HomeMy WebLinkAbout1999 - 34 - Amendments to the L-385 Levee Redevelopment Plan - With Exhibits BILL N0. 99- ��} ORDINANCE N0. �� • n
AN ORDINANCE APPROVING AMENDMENTS TO THE L-385 LEVEE
REDEVELOPMENT PLAN' (TNE "PLAN") INCLUDING APPROVING AN INCREASE
IN THE SIZE OF THE REDEVEI.OPMENT AREA, INCREASING REII�URSABLE
PROJECT COSTS RELATED TO REDEVELOPMENT PROJECT I(L-385 LEVEE),
APPROVWG THE WCLUSION OF THE REDEVELOPMENT PROJECT I-PHASES G,
H AND I WITHIN THE PLAN; APPROVING THE DFSIGNATION OF THE
REDEVELOPMENT PROJTCT I-PHASES G, H AND I AREAS; APPROVING THE
ADOPTION OF TAX INCREMENT FINANCING FOR THE REDEVELOPMENT
PROJECT I-PHASES G, H AND I AREAS TO PROVIDE FUNDS FOR REDEVELOPMENT
PROJECT I; APPROVING THE CONSTRUCTION AND REIMBURSEMENT OF AND
TAX INC1i.�MENT FINANCING FOR ADDITIONAL PUBLIC WORKS CONSISTING OF
AN INTERCHANGE AND ROAD IMPROVEIVIENTS AS REDEVELOPMENT PROJECT
II AND ESTABLISHING AN ORDER OF PRIORITY.
WHEREAS, the Tax Increment Financing Commission of Riverside, Missouri ("TIF
� Commission") was Created pursuant to Ordinance No. 95-64, adopted by the Boazd of Aldermen of
Rivetside, Missouri (the "Board") on September 12, 1995.
WHEREAS, the Real Property Tax lncroment Allocadon Redevelopment Act, Secdons
99,800 to 99.865 of the Revised Statutes of Missouri, es amended (the "Acc"), requires the TIF
Commission to: (a) hold hearings with respect to proposed redevelopment areas, redevelopment plans
and redevelopment projec�s; (b) vote on the approval of the same; and (c) make its recommendations
on the same to the Board.
WHEREAS, the Plan, the establishmen[ of the Redevelopment Area as e"blighted area." its
designatioa as a tedevelopment area under the Act, Redevelopment Project I and the Redevelopmenc
Project I Area were originally approved by the Board pursuant to Ordinance No. 96-72 passed on
July 16,1996 afcer reeommendation of same by the 1'� Commission pucsuant to Resolution No. 96-
06-01 passed on June 27, 1996.
WF�REHS, additional phases of Redevelopmea� Project I have been recommended by the
TIFCor�unission,byResolucionNos.96-06-01,97-01-02,97-01-03.97-01-04,97-08-01 and98-04-
02, and approved by the Board of Aldermen, by Ordinance Nos. 96-72, 97-11, 97-12, 97•13, 97-95
and 98�t1 as Phases A, B. C. D, E and F, respectively, of che Redevelopment Project I.
WI-IEREAS, the purpose of the Plaz►, redeveloping the Redevelopment Area, will be
substantially assisted through Redevelopment Project I, the Levce Project.
WHEREAS, the Redevelopmen� Projec[ 1 is undertal:en in cooperation with the Rivetside-
Quindaro Bend Levee District of Platte County, Missouri ("Levee Disuict").
�The defined term rhe "Plan " shall mean aad include the L-385 Levee Redevelopment Plan
a5 amended end supplemented. Terms used herein but not defined in this Ordinance shall have the
meening aacribed to such ierm in the Plan.
WF�REAS, the Levee Project will be constructed throughout the portion of the Levce
District located in Platte Counry, Missouri.
WHEREAS, the Redevelopment Area includes only a portion of the propetty within the
boundaries of the L.evee bisvict.
WHEREAS, it is desirable co increace the boundaries of �he Redevelopmenc Area to include
additional propercies within and about the boundaries of ehe Levee District ]xated in Platte County,
Missouri, as further described in the attached �hibit 2(the "Expanded Redevelopment Area").
WHEREAS, the Redevelopment Project I has becn moving focward and it is now desirable
to more fully detai] the Reimbursable Project Costs assceiated with it.
. WHEREAS, the Ir385Intergovemmental Agrcement becween the City, the TIF Commission
and the Levee District, Platte County, Missouri, MDFB and Trillium relating to implementation of
the Financing Plan anticipaied that tho Plan would be amended to set forth an order of prioriry for
the use of TIF Revenucs and to facilitate Redevelopment Project II,
WHEREAS, the TIF Commission has received and reviewed a Tax Increment Financing
Application from Industrial Spring Corporation regazding the construction of an 11,000 square foo�
building addition project (the "Redevelopment Project I-Phase G") within the Redevelopment Area,
and on a tract of property more particularly described on attached $xhibit 1•G (the "Redevelopment
Project I-Phasc G Area"). (A copy of the Application is attached es E- hi�, bit 1-G•)
WHEREAS, the TIF Commission has received and reviewed a Tax Increment Financing
Appl;cation from Merk S. Jansen Revocable Trust regarding the constivction of a 37,000 square fooc
warchouse project (the "Redevelopment Project I-Phese H") within the Redevelopmenc Area, and
on a vace of propcsy more parciculazly described on sttached xhibit 1-H (the "Redevelopment
Project I-P6ase H Aroa")• (A copy of the Appllcation is attached as �lLl�-)
WI�REAS, the TIF Commission has received and reviewed a Tax Increment Financing
qpplication from Southwestem Bel1 W'ueless Inc. regacding the constr�ecion of a[ower and shelia
(the "Redevelopment Project I-Phase I") within the Redevelopment Area, attd on a uact of property
more panicularly described on attached ' ic -(the "Redevelopment Project I-Phase I Area").
(A copy of the ApplicBlion is attached as 'bi -.)
WI�REAS, proper nocice of the pubic hearing on the Amendments to the Plan was given by
publication and mailing as required by the Act.
WH$REAS, che TIF Commission held a public hearing in conformance with the Act on
Mazch 18,1999, which heazing was eoncinued on Apri] 7,1999, and during each part of such heazing
heazd and considered all protests. objections and comments submitted by any interested personc atid
tax distric[s affected by the issues addressed at the public hearing.
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WIiEREAS, the TIF Commission adop[ed Resolution No. 99-3-1 on April 7, 1999,
tecommending the. approval of the Amendments to the Plan, Redevelopmen[ Projccc I-Phases G. H
and 1 and the designa6on of �he Redevelopment Project I-Phase G Area, Phase H Area and Phase I
Area.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF
RIVERSIDE, MISSOURI:
Section 1• 7'he Plan and all amendments to che Plan in Ordinance Nos. 96-72, 97-11, 97-
12, 97-13 and 97-95 aze ratified, approved and confirmed; the recommendations of the TIF
Commission set fotth in its Resolution No. 99-3-1 are hereby accepted; the Amendmenta [o the Plan
and the amended Exhibits 1, 2, 4. 6, 7, 9, 11 and 12 to the Plan, all of which are attached as Ex ''
Z, are approved; since Phase F is noc located within the Redevelopment Area and no TIF Revenues
have been or will be collected with respeci to Phase F, Ordinance No. 98-41 which approved Phace
F is hereby rcpealed; and the Plan is hereby amended in accordance with this OrdinanCe and such
Amendments.
li The Board finds that:
a, The Redevelopment Area, including Redevelopment Project 1-Phases G, H and I
Areas, have been found blighted and the existing conditions of the Expanded
Redevelopment Area described in the Plasi, as amended, are a fair depiction of the
Expanded Redevelopment Area and cause it to be a"blighted area" as defined in the
Act. These conditions include undeveloped vacanc ground whiCh lacks adequate
sveet layout, insanitary or unsafe conditions, deterioration of impmvemen[s, improper
platting and the existence of conditions which endanger life or proporty so that the
etiea is an economic and/or social liabiliry with az1 inability to be property developed;
b, the Redevelopment Area, including the Redevelopment Project I-Phese G Area.
Redevelopment Project I-Phase H Area and Redevelopment Froject I-Pktase I Area,
and che expanded Redevelopment Area have not been subject to growth end
development through investment by private enterprise and would not masonably be
ancicipaced to be developed without the adopGon of the Plan. as amended:
c. the Plan. as amended, conforms to the comprehensive plan for development of the
City of Ri�erside, Missouri as a whole;
d. the esdma[ed daces, which shall not be more than 23 years from the adoption of �he
respecdve ordinances approving the Redevelopment Projects, of completion of the
ReAevelopment Projeces and retircment of obligations incurred to finance
redevelopment project costs have been stated in the Plan, as amended; and
e. thero are no businesscs within such Redevelopment Projeet I-Phase Aress which are
requiced to be relocated due to these three phases; provided, however, a plan has been
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developed and included in the Plan for the rolocation assistance of businesses and
residences.
Section 3• The Board approvea and designates the Redevelopment Project I-Phase G Mea,
Phase H Area and PhaSe I Area, each as a redevelopment project area under the Act.
Section 4• The Board approves the inclusion of the Expanded Redevelopment Area, [he
Redevelopment Project I-Phases G, H and I a5 phases of Redevelopment Project I and the
Redevelopment Project II within [he Plan end expects to adopt addi[ional specific redevelopment
project(s) and redevelopment project area(s) within the Redevelopment Area, as expanded, on a
project-by-project basis.
cti . The Board adopts tax increment financing for the foJlowing phascs of
.Redevelopment Project I: Redevelopmettt Project I-Phase G Area, Rcdevelopment Project 1-Phaze
H Area and Redevelopment Project I-Phase I Area; and for Redevelopment Project II: and ptovides
that:
(i) after the total equalized assessed valuation of the taxable real property in the
Redevelopment Project I-Phase G Area, Redevelopment Project I-Phase H Area and
Redevelopment Project I-Phase I Area, respecdvely, exceeds the certified total initial
cquuliud assessed valuation of the iazable real property in such Redevelopment
Projeet I-Phase G Area, Redevelopment Proje�t.I-Phase H Area and Redevelopment
Project I-Phase I Area, respecdvely, the ad valorem taxes and payments in lieu of
cexes, if any, erising fmm the levies upon tazable real property in such Redcvelopment
Project I-Phase G Area, Redevelopment Project I-Phase H Area and Redovelopment
Projwt I-Phase I/�ea, respectively, by taxing districts and tax rates determined in the
manner pmvided in subsecuon 2 of [he Secdon 99.855 of the Act each year after the
effective date of t6is ordinance until che Redevelopmenc Project Cosu pursuant to the
Plan, aa amended, have been paid, shall be divided as follows:
(a) That portion of taxes levied upon each [axable lot, block, tract, or parce! of
real property which is ettributable co the initial equeliud essesscd value of
each such taxable lot, block, tract, or parcel of real property in the
Redevelopment Project I-Phaee G Area, Redevelopment Project I-Phase H
Area and Redevelopment Project I-Phase I Area, respecdvely, sball be
alloeated to, and when collected sha11 be paid by the county collector to, the
respective affected taxiag districts in thc manner rcquired by law in the
absence of the adoption of tax increment alloCation financing;
(b) Paytnents in lieu of taxes attributable to the increase in the current equalized
assessed valuation of each taxable loi, block, tract, or parcel of real proper[y
in ihe Redevelopment Project I-Phase G Area, Rcdevelopment Project I-Phase
H Area aad Redevelopment Pmject I-Phase I Area, respecdvely, over and
above the inidal equalized assessed value of each such unit of propetty in the
Redevelopment Project 1-Phase G Area, Rede�elopmem Projec� 1-Phace H
�-
Are2 and Redevelopmertt Project I-Phase I Area, rospectively, shall be
alloc8ted to, and when collected shall be paid lo, the municipal veasurer who
shall deposit such payment in lieu of taxes into a special fund called the
"Special Allxation Fund" of the municipality for the putpose of paying
redevelopment costs and obligations incurred in the payment thereof.
Paymen[s in lieu of taxes which are due and owing shall constimte a lien
against the real estate of the redcvelopment 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 end obligations and
provide for the collec[ion 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
Seetion 88.861 RSMo. No pan of the current equalized assessed valuation
of each lot, block, tract, or parcel of property in the Rodevelopment Pmjeet
. I-Phase G Area, Phase H Area and Phase I Area, rospectively, attributable to
any inciease above the total initial equalized assessed value of such rospective
properties shall be used in calcula[ing the general state school aid fotmula
provided for in Section 163.031 until such time as all redevelopment costs
have been paid as provided for in this section 3nd Section 99.850.
(ii) in addiuon to the paymonts in lieu of taxes described ln Section 99.845.1(2) of the
Act, the total addicional revenues from taxes generated by economic activities in a
Redevelopment Project Area, as described ia Section 99.845.3 of the Act, shali be
allocated ac set forth in Section 99.845.3 of the Act.
(iii) in addition to the paymenu in licu of taxes described in Section 99.845.1(2) of the Acc
and the economic activiry taxes deseribed in Seedon 99.845.3 of the Acc, the cotal
additional revenues from New State Revenues generated within a Redevelopment
Pcoject Area as provided in Secdon 99.845.4-.12 of the Act shall be allxated a� set
fotth in Section 99.845.4.12 of the Act.
Section 6• The Plan as amended henby shall remain in fl�ll force and effect as to all its
provisions.
Section 7. This Ordinance shall take effect immediately upon passage.
Adopted this � day of _���. 1999.
AYOR
A
/ � �L�'- �("
CJT CLERK
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EXHIBIT 1-G
MR1VT RINANCiNG FOR
• APPI,IGAT[O!d RS -ATLD TA TA]C INCR,F
Tlzn L-��. PIL01Ef'-�'
INOUSTRIAL SPRING CORPORATION
APPLICANT:
4205 WEST RIVERSIDE STREET. .�...
ADDRESS: 816-741-6073
PHONB #: .
F � �, 816-741-1070
ROBERT F. THILL
CONTACT PERSON:
Please answu the fo0owing quesdons (if additional spaoe is needed. Please act�ct►ed information):
� (1) Descdbe the proposed projecb including iu nature. s►ze, scope and phasiag (including
projected oompledoa date)• Thi s ro ect i s a 11 0
our manufacturing pl�ant. The ad ition will be used to store raw
ma eria s an or m e manufactur ng. Our completion date is
_ , .
(2) 1den Iodustrial r Spri g�Corporation� chtheproposedprojectwouldbeconsavcted:
4205 West Riverside
(3) Define the boundaries of such real estate by address: , p�tach a
Riverside, Missouri 64150
maplsketch of the area and a �ggal descriuHon of the uroaertv.
Sec 04 Twn 50 Rng 33
(4) Pro� ide the Platte Coutuy Tax Par�xl Numba foc cho prope�ty: .
