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Home My WebLink About1997-013 - Redevelopment Project I-Phase DBILL NO. ~~I 1. ~J ORDINANCE NO.`/ ~- ~~ ORDINANCE ACCEPTING THE RECOMMENDATION 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 D WITHIN THE PLAN; APPROVING THE DESIGNATION OF THE REDEVELOPMENT PROJECT I-PHASE D AREA; AND APPROVING THE ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE D 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 Riverside Development Company, L.L.C. regarding the construction of two office/warehouse buildings (the "Redevelopment Project I-Phase D") within the Redevelopment Area, and on a tract of property more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase D Area") (a copy of the Application is attached as Exhibit B); and WHEREAS, the Commission, by Resolution No. 97-01-04, passed on January 15, 1997, reaffirmed the classified of the Redevelopment Project I-Phase D Area as a "blighted area" and its designation as a redevelopment area under the Act; approved the Redevelopment Project I- Phase Dand the Redevelopment Project I-Phase D Area; adopted tax increment financing for the Redevelopment Project I-Phase D Area; and expressed its recommendation to the Board of Aldermen with respect to the same; and J : \61492\00001 \ORDAMD. BRO NOW, T13EREFORE, 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- 01-04 are hereby accepted. Section 2. The Board of Aldermen finds that: a. the existing conditions of the Redevelopment Project I-Phase D Area, as described in Exhibit A, are a fair depiction of the Redevelopment Project I-Phase D Area and cause the Redevelopment Project I-Phase D Area to be a "blighted area" as defined in the Act; b. the Redevelopment Project I-Phase D 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 D Area. Section 3. The Board of Aldermen approves the designation of the Redevelopment Project I-Phase D 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 D and the Redevelopment Project I-Phase D 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 D Area and provides that: (i) after the total equalized assessed valuation of the taxable real property in the Redevelopment Project I-Phase D Area exceeds the certified total initial equalized assessed valuation of the taxable real property in such Redevelopment Project I- Phase DArea, 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 _2 _ I: \61492\00001 \ORDAMD. BRO D Area by taking 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 D 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 D Area over and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Phase D 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 D 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. _3 _ J:\61492\0000 I \ORDAMD. BRO ~. Passed this day of ~ ~ (/ ATTEST; ~j~ ~- , CITY CLERK --- ;' 1997. L S ' ~ ~~~ `MAYOR C~ -4- J: \6l 492\00001 \ORDAM D. BRO ERHIBIT A TRACT I: A11 that part of Lots 2, 3, 4, 17, i8, Tract A, Tract D and vacated Plaza Road, RED X PLAZA, a subdivision of land is the City of Riverside, Platte Ccurty, Missouri described as fo'_lows: Seainning at the Southeast cor°°' of said Trac` "A"; thence North 6: Degrees Oi Mi.~utes 03 eco~~'s West alc_:;; the *iortherlV line c: the Chicaco Burlincton v-=d Qu-ncY Railroad Right-of-Way, a distance cf .725.41 reet; thence North 0 Degrees 37 Minutes 35 Seconds East, a distance of 278.80 feet; thence South 89 Degrees 20 Minutes 07 Seconds East, a distance of 319.49 feet to the Westerly Right-of-way cf Plaza Rcad; thence South 0 Degrees 33 Minutes 32 Seconds West along said Right-of-Way, a distance of 198.47 feet;', thence cont:.nu~ng along said Right-of-Way. along a curve to ,the right, b=_ing tangent to the last described course and having a radius of 60.00 feet an arc distance cf 40.32 feet;'. thence continuing along said Right-of-Way along a cu=-ve t~ the left being tangent to the last described course and haling a radios o~ 55.00 feet and arc distance of 246.70 feet;'. thence cont~nu~ag along said Right-of-Way along a curve toy the right being tangent to the last described course and having a ~adi•..s of 50.00 feet an a_c distance of 40,32 feet; thence cont~nu~ng along said Right-of-Way North 0 Degrees 33 ^Linutes 32 Seconds East, a distance of 478.36 feet to the Southerly Right-of-Way of Missouri State Highway Number 9; thence South 89 Degrees 20 id~nutes 07 Seconds East along said Right-ef-Way, a distance of 300.00 feet to the Easterly line of said RED X PLAZA; =hance South 0 Degrees 33 Minutes 32 Seconds West ailong the ~~..•terly ' d RED :?LP.ZA a distance of 8101.68 ~eet `~: ~=he line of say po!_:z"--of beginning. TRA~'~ ZI All that part of Lots 5 and Lot 17, RED X PL_~ZA, a subdivrsicn of land in the City of Riverside, Platte County, Missouri., described as follows: Cc:rsnercing at the Northwest corns-r o` the East one-half of the West one-half of fractional Section 9, Township 50, Range 33; thence South 89 Degrees i0 ,Lirutes 19 Seconds East along the North line ofi said fractional Section 9, a distance of 610.11 feet to the Southerly Right-of-Way of Missouri State ?3ighway ~9; thence along }said Rig'rt-of-Way South 43 Degrees 35 i~.inutes 15 ';Seconds Eas.., a distance of 482.65 feet; thence continuing along said Right-of-Way, South 70 Degrees 08 Minutes 09~Seconds East, a distance of 377.23 feet; thence. continuing along said Bight-of-Way Nor~h BO Degrees 13 Minutes 49 Seconds East, a distance of 675.30 feet to the point of beginning of the tract cf land herein to be described; thence continuing North 80 Degrees 13 Minutes 49 Seconds East, a distance of 13.66 feet; thence South 89 Degrees 20 Minutes 07 Seconds,East, a distance of 305-72 feet to the Westerly line of Playa Road; thence South 0 Degrees 33 Minutes 32. Seconds vest along said Right-of-Way, a distance of 280.00 faet; thence No=th 29 Degrees 20 Minutes 07 Seconds West, a distancr= of 319.48 feet; thence North 0 Degrees 37 Minutes 35 Seconds fast, a distance of 277.52 feet to the point of ~~3inning, subject to that part in road.