TIF revenues. b. Cooperation So long as the Levee Project is proceeding in accordance with this Agreement, Trillium will file all documents and take all actions reasonably necessary or desirable to facilitate (i) the creation of neighborhood improvement districts in the Unprotected Area to be used in the financing of portions of the Local Share, including but not limited to supporting the neighborhood improvement district petitions, (ii) the approval of the Plan of Reclamation, and (iii) the approval of all projects on land it owns within the Unprotected Area as phases of Redevelopment Project I under the Plan. C. Planning and Zoning Trillium and the City mutually agree to cooperate in the formulation of a definitive agreement which addresses the planning and zoning objectives of the property owned by Trillium within the Unprotected Area. Trillium acknowledges that the City desires that retail development on Trillium's property be encouraged and promoted to the greatest extent possible. d. Conditions to Trillium's Obligations Trillium's obligations under this Agreement are subject to the satisfaction in Trillium's reasonable discretion of the following conditions: i. At any and all times, Trillium in its reasonable judgment is satisfied that all parties to this Agreement will fulfill their commitments hereunder and the Levee Project will be completed in accordance with the Schedule of Events. U. The satisfactory negotiation of the other agreements and arrangements between Trillium and other parties to this Agreement including, but not limited to, the terms and conditions pursuant to which Trillium will provide stand -by letters of credit, -4- and the eligibility, order and priority for reimbursement of Trillium's cash contribution and other costs from excess TIP revenues. The adoption of a satisfactory plan no later than the date that Trillium's $2,800,000 net contribution is required to be made for financing the basic infrastructure required for the development of the undeveloped land within the Redevelopment Area including an I -635 interchange, road improvements to V de Populier, drainage, and utilities. e. FurFhar Acknowl Trillium acknowledges that in the furtherance of the to provide Levee project and its obligations under this Agreement, it may seekk additional at a terms and assistance to it in accomplishing the objectives of this Agreem conditions of this Agreement will apply to such other parties to the extent applicable. 2. CRY. a. Cont_ nbution. The City will, subject to annual appropriation, contribute $2,800,000 in cash to fund a portion of the Local Share. prior to the solicitation of bids for the first construction contract, the City will deposit such funds into an initial escrow account as further described in Section 7 which shall be subject to the receipt of an acceptable�bidd. Additionally, the City will contribute, subject to annual appropriation, up t the $500,000 per year or 50% of the amount necessary to pay the City MID Bonds and/or County NID Bonds in amounts to be hereafter determined each year for a five year period beginning in ired t be made in the first year City MID Bond and/or County MID Bond pa yments requ MID Bond and/or order to partially offset the annual assessments necessary make such County MID Bond payments. b _CQgpe�on So long as the Levee Project is proceeding in accordance with this Agreement, the City will to the extent allowable under law take all actions reasonably necessary to: i. work with the other parties to consummate the transactions contemplated by this Agreement; U. work with the Board, the Corps and information received from the Corps in establishing and revising the Schedule of Events; M. file all documents and take all actions reasonably necessary or desirable to facilitate: (1) the issuance of the TIF Bonds and the City MID Bonds as further described in this Agreement and on the Schedule of Events; (2) the creation of a neighborhood improvement district in the Unprotected Area to construct the Project; -5- (3) the approval of the Plan of Reclamation; (4) the approval of all projects in the Unprotected Area as phases of Redevelopment Project I under the Plan; and iv. consider financing options for future infrastructure within the Redevelopment Area, including the use of tax increment financing. Towards this end, the City shall use reasonable efforts to consider the use of surplus tax increment financing ( "TIF ") revenues not otherwise dedicated for financing the Levee Project in funding future infrastructure needs associated with the Unprotected Area. C. Planning and Zoning The City and Trillium mutually agree to cooperate in the formulation of a definitive agreement which addresses the planning and zoning objectives of the property owned by Trillium within the Unprotected Area. The City acknowledges that it is in its interest as well as the interest