HomeMy WebLinkAbout2002-130 - Amendments to the L-385 Levee Redevelopment PlanBILL NO. _~-~~^
ORDINANCE NO. ~ ~,~ ~~i
AN ORDINANCE 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; AND APPROVING THE
ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT
PROJECT I-PHASE M AREA.
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 aproject-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;
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; and
WHEREAS, after notice and public hearing, the Commission, on November 20, 2002,
passed Resolution 2002-11-01, approving such amendments and recommending same to the
Board of Aldermen.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE
CITY OF RIVERSIDE, MISSOURI AS FOLLOWS:
Section 1. The 2002 Amendment to the L-385 Levee Redevelopment Plan, as amended,
attached hereto as Exhibit A is approved.
Section 2. The City has previously found the following and hereby confirms each finding:
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.
Section 3. The City has previously found the Redevelopment Project I-Phase M Area to be
blighted. The City approves the designation of the Redevelopment Project I-Phase M Area as a
redevelopment project area under the Act.
Section 4. The City 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 aproject-by-project basis.
Section 5. The City adopts tax increment financing for the Redevelopment Project I-Phase
M Area and provides 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
79CLIENTSV61492',00001 AK0308551. DOC
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.
Section 6. This Ordinance shall be in full force and effect from and after its passage and
approval.
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PASSED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE,
MISSOURI, THIS 17`h DAY OF DECEMBER, 2002.
[seal]
,,
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City Clerk
Mayor „
1 CLIGNTSIG I ~I9?`:0000116010ffi 5 I .DOC
EXHIBIT A
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 I, 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 Mazch 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
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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 fmancing the
Local Share are insufficient without the public assistance provided
by this Redevelopment Plan.
1:~CLIENTS~61492100001UC0304113.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"' 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 (through this
Amendment) 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, I, 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
7 \CLIENTS\61492\00001 \K03041 13DOC 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, I, 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 defmitions set forth in Article III are amended to read as follows:
B. Additional Assessment Bonds: 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. Boazd of Alderpersons: The Board of Aldermen of the City of
Riverside, Missouri.
G. City Participation Pavment: 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 prepazed by the City in
conjunction with the Levee District for the L-385 Levee Project
and all supplements and amendments thereto.
]:\CLffiNTS\61492W0001\K0304113.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-l . Obli ations: 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 squaze 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 Proiect I-Phase L: The construction of an
approximately 86,000 sq. ft. mixed use building by Riverside
Associates L.L.C.
AO-4. Redevelopment Proiect 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 azea within the Redevelopment
Area selected for a Redevelopment Project. The azea selected for
Redevelopment Project I-Phases A, B, C, D, E, G, H, I, J, L and M
aze 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 aze not limited to,
the following:
i. Costs of studies, surveys, plans and specifications;
ii. Professional service costs, including, but not limited to,
architectural, engineering, legal, mazketing, financial,
planning or special services;
iii. Property assembly costs, including, but not limited to,
acquisition of land and other property, real or personal, or
rights or interests therein, demolition of buildings and the
clearing and grading of land;
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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 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 fiJrther 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-
Quindazo Bend Levee District of Platte County, Missouri (L,evee
District Improvement Bonds) Series 2001.
AV. Special Assessments: Special assessments and taxes which aze
levied by the Levee District against property which is within the
J:~CL~N7'SW 1492~000OlUC0304113.DOC
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 pazagraph of Article VI aze 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 3`d paragraph of ARTICLE VI aze 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 aze expected to contribute to the Local Shaze 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 Shaze, which Local Shaze 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.
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12. The first sentence of the 6`h 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' awazd 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
I. 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.
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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 pazagraph 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, I, 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 Mazch 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 Apri126, 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-I and Exhibit 8. The Redevelopment
Project I is expected to be completed by 2005.
J:~CLIEN'rSb1492~00001~K0304113.DOC (~
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 azea 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 azea is essential for the successful
implementation of this Redevelopment Plan, including the
Financing Plan for the Levee Project.
18. The first pazagraph 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 shaze 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 Shaze"). The federal
shaze 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 Shaze of the Project aze 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 I:
(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.