Tax parcel # 1�-0148-00-000030
(5 j Pcovide esdmaud cost of che proposed o4piact.(�m1 Property-buildings, improvements, e[c.
poaton onty-not persoaal propercy): 5400.000
(6) W ill d�e proposed P�l� 8���� �� S°��� NO , lf yes, provide estimate of
annual rctail sales subject to sales tax:
(7) \Will portions of the proposed project be leascd7 N �_ . If yos� please identify all
tenants:
(8) P Ovide the number of cvm�ri tnU-timo employees 21 and part-Hme cmployees
pnployed on the developm�nt siu pdg2to tLis project and an estimate of
the number of a d d i don a l i� U- d n ie e u► P l o y o e s e a d p a c t t i m e e m Plo y e es
�_.due to the proposed PmJed.
'
�� D��PTION: of Rhrerslde.
al thatpa � of Lots 3 �N0. 5. a�subdlv)slon of�landrTn�the�(`,l� Pora/lel
�e� REIVNER PLAL�
Platte County. Mis at the N rthw t�comer of s d� 3 thence on •
follows: Beg �es 21 minutes 52 seconds along the Northerfy,line of said
aZ�muth of 282 deg N0. 1. a subdivislon of
Lot 3, beln9 a�so the Southerl,� line' of RENN F.�Re � � P�at 'thereel.
land in Flotte County. Missoun. occording
N0. 5. being
160.57 fee� r�e�of Said Lots �3,� and sald RFNNERnutP e�s 40 seconds o ong
the Easterly �Jne of soid RENNER PL.AZA N�• 1. 241.09 fee� the ^t o the �
also fhe ►Nesterly
azimuth of 82 degrees 27 minutes 13 seconds. 326.46 feet to a po
East�r1y line of West Riverside Orive. as now established; thence on an
azim �� 0 feet �0 9 the s Point o f BeginnTnge a► d Zimuth measured �c ockwise f
Ilne, . I
from South.
EXHIBIT 1-H
,����:�� . ��i,►,� fJ,� ��� r��
nuDxBSS: 4�ddd Nu/S1��ir �o�f�r� Gtyf
PHONE #: 8!6 � 7IoZ
Ft�x #: 8�` �S// SiS.f
CONTACT PERSON: �� ���
Please answer the following questions (if additional space is needed, please attached information):
(1) Describe the proposed project, including its n�. size. scoPe and phasing (including
pmja�ed completion date): _,��f OXd �k c+! .��u �c.-� u�ir� Sdbw,ur+�•,
/P�/D eFF* �/�[! -
(2) IdenU;�y the owner of the real escate upon which the proposed project would be constiucted:
^°'' • ,�' C�.4�✓S�✓ /r.ct�t6rw.4.P `Titam—
i i,rr�c.�
(3) Define the boundaries of such real estate by addmss: 3�/ NW 'T cctlm/
. Attach a
map/sketch of the area and a leaal descrintion of the arooertv.
(4) provide the Platte Gounty Tax Parcel Number for the property:
a3-2 0_o�-3ua-oo5-ooi-aoc�
(5) Provide estimated cost of the proposed project (real propea -buildings, improvements, etc.
� ��uon o� ��� P�r��r�: 4 �ao� oud -.
(� V{1ill the proposed pmject generate retail salesY ���. If yes, provi$e estimatc of
annual retail sales subject to sales tax: �D ��
(7) Will portions of the project be leasedZ 1��5 . If yes, please identify all
tenaz►44• //fd% �e�41t0 7D C��b�.J 'C
(g) Provide the nnmber of cunent full-time employees ��d P� � employees
Q employed on the development site prior to fl►is project and an estimata of
the number of additional full-time emplopees a 2 arid part-time employees
0 due to the proposed project
�c� �i'o :: . . . . . _ . .
.w..arc 7:P�r :oF �:hie sou�+w�sr. i�vaz� oF sECnc� a�nao Pn�iT
oF. ��: l q � x�+�s't �ayn�t� ��'� Ho�n�w�� cw� �oF' sEC'noN s.
BO1H iN�:7p�M'��'�� ��'�' PLA7i6'CAIJN'F�f� MISSWRI� BEINQ MORE
PI1R11dlL' A[�4Y DESCRIBEO A3 FO(•1'OWS: CDMMENqNG AT 1H� NORIHEAST
OORNER':�F 1FI.E NOR1HWEST QUAR`iEit OF �7HE NORIHWEST QUAR?ER OF SAID
SECYION .9� 7HENCE S QO'25'00' W ALONG 1HE EAST UNE OF �AID QUARTER
q�qR'�R SEC11pN :A DISTANCE� �F 203.12 FEET TO A POINT ON 1HE
HpRT}{gp51ERLY RiGHT-0�-H1AY L,INE OF 'iHE• CHICAGO BURUN(3TON de QUINCY
RAILROAD: 1HENCE N 69'19'36" W ALONG SAID NORINEASTERLY RIGHT-OF-WAY
UNE A DISTANCE OF 526J3 FEET TO THE POINT OF BEGINNING OF 1HE JRACT
pF LAND 70 BE DESCR�BED� THENC� ��nNU1NG N 69'19'3fi W ALONG�ND
N0R1}{gp,g'�RLy RIGHT-OF-WAY UNE A DISTANCE OF 314.93 FEET: 'fl'� CE
N 14'06'54` E A DISTANEE OF 740•'W FEET 70 A POIN7 ON 1HE SOUTHERLY
RIGHT-OF-WAY LINE OF 1N7ERSTATE RW'iE N0. 635 AS NOW ESTABUSHED; THENCE
F�T TO�ArP01NT�ON 1HE SOU'�HYII�STERLY RIGHT-OFYWAY UNE I OF MISSWR1
STAlE H{GHWAY RWTE N0. 9 AS NOW ESTABWSHED: 'FHENCE S 53'3731' E
ALONG SAIO SOUTHWES'fER�Y RIGHT-OF-WAY UNE A DISTANCE OF 278•02 FEET;
t, 258 680 S FEET OR 5.93 ACRES�, MO E OR LESS. �F BEGINNING:
END OF DESCRIP'T10N.
EXHIBIT 1-I
� ; -
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....m r "eor T r�'•V$1�,PRp�EC'x
'�,: SouthwestarYi Bell Wirelass Iac.
APPI1 �;
• �X 7801 Fa;3ey
tf✓L .. : .�:Fr . . . . .. . .
.�
�} r �'.�:t. . � ... - � �
' PAQ� i A . . . . . . . . . . .
^'*�� (913) 383-b360
x ; �
FA�#: •.�• :
�;
�heri Hard�e
CONTA., I� 'ON:
t :: `. �f additioIIal sPa� lease attac,hed info�non):
��� 4 �� ( e is needed. P
Please an� .
iit nazure: si2e, �cope and P��. (inclvd�ag
(1) ..•. , � p�pposed grolcc�, mcluding '
.�plc�ndate ; : 50 x 50 : foot com ound for 100 foot
•.. � opole.and �2.x o. oo equipmeAt s e ez.
y .
.�.
.,��. t ,
�2� s �` own of. teal esi� which ttu Proposed project would be coastvcted:
°> an�d Ar�ene. �ruae�r
'. � �,.
(3) E bounduies:of suah roat es[ace bY addiess: . A•�tach a
�a a ii at hed'
a1 thc siza and a IjE�d��*'ntion oS tlie nrooer�tv.
(4) ' P1atte CountY'Cax PancelNumber.for the P�P�Y� Do not have .
- ' . . r�� � . .. .. . . . . - . . . . . .
(9) ,timatcd eost of the propoaed pro1'eci (zeal propury buildiags, improvoments. ctc.
p y-not gersoaal propeiry). � 5 0� 0 0 0.. 0 Q .
�� � .
(6) W;' Sed projeCt genttau retail tales? No . If yes, pmvide estl[aata o£
� sales subja� to sales rax: T No
('7) ���' ns of the proposed p[oject be leased? Y e s , If yes. plesse idenefy �ll
leas s t
(8) auatber of current full-time ee�aployees 0 aad pazc-ttmn employccs
employdd an tbe developmens siu prior w ihis projccc and an astimam oi
o'f addittonal lttili•tiaae amployees o aad pus-time aaploYee.+
.�� due to Wo pcoposed pcojecc. .
. M
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AMENDED
AND
RESTATED . :`
L-385 LEVEE
REDEVELOPMENT PLAN
RIVERSIDE,IVIIS50URI ' .
_ 4
_ SUBMITTED BY:
CITY OF RFVERSIDE; MIS50URI
4500 Fiigh Drive.
Riverside, Missouri 64168
PREPARED ON BEHALF OF TH� CITY BY:
�RMS`�'RS>NG TEASIIA.�.� �.P
2348 GrartdBoulevarH,''3u14e'2060 .
Karisas City; I�Iissouri 641d$.
...��:
URIGINAI., PLAN APPRO`VED ,�ULY 1G,1996
' JANUARY 15,1997 (FIRST AMENDMENT);
:F�s�U�Y 4, �9�9•(P��S �,=� & D};
. �UGUST 19,1997 (PHASE E);
TFYIS AIVIENDED AND RESTATED PLAN MAY 4,1999
(AMENDMENTS AND FHAS�S G, H& n
TasiE oF corrrErrrs _
' Pa �
I. P�tEAMBI.E .:.:................:......................:.....:....._...:...1
II. INTRODUGTION . : . . . . . . . . . . . : . . . . . . . . . . . _ . . . . . . . . , . . . . . . . . . : . . . . . . : . : . . . . 2
III_ DEFINIffONS ..............::..:....••-••......,_:.....,..:..............5
A . Act ... ...........:..:...................:..:...............::..:.5 ..
B. Additional Assessment Bonds .. . . . . .:. : : . . .. . . . . . . . . . :; . . : . . . , .,. . . . : 5
C. Blighted Area •• ...........:...................................:.:.5
D. Board of Alderpersons ...:..........:.::..,.......:...,...,.:. ..._..:5
E:. City ......:........ ...............................: ...::..5
......
F . City Deposit ......................................................5
, G. City Participadon Payment . . . : . . . . . . . . .. . . . . .:. . : . . . . . . . . . .'. .. . . : ; .;: .. 5
H.' Cooperative Agreemen[ .............:..................._...........6
L Covnry Assessor..........:.
...._...._` ...........................:.6
J. County Colleetor .............;.:.................._...........::..::6
K : Development Agreement . . . . . . . . . . . . . . . . : . . . . . . . . , . . . . : . . . . . . . , . : . . . 6
L. Economic Activity Account......, ................_......::_.._.:....6
M. Economic Aetivity Taxes . . . . . . . . . . . . . : . . . . . . . . : . . . . . . . . : . . . . . . . . . : . . 6 .
N. Financing Plan ...............:...:.............:....::............6
� O. Landuwner Deposu ....:...................................:.:.....6
R. L.evee bistrict ...:.................................................
Q _ Levee DistrictBonds ..................,..:.........:............,...
R . MDFB ..........:....:.............:..:.....:.......:...........
S. MDFB Funding .............. ............:...;..:...,....,....7
..,..
T . New 5tate Revenues ................:.............:.:................7
U. NID ......:....................:..................:.........:....
V. NID Bonds ::....:....... ......................:..7
... .... ....
W. NSR Account ....... ....:. ...,. ,................... ..:...::7
X. Ordinance .:............:............._:.:.,.:........... ..:..:,..7
Y. Payments in Lieu of Ta�ces . . . . . . . . : . . . . : . . . . . : . . : . . . . . : . . . . . . : . . . . . . 7
Z. P1I,OT ?iccount .:....:........:...........:.........,..:.........:
AA. Preliminary Master Plan . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . : . . : . ... 7
AB. Quindarol,evee .........:..................:......................
AC: Redevelopment Area ..
AD. RedevelopmentPlan ...........:..'......_.................:....:...8
AE. RedevelopmentProject .... .:...................,....,........:......8
AF. Rede.velopment Project I . . . . . . . : . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . 8
AG. Redevelopment Project I-Phase A . ... , .' . . . . . . . . . . . ... _ . . . . . . . . . . . . . . . . . . 8
AH. Redevelopment Project I-Phase B . . . . . . . : . . . , . . . . . . . . . . . . . . . . . . . . . . . . . 8
ii
AI. ` Redevekopment Project I=Phase C . . . . : . : : . . : . . . . . . . : . . . . . . . . . . . . . . . . . . 8
'. AJ. Redevelopment Project I-Phase D . . .: . . . . . . . . . . . . . . . . . . . . . . : . : . . . . . . . : . 8
AK: RedevelopmentProjectI-Phase E ............................:.._..:..:8
AL: Redevelopment Project I-Phase F . . . : . . . . . . . .. : . : . . . . . . . . . . . . . . . . . . : . . . 8
AM. Redevelopment Project I-Pfiase G : . . . . . :.. . . . . . . . : . . . . . . . . : . . : . . . . . . . . . 8
AN. Redevelopment Project I-Phase H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . 8
. AO. Redevelopmenf Project I-Phasa L . : : . . . . . . . . . . . . . . . . . . . . . . .: . . . . . . _ . . . $;
A P. RedevelopmentProjectIl ...:......:...........:.............:..:....9.
AQ. Redevelogment Project A,rea . . . . . . . . . . . . . . . . . . . . . : : . . . . : . : . . : ... : . : : : . 9 .
AR. Redevelopment ProjectCosts . : . . . . . . . . . . . . . : . . .:. . : : . . . . . . : . . . . . . . . . : 9
AS. Reimbursable Project Cosu . . .. . . . . . . . . : . . . .: . . . . . . . : : . . . .. _ . . , . . . : . . . 9
A T. Riverside Levee ............:............:................ ..::....10
AU, Special Allocation Fund :................:....._.:..::................10
AV. : Special Assessmei�ts . : . . : . . . . : . . . . . . . . . . . . . . . : . . . . . : . . . . . . . . . . . . . . 10
AW. 3tate ...........
..........:..:.................................:..10
AX.' Ta�cing,District . . . . . . . : . . . . . . . : : . .. . . . . , : . . : . . . : . . . . . . . . . . : , . , . , . , 10
AY. TIF Bonds ....:....:.:...................:.:......._.:...:..:.:...
AZ. T'iF Commission ........;.....� ............:.......:_,...........10
BA. TIF Revenues ....:.........:....:.......::..:...........:........1
BB. Totat Initial Equalized Assessed Value . . . . - • • . . . . : . . . . . . . . . . . . . : . . . . . . 10
N. TAX INCREMENT FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . :. : . . . . . . . . . . 11
V. EXI3TING CONDITIONS IN THE REDEVELQPMENT AREA . . . . . . . . . . . : . . . . . : . . 11
VL REDEVELOPMENT PLAN OB7ECCIVES . . . . . . . . . . . : . . . . . . . . . : . . .. . . . : . . . : . . 12
A. General Plan Objectives . : . . . .. . . . . . . . . . . . . : . . . . . ,. . . ... . . . . . . . . . . . .,. 13
B. Specific Plan Objectives ............ ..........:..,..............:...1
VII. REDEVEE.OPIYIENT PROJECI' . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . : 14:
A. $ite Aequisition: Clearance and Prepa[ation:,. : . ... . . . . . . . . . . . : : . . . . . . . : . . T4
' B. Redevelq�ment Froject I; Redevelopment Project II and Public Improvements
..... ....... .....: .. . ... ..... .... 14
_ ... ... . . .. -.. . ..... ..,
C. Private Development . . . . . . . . . . . . . . . : . : . . . . ... : : . . . . . , . . . . . . . IS
:D: S�hedule vf DevetapmenC . . . . . . . . . . . : . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . 16
E . GeneralLand Use ...................:.:.................::.