of the Levee Project that retail development on Trillium's property be encouraged and promoted to the greatest extent possible. d. Conditions to the City's Obligatio The City's obligations under this Agreement are subject to the satisfaction in the City's reasonable discretion of the following conditions: i. At any and all times, the City in its reasonable judgment is satisfied that all parties to this Agreement will fulfill their commitments hereunder and the Levee Project will be completed in accordance with the Schedule of Events. ii. The satisfactory negotiation of the other agreements and arrangements between the City and other parties to this Agreement including, but not limited to, the eligibility, order and priority for reimbursement of the City's cash contribution and other costs from excess TIP revenues, reasonably acceptable credit enhancements for the TIF Bonds and the City NID Bonds such as to insure the protection of the City's general fund and fiscal position, and reasonably acceptable definitive agreement between the City and the District relating to the use of TIF revenues. 3 TIF Co mmission and the Citv/Redeoelonment Area and TIF Bonds a. Plan. The TIP Commission has recommended and the City has approved the Plan. The City and the TIF Commission will take such further actions as are needed to adopt, revise and/or amend the Plan and related matters to accomplish the intent and purpose of this Agreement, including but not limited to considering additional phases of Redevelopment Project I. It is . understood by this Agreement and pursuant to the terms of the Act troVthe odT Commission is a recommending body and the Board of Aldermen the app Nonetheless, the City and TIF Commission shall work cooperatively to consider each project on a project-by-project basis in furtherance of the objectives of the Plan, Financing Plan and this Agreement. b. TIF Bonds The City and the TIP Commission agree to use their reasonable best efforts to issue the TIF Bonds as set forth on the Schedule of Events and as follows: 0 i. To initially issue approximately $500,000 of TIF Bonds within three (3) months following the later of the Effective Date or the date of the PCA between the District and the Corps, the proceeds of which will be used to finance reimbursable project costs under the Plan, subject to the following conditions, including the.reasonable costs incurred after the date of issuance in preparing, filing and pursuing the Plan of Reclamation and related district court action and obtaining Options (defined below) and, to the extent options cannot be obtained by the District using its best efforts, property and rights -of -way for the property necessary for the construction of the Levee Project: (1) Due to the interconnectedness of the various components of the Financing Plan and the intricacy of the Financing Plan, the City attorney shall be co- counsel in all such actions for which TIF funds are requested; and (2) The City's prior approval, which approval may be given, denied or conditioned in the City's reasonable discretion, of the District's detailed budget for each action for which the District is requesting funding from TV revenues. 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 TIF Commission and the City. No amounts in excess of the budgeted amounts will be paid unless approval from the City is received. (3) The City and the District's mutual agreement to a definitive agreement regarding the budgetary process an d the distribution of funds in connection with the use of TIF revenues and 1U Bond proceeds. The District has proposed to the Corps that, prior to the issuance of the solicitation for construction bids for the Levee Project ( "Interim Period "), control and funding of all of the property required to construct the Levee Project be obtained through the acquisition of options to acquire the necessary lands, easements and rights -of -way ("Options"). TUe District agrees to use its best efforts to obtain the Options. Only if the District is unable to obtain an option using its best efforts will'the District to during the Interim Period condemn such property. negotiate for the direct purchase of or, if necessary, proceed The date for the closing for all properties, whether under an Option or a purchase contract or through condemnation, will be arranged to coincide, to the greatest extent possible, with the. acceptance of the construction bid. The parties acknowledge and agree that they shall, to the greatest extent possible, minimize the use of TIF funds during the Interim Period. U. It is anticipated that from the capitalization of the TIP revenue stream from the Redevelopment Area, approximately $2 m T1P Bonds could be issued for a twenty (20) year term at approximately seven percent (7%). Subject to marketability and the conditions set forth in this Agreement, additional TIF Bonds