7:~CLIQi7'SW1492~000O1UC0304113.DOC 1 Q
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 LnvIB 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-thuds 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 fmanced 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:~CLn:A17'S~b1492~00001UC0304113.DOC 11
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
~:~cigans~siovzwoaoivcosoan3mc 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 Shaze of the Redevelopment
Project I, Levee District costs, a contingency reserve and
financing costs aze estimated as set forth on Exhibits 7 and
8.
11CL~N7's~61492100001UC0304113.DOC 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
Phase A 11,636,740
hase B 110
hase C 123,020
hase D 171,280
hase E l 09,180
hase G 103,680
hase H 108,160
Phase I 361
hase J 304,540
Phase L 214
Total $12,557,285.00
The Total Initial Equalized Assessed Value for Phases M has not
yet been determined by the Counry Assessor but is estimated as
$83,200. The current (2001) ad valorem tax levy rate in the
Redevelopment Area is $6.33 per $100 of assessed valuation.
The ad valorem tax levy for the year 2002 has just been released
and is $6.9744 per $100 of assessed valuation.
J.\CLIENTS\61492\00001 \K0304113. 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
hase Al 11,040,00
hase B 398,42
hase C 1,454,901
hase D 1,160,00
hase E 149,87
hase G 210,27
hase H 608,00
hase I 361
hase J 682,78
hase L 302,88
otal $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
1The hotel portion of Phase A has yet to be built.
]:\CLIENTS~bl49TA0001\K0304113.DOC 15
issuance of Obligations, until all Obligations (other than TIF
Bonds related to Redevelopment Project II) 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 Mazch 31 of the next succeeding
calendar yeaz or such other dates as in required in such Ordinance
authorizing the issuance of Obligations.
24. Subpart "Third' of the third pazagraph 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`as
the annual assessments with respect to the Series 2001 Levee
District Bonds.
25. The last pazagraph 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 aze fully retired and all administrative costs and all
Reimbursable Project Costs aze fully paid, will be returned to
appropriate Taxing Districts and the State in accordance with and
as required under the Act.
IL GRANT AND LOAN PROGRAM.
1. 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 Boazd of Aldermen by Ordinance No. 2001-
108 adopted on October 2, 2001, upon the recommendation of the
TIF- Commission pursuant to Resolution No. Ol-O1 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
~:~cc.grrrs~uvzwooo~vco3oai ~s.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.
J:~CLIENI'SW1492~AOOOlUC0304113.DOC 1'~
Description of Redevelopment Pro'ect I Phase J Area
J
~i~,
-R 33
~ ~~ ~~~
'-EGAL DESCRIPTION:
GRAPHIC SCet.~
1 Inch ~ 100 ~
CONTAINING 661,934 S4. FT. OR SS.1959 ACRES
A TRACT OF LANII 9EING PART O$ LOTS 1 AND
~~~ p~~~`. ~A 8UBDIVISION IDI PLATrg ? ION PT err n
~ eOLIAWS: BSOINN NZSSOURI aR.nore
~~' HEiNC K 00°-iS~-18• g POINT oN Tab $AST LI118 OF BExN(`, OSSCRieED
1637.68 FBBT ~ ~~ '~E BAID LOT 2~ 6AID
NS COR21gR OF , OTQSFOOT P.A,ST LINE' OF SAID LOT y
8XC6PTioF~t ~ pg~Cp~~ POti~T I~LSA sBA~tQ Tx8
800K 0748 AT PAGE ll8j T~iCg x 89 •28 •
~IN8 OF SAID LOT$ 3 ANA 2 • ~ l7 W. pAR~ALLEL CORDED LN
Op AND Q 567.3b FERT TO A L~ ~ T$S Soya
Sig 240~'EL WITS THE THAT IS 21.21 PBBT KEST
. TKENCB N 00•-18•~~50•~g~ TRAM AECORDBD IN BOOK 101 AT
S 00•. 1,:10" E. 21.21 F8ST TO Tag BA6T LING OF~11IDa8TiA~s ~ C8
18 SO W, A[ANp gA~
RA~OApL KI:'H 6~~~~BRLY ReIGTHTLOg~i1AY~LINgFEOFjT~ CS S 65°•27~•4*~ g~
SAID. (,0•'2597. (Dggp ~. 602.8 FSgT B~I~*rON NORTHERN
. $A:D POINT 8 1 TO A @OINT ON TH$
ZNTERSBCTION OF SAID LINB~ 6 00•-15••10• K, 216.00 ~'L' L~ OF
•~
~1~~PEET ~ S 00 iS ~iBTH• ~ ~EDZRLY AltitiT-Og ~ L~ OF~BAID
NOK BEIti~G O.SED THE POZI~TF OF SSGISIDIttp, ~~rT~ITHATFP~ TBB~EABT
FOR TR8 ItIGEi'r-OF•kAY OF ~'A1'a`1~ RWID.
