HomeMy WebLinkAbout2009-185 Repealing Upper Gateway TIFBILL N0.2009-185 ORDINANCE N0.2009-185
AN ORDINANCE TERMINATING TAX INCREMENT FINANCING FOR THE
UPPER GATEWAY MIXED USE REDEVELOPMENT AREA, REPEALING
ORDINANCE 2006-163; DISSOLVING THE SPECIAL ALLOCATION FUND
CREATED THEREBY AND TERMINATING THE DESIGNATION OF SUCH
AREA
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act,
Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act"),
authorizes municipalities to undertake redevelopment projects in blighted, conservation
or economic development areas, as defined in the Act; and
WHEREAS ,THE City of Riverside, Missouri (the "Cit}~') by the passage of
Ordinance No. 2006-173 on December 28, 2006 (the "TIF Ordinance") (i) adopted the
Tax Increment Financing Plan (the "Redevelopment Plan"), which called for the
redevelopment of an area (the "Redevelopment Area") in the City, (ii) designated the
Redevelopment Area as a "redevelopment area" under the Act, (iii)adopted tax increment
financing for the commercial portion of the Redevelopment Area in accordance with the
provisions of the Act, and (iv) authorized the deposit of certain payments in lieu of taxes
and economic activity taxes into a special allocation fund (the "Special Allocation Fund")
for the Redevelopment Area; and
WHEREAS, the City has now determined that in lieu of funds generated through
tax increment financing, the acquisition of blighted property, demolition thereof and
certain other public and private infrastructure improvements will be paid for by City
subject to reimbursement pursuant to an agreement with the land developer; and
WHEREAS, the previously executed redevelopment agreement has been
executed but is now terminated according to its terms; and
WHEREAS, no obligations were issued by the City and no funds remain to be
distributed as surplus revenues from the Special Allocation Fund established in the TIF
Ordinance for the Redevelopment Area; and
WHEREAS, because no obligations were issued and no surplus funds remain in
the Special Allocation Fund to be distributed to taxing districts, the City desires to
terminate tax increment financing for the Redevelopment Area as contemplated in
Section 99.850 of the Act; and
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF
THE CITY OF RIVERSIDE, MISSOURI, as follows:
Section 1 -The City hereby dissolves the Special Allocation Fund created for the
Redevelopment area.
Section 2 -The City hereby terminates the designation of the Redevelopment
Area as a "redevelopment area" under the Act.
Section 3 -The City hereby repeals the TIF Ordinance.
Section 4 -The officers, agents and employees of the City, including the Mayor,
City Manager, Finance Director and City Clerk shall be, and they hereby are, authorized
and directed to take such actions and execute such documents as they may deem
necessary or advisable in order to carry out and perform the purposes of this Ordinance,
and the execution of such documents and taking of such actions shall be conclusive
evidence of such necessity or advisability.
Section 5 -The sections of this ordinance shall be severable. In the event any
section of this Ordinance is found by a court of competent jurisdiction to be invalid, the
remaining sections of this ordinance shall be deemed valid, unless the court finds the
valid sections of this Ordinance are so essentially and inseparably connected with, and so
dependent upon the void sections, that it cannot be presumed that the Board of Aldermen
would have enacted the valid sections without those deemed invalid; or unless the court
finds that the valid sections, standing alone, are incomplete and are incapable of being
executed in accordance with the legislative intent.
Section 6 -This ordinance shall be in full force and effect immediately upon
passage.
ADOPTED AND APPROV~ nD ~bye the Board of Iderme an Mayor of the City of
Riverside, Missouri, this ~ day of 2009.
APPR VED:
MAYOR
ATT
City Clerk