VIII. FINANCING _ ..........................:..:.:..........................
A: Projected Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . : : . . . . . ... . . ... . : . . . . . 17
'B. Sowce of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . l8 _
C. Phasing Financing and Consavction. . . . . ; . . . . . . : . . . . . . . . . . . . . . . . . . . . . 19
D. Evidence of Commiunents to Finance . : . . . . . . . : . . . . . . . . : . : . . . . . . . . . . ., 20
E. Pro}ected:Payments in Lieu of Taxes and Economie Acdvity Taxes, ......... 20
iii
. 1. Payments in Lieu of Taxes . . . . . . , . . . , . . . . . . . . . . . : ; . . . . . . . . . . . . . . . 20
` a. Equalized Assessed Valuations : . . . . . . : . . . . . . . . . . . . . . . : . : 20
b. Anticipated Assessed Valuation . . . . . . . . . . .. . . . . . . . . . . . . .:21
2. Ecanomic Activity Taxes .......................••:...........22
a. Current Sales and Sales Tax Rates . . . . . . . . . . . . . . . . . . . . . > 22
b. Current Utiliry Tau Rate . . . . : . . . : . . : . . . . . . . . . . . . . . . . . . . 22
c. Anticipated Sales and Utility Taxes . . . . . . . . . . . . . . . . . . . . . . : 22
F. New State Revenues .................:........,.............. ..:.22
G. $pecial Allceation Fund ................:....:.....:.:..............22 :
: 13C. bISBLTRSEMENTS FROM SPECIAL ALLOCATION F[JND . : . : . . . . . . . . . . . . . . : . . 22
` : X. PROCEDLTRES FO& PA3CMENTS TO TI-� SPECIAI, ALLOCATION FUND . . : . . . . . 24 _ . :
A. Payments in Lieu of Taxes . . . . . . . . . . . . . . . . . . . . : . . : . . . . . . . . . . . . . . . . . . 24
B: Economic AetiviryTaxes.._ ................._.......:....:......::.25 '
1.. Documentation of Economic Activity Taxes by Taxpayers . : . . . . . . . . 25, .
2. Cercification by T'IF Comm . . . . . . : . . _ . . . . . . . . . . . . . . . . . . : . 2S
3. Presentation to Taxing Districts . . . . . . . . . . . . . . . : . . . _ . . . . . , . . . . : : 25
4: Deposit of Funds `
..., ...............................•--....:25
C. New State Revenues .........:..:..:..............................25
XI. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN . . . . . . . . . . . . : . . : . . 26
XII: TERMINAT'ION OF TAX INCREMENT FINANCING . . . . . . : . . . . . . . : . . . . . . . . . . . 26
X III. REQUIRED STATUTORY FINDINGS . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . : . . . 26
iv
- LIST OF EXFIIBTTS
EXHIBTT Y Lzgal Descripuon of Redevelopment Area .
I.egal Descripti'on of Redevelopmenf Area as Amended
EX�IIBIT 2 Map of Redevelopment.Area
Map of Kedevelopmenf Area. as Amended
EXHIBiT 3 Aerial Photograph of Redevelopmeat Area
EX}iIBTT 4 Blight Study prepared by Rule and Company
. EXI�IIBPT 4-A Supplementat BlightStudy for Property Loeated Generally North of '
. Highway 9 Within and About the Bou�tdariesof the Ledee District
ia Riverside; Platte County, Missouri
EXI�BPi` 5 Preliminary Master Plan for the Redevelopment Area
EXHIBTP 6-A L:egal Description of the Redevelopment Project Area for Redevelopntent
Froject I and Redeselopment Project-Phase A
EXHIBTP 6-B Legal Description of the Redevelopment Project Area for
Redevelopment Projecz I-Phase B
'EXfIIBTT 6-C L:egal Descripuon of the Redevelopment Pioject Area for
Redevelopment Project I-Phase C
EJ£FIIBiT 6-D L.egal Description Qf the Redevelopment Project Area for
Redevelopment ProjecfI-Phase D
EXfIIBTT 6-E I.egai Description of the Redevelopment Project Area for .
Redeyelopment Projeet I-Phase E
EXHIBPT 6-F Not Applicable
E3CHIB1'F 6-G L.egal Description of the Redevelopment Project Area for
Redevelopment Project I-Phase G
EXHIBTT 6-H Legal Descripuon of the Redevelopment Project Area for
Redevelopment Project I-Phase H
EXHIBIT 6-I L,egal Description of the Redevelopment Project Area for
Redevelopment Project I-Phase I
�
_,
EX�IIBiT 6-II Description of Eligible Redevekopment Project II Areas
, F.XEi1BTT 7-I Projected Redevelopment Project I Gosts
EXfIIBTf 7-II Projected Redevelopmen[ Ptojec[ II Costs
E3CFIIBiT 8 Financing Plan: for the. Leve� Projeef
EXHIBTT 9 Assumpfions for Frojected Payments in Lieu of Taxes and Economic
Activity Taxes
EXHIDTf 10 Statutory .
EXI�IIBFI' 11 Cooperative Agreement
EXFTIBTI' 12 Request For State'I`IF Assistance
,
_
vi :
_ L-PREAMBI.E
The L 385 Levee Redevelopment Plan ("Originai Plan"); the esiablishment of the
Redevelopment Area as a"blighted area," its designation as a redevelopment erea under the Act,
RedevelopmenL Project I-(also referred to as the L.evee Project) and the Redevelopment Projsct I
Aieawere ori�nally approved by the Board of Aldecgersous pursuant to Ordinance Na: 96-72
passed on July,16; 1996 after recommendation of same by the Tax Increment Financing .
Commissian of the City of Riverside, Missouri (''T'IF Commission") pursuant to Resolution.No.
96-06-01 passed on 7une. 27, 1996. One of the primary objecuves oF the Original Plan is to
provide flood:protection through the construction o# Redevelopmen[ Project I in order ro
stimulate growth and remove blighung faccors within the Redevelopment Aiea. It is anticipated
thatihe phases of RedevelopmenE Pro}ect I wi11- geneCata TLF Revenues to fund a por[ion of the
costs of Redevelopment Prpject I. Wichout such''I� Revennes, there,is insufficient funding_to .
construct the I:evee Project. Additional phages of Redevelopment-Project I have be�n
recomztiended by the TTF Commission, by Resqlution Nos. 96-06-01, 97-01-02, 97-01-03, 97-01-
Q4, 91-08-01 and 98-Q4-02, and approved by t6e Board of Alderpersons, by OTdinance Nos. 96-
72 adopted July 16, 1996, 97-11 adopted January 21 1997, 97-12 adopted �anuary 21; 1997, 97-
13 adapted tanuary 21, 1997, 97-95 adopted August 19, 1997, and 98-41 adopted. May 5, i998,
as Phas€s A, $,:C, D; E and F, respectively, of the RedevelogmenC Project I; provided however,
Phase F has been repealed_ Phase F is not located witiun the Redevelopment Area. No'TIF :
Revenues have been or will be collected in connection with P�ase F. T'he Original Plan; as `
previously amended and as amended hereby is referred ko as this "REdevelopment Plan." T7iis
Redevelopment Plan also sets forth Redevelopment Proje�t I-Phase G, Redcvelopment Projecf I-
Phase H and Redevelopment Project I-Pfiase I as phases of Redevelopment Project I.
T'IF Revenues genecated from Redeveiopment Projects, includiag phases, will be used to -
: pay Reimbursatile Project Costs. Pi�csuant to Section99.845:4, RSN1o; ain appIication for :
appcopriation of Itlew State Revenues has:been filed. This RedevelopmentPian includes, in its
definition of TIF Revenues, sucfi New State Revenues deposited into the Special Allocation Fund.
Prior to the approyalof this Redeuelopment Plan, the only,Redevelopmenf Proj¢ct Costs -
which have been approved as,Reimbutsable Project Costs were certain wsts associated with
Redevelt�pment Praject I. This Redcvelopment Y1an rnceeascs'the amount of Reimbursabte
Praject Costs and seLS forth a priotity for such pnyments and/pr reimbursements:
: No fleveloper Redevelopmen[ Ptoject Custs associated with the phases of Redevelopment
Project I have been approved as Reimbursable Project Cosu; it being intended that the'TIF
Revenues generated by Phases A, B, C; D and E of Redevelop[neni Project I as well as Phases G,
H and I and future phases of RedevelopFnent Projea { will be used to pay Reimbursable Project .
: Costs of Redevelopment'grojzct I.
Additionally, the Redevelopment Area under the Original Plan has been expanded to
include progerties within.and abvut Ehe Levee District in Riverside, Platie County, Missouri; as
further described in Exhibits i and 2.
The Original Plait stated that it was anucipafed that othec public infrastructure :
improvements including sewer, water and roads (collectively; the "Public Improyements") would
be implemented as Redevelopment Projects. This Redevelopment Plan includes the addition of
the following improvements as Redevelopment Project II: the construc6on of a full diamond
in[erchange at I-635 and Van de Populier Road, and the improvement of Van de Populier i�oad to
acterial street standatds. This. Redevelopment Plan is also being amended to provide that certain
Redevelopment Project Costs for Redevelopmenc Pcojsct II may, subject to: eompliance with
certain terms and conditions, be reimbursed or paid.from TIF Revenues as Reimbursable Project
Costs pursuant to this Redevelopment Plan and a Development Agreement.
II. IN'1'RODUCITON
This is the Amended and Restated L-385 L.evee Redevelopment Plan (this
"Redevelopment Pian") prepared in accordance with the provisians of the Rea1 Properry Tax
: Increment Allacation RedeveIopmeni Act, Missouri.Ttevised $tatutes, Sections 99.800 through
99.865 (the "Act"}. This Redevelopmenc Plan provides for the construcdon of (i) the Quindaro
Levee and the Riverside Levee and related impeovements (collecCively the "Redevelopmeni
Project I"also referred to as the "Izyee. Project"); (ii) a full diamond interchange at I-635. and i�an
de Populier Road and improvement of Van de Popnlier Road to arterial streetstandards
(colleetively the "Redevelopmen[ Project II"); and (iii) new water and sewer trunk lines atong Van
de Populier Road, construction of an intemal storm drainage System for the land behind the Levee
and construction of an access road from:the I-635`interehange and other public infrasuucture
". improvements (collectively the "Public Improvements' ). The RedevelopmeneProjeceI; the
Redevelopment Project II and the Public Irnpcouements shall be referred to collectively as-che
Redevelopment Projects which may be implemented in several components, projects and pHases.
The Redevelopment Project I and the Redevelopmen[ Pcoject II aze necessary to facilitate the
development of the Redevelopmen[ Area as defined herein.
Consteuc$on of the Redevelopment Project I and ifie Redevelppment Project II will not
occur, however, without the assistance provided undar this RedevelapmenE Plan. The
Redevelopment Ptoject I is approved for eonstruction by the United States Armp Corps of
: Engiaeers (the "Corgs:'): as Project L-385. The Quindaro Levse avill p[otect the western portion
ofthe Redevelopment Area against a 500-year flood and the;tiverside L,evee will protect the
eastem portion of the Redevelopment Area and the City's business disfrict from a 500-year flood,
Redevelapment-ProjecCII wil1 provide necessary accaess ta[he!1�edevettsp�aent Area.
`Phe original Redevelopment Area cansists of approximately 18U0 acres of land located on
the North bank of the.Missouri River along T�terstate.635 at Highway 169, and is legally
' describ�d on the.attached Exhibit i and sfiown on the map atfached as Exhibit 2. The
Redeve�opment Rrea is being expanded to include addiCional propeaties w-ithin and about the
bo�ndaries of the Levee District in Riverside, Piatte County; Missouri and is legally described on
the attached Exhibit 1 and shown on the map attaehed as Exhibit 2.
2
The RedevelopmenE Area provides a promising location for developmenf due to its
proximity to the downtown areas of both Kansas Ciry, Missouri, and Kansas City, Kansas, as well
as to the Kansas Gity International Airport. Poor aceessibility from public roads and inadequate
levees for tlood protection, however, have resulted in little developmenE oceurring in the
RedevelopmenE Area. This lack of development is cleazly shown on the aerial photograph
attached as Exlubit3
The original Redevelopment Area qualifies. as and has bees detecmined by the Ciry to be a
Blighted Area as that term is defined hecein and by ehe Act. The increased Redevelopment Area
qualifieS as a Blighted Area as that term is defined herein and by the Act Specifically, the
Redevelopment Area eonsists of ground which lies in a flood plain and which lacks adequate
sewer such as to constituie an economic and/or social liabiliry oi menace to the public.health,
safety, morals andlor welfare in its present condition: Economic data and conditions discussed
herein indicate development will not. oceur within Ehe Redevelopment Area withovt the adoption
of this Redevelopment Plan. A Blight Study detailing the chazacterisues which qualify the _
Redevelopment Area as a Blighted Acea under the Act is attached as Exhibit 4 arid Exhibit 4-A.
"Fhe total anticipated cosf of the Redevelopment Ptoject I has been estimated by the Corps
at $56;280,000.40, based on May 1996 dollazs: The Riverside-Quindazo Bend I.exee District of
Platte County, Missouri ("Levee District") will be the local sponsor (the "Loca1 Sponsor") of the
: Redevelopment Piroject I. Under current formulas, the Local Sponsods share o€ the cost of the
Redevelopmeat Project I is approximately forty-nine percent (49%) ("Local Share") that amount
being estimated at approxfmately $28 Million. Current sources of financing the Loca1 Share aze
insufficient without the public assistance provided by this Redevelopment Rlan. '
� The Eotal anticipated cost of the Redevelopment Project II is $4,287,000: Current sources
af financing ztie Redevelopment Project II aze insufficient without the public assistance provided
bythis Redevelopment Pian.