will be issued subsequent to the initial issuance to fund additional reimbursable project costs under the Plan. -7- M. Trillium will reasonably support the marketing of the TIF Bonds according to an arrangement mutually agreeable between the City as issuer of the TIF Bonds and Trillium. iv. The IU Bonds may be sold in different series and at different times pursuant to the Schedule of Events. C Excess TIF Revenues Excess TIP revenues, after payment of TIF Bonds, from development within the Redevelopment Area may, if approved pursuant to the Act, also be applied as follows to the following redevelopment project costs under the Plan: i. to fund City's administrative costs associated with any of the action contemplated by this Agreement; U. to pay City NID Bonds and County NID Bonds thereby reducing the annual assessments with respect to both the City NID Bonds and the County NID Bonds; iii. to repay the MDFB Loan; iv. to repay the City's $2,800,000 contribution; V. to repay Trillium's $2,80000 net contribution (it is proposed that the City's and Trillium's contribution be repaid on a dollar - for -dollar basis); vi. to repay Trillium the Trillium Property Amount; and vii. to repay the Credit Enhancement Costs. Amounts eligible for repayment under this Agreement shall accrue interest at an interest rate not more than the lowest interest rate applicable to the 70, NID and Levee District bonds actually issued pursuant to this Agreement, such interest to be compounded annually. The a ctual eligibility, order and priority of the application of excess TIP revenues shy agreed e p the affected parties pursuant to the IU process and definitive agreem pursuant to that process. d C'M?+Pration The TER Commission will file all documents and land within the or desirable to facilitate (i) the approval of all prof reasonably necessary u consider Redevelopment Area as phases of Redevelopment Project I under the Plan; C7 financing options for future infrastructure within the Redevelopment Area, including the use of tax increment financing. Towards this end, the TIP Commission shall use reasonable efforts to consider the use of surplus TIF revenues not otherwise dedicated for financing the Levee Protect in funding future infrastructure needs associated with the Unprotected Area. [ether Taxine r"ricdictions The parties acknowledge the School District and the e. es consider and the parties County ("Other Taxing Jurisdictions) have requested that the pa of the Plan, agree to consider ways in which to minimize consistent with the intent and P H . the Other Taxing Jurisdictions loss of tax increment financing revenues due to the implementation of the Plan. 4. istrict. a. Plan of Reclamation�nd Corps Agreeme i. The District shall commence preparing the Plan of Reclamation upon execution of the PCA, file the Plan of Reclamation within six (6) months after the Effective Date and diligently pursue its approval by the Circuit Court. ii. The District, as Local Sponsor, shall immediately following the Effective Date commence and diligently pursue execution of the PCA with the Corps relating to the construction and funding of the Levee Project. The City and the District shall immediately following the Effective Date commence and diligently pursue negotiating a definitive agreement between the applicable parties regarding the use of TIF revenues or proceeds of TIF Bonds for the funding of certain administrative costs associated with the Plan of Reclamation. The agreement shall be one which is mutually agreeable between such parties. b. District Bonds The District will use its best efforts to issue District Bonds as set forth on the Schedule of Events. The District Bonds will be issued under a Plan of Reclamation. The following are certain understandings with respect to the District Bonds: i. Repayment of the District Bonds will be made from assessments collected each year from the property owners within the Levee District. The Board of Supervisors of the District has voted to increase its annual assessments to $600,000 per year to provide part of the Local Share necessary for the Levee Project. This increased revenue stream will support District Bonds in the amount of $6,800 It is anticipated that the District Bonds will be issued for a 20 year term at an approximate interest rate of 6.0%. This will result in a net cash contribution by the District from the Proceeds f the D�t Bonds of approximately $6 after providing necessary cost of issuance. U. The amount of the District assessment on each parcel of property will be determined by the Proportionate share of benefit that parcel received as a percentage of the entire benefit generated by the construction of the Levee Project within the District- This percentage is then applied to the total obligation due that year. iii. If it should be found that at any time the amount of total tax levied is insufficient to pay the cost of works set out in the Plan for Reclamation or additional work done, the District agrees to work with the other parties to consider methods to satisfy such deficiency which may include an additional levy provided the total of all levies of such tax does not exceed the total amount of benefits assessed- 0 C. c'_QgW ation The District will file all documents and take all actions reasonably necessary or desirable to (i) execute the PCA with the Corps, (ii) obtain the approval of the Plan of Reclamation, (iii) assist in and support the NID petition process, and (iv) facilitate the consummation of the transactions contemplated under this Agreement. 