HomeMy WebLinkAbout2001-115 - Approval of L-385 Levee Redevelopment Project I-Phase L with Exhibits 10/23/2001 16:12 7418349 CITY_HALL PAGE 02
� BILL NO.° ORDINANCE 1VQ�OD///,�
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ORDINANCE ACCEPTING TI� RECOMNIENDATIONS OF Tf� TAX
INCttEN7EN'f kT�TANCING COMM7SSION OF RIVERSIDE, NIISSOURI ("COMNIISSION")
REGARDING TF� L385 LEVEE REDEVELOPMt:NT PLAN AND APPROVING THE
INCLUSION OF THE REDEVELOPMENT PROJECT 1-PHASE L'9VITHIN TI� Tr385
LEVEE ZtEDEVEIAPMENT PLAN, AS AMENAEA ("PLAJQ")> ,A.PPROVA�iG'�'�
DFSIGNATION OF TEIE REDEVELOPMENT PROJECI' I-PHASE L AREA; AND
APPROYING TI� ADO�ON OF TAX INCREMENT FINANCINC3 FOR THE
REDEVETAPMENf PROJECT I-PHASB L A.RE.A,.
WHEREAS, the Commissioz� was created pursuant to Ordinance No. 95-64, adopted by
the Board of Aldermen of Riverside, Missouzi (tbe "Board of Aldermen") on Scptemba 12,
1995;
W�REAS, the Real Property Tax lncrement Allocation �tedevelopment Act, Sections
99.800 to 99.865 of tt�e Revised Statutes of Missouri, as amended (the "Act"), requires the
Commission to: (a) hold hearings wzth xespect to proposed redeveloQment areas, redevelopment
� plans and redevelopment projects; (b) vote on the appzovat af the same; and (c) make its .
recommendaQons on the same to the Board of Aldezmien;
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WFiER�A.S, the Cotnmission, by Resolurion �io.96-06-01, passcd on June 27,1996,
classified the Redevelopment Area (as defined in the Plan) as a'blighted area" and designated it .
as a redeveiopment area under the Act; appz�oved the Plan; the Redevelopmeat Project I end the
Redevelop�aaent Projcct I Area; adopted taz incre�oaent finaucing for the Rcdevelopmcnt Project I
Area; and expressed 'zts recommendation to tha Board of Aldeznoen with respect to the same; and
wHERBAS, the Board of Alde.rmen, by Ordinance No.96-72, passed on July 16,1996,
classiScd the Redevelopment Area as a"blighted area" and designated it as a redevelopment area
undez the Act; approved the Plan, ffie Redevelopmcnt Project I and the Redevelopment Project I
Area; and adopted taz increment fiaancing for tbe ltedevelopment Pmject I Atea; which
designarion provxdes for thc approval of individual projects on a project-by-project basis; and
Wf�RfiAS, the Board of Aldermen has approved subseqneut amendmcnts to the Plan
after recommendations by the Commisszon, including Redevelopment Avject I-phases .A, B, C,
D, F, G. �, �, J and K;
VJi�tEAS, the Commissjon has zeceived and rovicwed a Tax Increment Financing
Applicacion from Riveaside Associates L.L..C. regard'zng the conshvdion of a.95,000 sq. ft.
offi'xce building (the 'Redevelopment Project I-Phase L� withiu t}xe Itedevelopment Aiea, and on
a tract of property more particularly described oo the attached Exhibit A(che "Redevelopment
'._ � Project I-Phase L Area") (a capy of the A�lication is avached to Exhibit A); and
10/23/2001 16:12 7418349 CITY_HALL PAGE 03
'/ -� VJE3II2EAS, the Commission by Resolution O1-03 reaffirmed the classified of the
Redevelopmcnt Pxoject I-Phase L Area as a'blighted area" and its designation as a
--' redevelopment area under the Act; approved ffie Itadeve]opment Project I-Phase L and the
Redevelopmeat Project I-Phase L Area; adopted tax inerement 5nancing for ihe Redevelopment
Project �-Phase L Area; and cxpzrssed iu recomm.endation to the Board of A].dermen witb
re.¢pect to the same.
NOW, T�'�FORE, BE Tf ORAAINED BY THE BO.ARD OF ALDERIvxEN OF THE
C�'X OF RIVERSIDE; MISSOU�2I:
Section 1. The recommendarions of the Coxnznission set forth in iu Resolution No.
01-03 are hereby accepted.