NO:'E s Ti{fi ABOVE DESCRIPTION Y6 THg 511
R~p~~ OEED RBDORD® ZN 800K 7!8 A2' P3~R~ B,OF t''~D GONY8YED BY 1-
RgCORDL-D ~ 800K 754 A7 PAagg 452. l53, At4D lSS, 1tiidD Qf1IT C~~~RANTY DgED6
' BOOK 7bt AT pAQBS 451. 456. A~ 45~. 6AIee ORBDS
E~LDIY A TO 'SESO7.OT1011 99-11-01
ERHIBIT 6-L
Legal Description of Redevelopment Project I Phase L Area
IPGAL DESCRIPTION (lOT 3)
A baCt of land located In FrdCdonai Section 9, Township 50 North of the easetine, Range 33 West
of the RM PrklCipal Merid'wn, Riverside, Plathe Carnty, Missouri, and being more particularly
deSQgled 8S fofIOWS:
Burg at tlrp Nottl~east comer of RNERSIUE MOTt~ SUPER B, a wbd'~IS(on of land recorded
in Plat Book 18 at Page 30 h the dfi0e of the Recorder of Oceds for said Platte CAUnty. MlissOtai;
Tttertx south n degrees 4423' west stag me Northerly t«te of said Rives Mt)'fB. SUPER
8, a dtsmnoe of E5.44 (Soutar 71 degrees 48'27` West, 8Sr45 few hY deed) b the NOrtl~west
comer of said RiYERSZOE MOTH. SUPER 6;
7hetrcC North 17 degrees 23'43" East; a d's4rroe of 79.86 feet (North 17 degrees 1529' East by
deed);
Thenx North 02 degrees 56'08' West, a drtanoe of 545.18 feet (North 02 degrees 55'40" West
54520 feet by deed);
Thence North 66 degrees 47'11' East, a distance of 378.80 feet (North 66 degrees 416'47' t:.ast try
deed):
1?>enoe South OS degrees 00'41' West; a distance of 8228 feetr
Thence South 85 degn~ 01'39" East: a dlstarroe of 130.00 feed
YhenoC South 15 degrees 13'51' East, a ddtanoe ~ 150.57 ~k
Thence South 05 degrees 0323' West; a r8stanae of 350.77 feet{
Thence South 04 degnoes 39'39" West f a distance of 27.20 feet;
Thence South 71 degrees 44'73' West, a d'~tanoe of 410.00 fee[ to the Pont of Beginning.
The dtrOYe desGRiad tract torrtaklgr 6.70 BGCSi rrxxe Or less and is sutrf ed tlp afl eaSCrilCnt,
reshitxions, reservations, rights of way and ooverratds, recnnded or unrecorded, >F any.