5. City and Co unty/Neighborhood Improvement District and NID Bonds a. Neighborhood Improvement District Petitions The City, the County and Trillium will use their reasonable best efforts towards the filing of the petitions to organize the City and the County neighborhood improvement districts within six (6) months after the Effective Date and diligently pursue the organization and establishment of same. b. Neighborhood Improvement District The City a nd the County agree to use their reasonable best efforts to establish neighborhood 'improvement districts as follows: i. The boundaries of each NID shall be contiguous with the boundaries of the District. ii. The City or County, as the case may be, will, by resolution or ordinance, consider the advisability of the improvements and ordering that the district be established and preliminary plans and specifications for the improvements be made. M. The amount of the NID assessment on each parcel of property within the boundaries of the NID will be determined by the proportionate share of benefit that parcel received as a percentage of the entire benefit generated by the construction of the Levee Project within the NID. The assessments shall be in substantially equal amounts for a period not exceeding 20 years. iv. The City will, subject to annual appropriation, contribute up to the lesser of $500,000 per year, or 50% of NID assessment needed to make the City NID Bond and/or the County NID Bond payments each year in amounts to be hereafter determined for a five year period beginning in the first year City NID Bond and/or the County NID Bond payments are required to be made to partially offset the annual assessments necessary to make such payments. C. NID Bonds The City and the County agree to use their reasonable best efforts to issue their respective NID Bonds, subject to each's satisfaction with the structure of the NID Bonds and the protection of their respective general fund and fiscal condition, as set forth on the Schedule of Events to provide a portion of the financing for the Local Share for the benefit of the Levee Project as follows: i. It is currently expected that NID Bonds m the aggregate amount of $11,500,000 will be issued providing a net amount of approximately $10,000,000 towards the Local Share. -10- U. Under current law, the maximum amount of NID Bonds which can be issued by the City or County is limited to ten per cent (10%) of the assessed valuation of all taxable tangible property within the City or County, as the case may be. (1) The City currently has a tangible property tax base of approximately $60,000,000, which means that the maximum amount of City NID Bonds which could be issued by the City under the current NID statute is $6,000,000. This amount, however, would increase to the extent the tangible property tax base increases between the Effective Date and the time City NID Bonds are expected to be issued in 1999. Such an increase is anticipated and may be used, if needed, to issue additional City NID Bonds of $1,500,000. (2) To the extent needed and allowed under law, the County will issue County NID Bonds but only to the extent that Trillium causes to be provided, as credit enhancement for the County NID Bonds, a stand -by letter of credit in an amount equal to the amount of the County NID Bonds issued by the County with terms mutually agreeable to Trillium and the County; provided, however, in no event shall such credit enhancement exceed $4,000,000. In other words, should either or both the terms or the provider of the letter of credit be unacceptable to either the County or Trillium, each in their sole and absolute discretion, then the County or Trillium shall not be obligated to issue the County NID Bonds or provide the stand -by letter of credit, as the case may be. In any event, the County has indicated its willingness to issue the County NID Bonds under the following terms: 10% of the proceeds of the County NID Bonds deposited in a debt service reserve fund for such Bonds, and the stand -by letter of credit being equal to the lesser of $4,000,000 or 110 % of the County NID Bonds outstanding. d. Coo_oeration The City and County will each use its reasonable