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HomeMy WebLinkAbout1997-095 - Redevelopment Project I-Phase E63. 1~ 97 THE" O9:1~1 F;S BILL NO. i,_ ~% S p1ou2 ORDINANCE NO. ~ " -yam ORDINANCE ACCEPI'ii\G THE RECO~IEA'DATION OF THE TAX INCREMFNT FINANCING COMM155ION OF RIVERSIDE, MISSOURI ("COIVIlVIISSION") REGARDING TILE Tr385 LEVEE REDEVELOPMENT PLAN (THE "PLAN"); APPROVING THE INCLLISION OF THE REDEVELOPMENT PROJECT T-PHASI~ E WTitHIN THE PLA~1; APPROVING THE DESIGNATION OF TIDE REDE`VELOplVIENT PROJECT I-PHASE E AREA; A.'irD APPROVING THE ADOPTION OF TAX INCREMENT FINANCL~iG FOR THE REDEVELOFM)~NT PROJECT I-PHASE E AREA 'WI~RLA+ S, the Commission was created pursuant to Ordinance No. 95-64, adopted by the Boanl of Aldermen of Riverside. Missouri (the "Board of Aldermen") on September 12, ]995: WHEREAS, the Real Property Tax hrcrcment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), inquires 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; WIIDREA5, the Coarnussion, by Resolution No. 96-06-Oi, passed on June 27, 1996, classified the Redevelopment .Area (as defined in the Plan) as a "blighted arcs" 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 espresteed its recommendation to the Soard of Aldermen with t~espect to the same; and WH3S, 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 T Area; and adopted tax inctetnent financing for the Redevelopment Project I Area; which designation provides for the approval of individual projects on a project-by-project basis; and WHEREAS, the Commission received and reviewed a Tax Increment Financing Application from Carter Petroletun Products, inc. regarding the construction of a conunercial building (the "Redevelopment Project I-Phase E")within the Redevelopment Area, and on a tract of property more panicularly described on attached Exhibit A (the "Itedevelapment. Project I- Pbase EArea") (a copy of the Application is attached as &xhibit B); and WFIF.RRAS, the Commission, by Resolution No. 97-08-0I, passed on August 6; 1997, reaffiraned the classified of the Redevelopment Project I-Phase E Area as a "blighted area" and its designation as a redevelopment area under the Act; approved the Redevelopment Project I- Phase Sand the Redevelopment Project I-Phase E Area; adopted tax increment tnancing for the Redevelopment Project I-Phase E Area; and expressed its recomntendation to the Board of Aldermen with respect[ to the same; and 7:~.6 r492 ipp0o r1DRDAMD.C'AR o,s,t~- n~ ~rat~ os:-tt t'~s NOW, THEREFORfi, be it ordained by the Eoard of Aldermen of Riverside, Missouri: Sect~.n 1. Ttte rerx~mmertdations cf the Commission set forth in its Resolution No. 97-08-OI are hereby accepred. Section 2. The Board of Aldermen finds that: a. the existing conditions of the Redevelopment Project i-Phase F_ Area, as described in Exhibit A, are a fair depiction of the Redevelnprnent Froject I-Phase i3 Area and cause the Redevelopment Project I-Phase E Area to be a "blighted area" as defined ul the Act; b, the Redevelopment Project I-Phase E Area has not been subject to growth and development tltrough investment by private enterprise and would net 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 whale; d. the estimates dates, which shall nat be more than ?3 years from the adoption of the respective ordinances appnlving 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 Recleveloptzaent Project I-Phase E Area. Section 3. 'The Board of Aldermen approves the designation of the Redevelopment Project I-Phase E Area as a redevelopment protect area under the Act, Section 4. The Board of Aldernen has previously approved the Plan. 5ectinn 5. The Board of Aldermen approves and designates the Redevelopment Project I-Phase E and the Redevelopment Project I-Fhase E Arta as a redevelopment project and redevelopment project aria, respectively, under the Act. Section 6. The Boazd of Aldermen adopts tax increment financing fo.r the Redevelopment Project I-Phase E Area and provides that: (i) after the total equalized assessed valuation of the taacable real property in the Redevelopment Project I-Phase H Area exceeds the certified total initial equalized assessed valuation of thr. taxable real property in such Redevelopment Project I- Phase EArea, the ad valorem tares and payments in Leo of taxes, if any, arisi:ttg from the levies upon taxable real property in such Redevelopment Project I-Phase f~~loo~ -2- J:~614921000p11ortJ* ASvID.~AR 05. 1-1. 9i THL" O:l; t: F.~S B 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 Ptnject I-Phase E Atrz shall be allocated to, and when collected shall be paid by the county collector to, the respective affected taxing districts ut the matmnr requircxl by law u~ 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 E Area oven and above the initial equalized assessed value of each such unit of property in the Redevelopment Project I-Fhase E 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 lian 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 matuter as a special assessment lien as provided in Section 88.861 RSMo. No part of the carrent equalized assessed valuatiotA of each tot, block, tract, or parcel of properky in the Redevelopment Project I-Phase L Atra attributable to any increase above the total itlitial equalized assessed value of such properties shall be used in calculating the general state school aid fommla provided for in Section 163.031 lZSMD., until such time as all redevelopment costs have been paid as provided for in this s~tion and Section 99.850" (ii) in addition to the payments in lieu of taxis described in Section 99.845.1(2} of the Act, the. total additional revenues from taxes generated by econotnit activities in a Redevelopment Project Area, as described in Section 99.845.3 of the Att, shall. be allocated as set forth in Section 99.845.3 of the Act. r.,or -3- r:~6 ~ 4 4210 0 0 0 1 ~oxt)ann7.CnR iig-1-1.97 THL' ii9:~1: FdS Passed this ]9th day of Aagust, 1997. ~ _/ ~ . -' %' ~- ,~` = - MP,Y(~K ATl N.51': i ' CI'x'Y CLERK '-- ~j [~!iii~; -4- a.~stasz,ooooi~osnenan,c.4x -' iig:l-1-'A7 THL' Oft:-17 FaS ` - - \ --.~ ' ~: i ~l F H m H -Y ~" ' ~ i '. .. 4 ~~ EXi-tIBST A a b m .n ~ rn -~ q© D w~ d ~+ y a a y c c o y x ,~ aaam p u o o~ o i~ '" u e n. w cq -/ vJ m b, a c m r o ~ C q Y '~ '~ O ~J N i~ m Q b p U r-/ U~ aQ ~ L ~ O N~.~ G. 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