E%HIBIT 6-M
Legal description of Redevelo ent Pro"ect I - Phase M Area
:~n~ .. ~ :` ±y.tr
The tollowi~g teal prop~nq located in the Coun of _Flette
Lot Rumhared 1'wo (Z), State ofMicsourr';
Riverside, Platte Cotmta ~R PLAZA No. 1, a eubd~vlsioa o$ land ~
thereof. pARCEL NUMBER 23u2~0 04~400g004 003 000 i(g333 NW GATEWAY)
Lot: 3, Rt3NN~R R7,AY.7- No. x, a eubQivieiom in Riveztiide, Platte Covyity,
tdissouri, aocording to the recorded Plat thereof,
PARCEL N~ER 23_2;0-04-400-004-004-000 (4357 NW GATEWAY)
The sheet addrnu of the tea! propglY fd applkable) q:
en.~.i~,ears~.,~.taaoa.oa~+oa,~
4333 k 4357 N.1P. C~t+,tetvt~}r
Rfverside, ~ 64150
ntnfa. „`~„
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 Proiect 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 ofNon-Federal Share 1
$17,500,000 plus 2/3rd of Debt Service on
financing costs and $22,100,000 Levee District
capitalized interest Additional Assessment Bonds are
Reimbursable Project Costs; 1/3'~ 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 (Ir385 Levee
Project), Series 1999 and $1,300,000 Tax
Increment Revenue Bonds (Ir385 Levee
Project), Series 2002
t Plus City and Local Sponsor costs and expenses not included in the federal estimate
EXHIBIT 8-S
Stephen A. Crystal
(202) 881-8283
>IISSOURI KANSAS
II.LIXOIS _ \\'.{CHI\GTOt;, DC
I l(;1~IS TRO:A(;'I LASI)ALE LLP
SIIA~~GHAI S1'D.\H~
i
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 1.-385 Levee Project City of Riverside, Missouri
Dear Bob:
ATTORNEYS AT LAW
You have informed us that based on the bid amount of the apparent low bidder, the total
estimated cost of the Levee Project is 579.6 million with the local share estimated at $35.4
million. The City intends that the increase in the local share be paid from jnoreased revenues
including tax increment financing revenues. Eaclosed 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, Cu7 expressed its
intcat to take snch action as necessary to make available fiuuis from inct+eased rrrwenues
including tax incxemart financing nwenucs to fund the local share based q~on the low bid, and
C~7 ~ ~Pp~ 'the award ofthe conhad for the constnrction of the Levee Project
to the low bidder(s) as sdecbed by the Corps.
It is my unde~ndiog that the award for the Levee Project is a "go" and the
Corps still deems to award Qie contract by March 31,2002. We look foiwa:d to the oontracx
award sad.arorking with yon and the Corps on Qie oonsiruction of the Project: ~ .
Very tray yours,
~I
aa~
Baclosure
oc: Mayer and Board of Aldermen, ter of Riverside,
Niched McOinness, Esq
tlK IiRATfD {OULEYARO I SUITE 1000 I KANSAf C[i'1~ MKSO(IR(µlOt-2f17 17'ELs •1f.2t1.34t0 I FAX: i1f.221.07if
.rsr.u~~lre~t~,~,le.oo~ -
EXHIBTT 8-S
MARCH 2002
SUPPLEMENT TO FINANCING PLAN
On Mazch 27, 2002, the U. S. Army Corps of Engineers informed the Riverside-Quindazo
Bend Levee District of Platte County, Missouri ("Levee District") and the City of Riverside,
Missouri ("City"), that based on the bid amount of the appazent 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 shaze 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 $17,500,000
$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 Snancing revenues (up to 2/3s
of annual debt service) and Levee District
taxes collected from property owners.
Additional Tax Increment Revenue Bonds- $15,100,000
Net to Levee Project
Corps' Estimate ofNon-Federal Sharer $35,400,000
t Plus City and Local Sponsor costs and expenses not included in the federal estimate
ERAI---BIT g=g
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/Qaindaro Bend Levee District
of Platte County, Missouri
March 2001
TABLE OF CONTENTS
I. EXECUTIVE SUMMARY .................................................. 1
II. SUMMARY OF SOURCES AND USES OF FUNDS ............................. 1
III. DISCUSSION: SOURCES OF FUNDS -- LOCAL SHARE ....................... 2
City Contribution .................. .
...........................
..........
IF Bonds and Additional TIF Bonds ........................................ 2
Levee District Bonds ........ .
............................................3
Additional Levee District Bonds ....................... 3
N. 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
I. 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 ofthe 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-Bl, 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 shaze 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 Shaze.
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 shazes based on new development within-the
Unprotected Area as well as circumstances relating to the letting and awazding ofthe contract for
construction ofthe 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
ofthe Levee Project:
1. City Contribution;
2. Tax Increment Financing ("TIF") Bonds;
3. Additional T1F Bonds
4. Levee District Bonds; and
5. Additional Levee District Bonds.
The Local Share ofthe Levee Project will be fully financed through the sources of funds
referenced above and more fully described below.
III. DISCUSSION: SOURCES OF FUNDS -- LOCAL SHARE
It is anticipated that the Local Shaze 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 yeaz 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) yeazs 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 yeaz.
