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Home My WebLink About2001-115 - Approval of L-385 Levee Redevelopment Project I-Phase LBILL NO. ~ ~ 0~%i~ ORDINANCE NOx~'~/-//~ ORDINANCE ACCEPTING THE RECOMMENDATIONS OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI ("COMMISSION") REGARDING THE L-385 LEVEE REDEVELOPMENT PLAN AND APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE L WITHIN THE L-385 LEVEE REDEVELOPMENT PLAN, AS AMENDED ("PLAN"); APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE L AREA; AND APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR 7'HE REDEVELOPMENT PROJECT I-PHASE L AREA. WHEREAS, the Commission was created pursuant to Ordinvice 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 Che Commission to: (a) hold hearings with respect to proposed redevelopment areas, redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c) make its recommendations on the same to the Board of Aldermen; WHEREAS, the Commission, by Resolution No.96-06-01, passed on June 27, 1996, classified the Redevelopment Area (as defined in the Plan) as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and WHEREAS, the Board of Aldermen, by Ordinance No.96-72, passed on July 16, 1996, classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project I Area; and adopted tax increment financing for the Redevelopment Project I Area; which designation provides for the approval of individual projects on aproject-by-project basis; and WHEREAS, the Board of Aldermen has approved subsequent amendments to the Plan after recommendations by the Commission, including Redevelopment Project I-Phases A, B, C, D, F, G, H, I, J and K; WHEREAS, the Commission has received and reviewed a Tax Increment Financing Application from Riverside Associates L.L.C. regarding the construction of a 95,000 sq. ft. office building (the "Redevelopment Project I-Phase L") within the Redevelopment Area, and on a tract of property more particularly described on the attached Exhibit A (the "Redevelopment Project I-Phase L Area") (a copy of the Application is attached to Exhibit A); and WHEREAS, the Commission by Resolution 01-03 reaffirmed the classified of the Redevelopment Project I-Phase L Area as a "blighted area" and its designation as a redevelopment area tinder the Act; approved the Redevelopment Project I-Phase L and the Redevelopment Project I-Phase L Area; adopted tax increment financing for the Redevelopment Project I-Phase L Area; and expressed its recommendation to the Board of Aldermen with respect to the same. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI: Section 1. The recommendations of the Commission set forth in its Resolution No. 01-03 are hereby accepted. Section 2. The Board of Aldernlen has previously found and hereby finds that: a. the existing conditions of the Redevelopment Project I-Phase L Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project L-Phase L Area and cause the Redevelopment Project I-Phase L Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase L Area has not been subject to b owth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Plan; c. the Plan, as amended, conforms to the comprehensive plan for development of the City of Riverside, Missouri as a whole; d. the estimated dates, which shall not be more than 23 years from the adoption of the respective ordinances approving the Redevelopment Projects, of completion of the Redevelopment Projects and retirement of obligations incurred to finance redevelopment project costs have been stated in the Plan; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase L Area which will be required to be relocated due to Phase L. Section 3. The Board of Aldermen approves the inclusion of the Redevelopment Project I-Phase L within the Plan and expects to adopt additional specific redevelopment project(s) and redevelopment project area(s) within the Redevelopment Area on a project-by- projectbasis. Section 4. The Board of Aldermen has previously approved the Plan. Section 5. The Board of Aldermen approves and designates the Redevelopment Project I-Phase L and the Redevelopment Project I-Phase L Area as a redevelopment project and redevelopment project area, respectively, under the Act. Section 6. The Board of Aldermen adopts tax increment financing for the Redevelopment Project I-Phase L Area and provides that. (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase L Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I-Phase L Area, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such Redevelopment Project I-Phase L Area by taxing districts and tax rates determined in the manner provided in subsection 2 of the Section 99,855 of the Act each year after the effective•date of this ordinance until the Redevelopment Project Costs pwsuant Co the Plan have been paid, shall be divided as follows: (a) That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in the Redevelopment Project I-Phase L Area shall be allocated to, and when collected shall be paid by the county collector to, the respective affected taxing districts in the manner required bylaw in the absence of the adoption of tax increment allocation financing; (b) Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the Redevelopment Project I-Phase L Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase L Area shall be allocated to, and when collected shall be paid to, the municipal treasurer who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the municipality for the purpose of paying redevelopment costs and obligations incurred in the payment thereof. Payments in lieu of taxes which are due and owing shall constitute a lien against the real estate of the redevelopment project from which they are derived. The municipality may, in the ordinance, pledge the funds in the special allocation fund for the payment of such costs and obligations and provide for the collection of payments iu lieu o~f taxes, the lien of which may be foreclosed in the same manner as a special assessment lien as provided in Section 88.861 RSMo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the Redevelopment Project I-Phase L Area attributable to any increase above the total initial equalized assessed value of such properties shall be used in calculating the general state school aid formula provided for in Section 163.031 RSMO., until such time as all redevelopment costs have been paid as provided for in this section and Section 99.850. (ii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act, the total additional revenues from taxes generated by economic activities in a Redevelopment Project Area, as described in Section 99.845.3 of the Act, shall be allocated as set forth in Section 99.845.3 of the Act. (iii) in addition to the payments in lieu of taxes described in Section 99.845.1(2) of the Act and the economic activity taxes described in Section 99.845.3 of the Act, the total additional revenues from New State Revenues generated within a Redevelopment Project Area as provided in Section 99.845.4-12 of the Act shall be allocated as set forth in Section 99.845.4-.12 of the Act. Passed and Adopted this ~~~~ day of October, 2001. ~~~L ~~~,~~~v' Mayor ; Attest! ~~ ir~iii ~c /,.~.,~0'~ ity Clerk