best Subject to facilitate the consummation of the transactions contemplated under this Agr enti that is final approval of the terms of any transaction by the then governing body tY a party to the transaction. ('nnditiont to the GountV's Obfle adons. The County's obligations under this e. Agreement are subject to the n in the County's reasonable discretion of the following conditions: i. At any and all times, the County in its reasonable judgment is satisfied that all pies to this Agreement will fulfill their commitments hereunder and the Levee Project will be completed in accordance with the Schedule of Events; and u. The satisfactory negotiation of other agreements and the arrangements between the County and other parties to this Agreement. 6. Board -11- a T C edit for C ntribution Program The Board will work in partnership with the City to negotiate a more definitive agreement regarding: i. the structure of the MDFB Loan including its term, interest rate, security and amount of repayment; ii. the Schedule of Events and timing of utilization of tax credits; iii, the establishment of a financing team, the composition of which shall take into consideration participants familiar with the Financing Plan as contemplated herein; and iv. the Board consideration of the issuance of all or a portion of the bonds as set forth on the Schedule of Events as a back -to -back issuer. b. C000eration The Board will use its reasonable best efforts to facilitate the consummation of the transactions contemplated under this Agreement subject to Board policies and procedures. 7 Funds Any and all funds required to be paid by any party under this Agreement shall initially be held by a financial institution, with trust powers, in a trust or escrow account created by the City, the County, the District, Trillium and/or the Board which funds shall be administrated by the City and the District or the City, the District and the Board, as the case may be, to be used to fund the Local Share. Any agreement necessary to implement this section shall contain the specific conditions which must be satisfied before the funds can be disbursed to pay Levee Project costs and shall be approved by the governing body of each entity which pays funds into such account. Once conditions have been satisfied, such funds shall be deposited into the escrow account established under the PCA and distributed pursuant to the PCA. The timing of the payment of all funds shall be coordinated with the timing of the payment of funds required under the PCA. 8. Notices. Any notice or other communication required, permitted or contemplated by this Agreement must be in writing and may be given by United States Mail, postage prepaid, or registered or certified mail, return receipt requested, and shall be deemed delivered when deposited in the United States mail addressed as follows: For Missouri Development Finance Board: Mr. Robert V. Miserez Missouri Development Finance Board 301 West High Street, Room 680 Jefferson City, Missouri 65102 Phone: 573- 751 -8479 Fax: 573 -526 -4418 -12- with a copy to: David W. Queen, Esq. Gilmore & Bell, P.C. 700 West 47th Street Kansas City, Missouri 64112 Phone: 816- 931 -7500 Fax: 816 -931 -7599 For Platte County: Platte County Administration Offices Attn: Diza Eskridge Platte County Courthouse 328 Main Street Platte City, Missouri 64079 Phone: 816 - 858 -2232 with a copy to: Michael Gunn, Esq. Gunn, Shank & Stover, P.C. 100 Woodlands I Bldg. 3000 Brooktree Lane Kansas City, Missouri 64119 Phone: 816 -454 -5600 Fax: 816 -454 -3678 For City of Riverside: City of Riverside 4500 High Drive Riverside, Missouri 64168 Ann: 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 -13- For Riverside TIF Commission: TIF Commission 4500 High Drive Riverside, Missouri 64168 Attn: Ron Super, Chairman with a copy to: Stephen A. Crystal, Esq. Armstrong, Teasdale, Schlafly & Davis 2345 Grand Boulevard, Suite 2000 Kansas City, Missouri 64108 Phone: 816- 221 -34 fax: 816- 221 -0786 For Riverside- Quindaro Bend Levee District: 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 -263 Fax: 816 -431 -508 For Trillium: Mr. Paul Pien, General Counsel Trillium Corporation 425 Pike Street, Suite 600 Seattle, Washington 98101 Phone: 206 - 389 -9600 Fax: 206- 389 -485 Notice given in any other manner shall be deemed delivered when actually received. Any party may change its notice address by giving the other parties written notice of such change. to pay cos of the 9. Cooperation If it is found that the funds available are insufficient funding sources and Levee Project, the parties agree to work together to examine other possible -14- mechanisms to satisfy such deficiency which may include but is not limited to additional cash contributions, additional bond issues and additional tax levies provided the total of all levies of such taxes does not exceed the total amount of benefit assessed. 