TIF Bonds and Additional TIF Bonds:
The L-385 Levee Redevelopment Plan provides for the use of TIF revenues to pay
redevelopment costs including aportion ofthe Local Share costs ofthe 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 azea of the
redevelopment project over the amount of such taxes generated by economic activities within the
area of the redevelopment project in the calendaz yeaz prior to the adoption of the redevelopment
Pmj~
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 xhibit 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 yeaz from the property owners within the Levee District. The amount of the special
taxes/assessments oneach pazcel of property will be determined by the proportionate shaze of benefit
that pazcel 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 yeazs 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 yeaz 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 yeaz from the
property owners within the Levee District. The amount of Levee District special tax assessments
on each pazcel of property will be deternuned 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/AVAii ABILITY
OF LOCAL SIIARE
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
Protect
CosU1 LERRD Special
LERRD Remain
LERRD SCH
Const
Cost Special
Const
Cost Remain
Const
Cost PercenU3 Non•
Red
Cash/4 Non-Fed
SpecWl
Cash Total
Non-Fed
Cashl7 Fed
Cashl9
ThurFYB 1215
FY86-00 9419 10634 10634
FY01 10334 7011 2126 4885 3323 0.24 4493.06 3323
FY02 17577 4000 650 3350 73577 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 78571 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 Shaze. Since the Original Financing Plan was submitted in 1996, the parties have made
significant strides in moving this project forwazd and look forwazd to the realization of this project.
4
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EXHIBIT 9-PHASES erU ecc~~uiorin~ie
PHASE SALES TAXES 2001 PER CITY
FINANCE OFFICER
'4 $42,944.78
B $5,145.30
C
D
E $22,836.24
G
H
$3,974.05
I
J
K
L
$74,900.37
Im288041.bs
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
B
$1,245,080.00
$398,426.00
$110.00 $0.00
C
$1,454,901.00
$1,454,901.00
$123,020.00 $398,316.00
D
$1,160,000.00
$1,160,000.00
$171,280.00 $1,331,881.00
E
$468,350.00
$149,872.00
$109,180.00 $988,720.00
G
$657,100.00
$210,272.00
$103,680.00 $40,692.00
H
$1,900,000.00
$608,000.00
$108,160.00 $106,592.00
$499,840.00
1 $1 900.00 $361.00 $361.00 $0.00
J $2,131,732.00 $682,154.
$5,268.00 3632.00
--- -----------
$2,137,000.00 $682,786.00 $304 540.00 $378,246.00
K WA WA WA
L 3216,500.W $302,880.00 $214.00
M
$260,000.00
$83,200.00
$83,200.00 $302,666.00
320,540 831.00
$16,090 698.00
312,640 485.00 30.00
$3,450 213.00
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EXHIBIT 9-TIF REVENUE PROJECTIONS ASSUMPTIONSN000 ACRE DEVELOPMENT
FOR 2002 AMENDMENT
YEAR INDUSTRIAL
ABSORPTION BUILDING ANNUAL TOTAL TOTAL
S4 FT. VALUE TOTAL VALUE CUMMULATNE CUMMULATNE
(as of Dec 31) PER S.F. 17) fas of Dec 31) sa Fr• VALUE
2002 0 $30.75 j0 _ ~
2003 YR 1 0 $31.37 j0 _ ~
2004 100,000 $32.00 53,199,542 100,000 53,199,542
2005 125,000 $32.64 54,079,416 225,000 57,342,849
2006 300,000 $33.29 59,986,411 525,000 517,476,219