Section 2. The Board of .AJdermen has pzeviously found and hereby finds thai'
a the existing conditions. of the Redevelopment Project I-Phase �. Area, as described
in Exhibit A, are a£air depiction of the Redevelopment Project I-Phase L Area and cause the
Itedevelopment Pzoject I-Phase L Area to be a"blighted area" as defined in the Acr,
b, tlxe Redevelopment Pmject I-Phasc L Area bas not been subject to gxowth and
developzuent through inveslment by pzivate enterprise and would not reasonably be anricipated .
to be develbped without the adoption of the Plan;
� c. thc Plan as amended, confonous to the comprehensive plan for development of the
City of Rivezszde, Missovrl as a whole;
d, the estimated dates, which shall not be moxe than 23 years from the adoption of
taxe zespecti�e or�dinances approving tb.e Kerlevelopmemt 1'mjects, of completion of the
Redevelopment Projccts atnd rerixe�alent of obligati�ons iu�cuaed to fiaance redevelopment pzojecc
cosu have been stated in the Plan; and
e. thexe are ciurenitly no bnsznesses o� residences within the Redevelopment Project
I-Phase L Area which will be zequircd to be re�ocated due to Phase L.
Section 3. The Boazd of Aldermen aPParoves the inclusion of the Redevelopmcnt
Project I-Phase x. wiithin tbe Plaa ead �peccs co adopt edditional speciSc redevelopment
pxoject(s) and redevelopment project axea(s) within the Redevelopment Area on a pzoject-by-
PTO.lect basis.
Se�tion 4. The Boazd of Aldermen has previously a�roved the k]an. �
Section 5. The Board of Aldeamen approves and designates thn Itedevelopment
Pzaject T-Phase L and the Redcvelopment Project I Phase L Area as a zedevelopment pzoject and
redevelo�ment projECt aree4 resPecti°�1Y• under tbe A.ct ..
Sectioa 6. Tbc Board of Alde�e,a adopts taz inca-emeat financing for the
_, Itedevelopnoent Pmject I-Phase L Area and pmvides tha�
1B/23/,2001 16:12 7418349 CITY_HALL PAGE 04
�/ - 7 (i) after the total equalizcd assessed valuation of the taxabl,e real property in the
Redevelopment Projcct I-Phase L Area exceeds the cer�£ted tota] inidal equalized assessed
-- valw�tion of the taxable rea] property in such Redevelopment Project I-Phase Z. Asea, the ad
valorem tazcs and payments in lieu of taxes, if anY, arisinS firom t}xe ]evies upon taxable real
RTOP�Y in such Redevelopment Project I-Phase L Atea by taxing dishicts amd tax zates
dctermined in th� nianner provided in snbsection 2 of the Secdon 99,855 of the Act each yeaz
alTear the effeaive�date of chis ordinaoce unril the Redevelopmcnt Ptoject Costs pursuam to chG
plan have been paid, shall be divided as follows:
(a) Tbat portion of taxes levied upon each taxable lot, block, tzacG or pazcel o£ reaZ
properry which is attributable to the ini,tia,l equalized assessed value of each such taxable lot,
block, �act, or pa.rcel of real properry ia the Redevelopweut Pro,jecc I-P1►ase L Asea shall be
aUocated to, and when collected shall be paid by tbe counry collector to, the respecrive affected
taxing dissicts in the msnner requixed by law in the absence of the adoption of taz increment
allocadon financing;
(b) Payments in lien of tazes attributable to the increasa in the currc�nt equalized
assessed valuatioa of each taxable lot, bloek, tract, or parcel o�real property in the
Redevelopmcnt �coject I-Phase L Area over and above the initial eclualized assessed value of
each sucb unit of property in ihe Ralevelopment Project I-Phase L Asea shall be allocated to;
and when eollc:cted shall be paid co, the munici�al Ureasu?cer who shall deposit sach paymeat in
lieu of taxes into a special fund called tte "Special A7locarion Fund" of the munici.pality for the
, p�pose of payimg redevelopment costs and obligations incui?ed in the payment thereof.
Payments in lieu of taxcs which aze due and owing shali consdtute a lien against the real. e�staze of
�.. the redevelopment project frouA which they are derived. The mnnicipality may lA tUe rnYlinanrg,
pledge the fnnds i�o tha special allocation fund for the payment of such wsts and obligations and
provide for the collection of paymcnts in li.eu of taxes, the lien of wtrieh may Ue foreclosed iun the
same manner as a apecia� �ssessznent lien as grovided-in Section 88.861 RSMo: No pazt of the
eurrart equalizcd assessed valuation of each lot, b1oclC, ctact, or parcel of pzoPertY in the
RedeveJopment Project I-Phasc L Area attributable W any incrcase above the wtal initiel
:equalized assessed value of such pcope�tie.a shall be used in calcula�itAg tha general state school
aid fomnula provided for in Section.163.031 RSMO., until such time as all redevelopment costs
have been paid as provided for in this section and Seckion 99.850.