10. 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. 11. Governing Law This Agreement shall be construed and interpreted in accordance with the laws of the State without regard to conflict of law statutes. 12. 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 as well as the City and the District. 13. 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 or affect the meaning or construction of any of the provisions of this Agreement. 14. 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. 15. Other Agreements Notwithstanding the undertakings contained herein and the commitment by the parties to this Agreement to utilize reasonable best efforts to accomplish the objectives of this Agreement, it is acknowledged that this Agreement provides for other more definitive agreements between various parties to this Agreement to implement the objectives of this Agreement. It is further acknowledged that the Financing Plan articulated in this Agreement 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 this Agreement to implement their respective undertakings is subject to the aforementioned acknowledgments and the final approval of the terms of any transaction by the then governing body ply to Agreement that is a party to the transaction. 16. Effective Date The effective date ( "Effective Date ") of this Agreement shall be deemed to be the last of the dates indicated below at the signatures of the parties, and such date shall be the "date hereof" for the purpose of computing the time periods set forth in this Agreement. -15- EXECUTED as of the date first above written. Date: S 16 1997 ;Deputy T: City Clerk APPROVED AS TO FORM: City Attorney Date: ATTEST: County Clerk APPROVED AS TO FORM: County Attorney Date: ATTEST: Secretary APPROVED AS TO FORM: District Attorney • . • •• 10 - COUNTY OF PLATTE, STATE OF MISSOURI By: Name: Title: r • • V. • By: Name: Title: _16- JA6149210000 •RE' EXECUTED as of the date first above written. CITY OF RIVERSIDE, MISSOURI Date: By Name: Title: ATTEST: Deputy City Clerk APPROVED AS TO FORM: City Attorney I M W-1 I M- 1-1 1 f I M I M COUN'T'Y OF PLATTE, STATE OF MISSOURI B Name: Title: APPROVED AS TO FORM: Ari•.r�ytr.��o.:I•.: ,. Date: ATTEST: Secretary APPROVED AS TO FORM: District Attorney V . B Name: Title: -16- EXECUTED as of the date first above written. Date: ATTEST: Deputy City Clerk APPROVED AS TO FORM: City Attorney CITY OF RIVERSIDE, MISSOURI By: Name: Title: COUNTY OF PLATTE, STATE OF MISSOURI Date: ATTEST: County Clerk APPROVED AS TO FORM: County Attorney Date: By: Name: Title: gIVERSIDFrQUINDARO BEND LEVEE DISTRICT B Name: Robert t4 Gies$ Title: President, Board of Supervisors ATTEST: / Secretary APPROVED AS TO FORM: District Attorney -16- 1:\61492 \0000 I \INTGVT8 -REV Date: Seer 16 ► 1997 AT / T � EST: Secretary TAX INCREMENT FINANCING COMINUSSION OF RIVERSIDE, MISSOURI Name: Ro Su er Title: Chairman APPROVED TO FO q: Commission Attorney Date: ATTEST: Secretary APPROVED AS TO FORM: Board Attorney MISSOURI DEVELOPMENT FINANCE BOARD By: Name: Title: Date: ATTEST: Secretary By: Name: Title: -17- 7:\61492 \00001\1NT0VT8 •REV TAX 1 1:1 t 1 1 1 •Z Date: ATTEST: Secretary APPROVED AS TO FORM: Commission Attorney Date: ATTEST: Secretary APPROVED AS TO FORM: Board Attorney By: Name: Title: MISSOURI DEVELOPMENT FINANCE BOARD By: Name. omas P. ckers Title: Chairman TRILLIUM CORPORATION Date: ATTEST: Secretary By: Name: Title: -17- 7:\61492 \0000 I\INTGV C8.REV TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI Date: By ' Name: Title: ATTEST: Secretary APPROVED AS TO FORM: Commission Attorney MISSOURI DEVELOPMENT FINANCE BOARD Date: By. Name: Title: ATTEST: Secretary APPROVED AS TO FORM: Board Attorney TRU,UUM CORPORATION Date: By. Paul Pien Name: Title: Vice President and General Counsel ATTEST: Christine M. Bauer -17- J : \6 J 492 =W 1 \1 NTa V r8' P-EV EXHIBIT A LEGAL DESCRIPTION 'TRACT 1: DESCRIPTION ALL THAT PART OF SECTIONS 3, 4, 5, AND 6; THAT PART OF FRACTIONAL SECTION 10, AND ALL OF FRACTIONAL SECTIONS 7, 8 AND 9; ALL IN TOWNSHIP 50 NORTH, RANGE 33 WEST, OF THE FIFTH PRINCIPAL MERIDIAN, IN PLATTE COUNTY AND CLAY COUNTY, MISSOURI, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHERE THE LINE BETWEEN PLATTE COUNTY AND CLAY COUN PLATTE ROAD,, AS S MI NOW ESTABLISHED t OLD U.S. HIGHWAY N W O 71) N WHIC%i POINT IS 828.0 FEET EAST AND 180.0 FEET, MORE OR LESS, NORTH OF THE SOUTHWEST CORNER OF SECTION 3, TOWNSHIP 50 NORTH, RANGE 33 WEST, IN PLATTE COUNTY, MISSOURI. THENCE SOUTHERLY ALONG SAID LINE BETWEEN PLATTE COUNTY AND CLAY COUNTY, TO A POINT ON THE NORTHERLY TOP OF THE HIGH BANK OF THE MISSOURI RIVER; THENCE NORTHWESTERLY, WESTERLY, SOUTHWESTERLY, WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG THE SAID NORTHERLY TOP OF THE HIGH BANK TO THE MOST SOUTHERLY CORNER OF A TRACT OF LAND DESCRIBED AS TRACT 2, IN THE WARRANTY DEED FILED FOR RECORD AS DOCUMENT NO. 11457 IN BOOR 647 AT PAGE 137; THENCE NORTHEASTERLY ALONG THE SOUTHEASTERLY LINE OF SAID TRACT 2 AS DESCRIBED IN THE SA ID WARRANT DEE TO THE SOUTHERLY AS NOW ESTABLISHED; THENC E G N ORTHERN D E E NORTHEASTERLY ALONGA STRAIGHT LINE TO THE MOST SOUTHERLY CORNER OF THE TRACT OF LAND DESCRIBEp AS TRA I IN THE AFORESAID WARRANTY DEED; THENCE NORTHEASTERLY N ORTHEAS T NORTHERLY CORNER OF SAID TO TH E EASTERLY LINE OF SAID TRACT i TRACT 1, SAID POINT BEING ON THE SOUTHERLY RIGHT -OF -WAY LINE OF MISSOURI ROUTE NO. 9, AS NOW ESTABLISHED; THENCE NORTHEASTERLY ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY INTERSECTION OF THE NORTHERLY RIGHT -OF - WAY LINE OF SAID MISSOURI ROUTE N0. 