This Red+evelopment Plan provides for the develapmenf of the Rec�evelopment Area in
'' sevecal Redevelopment Projects, as weli as subphases thereof, which will be. proposed and `
approved according to the provisions of the Act. The first redevelopment project consists of tfie
Redevelopment Project I(the Levee Project), with Phase A being the expansion of the 1and-based .
support facil�ty for the Argosy Riverside Casino including the const�uction of a hotel by Argosy :
(the "Redevelopment Project I-Phase A"), with Phase B being the constructioq of a hotel by Phil
Snowden, Steve Dannerand Gary Sima (the "Redevelopment Project I-Phase B"), with Phase C
being the consiruction of light industrial buildings by Security Capitat Industrial Trust (the
. "Redevelopment Project I-Phase C"), with Phase D being the construction of two
office/warehouse buildings by Riverside Development Company, L.L.C. ("Redevelopment Pioject
I-Phass D") and with Phase E being the eonstruction of a coaunercial building by Carter
Petioleum Products, Inc. ("Redevelopment Project I-Phase E"), all of which will benefit
significantly from the Redevelopment ProjeccI. Redevelopment Project Land Phases A, B, C, D
and E thereof have been approved. Phases G, H and I of Redevelopment Project I are considered :
,
3
by this Redevelopment Plan with Phase G being the consttucuon of an 11,OOU sq. ft. building
addition by Industrial Spring Corporation (the "Redevelopment Project I Phase G"), with Phase
H being the consfruction of a 3'F,000 sq. ft. wazehouse by Mark S, Jansen Revocable Trust (the
"Redevelopment Project I-Phase H"), and with Phase I being tl�e construction of a tower and
shelter by Southwestern Bell Wireless 1nc. (the "Redevelopment Project I-Phase P') all of which
wilI benefit signiflcandy from tfie Redevelopment Project I. These phases aze necessary to
provide funding for Redevelopment Project I.
The Payments in Lieu of Taxes, Economic Activity Taxes and New Siate Revenues to be
generated from Redevelopm�nt Project I Areas; including Phases A, B, C, D, E, G, H and I and
fucure phases and . subphases of Redevelopment Project I will be used to pay Reimbursable
Project Costs of the Redevelopment Project I, including but not limited to the annual cost of TIF :
Bonds and obligations which wiYl be issued to pay a portion of the L.ocal Share of the cost of the
Redevelopment Rrojece L The Payments in Lieu of Taxes, Economic Activity Taxes and New
State Revenues to be generated from projects identified as "Redevelopment Project Il" phases or
subphases will be used to pay Reimbursable Project Cosu of both the Redevelopment Project I
and Redevelopment Project I[ as set forth herein. � :
Without the use of tax increment financing, it is economically infeasible to construct the
IYedevelopment Froject I and the Redevelopment Project.II. Without the RedevelopmenrProject
I and the Redevelopment Project II; the Redevelopment Area is not expected tobe develoged. .
Usc of Payments in Lieu of Taxes, Economic Actiuity Ta�ces and New State Revenues
' generated by development pursuant to this Redevelopment Plan along with federai funds and �
ocher financing sourees will produce the necessary funds to constiuct the Redevslogment Project
I and, subject to complianee with certain teims and couditions, a portion of the Redevelopment
PrBject II. Once the consttuedon of the Redevelopment Project I and the Redevelopment Project
Ii is completed, it is expected that private development of the Redevelopment Area will occur.
The ultimate result of this will be a substantial increase in the tax base for the Ciry, as well as far
the other affected Taxing Districts.
Each additional redevelopment projecc shall.be considered on a project-by-ptoject basis. .
Upon completion of the Redevelopment Project I and Redevelopment Project I-Phases A,
B, C, D, E, G, H and I it is estimaced that the mazket value of the Redevelopment Area will
increase by almost $20 million. This wili result in a$6,388,000 million increase in the assessed
value of the Redevelopment Area. The increased assessed value will yield annual Payments in
Lieu of Taxes of over $300,000. In addition, it is estimated that Redevelopment Project I and
Redevelopment Project I-Phases A, B, C, D, E, G, H and I will generate in excess of $175,000 in
Economic Activity Taxes annually. : A portion of Phase A and Phases B, C, D and E have 6een
completed. The amount of Payments in Lieu of Ta�ces, Economic Acuvity T`axes and 1Vew State
Revenues anticipated to be generated when a11 of the Redevelopment Projects have been
completed within the Redevelopment Area cannot be determined at this time. Estimated
4
peojections of infai�natioa known to date with regard to andcipated Payments in Lieu of Taxes
and Economic Acdvity Taxes are atfached as Exhibit 4 and New State Revenues requested are
attached as Ex}iibit 9 .
Tau increment financing will allow the use of the Payments in Lie� of Taxes, the
Economic Activity Taxes and the New State Revenues to pay Reimbursable Project Costs and to
: retire any T'IF Bbnds and other obligations issued to fmance Reimbursable Project CosYS. Some
enhancement may be requued to make such'TIF $onds and/or othec obligations marketable.
Upon the completion of this Redevelopment Pian aod the payment of all Reimbursable Project
Costs, the remaining Payments In Lieu of Taxes, Economic Activity Taxes and New State
Revenues.will be available to the City; ofher Taxing Districts: and the: State.
Ili: DEFINTTIONS
As used in this Redevelopment Plan, the foliowing terms sha11 means
A. Act: T'he R�a1 Progerty Tax Increment Aliocation Redevelopment Act, Seetion
99.800, et sea.. Revised Statutes of Nlissouri, as amended.
B. Addicional Assessmene Bonds: NJD Bonds, additional Levee District bonds or .
other bonds secured by or pud from property assessments or Special f�ssessments in addition ta
TIE Revenues which Addidonal Assessmenc Bonds.aze issued to fund.Redevel.opment Projeet
Cosu associated with Redevelopment Project I with sucH bonds consptuting Reimbursable
Prbject Costs. "
C. Bti ted Area: An area wluch, by reason of the predominance of defective or
inadequate street layout, insanitary or,unsafe conditions, deterioration of site improvements,
improper subdivision or obsolete platting, or the existence of conditions wtuch endanger life or
progeriy by fire and other causes, or aay combination ofsuch factors, retards the provision of
housing accommodations or constitutes an economic or social liability or a menace to the pubfic
health; safety, u►orals, or welfare in its present condiuon and use.
D. Board of Alderpecsons: The Boazd of Alderpersons of Riverside, Missouri.
E. C�: Riverside, Missouri.
F: City De�osit: The City's deposit of cash into escrow in the amount of $2;8 Million
to pay for. a portion of the Reimbursable Pro;ect Costs of. the Redevelopment Project I, which'
amount constitutes a capital cost of the City under the Act and therefore a Redevelopmeni Project
Cost and a Reimbursable Project Gosc. .
G. . Citv Participation PaX3nent: Cash payments by the City of up to $500,000 per year
for the first five yeazs after the AddiEional Assessment Bonds aze issued to defray the cost of the
S
annuai assessments of such bonds, whieh amounC constituEes a capit8l cost of the City under the
- Act and therefore a Redevelopment Projeet Cost:
H. CouQerative Aereement: The L-385 Intergovennmental Agreement between the .
City the TIF Coinmission and the Levee District; Platte Goanty, Ivlissouri;_a. Missonri Eizst class :
county �FS �a �rr;w� co��c�o�, a Washington corporation, relating to implemen[ation
of the Financing Plan, a copyof whieh is attached as Exhibit 11.
L Conntv Assessor; The assessor of Platte County, Missouri:
J: Countv Collector: The collector of Platte County Nlissouri.
I�. Develonment A�eement: A comprefiensive agreement between the Ciry and one
or more developers.wiuch wili be executed folkowing. approval of tlus ReBevelopment.Plan to
g6vem the implementation caf certain Redevelopment:FrojecES under this RedevElopment Plan and
the.completion of the respon"sibilities of the Ciry aad the developer(s) created pursuant to this
Redevelopment Plan.
L. E¢onomic Activitv Accounti The sepazafe segregaEed account wittun the Special
Allocauon Fund inEO which Economic Acuvity Taxes aze to be degosited.
IvI: Eeonomic Acriviri Taxes: Fifty percent (50%) of the total additional ievenue from,
_, taxes whicE� are unposedby the Giry or other Taxing Districts, and which are generatedby
economic activities within any RedevelopmenE PrQjeet Area; over the aznount of such taxes
genented by eeonomic activities within such Y2edevelopment Eioject Area in tha calendar year
prior to the adoption of the Redevelopment Project forsuch kedevelopment Project Area by
Ordinance, atule:tax increment $nancing remains in effect, but. ezcluding taxes imposed on sales
or charges for sleeping rooms paid by uansient guests of hocels and motels; licenses, fees or
specia4 assessments and personal property taxes.
N: Financin,,,��Plan: 'I'he Financing Plan pcepared by thg Ciry for the .
R,iversidelQuindaro Send L-385 Levee Project:
O. Landawner Depasit: A landowner wirhin the Redevelopmenf Area or a developer,
who pursuant to a-Development t4greement with the Ciry, cantributes:$2:8 Million net`cash to the
Redevelogment Project I in the manner and at the time required putsuant to such agreement;.
which contribution(s)-constitutes a cap'ttal cost of such payor(s) under the Act and therefote a
Redevelopment ProjecfCost and a Reimbursable Project Cost.
P. I.evee District: The Riverside-Quindazo Bend I,evee District of Platte County,
Missouri.
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tZ. i:evee bistrict Bonds: Bonds secured solely by Special Assessments issued by or
on behalf of the Levee District to gay Redevelopment Project Gosu. ,
R. ,IyIDFB:;.The Missouri DevelopmenE Finance Boazd.
S. IvIDFB Funding: The funding from MDFB the prbceeds of which are used to pay
RedevelopmenE Project Costs constituting Reimbursable Projeet Cosu.
T. New State Revenues: As setforth in the Ciry's Applicauon for State'T1F .
P.ssistance, up to 50�/a of the foUowing but only to the extent that such amount is appropriated by
the General AssemUly and distributed by the Missouri Department of Economic Development:
T'he state income ta�� wichheld on behatf of new employees by the employer pucsuant to Section
t43.22 �, RSMo, at tkie business located within the project as identified by the City. The state -
ineome tax withholding is based on the Ciry's estimate of the amountof state ineome tax withheld
by the empl"oyer within the Redeveioptnent Area foi new emplogees-who fill nevi+ jobs ditcetly
:created by the Redevelopment Projects.
t,
U. NID; Neighbothood Improvement District.
V. I�ID Bonds: Neighborhood improvement district bonds issued to fund a portion
of the Local Share. :
� W. NSR Aecounti The sepazate segregated accountwithin the Speciat Allocauon _
Fund into which New SEate Revenues are to be deposited:
X. Or �nance: An ocdinance enacted by the Boazd of Alderpersons.
y. P ents in Lieu: af Taxes; Revenues from rea! property taxes in a
Redevelopment Project Area selected for a Redevelopment Project, which are ro be ussd to
reimburse the Reimbursable Project Costs, and which Taxing Disuicts would have received had
itie City noC adopted taac increment altocation fmanci�g; and .vhich resutt fram le.vies made after .
the time of .the. adoption of tax inere�tent allocatioa financing within such Redevelopment Projecf
Area, and during the time the currertt e'qualized value af real pioperty in sn�h Redevelopment
Project Area exeeeds the Total-lnit�al Equalized Assessed Vatue of real property in such
Redev�cslaprFtent Project Area; unEkl t�me.+,�esi„�atian i's`tertni�ated pursuant.to tlus Redevelopment
Plan which shall not be later than 23 years aftei the RedevelopmentProject for sach
Redevelopment ProjecYArea is approved:
Z_ PII..OT Account: 1?he sepazate segregated accounf within the Special Allocation ..
Fupd into whic� Pay�tients in Lieu �f'faxes ue to be deposiCed.
AA: Pr€limina*� Master Plan: The proposed Preliminary Master Pian of the
Redevelopment_Area;to be attaehed as;. : ib't 5,
: 7
AB. Ouindaro Levee: The portion of the putilic improvemenu consisfing of a 500-yeaz
_, flood levee to protect the westem portion of the Redevelopment Area as shown on the
PreGminary Master Plan.
AC. Redevelovment Area: The. area described in Exhibit l, as amended.
AD. Redeveionment Plan: The L-385 L.evee Redevelopment Plan, as aznended; .
AE. Redevelovment Proiect Any of the private:or public projects which a;e to be
completed pursuant to this Redevelopment Plan:
AF. Redeveloument Proiect I: Consuuc�ion of the Quindazo Levee and the Riverside
Levee and.ielated improvements.
AG. Redevalooment Proiect I-Phase Ac The expansion of the land-based supporE
facility for the Argosy Riverside Casino including the construcdon of a 200-room hotel by
Argosy. �
AH. Redeveloament Proiect.I-Phase B; The consunction of a hotel by Phil Snowden,
Steve Danner and Gary Sirna:
AI. Redevelonment Proiect I-Phase C: The construction of light industrial buildings
, by Securiry Capital I�dustrial Ttust.
AJ. Redevelonment Proiect I-Phase D: The construction of two o�ce/warehouse
buildings by Riverside Development Company, L.L.C.
AK. RP3evelovment Proiect I-Phase E: The construction of a commercial building by
Earter Fetroleum Producu, Inc.
AL. Redavelooment Proiect I-Phase F: Repealed: no longer applicable.
•AM. Redevelonment Proiect I-Phase G: The consctuction of an k1 sq. ft. buIIding.
adctidon by tndusuial Spriag Corporation.
AN. Redevelonment Proiect T-Phase H: The consiruction of a 37,000 sq. ft. warehouse
by Mazk S. Jansen Revocable Trust, .
AO. Redevelopment Proiect I-Phase Ii T'he construction of a tower and suucture by
Southwestem Bell Wireless Inc.
_;
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AP. Redevelonmen[ Proiect II; The consttuction of a,full diamond interchange aC
I-635 and Van de Pop.ulier Road and improvement of Van de Populier Road to arterial street
standazds.
AQ. Redeueloument Froiect Area: Any acea within the Redevelopment Area selected
for a Redevelopment Project. The area selected for Redevelopment Project I and Redevelopment
Projeec I-Phases A, B, C, D, E, G, H and I aze described in Ezhibit 6 . Properties eligible to be
designated as a RedOVelopment Project II Area(s) aze described"ia Exhibit 6-II.