. (ii) in addition to the payments in �.eu of taxes described in SecUOn 99.845.1(2) of the
Act, the totat additional revenues from taxes Seneraxed bY economic aclivities in a
Itedevelopnaent Project Area, as d�ribed in Section 99.845.3 of rhe Act, shall be allocated as
set forth in Section 99.8453 of the Act
(�) in, ydditiom to tlxe payments in lieu of taxes descrlbed in Secti°II 99.845.1(2) of the
Act and the economic activity taxos describad an Sechon 99.845.3 of the A.ct, the total additional
in Section 99.845.A-12 o fthe Act shall b�e auocated as sex f�o in Section�99 845-4-.12 of the
Act
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10/23/2601 16:12 7418349 CITYJiALL. PA((� 05
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-- Passed and Adopted this � day of October, 200X-
,�,r� .�•�-�✓
. Mayor
A
ty Qerk . .
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" • • EXHIBIT A
LEGAL DESCRIP'iION (LOT 3)
-� A traU of land loo[ed M Fractio�mi Section 9. TownsMp SO North af the Basel'x�e. Rt�nge 33 West
af Md�e CiRh �k►apal Merid'�ar4 RiVerSide, PIattC Counly� Mussa�rl, and be��9 more pa�Unda�lY
d� as follows:
�gU�nio9 it tl� NORheast Cotner Of RLYFRSiDE MO7FL St1PER 8, a Sv6dWI5bn of tar�d rEO0nled
ill P18t @OOk 18 8[ 9�C 30 i111hC Of� Of UIB REOOrder C� DlEdS fOf Sa1d P1�tC GW�flty. M[5.90lMii
71�e�oe SoW� 71 degroes 44?3' West ebng tl�e Nont�dlY raie oF said RIVERSIOE MG'�. SUPER
8, 8 dluanCe af 85.14 (South 71 degree� �8'iJ" We�, 85:45 feet by deed) to the NOrtl�+nest
oornEt of seld R1V0tStDE MIORFL SUPER B:
The�ce Notth 17 de9� �� Eas4 a d'atdnce of y9.86 feet (NCrth 17 degtees 1529" Eest bY
Thawe North 02 degrces 56'Q8' Wes�. a d'atance of 545.18 I�eet (Nath 02 dag�ees 5540' WesG
�The� Nortfi 66�degrees 4T11" East. a dt�anoe OP 378.80 fe� (NOttl� b6 de9� A6'47' East bY
Thd Sarth OS cSeyrees 00'41' �4 a distanoe of 82.28 feet;
Tfienoe South 85 degrees Ol'39" Ea54 a dLStance of 130.00 fce�
'�1�e�U1C 50{Rh is � 13�1� F�St 2�S�HIICC Of 150.J�/ F2l�
Thence souai os deprees osz3• West, a distanoe of aso.n rees;
Thenoe SouU� 09 de9rrJes 39'39" WesL a dlstance of 27.20 fe�
�ICIICC $OUV1 71 �S ��� W�. 8 d�L110C Of �{1�.� � t01t1E PO�flt Of �J�(IMMJ.
T11C ebOVe de9tribed UaCt m(�klS 6.70 atreS� rtwr6 Or less a11d i4 Sut�jeCt bo all ees¢n�rt.
restrictio�, reser+mtia�s. ►19hts of way and oovenat�s, reoo�cle� or unrecorded, if am.
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•� EI�IT B
AP_P�.ICATION REL..,7'SD TO T�c nvrav��-� r FOR
TI1E L-3B5 i.cwtr v,�, a��i
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APPLICANT: v✓� _/� 13 o c 1�. `k .!
,wDx�ss: ( o � � �y..d� _... A/kc ►^T o 6'i (( �i
rHVr� a: � � e_ 3� 3_�1 Sa �,
faX A: �/ b— 2.. 2 l— �� 1 q
COhi�ACT PERSON � _ t�a .+ cC T8 � h 3 0...�
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Pleate aaswer�he folbwiag qucstions (+f additimre�l ipace is needed. Please �tmchcd iafoanauota;
tl) r�esai6e me p�opoaed ptolect, ineludiag itr oaaua sue, seop� .�a
�7� �D1CIi0L datex CoR4ntlaSen of95 000 � R nffi�t 6iu7d�� srtti��g
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L�P�2:
�t`2) i Ij�weoamereFaere.�ens�eu,pea,.ruichehe�rorw�dn�ojeawoulaheeon+m,iaoa:
J = r�m�vrr c�� r 2a� ��� c_
(3) Defime 1Le bom►dmia of such real atate by addceas:_ .`e e ��'� ��ed J"��
- Awr.h a mrpl
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ofibC ittl aad a�elil dl��criryt;pn M1h� ernn�xv,
�,/(� Provide the Plam�'tra Paecel Nvmbez forthe pmpaty: a�� ��4 —q —o —0 — b.�z
(3) Provioeestimuodtoatoftheproposedptojat(rWProP�Y'��.�,etC.