2007 450,000 533.95 515,279,209 975,000 533,104,952
2008 500,000 $34.63 517,316,436 1,475,000 151,083,487
2009 600,000 $35.33 521,195,318 2,075,000 573,300,475
2010 700,000 $36.03 525,222,429 2,775,000 599,988,914
2011 650,000 $36.75 523,889,243 3,425,000 5125,877,935
2012 600,000 $37.49 522,492,641 4,025,000 5150,888,135
2013 550,000 $38.24 521,030,620 4,575,000 5174,936,517
2014 500,000 $39.00 519,501,120 5,075,000 5197,936,368
2075 450,000 $39.78 517,902,028 5,525,000 1219,797,123
2016 400,000 $40.58 516,231,172 5,925,000 5240,424,238
2017 350,000 $41.39 514,486,321 6,275,000 5259,719,044
2018 325,000 $42.22 513,720,616 6,600,000 5278,634,040
2019 300,000 $43.06 $12,918,487 6,900,000 5297,125,208
2020 275,000 $43.92 512,078,786 7,175,000 5315,146,498
2021 250,000 $44.80 511,200,328 7,425,000 5332,649,756
2022 225.000 $45.70 510,281,902 7,650,000 5349.584,653
2023 0 $46.61 SD 7,6,50,000 5356,576,346
2024 0 $47.54 SO 7,&50,000 5363,707,873
2025 0 $48.49 50 7,650.000 5370,982,030
2026 0 $49.46 50 7,650,000 5378,401,671
2027 0 $50.45 SO 7,650,000 5385,969
705
SUBTOTALS 7.650,000 01 025 ,
EXHIBIT 9-TIF REVENUE PROJECTIONS ASSUMPTIONS/1000 ACRE DEVELOPMENT
FOR 2002 AMENDMENT
reaR ~ra~
RETAIL S4 FT. BUILDING ANNUAL TOTAL TOTAL
ABSORPTION VALUE TOTAL CUMMULATNE CUMMULATIVE
(as of Dec 311 PER S.F./1) VALUE SO. FT. VALUE
2002 0 5101.30 Sp _ ~
2003 YR 1 0 5102.32 50 _ ~
2004 0 5103.34 50 _ ~
2005 55,000 5104.37 55,740,549 55,000 55,740,549
2006 x,000 5105.42 56,852,128 120,000 E12,650,082
2007 75,000 5106.47 57,985,364 195,000 520,761,947
2008 80,000 5107.54 58,602,899 275,000 529,572,465
2009 125,000 5108.61 513,576,450 400,000 543,444,640
2010 75,000 5109.70 58,227,329 475,000 552,106,415
2011 75,000 5110.79 58,309,602 550,000 560,937,081
2012 60,000 5111.90 56,714,158 610,000 568,260,610
2013 60,000 5113.02 56,781,300 670,000 575,724,516
2014 50,000 5114.15 55,707,594 720,000 582,189,356
2015 50,000 5115.29 55,764,670 770,000 588,775,919
2016 40,000 5116.45 54,657,853 810,000 594,321,532
2017 40,000 5117.61 54,704,432 850,000 299,969,179
2018 30,000 5118.79 53,563,607 880,000 5104,532,478
2019 30,000 5119.97 53,599,243 910,000 5109,177,046
2020 25,000 1121.17 53,029,363 935,000 5113,298
180
2021 25,000 5722.39 53,059,657 960,000 ,
5117,490
818
2022 - 5123.61 SO 960,000 ,
5118,665,727
2023 - 5124.85 50 960,000 5119,852
384
2024 - 5126.09 SO 960,000 ,
5121,050,908
2025 - 5127.36 SO 960,000 1122,261,417
2026 - 1128.63 SO 960,000 1123,484,031
2027 - 5129.92 50 960,000 S124
718
871
SUB TiDTALS 860.000 5106.876.188 ,
,
EXHIBIT 9-TIF REVENUE PROJECTIONS ASSUMPTIONS/1000 ACRE DEVELOPMENT
FOR 2002 AMENDMENT
TEAR OFFICE
OFFICE BUILDING ANNUAL TOTAL TOTAL
ABSORPTION VALUE TOTAL CUMMULATNE CUMMULATIVE
.53. FT• PER S.F.H) VALUE SO. FT. VALUE
zooz o 51n.2s 50 _ ~
2003 YR 1 0 5124.70 50
2004
0
5127.20
S0 ~
2005
30,000
5129.74
53,892,171 _
30,000 ~
53
892
171
2006 40,000 5132.33 55,293,353 70,000 ,
,
59
263
368
2007 50,000 5134.98 56,749,025 120,000 ,
,
516
197
660
2008 80,000 5137.68 511,014,409 200,000 ,
,
527
536
023
2009 90,000 E140.43 E12,639,034 290,000 ,
,
540
725
777
2010 80,000 5143.24 511,459,391 370,000 ,
,
552
999
684
2011
2012 75,000