AR: ` Redevelopment Proiect Costs: The sUm total of all reasoBable or necessary costs
i-ncurred or estimated to be incucted, and any such costs incidental to this Redevelopment Plan or.
any Redevelopment Project, as applicable. Such costs: include, but are not limited to, the
following:
T. CQSts of studies, surveys, plans and specifications;
2. Professional service cnsu, including, but not limited to, architectural,
engineering, legal, marketing, finaneial, planning or special services;
3. property assembly costs, including; but not limited to, acquisiuon of land
and other progerty, real-or personal; or rights or interests cherein and the clearing and
grading of l�nd;
� 4. Costs. of consttuctinn of pnblic works or improvements, including special �
assessmenu made against property in the Redevelopment Area;
5. Financing costs, including, but not limited to, all necessary and.incidental
expenses.related to ttie issuance of TIF Bonds, and which may include payment of interest
on any'TIF Bonds'issued hereunder accruing during the estimated period of construction
of any Redevelopment Ptoject for which such TIP Bonds. are issued and for not more than
eighteen months thereafter, and including reasona6le rese�ves related chereto;
6: All or a portion of a Taxing Disuict's capical cosu restildng from aay
Redevelopment $xoject necessarily incurred or to be incurred in furtherance of the
objectives of this Redevelopment Ptan and such Redevelopment Project, to the extent the
City by written agreement accepcs and approves such costs; and
7. Payments in lieu of taaces:
AS. Reimbutsable Proiect Costs: AnY and ali Redevelopment.Project Costs incurred
by the City or the TIF Commission and any and all Redevelopment Project Gosts incurred by any
other entity in connectian with the Redevelopment Project T, including the I.ocal Share as further
described herein, the City Deposit, the Landowner Deposit, the MDFB Funding and the
9
Additional Assessmenf Bonds, pursuant to a written agreementwith the City, and SQ% of the
RedeVelopment Project Costs of theRedevelopment Projeet II as further designated by the City in
writing as Reimbursable Projeci Costs to be reimbursed to such enuty pursuant to a Development
Ageement or other.written ageement.
AT. Riv�rside Levee: The portion of the publia improvemenES consisting of a 500-year
fload tevee to protect the eastem portion of the Redevelopment Area.
AU. �ciai Allocation Fnnd: The fund into which, as required by the Act; all _
Payments in Lieu of Taxes, Economic Activity Taxes and New State Revenues: are deposited.
AV: Scecial Assessmentsr Special assessments which ue levied by the Levee District
against property which is wifhin.tha Levee District's jurisdictionand whieh is benefitted by the
construction of the Redevelapment Proje�t I.
AW. Statet The Scate of Missouri.
`
AX. Taxing District: Any political subdivision of the State located wholly oe partially
within the Redevelopment Area.
AY. TTF Bonds: Any bonds, loans, debentures, notes, special eertificates orother
euidences of indebtedness issued by the Ciry or the TIF Commission to (i) pay Reimbursable
j Project Costs pursuant to and in accordance with an ordinance authori2ing the same; and {ii)
refund, redeem or defease the same.
AZ. TIF Commission. The Tax Increment Financing Commission of Riverside, .
, . 1Vlissouri.
$A. TIF Revenues: Revenue'generated from Payments in Lieu of Taaes resulung from
increased assessed valuation oa new development, fiom Econouuc Activity Taxes resulting frocn
increased economic activides in a Redevelopment Area and New State Revenues resulting ftom
incroased acuvities in a RedevelopmenYArea and appropriated as such.
BB. Total Inida! Eaualized•Assessed Value: That amount certified by the County
Assess4r whieh equals the most recendy ascertained equalized: assessed,value of each taxable lot,
block, tract, or parcel of real property within a Redevelopment Project Area immediately after tax
increment financing for such Redevelopment Project Area has been approved by the Boazd of
F.lderpeisons by an Ordinance.
10
N. TAX TNCREMENI' FfNANCING °
Tlus Kedevelopment Plan is adogted pursuant to the p[ovisions of the Ac[ The Act
enables municipalities, inc,luding the City; to f nance Redevelopment Pro}ect Costs wich T'IF
Revenues.
: Immediately after tE�e Boaid of Aldecpersons a�proves a Redevelopment Prnject and
adopts tax increment financing focEhe RedeVelopment Projecf Atea of sueh Redevelopment
Project,.the Counry Assessor shall certify the Total Initial Equalized :Sssessed Value of such
Redevelopmene Project Area. Real estate taxes resitlting, &om Ehe Total Initiat Equalized _
Assesscd Value for each Redevelogment Pioject Area will be payable to Taxing Districts as if taz ,
increment fmancing wele noc adopted• Paymenu .in Lieu of Taxes collected on p.roperty within
each:Redevekopment Project :Siea:will be paid by Ehe County �ollector to the City and deposited
in;the PILOT Account wiEhin the $pecial A1location Fund.
In addition, subjeCt to constitutional and stafutory-limitations, fift}r percent (50%) of the
total additional revenue from. taxes which are imposed by the City or other Taxing. Districts, and
wlrich aze-generated by the economic activities'wiFhin Che Redevelopmen[ P.rojeet Areas; while tax
inerement financing remains ui effect, excluding licenses, fees ar special assessments other than .
Payments in Lieu of Taxes shall be paid by the collecting Ta�ing Districu to the City who shail
deposit such funds in the Economic Aet'tviry Account within the Special Allocation Fund for
payment of Reimbursable Project Costs and/or the iedrement of obligations issued to pay
' Reimbuisahle Project Costs.
The Act provides tltac the General Assembly may agpropriate aportion of.New State
Revene�es to provide assistance to :certain redevelopuxent projects. The City has submitted an
Application for State'TTF Assistance in connection with this RedeveloprnenCPlan. 1n such
applieation, the City elected to?have I*Iew. State Revenues calculated based upon a portion of the
estimate of the: state income fax withheld for the• busit�esses within the Redevelopment Project
Aeeas over and above the aFnount of in such taxes reported by:setch businesses prior ta the
approva4 of the Redevelopment ProjecC by ordinance wtrile taic increment financing remaius in
effecc. If �pgrqpria4�d �a�tci�aid ox�r ,;he.Cicy sh.all degQSit such funds into the NSR Account
within Che Special Allocatiop Fund foc payment of Reimbiusable Project Costs and/ar the
retir�ment of obligatinns issued to pay Reimbursable Project Cosu.
V: EXISTiTTG CONL?TI'IONS I�i I THE REDEVELOPMENT AREA
The Redevelopment Area:is currently protected from Missouri Rivet floods by an
agricultural levee which is more than 10 feet betow the 100_year flood plain. As recently. as 1993,
almosE.ttte entire Redevelopm�ttt �rea was floqded. This recuere�cflooding; which constitutes an
unsafe condition endangering life and ptoperty, in and of itself qualifies the Reflevelopment Area
as a Blighted Area under the statutory: definitioq in the Act.
11
Furthermore, ihe poor accessibility to the area highway system and the lack of
infrastructure wittrin the Ttedevelopment Area co�tStituEes an inadequate street,layout and an
insanifary and unsafe condiuon which are also statufory faetors allowing a finding of bligkst. A
Btight Study prepazed by Rule and Company;is attached'as hibit 4 and a Blighc 3tudy with
respect to the expanded Redevelopmenf Atea is attached as Exhibit 4A (collectively referted as
' the "Blight Study"). The Blight Study provides a detailed description of the conditions of tTie
Redevelopmen[ Area. :
The combination: of inadequate street layout; ihe.unsafe conditioris caused by the reeurrent
flooding; the deterioration ofexisting Site improvemenu and existence of conditions which_:
endanger life and property has retazded deve2opment within the RedevelopmenE Area, and ; -
consticntes an economic liability due to its lack of development in the Redevelopment Area:
Additionally, these canditions cause the Redevelopment Area to constitate a sociai liability and a
' menace to the public heatth, safety and welfaze.
VL. REDEz/ELOP1vIENT FLAN OBJECTIVES
The City and the TIF Commission peopose to undertake'the redevelopment of the area
described inBxhibit l atiaehed hereto (the "Redevelapment Acea"j in accordance wiCh the,terms
of this Redevelopment PTan.
For the purpo&e of redeveloping the Redevelopment Area, the Origina! Plan was prepared
on bchalf of tlie City, submitted to fhe 'P� Commission, recommended by the 'I� Commissiort to
the City and adopted be tfie Board of tUdecpersons. Additionaliy, this Redevelopment Plan has
beemprepazed on behalf of the City and the'I'� Commission; and may Be recommended tiy the
: T'IF Commission to the Boazd of Alderpersons: The Cit}�, along with the l,evee Discrict,.will
work towazds eonstructing the Quindaro I and the Riverside Levee: The T1F Commission
shall cequest proposals from developets for the �edevelopment of the Redevelopment Area. 'fhe ' i :
pcoposal(s), whieh in the opinion of 16e'I'� Commission will best implement the inten[ of the
Redevelopment Plan, shall become a part of the Redevelopment.Plan:
Under this Redevplopmenc Plan,.the first comgonefit of redevelopment is the construcaon ;
of [he Recfevelopment Project L Redevelopineat Projeet I conld noc be constructed without:the
approval of the phases which shall provide the financing for and are an integral part of
Redevelopment Project I. The Redevelapment Project I-Phase A is expe�eted to conuibute to the
Local Sharc, which Loca1 Share is necessary to fund and construct the Redevelopment Project I. :
Since the Oc�ginal Pian was approved, Phases B,: G, D and E of RedevelopmenrProject 1 fiave -
been approved, all of which are expected to eontribute to the Local Shate which Local Shue is
necessary to fund and construct fhe RedeveTopment Pioject I. Phases G, H and I of
Redevelopmcnt'Project I are expeeted to contribute to the Local Share, wlvch LACaI Share is
necessary to fund and construct the Redevelopment ProjecCI. Thete are no developer
Reimbuisable Project Cosu associated with Phases A, B, C, D, E, G or H of Radevelopment
Project I.
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Linder this Redevelopment Plan, another component of redevelopment.is the construction :
of the Redevelopment Project II: . Phases of Redevelopment Projece II approved for Eligible
Redevelopment Project II Areas are expected to contribute to the funding of a portion of the
costs of AedevelopmenC Project I and Redevelopment Project II.
Addiponal coFnponents.of.the redevelopment may folloiv due tq RedevelopmentProjeets I
and �I. 'The Redevelopment Pfan will be aznended and expanded when the details of any
additioual eomponents are determined.
The City may issue and/oe the TIF Commission may recommend to We $oard of
Aiderpersons that bonds or other obligations be issued to finance Reimbursable.Prwject Cqsu {the
"Obligations") ia an amount which may be serviced by PaymenCS in Lieu of Taxes resulting from `,
the eonsuuction of the improvements according to ttie Redevelopment Ptan and fmm:Economi¢
Actiuity Taxes and New Stafe REVenues. Reimbursable Project Costs may also;be reiinbursed on :
an as-collected basis as collectioa of Payments in Lieu of Taxes, Economic .Activity Taxes and
New State Revenues allow, withoat or in conjunetion with the issuatice of Ob$gations. Upon
being deposited in ihe Special Allocacion �und, Payments in Lieu of Taxes resulting from
improvements in the Redevalopment Project Areas, Eeonomic Acuvity Taxes and New State -
Revenues, may be nsed to service any Obligations issued including interest oa and the cost of
issuing the Obligations as well as payment of other Reimbursable ProjectCosts aze set forth
herein.
_, When full,y implemenEed,.this Redevelopment Plan.will remove the eicisung conditions of
blighL The objecEives of this Redevelopment Plan aze oudined bePow.
A. General Plan Objectives. The general objectives of this Redevelopment Plan are:
1: To enhance the tax base oF the City and otherTaxing Districts by
development of ihe Redeveloprnent Area to its highest and best use and encouraging
private investment isthe surrounding azea.
2. To discourage co�unerce, industry and manufacturing ftom moving
operations to anotUer state. '
3. To increase employment in the Ciry.
4. To eliminate adverse conditions in'the Redevelopment Area which have
hindered development and which constitute blight and therefore_make the Redevelopment .
Area a $lighted Area. .
5. ' To provide for access to and traffic flow in the Redevelopment Area.
6. To enhance the aesthetics of the Redeveiopment Area.
-�
13
�
B. Svecific Plan Ohjectives. Specific objecuves of ttus Redevelopment Plan are:
1. To construct levees to protec[ the RedeveTopmenC Area from tlooding up
to the level of aS00=year flood.
2. To cure the currendy existing adverse conditions by pcoviding flood
protection for the Redevelopment:Area as well as'for the City. .
3. To pravide more effective access to the Redevelbpinent Area for future
' development.
4. To encourage che orderly development of land within the Redevelopcnent
Area to maxiinize:the public bene€t &om private investtnenE. - _
5. Tb expand the tax base'of the City by erieouraging private investment in
the Redevelopment Area and the surrounding area. :
. t
6. To increase the employment oppoctunities fot Fhe City's residents by
investing in public improvements• that encourage Qr support eommercial operaflons:
7. To enhance the pnblic health, safety and welfare of the community by
eliminating problems with flooding.
' �
/ 8. To construct roads, sewers and water mains within the Redevelopment
Area to pcovide efficient tr�c patterns and adequate utility servicc for future
development.
VII. RED VELOPMENT PROJECT
A. Site AcQUisition Clearance and Pteoaration:; Site acquisiuon; clearance aad
prepazation for tfie RedevelopmenC Project I is addresaed in the Project Cooperation Agreement
(tfic "PCA"j between the Local.Sponsor and the Cocps which pcovides for the financing u►d
construccion of theRedevelopment Project L Site aequisitioa;'clearance and preparation for the
Redevelopment Project II wi11 be addressed in the Development Agreemenf between the City and
the developer selected to implement Redevelopment Project II.
B. Redevelonment Proiect I Redevelovment Project II and Public Imvrovements.
The City, Platte County, Missouri, the TIF Commission, MDFB and Trillium Corporauon,
a Washington cotpotation, have negotiated and entered into,the Cooperative Agreement with the
I;evee DistricE for the purpose of providing financing to Ehe Redevelopment Project I and the
L,euee Distriet has entered into the PCA with the Corps to construct the Redevelopment Project I: -
14
The actual construcuon of the Redevelopment Project I will be controlled by the Corps pursuant
' to Ehe PCA between ihe Corps and the Levee District.
The City and/or the'TIF Commission will negotiate and enter into a Development :
r�greement in connection with tt�e Redevelopment Project II. It is anticipated that.such developer
wi11 fund the costs of Redevelogmenf Pioject II. Subject to such deyeloper contributing the
' Landowner Degosit in a timely manner and the fulfilment of the othet obligations set fotth in this •
Redevelopm�ae:Plan, the Development Agreement and the Gooperation Agreement, such .
developer wiII theu be rennbursed a portion of its Reunbursabie Project Costs as appraved By
`Ciry pursuant to the terms and condicions of such DevelopmenU Agreement and llxe:Cooperation
AgreemenL
The Public Itnprovements will be considered on a project-by-project tSasis. `
The constructioa of the Redevelopment Project I and Redevelopcnent Project II will'
attract new develogment to the Redevelopment Area: As the construction of new development
� begins, subsequent.Redevelopment Pcojects will be approved and tau increcnent financing will be
adopted.for the respective RedevelqpmenC Project Areas. T'he Payments in Lieu of Ta3ces and
Economic AcCivity Taxes: generated: from the current andsubsequent applicable Redevelogmen[
Pcojects will be captuied and used in the manner specified herein and in apglicable DevelopmenE
Agreements to repay TIF Bonds issued and Reimbursable Projecf Costs incurted to finance the
L,oca1 Shaze of the Redevelopment PiojectI, the Redevelopment Project II, the Public
Improvements and any other costs identified as"'reimbursable" under this RedevelopmenC PI2n.
