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Home My WebLink About1997-012 - Redevelopment Project I-Phase CBILL NO. y7 ~2 ORDINANCE N0.97-~e2 ORDINANCE ACCEPTING THE RECONINIENDATION OF THE TAX INCREMENT FINANCING COMMISSION OF RIVERSIDE, MISSOURI ("COMMISSION") REGARDING THE L-385 LEVEE REDEVELOPMENT PLAN (THE "PLAN"); APPROVING THE INCLUSION OF THE REDEVELOPMENT PROJECT I-PHASE C WITHIN THE PLAN; APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE C AREA; AND APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE C AREA WHEREAS, the 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, 1986, 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 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 Commission received and reviewed a Tax Increment Financing Application from Security Capital Industrial Trust regarding the construction of light industrial buildings (the "Redevelopment Project I-Phase C") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase C Area") (a copy of the Application is attached as Exhibit B); and WHEREAS, the Commission, by Resolution No. 97-01-03, passed on January 15, 1997, reaffirmed the classified of the Redevelopment Project I-Phase C Area as a "blighted area" and its designation as a redevelopment area under the Act; approved the Redevelopment Project I- Phase Cand the Redevelopment Project I-Phase C Area; adopted tax increment financing for l:\61492\00001 \ORDAMD.SEC January 21, 1997 - 3:40pm the Redevelopment Project I-Phase C Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and NOW, THEREFORE, be it ordained by the Board of Aldermen of Riverside, Missouri: Section 1. The recommendations of the Commission set forth in its Resolution No. 97- 01-03 are hereby accepted. Section 2. The Board of Aldermen fmds that: a. the existing conditions of the Redevelopment Project I-Phase C Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase C Area and cause the Redevelopment Project I-Phase C Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase C 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; and e. there are currently no businesses or residences within the Redevelopment Project I-Phase C Area. Section 3. The Board of Aldermen approves the designation of the Redevelopment Project I-Phase C Area as a redevelopment project area under the Act. 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 C and the Redevelopment Project I-Phase C 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 C Area and provides that: J: \6 1 492/0000 1 \ORDAMD.SEC -2- January 21, 1997 - 3:40pm (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase C Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I- Phase CArea, 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 C 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 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 C 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 fmancing; (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 C Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase C 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 C 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. J:\61492\0000 L \ORDAMD. S EC _3_ January 2l, 1997 - 3:40pm Passed this ~~ day of /T , ATTEST: \ ~ `~ ~ l . CITY CLERK 1997. ~'- MAYOR t-` -4- J: \61492\00001 \ORDAMD. S EC January 21, 1997 - 3:40pm EXHIBIT A LEGAL DESCRIPTION ALL OF LOT 5 AND LOT 4, PLATTE VALLEY INDUSTRIAL PARK EAST, RIVERSIDE, PLATTE COUNTY, MISSOURI, ACCORDING TO THE RECORDED PLAT THEREOF; EXCEPT THAT PART OF LOT 4 DESCRIBED AS FOLLOWS: BEGINMNG AT THE SOIJ'THWEST CORNER OF SAID LOT 4; THENCE N 20°59'43" E ALONG THE WEST LINE OF SAID LOT 4 A DISTANCE OF 403.92 FEET TO THE SOUTH RIGHT-OF-WAY LINE OF N.W. PARKWAY AS IT NOW EXISTS; THENCE NORTHEASTERLY CONTINUING ALONG SAID SOUTH RIGHT-OF-WAY LINE ON A CURVE TO THE LEFT HAVING A CHORD BEARING N 82°07'38" E, A RADIUS OF 60.00 FEET AND AN ARC DISTANCE OF 57.95 FEET; THENCE S 36°44'47" E A DISTANCE OF 90.18 FEET; THENCE S 20°59'43" W A DISTANCE OF 383.76 FEET TO THE SOUTHERLY LliVE OF SAID LOT 4; THENCE N 65°00'17" W ALONG SAID SOUTHERLY LINE A DISTANNCE OF 127.00 FEET TO THE POINT OF BEGINNING. J:A6 1 4 921000p11SECCAPIR.LGL