HomeMy WebLinkAbout2001-033 - Approval of Payment Request from Special Allocation FundBILL NO. ~~'O/ ,~~
ORDINANCE NO. oC ~ ~~ ~~
AN ORDINANCE APPROVING THE CITY'S PAYMENT REQUEST FROM
THE SPECIAL ALLOCATION FUND IN CONNECTION WITH L-385 LEVEE
REDEVELOPMENT PLAN REIMBURSABLE PROJECT COSTS AND
AUTHORIZING ACTIONS RELATED THERETO.
WHEREAS, the City of Riverside, Missouri ("City"), adopted the L-385 Levee
Redevelopment Plan ("Plan"), established the Redevelopment Area as a "blighted area," and
approved Redevelopment Project I (the Levee Project) and the Redevelopment Project I Area
pursuant to Ordinance No. 96-72 passed on July 16, 1996 after recommendation of same by the Tax
Increment Financing Commission of Riverside, Missouri, pursuant to Resolution No. 96-06-01
passed on June 27, 1996.
WHEREAS, the City, by ordinance, has authorized the issuance of $1,000,000 Tax Increment
Revenue Bonds (L-385 Levee Project) Series 1998 and the issuance of $1,400,000 Tax Increment
Revenue Bonds (L-385 Levee Project) Series 1999 (collectively, the "Bonds").
WHEREAS, on March 20, 2001, money held in the Special Allocation Fund must be
allocated as set forth in Section 602 of the ordinances authorizing the Bonds ("Bond Ordinances")
and after payment of City and Paying Agent fees and expenses and debt service on the Bonds, may
be used for the payment of other Reimbursable Project Costs. An estimate of such allocation and
availability is set forth on Exhibit A.
WHEREAS, pursuant to the Plan, Redevelopment Project Costs incurred by the City are
Reimbursable Project Costs for which the City may request reimbursement from amounts in the
Special Allocation Fund.
WHEREAS, the City has incurred the Reimbursable Project Costs set forth on the Payment
Request attached Exhibit B ("Request") and thereby requested reimbursement for such costs.
BE IT ORDAINED BY THE BOARD OF ALDERMEN FOR THE CITY OF RIVERSIDE,
MISSOURI AS FOLLOWS:
SECTION 1. The Request in the amount of $135,649.91 is approved and the payment of
such amount is authorized to be made, in one or more payments, from available funds in the Special
Allocation Fund after the required allocations under Section 602 of the Bond Ordinance have been
duly made. The Mayor, City Clerk, City Administrator, Treasurer and Finance Director are
authorized and directed to execute such documents and take such actions as are necessary or
desirable to effectuate the intent of this Ordinance.
SECTION 2. This Ordinance shall be in full force and effect from and after its passage and
approval.
PASSED AN~APPROVF~D THIS 20th DAY OF MARCH, 2001.
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ATTI~ST; ~ ~ ~~
uise Rusick, City Clerk Betty Burc ayor
oa,is~oi ~tov io:ao F.al
EXHIBIT B-A TO PAYMENT REQUEST
REIlViBURSABLE PROJECT COSTS INCURRED
IN CONNECTION WITH
L-385 LEVEE REDEVELOPMENT PLAN
DESCRIPTION REIMI3URSE~ DATE TOTAL FOR TlF RELATED
PAYEE MATTERS ONLY
Legal Services City of Riverside 516,782.96
Rendered Jan 2000 by
AT, LLP (Matter 40)
Legal Services City of Riverside $46,037.78
Rendered Feb 2000 by
AT, LLP (Matter 40)
Legs) Services Ciry of Riverside $4,788.50
Rendered thru Feb 2000
by AT, LLP (Matter 36)
Legal Services City of Riverside $5,605.00
Rendered Feb 2000 by
AT, LLP (Matter 42)
TOTAL TO BE PAID TO THE CITY FOR REIMBURSABLE $73,214.24
PROJECT COSTS
DESCRIPTION PAYEE DATE OF TOTAL FOR TIF RELATED
STATEMENT MATTERS ONLY
Legal Services Rendered AT, LLP 03/14 /O1 $33,349.66
Feb 2001 (Matter t)
Legal Services Rendered AT, LLP 03/14/01 $1;173.10
Feb 2001 (Matter 36)
Legal Services Rendered AT, LLP 03/14 /O1 $941.80
Feb 2001 (Matter 40)
Legal Services Rendered AT, LLP 03/19/01 $26,971.11
March , 2001
TOTAL TO BE PAID TO AT, LLP FOR REIMBURSABLE $62,435.67
PROJECT COSTS
Total to be paid to City of Riverside, Missouri $73,214.94
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Total to be paid to AT, LLP 562,435.67
EXHIBIT B
PAYMENT REQUEST
FOR PAYMENT FROM THE SPECIAL ALLOCATION FUND
Redevelopment Plan: L-385 Levee Redevelopment Plan
Applicant: City of Riverside, Missouri
Certification. Applicant certifies that it has incurred the Reimbursable Project Costs set forth on
the attached Exhibit B-A, copies of such invoices being on file with the Finance Director, in
connection with the L-385 Levee Project.
Request for Payment. Application is made by Applicant for reimbursement to the City in the
amount of $73,214.24 and payment to Armstrong Teasdale, LLP in the amount of $62,435.67 of
such Reimbursable Project Costs incurred as certified by Applicant pursuant to this Payment Request
Certificate.
APPLICANT
City of Riverside, Missouri
By: ~.~~ .~j~-Ch~~