HomeMy WebLinkAbout2000 - 037 - Approving Payment Request from Special Allocation FundB IL [. '~ 0 ~ccG - 37
ORDII~Ai~CE I`O. ~Gnb -~iJ
A~ ORDI?\ AI~CE APPROVI~'~G THE CITY'S PAY;~IE1~T REQC`EST FROM
fHE SPECL~.I, AI_LOCATIO~ F[.'~ll ]~ C01y~>/CTlO'~ ~iITH L-~85 LEVE1=,
REDEVELOP'~iF\T PLAN: RFIIbiBURSABLE PROJECT COSTS AI\~D
ACTIIORI7.I'.~G .ACTiOtS RELATED THERETO,
~~TIEREAS, the Citv of Riverside, Missouri ("City'"}, adopted the L-385 Levee
Redevelopment Plan ("Plari'l, established the Redevelopment A:-ea as a "blisthted area,"and approved
Redevelopment Project [ (the Levee Project) and the Redevelopment Prujeia I Area pursuant Uo
Urdtnance 1\0. 96-'~ passed on July 16, 1996 after recommendation of same by the Tax Increment
Financing Commission ofRiverside, hTissouri, pursuant to Resolution '\o 96-06-0 l passed on June
27, 1996.
1y'HEREAS, the Cin', b}'ordinance, has authorized the issuance of$1,000,0OD Tax Increment
Revenue Bonds (L-3S5 Levee Project) Series 1998 and the issuance cf $1,400,000 Tax Increment
Revenue Bonds (L-385 Levee Project) Series ] 999 (collectively, the `Bunds'j.
«'~IIFREAS, or. !March 20, ?000, money held in the Special :~lluca*.ion Fund mustbe allocated
as set Torch in Section 602 of the ordinances authorizing the Bonds ('`Bond Ordinance;"j and a$er
payment of City and Paying ~gen! fees attd exrenses and debt sen'ice on t!-re Bonds, n>av be used for
the ~avtnent of ocher Reimbursable Project Custs. An estimate of such a(iucation and availability is
set fot ~h on Exhibit A.
~l'HEREAS, pursuarn to the Plan, Redeveluprrent Project Costs incurred by the City are
Reirrrbursable Project Costs for which the City may' request reimbursement from amounts in the
Special Allocation Fund.
LKHFREAS, the City has incurred the Reimbursable Project Costs set forth on the Payment
Request attached Exhibit B ("Request"} and thereby requested reimbursement for such cos*.s.
BF..IT ORDAP,~~ED BY THE BOARD OF AI_DERIv~i\ FORTHECITY OF RIVERSIDE,
~IISSOURI AS FOLLOWS:
SECTIO'~ 1. The Request n the amount of $25,000 is approved and the payment of such
amourn is authorized to be made, in one or more payments, from available funds in the Special
Allocation Fund after the required allocations under Sectiun 602 of the Bond Ordinance have been
duly made. The Mayor, City Clerk City Administrator, Treasurer and Finance Di*_~ector am~
authorized and directed to execute such documents and take such actions as are necessar}• or
desirable to elTectuate the intent of this Ordinance.
SECTIO?~ 2. This Ordinance shall be in full force and effect from and after its passage and
approval.
PASSED AI~-D APPRG~'ED THIS ~~AY OF MARCH, 2000
ATTES~. ' ' /
ise Rusick ity Clerk Edward ule, Ivlayor
BNB 18:29:18 Armstro,iyTeasdaleKC-> 816 "l96 8349 HightFAX
E\HH3IT A TO PAl'VIE~iT REQUEST
REL~IBURSABLE PROJECT COSTS L~ICURRED
Pi COYVECTIOti ~VITH
L-385 LEVEE REDE~"ELOP~iEVT PL~.~t
DATE j TOTAL FOR Tff
,` RELATED
z z ~. 1~~ ,MATTERS OM.Y
1 L'1Q198 ~ 319,480.37
121G5i93 35,519.63
325,000 GG
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