6000 5146.11 510,958,043 445,000 ,
,
565,017,720
2013 0
500 5149.03 58,941,763 505,000 575,259,838
2014 00
40000 5152.01 57,600,498 rr~r 000 ~ 3~ 533
2015
300 5155.05 56,202,007 595,000 592,254,850
2016 00
25000 5158.15 54,744,535 625,000 598,844,483
2017 5161.31 54,032,855 650,000 5104,854,227
2018 5164.54 50 650,000 5106,951,312
2019 5167.83 50 650,000 5109,090,338
2020 5171.19 50 650,000 5111,272,145
2021 5174.61 50 650,000 5113,497,588
2022 5178.10 50 650,000 5115,767,539
2023 5181.67 50 6,50,000 5118,082,890
2024 5185.30 50 650.000 5120,444,548
2025 5189.01 SO &50,000 51n,853,439
2026 5192.79 50 650,000 5125,310,508
2027 5196'64 50 650,000 5127,816,718
SUB TOTALS
850,000 5200.57 50
!oa ~.r.....~ 650,000 5130,373,052
EXHIBIT 9-TIF REVENUE PROJECTIONS ASSUMPTIONS/1000 ACRE DEVELOPMENT
FOR 2002 AMENDMENT
YEAR TOTAL DEVELOPMENT
NEW DEVELOPMENT NEW DEVELOPMENT TOTAL DEVELOPMENT
FOR YEAR
MARKET
FOR YEAR ASSESSED TOTAL
MARKET VALUE EST. TOTAL
2002
VALUE (as of Dec 311
VALUE (as of Jan 11
-
fas of Dec 31) ASSESSED
VALUE (as of Jan 11
2003 YR 1 ~
50 ~ ~ SO
2004
53,199,542 SO
SO S0
~
2005 573,712,136 51,023,853 53,199,542
516
975
669 ~
2006 522,131,892
54,387,884 ,
,
539
389
669 51,023,853
2007
530,013,598
57,082,205 ,
,
570
064
558 55,432,214
2008 536,933,744 59.604,351 ,
,
5108
191
975 512.604,694
2009
2010 547,410,803
511,818,798 ,
,
5157,470,893 522,420,659
534
621
432
2011 544'909,148
543
156
888 515,171,457 5205,095,013 ,
,
550'390'686
2012 ,
,
~g 148 563 514,370,928 5251,832,737 565,630,404
2013
535
412
418 513,810,204 5294,408,583 580,586,476
2014 ,
,
531
410
721 312,207,540 5335,026,567
594,210,747
2015 ,
,
528
411
233 511,331,974 5372,380,574 5107,206,501
2016 ,
,
524
921
680 S 10,051,431 5407, 417,525
5719,161,784
2017 ,
,
519
190
753 59,091,595 5439'599,997 5130,373,608
2018 ,
,
517
284
223 57,975,002 5466,639,534 5140,671,999
2019 ,
,
516
517
731 56,141,041 54922r~8r~
5149,324,651
2020 ,
,
515
108
149 SS 530 951 5517,574,399 5157,522,194
2021 ,
,
S14
zss
965 55.285,674 5541,942,265 5165,623,808
2022 ,
, 54,563,195 5565.908,11a
5173,421,525
2023 5586,33370 5181,090,597
2024 559C'.873,278 5187,626,646
2025 5607,612,220 5790,999,449
2026 5618,553,955 5194,435,910
2027 5629,702,420 5197,937,266
SUB TOTALS S 133 407 06 ~7'~1'~ 5201,504,774
EXHIBIT 14
GRANT AND LOAN REVITALIZATION PROGRAM
INTRODUCTION
The Boazd 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 fitrther 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 Boazd 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 yeaz 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 Boazd 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 afor-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~` (January, February, Mazch) and 3`d (July, August, September) quarters of each
calendaz yeaz. For proposals submitted during January, February and Mazch of each year, such
I:~CL63N'rS~61492~00001UC0305234.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.
I:~CLIEN'rSW l 492~A0001 UC0305234 BKB
~I 1L~ _ PLA-I
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GRANT AND LOAN PROGRAM
ELIGIBLE AREAS WITHIN THE L-385 LEVEE BEDEVELOPMENT PLAN AREA
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