9 WITH THE NORTH -SOUTH CENTERLINE OF SAID SECTION 6; THENCE EASTERLY ALONG SAID NORTHERLY RIGHT -OF -WAY LINE TO THE WESTERLY RI - OF -WAY LINE OF INTERSTATE ROUTE NO. 635, 5 NOW CORNER OF TRACT "0 "CLIF ALONG A STRAIGHT LINE TO THE DE, PLATTE COUNTYr MISSOURI, I MANOR" A SUBDIVISION 0! LAND IN RIGHT _ WAY LINE OF U.S. HIGHWAY SAID POINT BEING ON THE NORTHERL No. 69 AS NOW ESTABLISHED; TM Y SO R IGHT-OF-WAY WAY • LINNE�A ITS NORTHEASTERLY ALONG SAID NORTHERLY NORTHEASTERLY PROLONGATION, TO A POINT ON THE NORTHERLY RIGHT -OF WAY LINE OF SAID NORTHWEST PLATTE ROAD, SAID POINT ALSO BEING ON THE WESTERLY AND SOUTHWESTERLY LINE OF BLOCK "B" El "RJR PLAZA RI 3 ", A SUBDIVISION or-LAND COUNTY, MISSOURI; D IN RIVERSIDE' PLATT WESTERLY AND TERLY ALONG THE THENCE SOUTHERLY AND SOUTHEAS TO T CORNER OF THE SOUTHWESTERLY LINE OF SAID BLO Y THE EAST LI SAID BLOCK SAID BLOCK "B "; THENCE NORTHERLY FORMER KANS C ITY, CLAY COUNTY Its ", TO THE NORTHERLY LINE OF THE CE SOUTHEASTERLY AND ST. JOSEPH RAILWAY COMPANY RIGHT-OF ST A CORNER OF LOT 12, "JANIE ALONG SAID NORTHERLY LINE TO THE S LANTS ADDI THENCE NORTHERLY ION OF LA 11 L RI VERS IDE OF / COUNT SAD LOTZ, TC MISSOUR THE ,NORTHWEST CORNER OF SAID LOT 12: THENCE EASTERLY ALc4G :? E NORTH LINE OF SAID LOT 12 TO THE NORTHEAST CORNER OF SAID LOT 12, BEING ON THE EAST LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 4; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID SOUTHEAST 1/4 TO TuE AFORESAID CENTERLINE OF NORTHWEST PLATTE ROAD (OLD U.S. HIGHWAY 40. 71); THENCE SOUTHEASTERLY ALONG SAID CENTERLINE TO ITS INTERSECTION WITH THE LINE BETWEEN PLATTE AND CLAY COUNTIES, SAID POINT BEING THE POINT OF BEGINNING, EXCEPT ANY PORTION THEREOF LYING NORTH OF THE NORTHERLY RIGHT -OF -WAY LINE OF SAID MISSOURI STATE ROUTE 40. 9. TRACT 2: All of Lot 2, RIVERSIDE BUSINESS PARK, a subdivision of land in Riverside, Platte Ccunty, Missouri, according to the recorded plat thereof. TRACT 3: All that part of Lot 1, RIVERSIDE BUSINESS PARR, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 1; thence of South 89 said Lot di 9 minutes 143.8-0 fast; th nce Northerly and West a Westerly Southwesterly lint of said Lot It on a curve tp the right, having a radius of 122.00 feat and tangent to the last described course, an arc distance of 192.86 foot; thence North 8 degrees 18 minutes 44 seconds East along the West lint of said Lot It 52.63 feet: thence North 89 degrees 44 minutes 14 seconds East, 265.21 feet to a point on the East line of said Lot 1; thence South 0 degrees 15 minutes 46 seconds East along said East line 175.85 fast to the point of beginning. TRACT 4: All that part of Lot 1, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, more particularly described as follows% egi n min a t t h e Northeast corner of Lot 1, thence South o degrees seconds East 285.0 fast, thence South 89 degrees 44 minutes 14 seconds West 265.21 fast, thence North 0 degrees 18 minutes 44 seconds East 384.36 fist; thence South 83 degrees 54 the Northerly seconds East 87.81 fast, thence Southeasterly along line of Lot 1, being a curve to the loft having a radius of 1351.73 feet and a central angle of 8 degrees n 1 minutes 31 seconds, a distance of 196.02 fast to the P TRACT 5: Lot 5, RIVERSIDE BUSINESS PARK, a subdivision of land in R:•iersi =e, Platte County, Missouri, according to the recorded plat t.ereof. TRACT 6: All that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision in Riverside, Platte County, Hissouri, according to the recorded plat thereof; lying Westerly of a line described as follows: Beginning at a point North 89 degrees 44 minutes 14 seconds East 310.0 feet from the Southwest corner of said Lot 4; thence North 0 degrees 18 minutes 44 seconds East 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East 53.