C. Private Develonment.
Redevelopment Pro}ect I-Phase A will be completed by the Argosy Riverside Casino.
Redevelopment Project I-Phase B has been completed by Phil Snawden; Steve Danner and Gary
Sirpa RedevelopmentProject I-Phase C has been completed by Security Capital Industrial Trust.
Redevetopmeec Frojeet I Phase'I] 6as been completed by Ri*�erside Developmeni Company;
LL:C. Redevelogment Pioject 1-Phase E has been completed 6y Carter Petroleum Praducts, Inc.
'I'he Redevelopment Project Area selected for Redevelopment Pro}ect I and
Redevelopment Project I-Phase A consists of approximately 40 acres of real propercy relating to
the Argosy expansion which is legally described in the attached Exhibit 6-A. 'Fhe Redevelopment
Project Atea selected for Redevelopment Projeet I-Phase B consists of reai groperty relating to a
hotef pcoject which is legally described in the attached Exk�ibit 6-B. The Redevelopment Project
Area selected for Redevelopment Projeet I-P6ase C consisu of real property telating to a bu'slding
. project which is legally described in the attached Exhibii 6-C. The RedevelapmenC Fro}ect Area
selected for Redevelopment Project I-Phase D consists of real property re}ating to a building
projec[ which is legally descnbed in the attached Exhibi[ 6-D. The Redevelog[nen[ Project Area
selected for Redevelopment Project I-Phase E consists of real properiy relating to a building
' -r
project which is legally described in Che attached Exhibit 6-E.
IS
Redevelopment Project I-Ptiase G is proposed by Indusirial Spring Corporation. The
' Redevelopmenf Project Area selected for Redevelopment Project I-Phase G consists of real
ptoperty wiuch isIegally desccibed in the.attached Exhibit 6-G., Redevelopment Project I-Phase
-' H is proposed by 1vlark S. Jansen Revocable Trust. The Redevelopment I?roject Area selected for
Redevel4pment P[oj�ct I=Phase H consists of real property which is legally described in the
�ttached: Ex}ubic 6-H. Redevelop"ment Project I-Phase I is proposed by Southwestem Bell
' VJireless Iae. 'Eho,Redevelgpment.Etoject Rzea selecEed for RedeveTopment Project I-Phase I
consists of tea!' pcoperty �*!�ich is legaUy described in the attached Ezhibit 6-I.
Pioperties eligible to be desig4ated as RedevelopmenY Projeet If Areas is described in the
attaebed Exhibit 6-II. 1�edeVeloptnenC Project II Areas will be benefitted both by.Redevelopment
Rrpject I and T�edevelopment Projeee II. All T7F Revenues generated within Redevelopment
PYOject I1 Areas �*iill.be used to fund Reimbursable Project Cosfs pursuant to this Rede�elopment
`Plan. :
The Redevelopment AFea will be su6stantially benefitted by the Redevelopment Pz�ject I
an�l ItedevelopmenC Frojeet II. Cuaently, at least pa�t of the Redevelopmenc Area has been filled �
to one foot above the 104-year flood-level. In che event of a flood such as the 1993 flood, the
Redavelopment:Acea; the Redevelopment Project Area for Redevelopment Project I and Phases
A, S, C;D, E G, H and I of Redevelnpmenc Project I as well as the Redevelopment Froject II
Area(s} will be undersix feet of water even ttiough it has been filled to one foot above the 100-
. qear flood level. The remunder of the Redevelopment Area will alsobe under water. ,
� Gonsequendy, the consuuction ofthe Redevelopment'Projoct T will substandaliy benefit the entire.
Redexelopment Area including but not limited to the Redevelopment Project Areas:selected for
Redevetopmeni Project I and Phases A, B, C, D, E, G; H and I of Redevelopment Project I..
` Redeveloprnent Project II will provide access to the Redevelopment Atea.
Due to the consuuction qf Redev�lopment Frojectl, the phases thereof, and
12edevelopment Pi�oj�ct I�,other cornmercial develapment will:begin to occur ia the
Redevelopment Acea. It is antjcipated in We P;eliminary Mastet Plan to be attached as FxYiibit 5
Ehat future d8velopment will include retail and of�ce.space, warehouse and storage:facilities,
indusErial and Y►igh-tech manufactu�iqg facilities, and recreat�qaa.l amen'tties.including joggiag and
c}±clingpaths and open teereadonakspace. Future developmentmay be-considered as additional
redevelopment projecES/phases the Redevelopinent Plan and may be incorpacated it► the
5nancing of the Redevelopment Pmject I, RedevelopmenC Project II and the Public Improvements
as outtined herein and as.may be identified in the fu�ure.
. D. Sehedule of Devclopment
' The initiat revenue which is necessary fo� thl5 Redeveloptnent Plan to be feasible will come
frorri Phases A, B, C; D; E, G; H and I as well`as additional phases of the.Redevelopment Project
I. It is anticipated thaf the aequisition of the,right-of-way qeeded for the Redevelopment ProjeccI -
wiIl`begin in 1999, using T'IF Bonds; tlie City Deposic, the Landowner Deposit, the MDF'B
14
Funding- end the Payments in Liep of Ta,xes, Economic ActivityTaxes and New State Revenues
- generated by Redevelapment FrojecCI and: Phases A, B,. C, D, E; G, H andI of Redeveiopment
Project L Addidogal information is set forth in the Financing Pian attached as Ez 'bi[ 8:
Construction of'fha Redevelogment Project I wil� begin in 200b. Additional funding for fhe
consttuction af tlie Redevelogment: Project I will be provided by the issuance af'1'IF Bonds :
I.evee DisUact Bonds and Additiona! t�ssessment Bonds as oatlined in.EzkulaiC7-I and Exhibir 8:
The Redevelopment Pzoject I is expeeted to be comgleted by 2003. `
The schedule relating to developer's acquisition:of the right-of-way needed for the `
Red'eveIopment Pmject II and con"struction of Redevelopment PtojectII.will be set forth in tfie -
Developmeht Ag=eement: Funding for the Redeyelopment'ProjecC II will be provided by the
developer.
Fs. � General T.atiil Use. The Redevetopment is currenfly zoned commercial light
: nldustrial and indush'ial. 'Tn eonjunction �'ith the focuzulatiQn bf the Preli�in�'y Master Plan to be
attached as �chibit S and the Application, [ha City may: undertaka to revise its zoning fot the
Redevelopment Area. Redevelopment Projects will be subj�ect [o the applicable provisions of the
zoning ordinances of the City as well as other applicable codes and ordinances.. All requirements
. fpr landsCaping, storm waL�r detention, pazking, lighEing and off-sita u�c improvements which
aze imposed pursuant to the zoning procass will automaucally become part of the reqtiiremencs of
this Redevelopment Plan.: 'All public imptovements which are to be dedicated to the City or any
oEher municipality will comply with Gity or appropriate munieipal sEreet and road evnstruction
' standazds.
VIII. FINANCING
A. Proiected Pro'�ect Costs.
It is estimated that •the Redevelopmenf Project I will cosE.2ppro�cimately $56.3 million.
The Loca1 Sha�e of.the, cost of construction of the Redevelogmept Prpject I is estimatad to be
approiumately $38.0 million. All cost estimates are greliminary and expressed in 1996 doliazs. A
breakdown of ihe esti�ated pmject costs for.:the Redevblopment Project I and the pian far
financing for the Loca1 Share of ttte ProjCCt'aze incladatl "m fhe Projecte�`Redevelopment Project
Costs `attached a5 Exhibit 7 and the Financing P1an attached as Ex �b't 8,
The Redevelo{�ment Project II will cost approximately $4,287 All cost estimates aze
preliminary. In order to obtain any payment or reimhursement of Reimbursable Project Cosfs, the
developer of Re.development Project II must.make the Landowner Depqsit, comply fully with its
obligations under the Cooperative Agreement and,the Development Agreement and use its best
` efforts to obtain state and federal`funding fvr':RedeveloprnentProject IL The right of such
developer to receive payment of and/or reimbursement from TIF lZevenues is conditio�ed upon:
_ 17
(1) T'he acceptance of a bid and awazd of the contract forthe consuvction of the
- I.evee Project_
(2) The developei setecfed to impiemenrRedevelopment Project II entering into an
acceptable Development Rgieement.with.the City.
.(3) Contribution by the developer of cash in a net atTiount of $2,800,00� and real
; property: for the I.evee Projeet.
(4} The developer exhansting.all state and federal funding sourceS foi Redevelopment
Project:TL" _
(S) The developer suppotting ttie Levee Project bond issues: as foklow9:
i. reasonably support ihe marketing of the TIF bonds; and,
ii. cause to be provided, as credit:enhancement for the bonds, a stand-by letter
of credit in the amount of $4;00O,OOQ,wirh terms mutually agreeable to the '
deyeloper and the issuer of the bondswith repayment eligibility for credit
snhancements costs. _
(6) The developer executing ihe L-385 Neighborhood Improverhent DistrictPetiuon ,
� should it ba determined that NID Bonds will be utilized in.[tie.financing of the
L.evee Project.
('n ` The developerdeveloping a 1vlaster Plaa which to the greatesY exten[ reaso�tably
possi6le; promotes retail development on the Eligible Redevelopment Project II: .
Area(s).
B. Sourc��f Funds,
'I'here are curnntly six-(6) of fi�nds'idenfified in the Financing PFan to finance tho
cost of the Redevelopment Project I: -.
(1) Federal �nds fcom the Corps will pay for ah least fifty-one peicent (51%)
of the Redevelopment Project I costs;
(2) Ta�c lncrement �nancing Revenues (T7F Bonds);
(3) Gity Deposir,
(4) Landowner Deposiceitheralone or in connection with the 1vIDFB. Funding;
(5} I.evee District Bnnds; and :
(6) Additional Assessment Bonds including the City �arcicipation Payment.
_' :
18
It is anticipated that the substanual portion of the Local Shaze of:the Redevelopment
-, Project I will be financed through the issuance of TIF' Bonds, Levee District $onds and/or
Additional Assessment Bonds which will be issued in one or mote seqes. It is anticipated that the
costs of the Redevelopment Project II wi11 tie financed by the developer selected to implement
Redevelopment Projee[ II: '
Reimbutsable Project Costs may, however, atso be incurred and reimbursed on a pay-as-
you-go basis. R�ith respect to Redevetogment Projecf I, the Ciry' will pledge the'I� Revenues
genei�ated by the privaie development within Ehe Redevelop.ment Aiea to repayall oc a portion of "
Che'I'� Bonds, the Additional AssessmencBoads, the MDFB Funding, the City Deposit; the.
Landowner Deposit, and other identified: Reimbursable Project Costs.
In �onjunction with.t6e Financing Plaii: attached hereto as Exhibit 8. the City anticipates
ehat the City Deposit will be made; 'FIF Bonds; Levee District Bonds and Additional Assessment
Bonds will be issued and the CiGy Participation Pay�nent wIIl be made. The `TIF. Revenues
generated within each Redevelopment Project Area will be paid into the Special AllocationFund, '
and then be used to make 'TIF Bond payments, to make annuai Additional Assessment Bqnd
payments and to reimburse the City DeposiC, che Landowner Deposit, a11 or a poition of the:
MDFB Funding and Reimbursable ProjecE Costs of Redevelopment Project II andas provided in
Exhibit Z, a11 in khe griority as setforth below and as may be furtherprovided in a reimbursement
agreement between suCh parties:
-� C. Phasinp Financina and Consuuction. As stated above the rates at wlvch'I�
Bonds and other Obligations can be issued and projecu constructed are dependent on many
variables: The phasing suggesfed by this sectio� can be compressed or extended as conditions
warrant. At the present Cime, however, the following time Gne is suggested as reasonable for :
financing and construction of fhe Redevelopment Project Tand Redevelopment Project II.
1. RedevelopmentProjecf L
a It is anticipated ch�c Fhe casts to acquire right-of-way for ttie
- Redevelopment Project I and ocher early coasuuction anct adminisuadxe costs
associated with.ffie Redevelapment Froject I will be pa"td using TIF Bonds; the
City Deposit, the Landowner Deposit, the MDFB Funding and the T'1F Revenues
generated by Redevelopment Project I- Phase§ A, B, C, D, E, G, H and I and :
other subphases of Redevelopment Project I. Other Reimbursable Project Costs
will be paid through the issuance of additional "I'IF Bonds, Levee Disuict Bonds
and Additional AssessmencBonds.
b. It is anticipated that TIF Bonds, tluough one or more issues, for tt+e
Redevelppment Projeet I will be issued in the initial ainount of approximately $2,9 :
million; additional'I'� Bonds may be issued to fill financing gaps; Levee Distriet
Bonds for the Redevelopment Project I will be issued in the cstimated amount of
_ 19 _
approximacely �7.1 miHion: and Additional Assessment Bonds (alsa backedby'TIF .
Revenues) will be issued in the estimated amount of $13,�00 These
bonds will be used,EO pay for Reunbursable Project Cosis:,'Fhe Local Share of the
Redevelopment Project I, Levee District eQSts a contingency reserve an.d finansing
costs are estimated as set: forth on �xhibits 7 and 8. It is estimated the T'IF Bonds
may be auiortized over 23 years from their date of issuance with an average annual
debt service payment of $275,000, assuming a 6.5%n average-annual interest rate.
It is estimate� the Levee District Bonds may be amortized or+er 20 years vi�ith an
average anaual debt service payment of approximately $600,000; assuming a 6%
average intecest rate. It is estimated the Assessment Bonds may be amortized over :
20 years with an average annual debt service payment of approximately
$1,133,000, assuming a 6% average interest rate.
2. Redevelopment Pta}ecLII. It is anucipated that the costs to acquir nght-
of-way for the Redevelopment Project II and construction of Redevelopment Praject II w�l be
paid by the developer selected to implement Redevelopment;Project II. The developer wilt then
' be reimbursed for certain Reimbursable Project Co�ts of Redevelopment Projecf.II iri an amount -
no greater than 50% of the Redevelopment Project Cosu after being reduced by all Federal and
State fuitding butin no event to exceed $2;143,500 from designated TIF'Revenues generated by :
development within the Redevelopment Pioject II Area(s), all pursuant,to an acceptable
�evelopment Agreement between the City and such developer.