Po�ioAOaly-aotP4�son�tpcopany} �3,2i0.000�D r
�6) Witi 1LF �oposed pc'elat Be�e rea51 s�lefl .YeJ • YGS.l�eovidee�r� of
aannelreWr�l�ssn6jea�os+�tett� 1.,: •.�(tdte
('� Wilfpo:ttons+►fd�e�1�QQfed proj�e� ? : V� . tfYes,ptmsetAaa�fy�lt
�' _ F'Lt.� V ,w,a..
., �.�.�...�..
(t} 1h�OVfaCiBeaamlJecOf�tfullaiinremptor�a��pettaimeemplpyes�o�d
au�derdop�nt [Wl-
��loYe�c �-"y�,:aad�eea�P�OYees2�,.�ta��he:�p[opO:ed
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' C� E�+i�it?�iY�tt�sndl�i�6`m�alC�fo�icp�8t�'#�f1r�
• �D�tpr�'i�rto�eaotndylicis�it�vtea+4Prai�kiniam�oan ,A��4tl+W�
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1't1E ABOV� �NFORMATIpAI 15 TRUE ,4ND CORIZEC7_ THIS APPLICATION IS
SUBMII'TED ON B OF 77iE APPLICANT AND IS DULY F.�CECUTED I'HIS
� � � DAY OF �.• , 2001,
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Nemc: �0. �- � �( �a ,,,� o �,
Title• r"� c�..._ � 2 r-
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, LEGAi. DESCRIP'fION (lOT 3)
� ?
A tlact of land located In Frallonal Sectlon 9, To+nrt�ship SO North of the Basetxie. RR►tlge 33 West
of the Fqth V�kidOal Merid'wn. Riverside� Plat�e CowriY, tMSSOU►�, and being tnore paKiautarlY
destt�eed as tollows:
Beylnning at Ihe Nottlreast comer ot RIVER5IDE MOT�I SUPER 8, a SuhdNisiw� of 18od rt,aondad
if1 P1at BOOk 18 et fagC 30 in UfC (NtioC Of the ReCOrdP.r Cfi DeEdS for 58id Platte CW��1ly. M�9ourP�
7hM10C SOUIh 71 � 44'23� WCSt ab(1y UIE NO�y CMIe Of Silfd RZVERSIDE 1�7GTE1. SUPER
9. e d�stante a( 55.44 (� 71 degtees 48'21" Wes4 85.45 feet bY deed) to the N�tthwt5t
aorltCr of stJd RIV6LADE MIQiEL SUPER B;
Tt�eoct Notth 17 degrors 23'43" Eesti a d'�tatnoe of 74.86 feet (NORh 17 degrees 15"29" East bY
Thtna Nortl� 02 de� 56'OB" West, a d'atanoe ot 545,18 Ipet (North 02 degrt�s 5540" Wes4
545.20 feet bY �):
1T1E110e NOtlfi 6B de9rees 47'll' East. e distante Of 378.80 feet (NOrth 66 de9rePS A6'47' EaSt bY
t�henoe Soutfl OS ckyrees �D'41' Wes4 a distance of 82.28 feet;
- lhenoe South 85 degrr.es 0139" Eas4 a dlsWnoe of 130.00 fcet;
�1211C�:. 1.5 �fG� �1� -�5� 2 �D(K2 Of 1�..� �2Gfi
'Thence South 05 deyrees o323' West, a disbnoe of 350.n feet;
Thenoe yp�th pg clegrees 39'39" West a dispnte af 27.20 �
711C�1te SOUIh 71 dC9�Ee5'F4"L�' " WaL e dW�f10C 0( 410.00 f�CC 10 UlE POI�IR 0� 829i0/d119.
The above desaibed UaR ca►tnins� 6.70 aaes� mae or less and is subjed lo all easer�t
restr�lo�, reserva�ons. �ights of way and tovena�AS, reoorded or unreoorded, ff any.
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