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane. TRACT 7: All Of Lot 3 and all Of that part of Lot 4, RIVERSIDE BUSINESS PARK, a subdivision of land in the City of Riverside, Platte County, Missouri, according to the recorded plat thereof, being bounded and described as follows: Beginning at the Southeast corner of said Lot 3; thence South 89 degrees 44 minutes 14 seconds West along the South line of said Lots 3 and 4, 615.04 feet; thence North 0 degrees 18 minutes 44 seconds East, 386.99 feet; thence North 57 degrees 37 minutes 58 seconds East, 5 ;.25 feet to a point on the Southerly right of way line of Northwest Business Park Lane, as now established, being also a point on the Northerly line of said Lot 4; thence Southeasterly along said Northerly line, on a curve to the left, having a radius of 182.00 feet, an are distance of 183.92 feet; thence North 89 degrees 44 minutes 14 seconds East along the Northerly line of said lots 3 and 4 186.24 feet; thence Southeasterly, continuing along the Northerly line of said Lot 3, on a curve to the right, having a radius of 60.00 feet, an the distance of 43.36 feat; thence Easterly continuing Northerly line of said Lot 3 on a curve , and a radius 60.00 the left, having a common tangent with the last described curve, degrees 44 feet, an arc distance Of 137.61 feet; thence North 89 degr minutes 14 seconds East, along said Northerly line, 90.00 feet to the Northeast corner of said Lo E ; th o! said Lot gr es 19 minutes 56 seconds West, along feet to the Point-of Beginning. nnniol L t+ 0 A / 0 i w o q I/ E _ ` - U '0, cCj r - mll OOoZ.' r 0 i� 1 i it f '• %.•• � � •� j � • I 0 1 = = 1 t M 009 t 9 © f� ` I •M 00 I =� •.,w,,,, a - -� i!, i=„`•" e q `�` 2•.. •a ;s 1 ' M 000c 4 ma al ., � Z [rq q•r I I , t om~ W m M OOZv = M OOOV 1 _. W 1 Iwo s �r / 1 > L m m `i a ! M OOZS Q Y 1 ANN 1 CJ 6 .'�.••.". `• �� ` OO_S r •= J ' l�� / I N CE O O 4 4 Y -_ �% Amy �� �- j Z: :� ;_� si • 1110 � _. FUNDS AND COSTS TIME TABLE FOR LEVEE CONSTRUCTION Year Fula& Bond Proceeds —TEF Bonds' (After 9/97) — Contingent Delayed Funding (October)* Costs Start -up Contingent Delayed Acquisition 1998 Funds Contingent Delayed Funding (October)* Costs Start -up Contingent Delayed Acquisition* 1999 Funds City Contribution (April) Trillium Contribution' April) Contingent Delayed Funding Received TIF Bonds' (October)* —In -Kind Contribution Costs Construction Contingent Acquisitions Purchased* 2000 Fonds Bond Proceeds —Levee District Bonds (October) Costs Construction ng Balance Coats - Throughout Funds Required' Ending Fund Year I Bala nce 1,378,000 300,000 7,500,000 250,000 1,689,000 250,000 1,128,000 300,000 3,117,000 6,112,000 500,000 2,817,000 300,000 2,800,000 4,700,000 2,817,000 300,000 6,150,000 1,378,000 300,000 7,500,000 7,538,000 ust be In the bank by October of the preceding year. These funds will be raised by a combination 'Total net funds for each year's construction m of city contributions, landowner contributions and bond p As long as funds are available by October of the preceding year, them is flexibility as to how and when contributions will be made and bonds will be issued within certain limitations. of Redevebpmeot Project I (u further detailod in the $273,000 capital revenue strum from the various phases be sub' to credit enhancement 'The $2.9 Million in Tip Bonds rwPPO1t9d by C' of Riv erside, Mivatn) mold eider be veld to () the pub ' 1°rt 4385 Levee Project dY the the m of a s lag Plan for the tier o f de/Qumdare has agreed to provide) or (b) Trillium Coryorstionl. o Wa f la credit (which Trillium Corporation 'Anticipated signing of Cooperative Agreement is September 1907. Funds will be required after signing. . in anticipated that T matnbutlon will be made utilizi% the MDF8 Loan. will all .,d prortY is under control. The options will be be acquired so that a r4 po 1997 and 1996. options m rights of way, uscm ' and property of these properties will be accrued T0,6" wo pt oe able mructim bid being moeived for the Pmjwt The funds and costs associatad with We purchase e:eroiabb upon as but not actually incurred uatil 1999. J:\61492\00001\CSTLVCH.UPD 7,538,000 fiords Bond Proceeds -- County NID Bonds (October) Costs 5,734,000 Construction 6,040,000 Funds Bond Proceeds —City NID Bonds (October) Costs 5,751,000 Construction 2003 5,118,000 I Funds Costs I I 5,118,000 Construction 4,236,000 4,829,000 6,040,000 5,118,000 1: \61492 \00001 \CBTLV CH.UPD EXHIBIT 12 CITY'S REQUEST FOR STATE ASSISTANCE IN THE FORM OF STATE TIF REVENUES Year Estimated Need 1998 150,000 1999 267,500 2000 656,750 2001 750,485 2002 779,704 2003 788,299 2004 595,803 2005 1,070,510 2006 944,932 2007 745,976 2008 1,022,525 2009 1,365,290 2010 1,831,718 2011 2,366,401 2012 2,295,743 2013 868,218 and None thereafter Estimated State Increment (50% of Income Taxes) 171,958 276,274 279,404 282,627 725,161 1,194,148 1,690,775 2,216,281 2,686,154 3,182,379 3,706,116 4,162,620 4,643,334 5,149,300 5,681,599 6,241,356 Amount Requested 150,000 267,500 279,404 282,627 725,161 788,299 595,803 1,070,510 944,932 745,976 1,022,525 1,365,290 1,831,718 2,366,401 2,295,743 868,218 None Requested % of State Increment 87% 97% 100% 100% 100% 66% 35% 48% 35% 23% 28% 33% 39% 46% 40% 14%