,. D. Evidence of Commitmenrs to Einance The availability of financing for-the
Redevelopment Pro�ect I is dceumented in the Financing Plan; see Exhi6ii 8:
, E. Projected Pavments in Lieu of Taxes and Economic Activitv Taxes. The
assumptions used to project Payments in Lieu of Ta�ces and Economic Acpvity Taxes are
descri6ed: in Exhibit 9. _
I.. Pavments in Lieu vf'faxes. Calculation of anticipated Payments in Lieu of �
Taxes are:based on current and:projected future real property assessed valuations and the best
` available iaformation eoneeming. future property tax leYy rates; both of which are suhjecC to
chang� due tv m�ny factors; ineiuding statewide reassessment, the effecu of real'pcopetEy -
classification for real property taz putposes, and the rollback in t� levies tesulting. from
reassessment or reclassification.
a. Equalized Assessed Valuations: According to the tecords of.the
County Assessor, the Total Initial Equalized Assessed Value of the p.hases of Redevelopment
ProjectI Arca for which tax increment financing has been adop.ted was as follows:
20
�- Redevelopment Project I Total Inival Eqnalized Assessed
V alue .
Phase A _ 11 �659,84fl
Phase. B . , 110
�"'Phase C 123�020
P4ase.D . 171,280
. Phase E 109;180
: 12,011,932 :
'I'he'I'atal Iaitia� Equaiized Assessed Value for Phases G, I3 and I have not yet been determined
by the County Assessor but are estimated as fQ11owS: Phase G;:$96;000; Phase H, $108,160 and
Phase I, $F,9Q0.. The current ad valorem tax levg rate-in the Redevelopment Area is $6.07 pee
$ lOd of dssessed valuation.
b. Antic�ated Assessed Valuation. Upon comple6on of the-following
phasesof Redev8lopment Project I, the assesseri value was as follows:
r Redevelo ment Pro'ect I Current E ualized Assessed Value
- Phase A'. 11,063,100
P,hase �. 398,430.
Phase'C ` 1,923,11U
Ph�se D 1,261 �860 .
Phasc E.. 109;184
�'4.704;182
T6e est'smated;antici�d�asse.�sed value;of Phase A.:is an.additional $3,2Q0,000, Phase Cr,
$2U0;000; Phase H,.$50U;000 and Phase I being less than $SD,000.. It is estimated that the final
compietion,of the phases of Redevelopment Projecc I set forth above will increase the. assessed
value of the Redevelapment A�ea by mote than`�6,388,000 or appcoximately $3;188,000 if the
remainder of Phase A is not completed. Tlus increased assessed value will }nield annual Payment
in I:ieu of Ta�ces of°spgroxirnately $1'9(?;6d0. l�Vith respesct Eo ant3eipated Fayments in Licu of
Taxes for the Redevelopment Area, the TIF Commission witl.undertake.a Preliminary Master Plan
in conjunetion with llus RedevelopmencFlan. The-results ofthe Preliminary Master Plan will
'`determi�te the an[ieiga�ed Payments.in I.ieu of Taxes for the Redevelopment Area-
'The hotel poRion of Phase A has yet to be built. :
2l
2. Economic Activitv Ta�ics: Economie Activity Taxes to be generated in the
, Redevelogment Area consist of'sales taxes and utility taxes.
a_ Cuirent Sales.and Sales Tax Rafe§. 'i'tiere were no sales tax
ievenues resulting from sales.in the Redevelopment,Area in 1995; ttie year prior to the year in
' vvhich this R�vel9pment Plan was adopted, 'The cturent l�cai sales tax rate for [he Taxing
DisUricts is 1.5%0, v�hitch includes the 1% City sa{es tax and the .5% Flatte County sales tax.
'-Beginnit�g July S; i996, the County`s2les tax;will increa�e to 1°lo for a total local sales tax race for :
the Taxing D'istrict equal to 2.0%. '
b. Gurrent Utilitv.Tax Rate. The current utility tax rate forthe City is,
5%. _ .
c. Eici�iated Sales and tJtilitv Taxes. Upan full completion of
Redevelopment Prvje�t I and Redeveloptrienc Project I:Phases. A; B, C; D and E; the Economic :
Activity Taxes generated within Yhe RedevelopmenC Aiea a;e_ expected to incr�ase by $175,000.
While a gortio� of Phase A and Phases B, C, D and E have been completed, a significant portion
of Pflase A, the hotei, has yet to be built. With respect to antieipated Economic Activity Taxes
for the Redede}opment .Atea, tk�e TIF' Commission will undertake a Preliminary.Master Plan in
eonjuncEion wich trus Redevelopment Flan: The results of the Preliminary Master Plan wffi :
determine the anpcipated Economic Aciivity Taxes foc the Redevelopment Area
, F. New �tate.I�evenues. The City has elected to' have the New State Revenues
caTculated based upon a portion of the esuma[e of the state income tax withhetd for the businesses
within the Redevelopment ProjeeCAreas over and above tlie amount of in such taxes reported by
such businesses prior to the agproval of fhe Redevelopment Project by ordinance while tax
increment financing reu►ains in effect. Estimated:New State Revenues are set forth on Extubit 12.
G. Svecial Allocation Fund__The Ciry shall establish and maintain theSpecial
Allocation Fund which shall contain three;scpat'�te segregated accounts. Pa}Fmenu iu Lieu af
Taxes shalt: be.deposited; iato t&e P1I,U'F Account within the Special Allocation Fund; Eeonomic
Activity Tatxes shall be degosited'inta the Economic:Activity Account within Lhe Speciat
Allocation Fund and New: Stafe; Revenues shall be deposited into the NS�R Account within the
Sgecial AtlocaEion F�rnd: Paymencs in Lieu of Taxes, Economic Activity Taxes and �1ew State
Revenues .so depasitad.and aay.in,terest earned on-SUeh deposiu will be u�ed for and are pledged
, for the payment of Reunbursable Project Gosts and for the distribution to the Taxing Districts and
the State, in the manner set forth in the Act and Article VIIE of this Redevelopment PIan.
: I7�. DISBXJFtSE1vfENFS FROM SPECIAI. ALLOCATION E(TND
All disbursements from the Speciai Allocation Fund will be made by the �ty out of the
tluee sepaaate segregated accounts mainiained within the Special Alloeation Fund for Payments. in
Lieu of Taxes, Bcatmmic Activity T�esandNew 3tate Revenues in propor[ion to the respective
balances in each such accpunt ahthe [ime of such disbursement. �
22
The City shall make payments on outstanding T'IF Bonds, (otheF than TIF Bonds relaCed to
Redevelopment Project II) as such payments come due out of funds available in che Special
Allocation Fund and from any other source for.Such payments. On Agril l.of each yeaz,
`until all'I'� Bonds (ottier than'I'tF Bonds related to Redevelopment Pcojece II} are repaid and
Reimbursable Prajcet Costs incuYred have been reimbutsed; and on such otherdate(s) as may be
required in an Ordinance authorizing the issuance of TIF Bouds the City shall-detei�mine the
amovni of funds necessary to pay the debt Service and maintain debt service reserve requirements.
on outstanding TTF $onils throagh Match 31 of the qext succeeding ralendar year'or such other
date as in required in sueh Ordinance authorizing the issuance of TIF Bonds.
Funds of sucti determined unount shall be disbursed fo p�y E�eimbursatale Project Cosis
(whieh-costs-are estimated in xhi it 7 in. an order of priority set forth below and as may be
further specified pursuant to a!reimbursemeat agreement:
First, to pay T�' Bonds related to Redevelopment Project I. .
: Second, to fund Reimbursable Pioject Costs incurred'by the':Ciry and/or the TTF
Coinmission.
Third; to reduce (and eliminate) annual assessments with respect to Additional Assessment
Bonds.
- Fourth, xo repay: the I�%TDFB Funding. .
Fifth, ihe then remaining T'IFRevenues after payment of the above as follows:
20% of such then remuning TIF Revenues to be distributed ta the Taxing Districts
on a pro-rata basis. �
40% of such.then remaining TIF Revenues to be applied to reimburse the
deKelope; of Rede�elopmenY: Project II for (A) Reimbursable Project Costs for Redevelopment
Project II;;howevet; (i} such reimbursement shall nocexceed 35% o£ the TtF Revenues generated
during the applicable time period from Redevetopment Project II Areas;. (u). the reimbursemenf _
period shaIl not extend beyond the earlier of 15'� yeaz after the desigz�adon of such
Redevelopment Project II Area; (iii� not more thap 90% of such reimbursement shall be
attributable to Payments in Lieu of Taxes genented during Che appli¢able [ime period from
Redevelopment Project II Areas; and (iv) suchReimbursable Project Costs shall not exceed
$2; i43,500 plus a reasonable rate.of interes[ approved by the Gity; and (B) the then outstanding
balance of its Landowner Deposif, the Property Amount and the Gredit Enhancement;Costs.
40% of such then remaining TIF Reyenues to repay to the City the then
outstanding balance of the City Deposit.
The right to receive paytnent of and/or reimbursement from TIF Revenues for
RedevelopmenE Project II is condidoned upon: :
23
(1) The acceptance of a bid and awazd of the conEract for the construction of the
-, E.evee Project. - _
(2) The developer selected to implement Redevelopmen[ Project II entering into an
acceptable Development Ageement. with the City.
(3) Contribution by the,daveloper of cash in a net amoun[ of $2,800,000 and real .
P�PertY for the L.evee'Project. :
(4) The developer exhausting aIl state and federal funding sources for. Redevelopment
Project II. :
(5) Ttie developet supporEing the Levee Project bond issues as follows:
i. reasonably support the mazketing of the TTF boads; aed _
� ii. . cause to be provided; as credit enhancement forthe bonds; a stand-bg letter
of credif in the amount of $4 with terms mutually agreeable to the
developer and the issuer of the bonds with repayment eligibility fot credit
enhancements costs.
(6) 'fhe developer executing the L-385 Neighborhood Improvement Dish Petition
; shouid it be determined that NID Bonds will be utilized in the financing of the
" Izvee Project. •
(7j 'The developer developing a Mastec Plan which, to the greatest extent reasonably
possible, promotesretail development on the Eligible Redevelogment,Project II -
A,rea(s): .
Eands remainiag in tite Speciat Allocadon Account after all Redevelopment Projects aze
complefed, ali'I'� Boads are fu11y retired and all administrative costs and all Reimbutsable :
Project Costs are.flilly paid; will be reriuned to appropriate Taxing Districts and the State in
- aecocdance wiEh and as requved under tfie Act. _
X: PROCEDURES �OR PAYMENTS TO TI-IE SPECIAL ALLOCATION FUND
A. Payinents in Lieu of Taxes. Following the designation of any Redevelopment
: Pro3eet Area, for as long as such Redevelopment. Project Aiea is subject to tax increment
financing, the Couaty Assessor shall decermine the assessed value of the Redavelopment Projeet
. Area without regard to taz increment fu►ancing. The County Collecror shall coflect sutns dua
from real Qroperty within such Redevdopment Projeet Area in aecordance with the current
equalized assessed vaivation and tax levies in effect for each year. The amount collected which
represent§ Payments in Lieu of Taxes shall be paid by the Caunty Collector within 30 days after
collection to the City and the City shall iminediately deposit the amount paid into the PII.OT
� Account within the Speciat Allocadon Fund, to be utilized and expended in accordance with che
24
, Act and this RedevelopmenE Plan; provided, further, Ehat commeneing upon We lafesf to occur of
-� tfie ezecution of a Deveiopment Agreement in connectioa with Redevelopment Project II; the
receipt by the Levee District of the Landowner Deposit and the designation of �iedevelopment
Projeci II Areas; the City shall aiso keep a sepazate recofd of all Payments in Lieu of Taxes
deposited into the Special Allocation Fund with respect to such Redevelopment Project II Areas. ,
B. Economic Activitv Tazes. Foliowing _tlie designauon of any Redevelopment
Project Area, for as long as such Redevelopment Project Area iS subject to tax incremeai '
financing, Economic Activity Taxes generated within such Redevelopment Project Area shall be
. detennined and deposited into the Economie Activity Account within the Special Allocation Fund '
in accordance with the following pracedures:
1. Documenfation of Economic Activitv'Faxes by Taxpavers: No later than
thirty (30) days foll`owing payinent of any Economic tActivity Tax the taxpayer or its agent or
representative shall present to the T IF Commission documentation of the type and amount of the
, Economic Acdvity Taxes paid. The documentation presented must cleazly establish the type and
amount of taxes paid and ttansactions which occuried which generafed Economic Activity Taxes
and may include certificates or actual tax retums, original sales Yecords or similaz spec�c busincss _
records of the ta�cpayer.
. 2, Certification bv TIF Commission_ The'I'IF.Commission or the City,
following reasonable reseazch and investigauon,,using independent consultants, accountants and
, counsel when appropriate, shall certify the nature and amount of Economic Activity Ta�ces :.
payable:by each T�ing Disti-ict from which Economic Acdviry Taxes aie due.
: 3. Fresentadon to Taxing'Districts. The'I� Commission or the Gity shall
deliver 6y mail or hand delivery its cerEification of Economic Activity Taxes payable by each
Taxing District to the goveming body of each such Taxing DistricG Each Taxing District shall
witfiin 30.days of receiving the certification or within 30 days after receiving any such Economis
Activity Taxes; whiChever is latec, appropriate the amount of Eeonomie Activity Taxes actqally
received and pay the appropriate sum to the City.
4. Deoosit of Funds. The City shall: depo�ic the.gayments of Economic
Acdvity Taices received fmm the respective Ta�ting Disuicts in the Economic Acdvity Account in.
- ihe Special Alloeation Fund, to:be utilized and expended in accordance with. ttre Act and tkns
Redevelopmenc PYan; provided, further, that commencing upon the.latest to occur of the
execupon of a Development Agreement in connection with Redevelapment Project II, the ieceipt
by the Levee District of the Landowner Deposit and the.designation of Redevelopment Project lI
Areas, the City shall also keep a separate record of all Economic Act�vity Taxes deposited into the
Speciat Allocation Fund with respect to such Redevelopment Projeet II Areas..
C. New State Revenues. Pursuant to the Ac[, the Department of Eco�omic -
Development shall distribute annually from the "Missouri Supplemental Tax Increment Financing
Fund" the amount of the New State Revenuesas appropriated by.the State for Redevelopment
Projects. No New State Revenues will be comcnitted prior to an appropriation being made for a
25
project under this Redevelopment Plan. Al1New State Revenuts received shall be kept separate
_ from the accounE into which Payments in Lieu of T�es aze deposited, and separate from the.
account into which Economic Activity Taxes aze deposited.
XI. PROVISIONS FOR AIv1ENDING THE TAX INCREMENT PLAN
This Redevelopment Plan may be aznended only in accordance with the provisions of fhe :
Act.
7QL TERMINA'iTOiV QF TAX INCRE1vIEN'I' FINAI!1CING
Tax incremenC fmancing for the Redevelopment Projects and their coaesponding
Rede�elopment Pro�ect Areas shal� iemain in.effect for a period of 23 yeus from the date of che
Ordinance approving the corresponding Redevalopment Project and adopting tax inctement
financing for the RedevelopmettcPro}eet Area, except that.tax iricremenE financing.may be
ierminaeed eazlier by Ordinance in the event all Obligations have been retired and:all Reimbursable
Project Costs incurred or expected: to be incurred have. been paid.
t
Ta�c inerementfinancing shalibe:tecminated for each Redeuelopznent ProjectAreaby the
adoption of an Otdinance of the Boazd of Alderpersons which ierminates the designation of the
Redevelopment Yroject Area under the Act or by any other method authorized 6y the Act.
XDI. REOUIRED STATUTORY FIAfDINGS
With the approval of the Originai Plan, each amendment and this Redevelopment:Plan, the
Board of Alderpersons has made the findings sec foRh in E hibit 0 as required by ttre Aet.
_
26
SXHIBIT 1
� " : LE(iAL DSSCRIPTION
TRACT 1:
DESCRIPTIOII: ALL �'HAT PART OE SECTIONS 3, 4, 5, AND 6; THAT PART .
OF FRACTIONAL SECTION 10, AND ALL OF FRACTIONAL SECTIONS 7, 8 AND
g; pil,I, IN TOWNSHIP 50 1JORTH� RANGE 33 WEST, OF THE FIFTH PRINCIPAL
�D�N. =N PLATTE COUNTy AND CLAY COUNTY, MISSOURI, DESCRIBED AS
FOLI.OWS: BEGINNING AT A POINT WFIERE .TFIE ISNE BETWE�EN PI+�TTE COIINTY
AND CLAY COUNTY, MISSOURI INTERSECTS Tf� CENTEItLINE OF NORTHWEST
pLATTE ROAD, AS NOW ESTABLISHSD, (OLD U.S. IiIGFiWAY NO. 71), WfiICS
POINT IS 828.0 FEET EAST AND 180.0 FEET, MORE OR LESS, NORTH OF Tf�
SOUTHWEST CORNER OF SECTION 3, TOWNSHIP 50 NORTH, RANGE 33 WEST, IN
PLATTE COIINTY, MISSOURI, THENCE SOUTHERLY AIANG SAID LINE BETWEEN
FLATTE COIINTY AND CLAY COUNTY, TO A I'�ZNT ON Tf� NORTI�RL7C TOP OF
THE AIGH BANK OF THE MISSOIIRI RIVER; �NCE_. NORTHWESTERLY,
WESTERLY, SOIITHWESTERI+Y, WESTERLli, NORTHWESTERLY .AND NORTHERLY
AIANG THE SAID NORTHERLY TOP OF THE HIGH BANR TO � MOST SOIITHERLY
CORNER OF A TRAC'r OF LAND DESCRIBED.AS TRACT 2, IN THE WARRANTY
DEED FILED FOR RECORD AS D�CUMENT NO. 11457 IN BOOK 647 AT PAGE
137: THENCE NORTHEASTERLY AIANG THE SOUTHEASTERLY LINE OF SAID
TRACT 2, AS DESCRIBED IN THE SAYD WARRANT7C DEED TO TAE SOUTHERI+Y
RIGFIT-OF-WAY LINE OF THE BIIRLINGTON NORTHERN RAILR�A�. AS NOW
ESTABLISEiED; THENCE NORTHEASTERLY AIANG A STRAIGHT LINE TO THE MOST
SOUTHERL�C CORNER OF THE T1tAG"P OF I�ND DESCRIBED AS 'PRAC'P 1 IN T�
, P;FORESAID WARRANT7C DEED: THENCE NORTf�ASTERLY AND NORTHERi+7C AIANG
TFIE EASTERLY LINE OF SAID TRACT 1,�T0 TFIE NORTSEAST CORNER OF SAID
TgACT l, SAID POINT BEING ON THE SOUTIiERLY RIGHT-OF-WAY LINE OF
MI$SOURI ROUTE NO. 9, AS NOW ESTASLISHED; THENCE NORTHEA&TERI+Y .
ALONG A STRAIGHT LINE TO THE MOST SOUTFIERLY INTERSECPYON OF Tf�
NpgTgERLy RIGIiT-OF LINE OF SAID MI$SOIIRI RODTE NO. 9� WITH THE
NORTH-SOUTH CF*""�'4r.T� pg SAID SEGTION 6; TfiENCE EASTERLY AlANG
SAID NORTHERLY R1GFiT-OF-WA I,INE TO TFID WE%3TERLY RIGIiT-OF-WAY LINE
OF INTEILSTATE ROUTE NO. 635, AS NOW ESTABL3SHED; THBNCE EASTERI'Y
A7�NG A STRAIGHT LINE TO TH$ SOUTHWEST CORNER OF TRACT "DMISSp�pglF
I4ANOR A SIIBDIVISION OF LAND IN RIVERSIDE� PLATTE COUNTY.
SAID POINT 88ING ON TEE NORTHERLY RIGIiT�F-WAY LINS OF II.S. HIGHWAY
NO. 69, AS NOW ESTASLISHED; TI�NCE SOQTHEASTERLY� '� TE�'Y �ND
NORTHEASTSRI+Y P�RO�IANGATI N, N TO�A PDINT ON TF� NORTHERLY RIGIiT OFS
WAY LINE OF SAID NORTHWEST PLATTE ROAD, SAID �POI �NA�.SR p�A NON
THE WESTERLY 1�.ND SOUTI3WE$TERLY LINE OF BIACK B,
3", A SIIBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY, ffiSSOURI;
THENCE SOUTHERI+Y AND SOUTHEASTERLY �OIA� SO��ST OF
SOUTFiWESTERLY LINE QF SAID BIACK "B°, '
SAID BIACR "B"; THENCE NORTHERLY ALONG THE EAST L�NE OF SAID BIACK
"B!', TO THE NORTHERLY LZNE �F THE FORMER KAN3AS CITY,-CLAY C�UNTY _
AND ST. JOSEPH RAZLWAY COMPANY RIGHT-OF-WAY; THENCE SOUTHEAS'PE� E
AIANG SAID NORTEiERLY LINE TO THE SOUTHWEST CORNER OF IAT 12,
LANTS ADDITION", A SUBDIVISION OF LAND IN RIVERSIL1Er FLATTE COUNT7Cr
MISSOURI; TFIENCE NORTHERLY AIANG THE WEST LINE OF SAID IAT 12, TO
�HE NORTHWEST CORNER OF SAID LOT _ 12 ; THENCS EASTERLY ALONG THE
NORTH LINE"OF SAID IAT 12 TO TE8 NORTBEAST CORNER OF SAID IAT 12,
; B�ING ON THE EAST LINE OF 7'HE SODTHEAST 1/4 OF SAID SECTION 4;
, 3'fiENCE SOUTHERLY AIANG TSE EAST LINE OF SAID SOUTFIEAST 1/4 TO THE �
AFORESAID CFNTERLINE OF NORTFIWEST PLATTI3 ROAD (OLD U.S. HIGHWAY NO.
71) : TfIEPICB SOUTHEA$TERLY AIANG SAID C:EtTTERLINE TO IT3 INTSRSECTION
�� � I,INE BETWSE�T PLATTR AND CLAY CQIINTIES� SAID POINT BSING
THE pOINT OF BEGINNING. EXCEFT ANY PORTION TFIEREOF LYING NORTH OF
THS NORTHERLY RIGHT-OF'WAY LINE OF SAID MISSOUIiI STATE RODTE NO. 9.
TRACT 2:
p,ll op I,pt y, RIVERSIDE BUSINESS PARK, a subdivision o� land in
Riverside, Platte County, Missouri, according to the recorded plat
thereof.
TRACT.3:
All that pax't of Lot 1, RSVERSIDE BIISINESS PARK, a subdi.vision of
land in the Citg of Riverside, Platte County, Missouri, according
to the reeorded plat thereof, being bounded and described as
follows: Beginning at the Southeast corner of said T,ot 1; thence
South 89 degrees 44 minutes 14 seconds West along the South line of
said Lot 1, 143.80 feet; thence Northerly and Westerly along the
Southwesterly line of said Lot 1, on a curve to the right, having.
, a radius of 122.00 feet and �angent to the last described course,
an ara distance of 192.86 feet; thence North 8 degrees 18 minutes .
44 seconds East along the West line of said Lot. 1, 52.63 feet;
thenCe North 89 degrees 44 minutes 14 seconds East, 265.21 feet to
a point on the East line of said Lot 1; thence South O degrees 15
minutea 46 seconda East along said East line 175.85 feet to the
point of baginning.
TRACT 4: -
Al1 that part of Lot i, RIVERSIDE BUSiNESS PARR, a subdivision in
Riverside, Platte County, Missouri, according to the recorded plat:
Chereof, more particularly descri.bed as follows: Beginninq at the
Northeast corner of Lot 1, thence South 0 deqrees 15 minutes 46
seconds East 265.0 feet, thence South 89 degrees 44 minutes 14
seconds West 265.21 feat, thence North 0 deqrees 18 minutes 44
seconds East 384.36 feet; thence South 83 degrees 54 minutes 51
seconds East 87.81 feet, thence Southeasterly along the Northerly
line of Lot 1, being a ctirva to the left having a radius of 1351.73
feet and a central angle of 8 degrees 18 minutes 31 seconds, a
distance of 196.02 feet to the point of beginning. •
TRACT 5: -
Lot 5, RIVERSIDE BUSINESS PARK, a&ubdivision of land in Riverside,
-'Platte County, Missouri. accordinq to the recorded plat thereof.
TRACT 6:
All that part oE Lot 4, RIVERSIDE BUSINESS PARK, a subdivision in
Riverside, Platte County, Missouri,:aacording to the recorded plat
thereof; lying Westerly of a line described as fcllows: Beqinning
at a point North 89 degrees 44 minutes 14 seconds East 310.0 feet
from the Southwest corner of said Lot 4; thence North 0 degrees 18
minutes 44 seconds East 386.99 feet; thence North 59 deqrees 37
minutes 58 seconds East 53.25 feet to a point on the Southerly
right of way line of Northwest Business Park Lane.
TRACT 7:
All of Lot 3`and all of that part of Lot 4, RIVERSSDE BUSINESS
PARK, a subdivision of land in the City of Riverside, Platte
County, Missouri, according to the recorded plat thereof, being
bounded and described as follows:. Beginning at the Southeast
corner of said Lot 3; thence South 89 degrees 44 minutes 14 seconds
West along the South line of said Lots 3 and 4, 615.04 feet; thence
North 0 deqrees 18 minutes 44 seconds East, 386.99 feet; thence
� North 57 degrees 37 minutes 58 seconds East, 53.25 feet to a point
� on the Southerly right of way line of Northwest Business Park Lane,
as now established, bei{�g alsa a poirit on the Northerly line of
said Lot 4; thence Southeasterly along said Northerly line, on a
curve to the left, having a radius of 182.00 Eeet, an arc distance
of 183.92 feet; thence North 89 degrees 44 minutes 14 seconds East
along the Northerly line of said lots 3 and:4, 186.24 feet; thenee
SoutheasterTy, continuing alonq the Norkherly line of said Lot 3,
on a curve to the right, having a sadius of 60.0o feet, an arc
distance of 43.36 feet; thenca Easterly continuinq alonq the
Northerly .line of said Lot 3 on a curye tu the left, having a
common tangent with the last described curve,.and.a radius of 60.00
feet, an arc distance of 137.61 feet; thence North 89 deqrees 44
minutes 14 seconds East, along said Northerly line, 90.00 feet to
the Northeast corner of said Lot 3.; thence South 0 degrees. 19
minutes 56 seconds West, along the East line of said Lot 3, 360.02
feet to the Point of Beginning.
. _,
- .: - _ -
� E��IT i
i ' 1 also described as : LEGAL DESCRIPTION
o_ .�wa: • TRAC'f 1:
DESCRIPTIQN: "All that pazt of Sections 3, 4, 5, and 6; that part of fractional Sxtion 10, and
all of &actional Sxti�s 7, 8 and 9; all in Township 50 North, Range 33 West, of the SRh
principal meridian, ia P1atte CwnRy and CIaY CouatY. Missouii, descnbed as follows: Beginning
at a point wLera the line between Platte Cowriy and C1aY CoutitY, M'issouri interseds the
centerline of Northwest PLzue Road, as now. established, (old U.S. I�ghway No. 71), which point
is 828.0 feet East and 180.6 feet, morG or less, North of the Southwest corner of Sxtioa 3,
Townsltip 50 North; Range 33 West, in Platte County thence Southaly along said line
. betweca Plaue County and C1aY Cawty, io a Poi� oa tlie Northerly top of the lrigh bank of the
Missouri River; thence Northwestedy, Westerly, Southwesterly, W�sterly, Noithwesterly and
Northcrly along the said Northerly top of the Irigh bank to the most Southerly coma of a tract of
]and descn'bed as Ttact 2, in the waaanty deed filed for cecord as Document No. 11457 in Book
647 at Page 137; thcnee Northeastedy along the Southeasterly line of said T�act 2, as descdbed in
the said wananty dad W the Southerly right-of-way line of the Burlington Northem Railroad, as
now established; thence Northeasterly alqng a suaight line W ttie most Southerly comer of the
trsct of land descn'bed as Tract 1, in the aforesaid warranty deed; thence Northeaste►ty and
Northerly along the Easterly line of said Tract 1, to the Northeast comer of said Tract 1, said
poi� being on .the Southerly right-of-way line of Missouri Raute No. 9, as �w established;
thence Nottheastedy along a straight line to the most Southerly intersxtion of the Northerly
rig6t-of-way line of said Missouri Route No. 9, with the North-South centerline of said Sectiou 6;
- � thence Fasterly along said Northerly right-of-way line to the Westerly right�of-way line of
Interstate Route No. 635, as now established; thence Fasterly along a s�traight line to the
Southwest comer of Tiad "D°, "Cliff Manor" a subdivision of land in Rivecside, Platte Couat};
Missouri, said point being at the inteisection of the Fasterig rightof-way line of I�e�state Route
No. 635, as now established, with tho Noitherly right-of-way line of Vivion Road, (U.S. FLghway
No.'s 69 aad 169). as �w aatablished; tharce Southr��sterly and Easterly along the Eastedy ri61rt
of-way line of said Interstate Route No. 635, and its counectioa to the Nottherly rightof-way line
of said I�ssouri State R�to No. 9, to the Westerly right-of-way line of tho conneding mad
betwan said Missouci Stata Route No. 9 as� said Northwest Platte Raaci (old U.S. N�ghaeay No.
�1); thence Nonherly and NortLeastaly along the WesterlY rightof-way line of said oonnaxing
road and its Northeasterly prolongation thereof w a poi� on the Northaly rightof-way line of
said Nonhwest Platte Rpad (old U.S. FIighway No. 71), said poi� aLso being oa the Wesurly and
Southwesterly line of Blxk "B", Reoner Plaza No. 3, a sub�vision of land in Riversida, Platte� :
Connty, Missouri; thences Southtrly and Southeasterly along the Westerly and Sou11►westerIY lino
of said Block "B", to the Swtheast corner of said Block "B thencc Northerly al�g the East line
of said Block "B", W the Northaly line of the former Kansas City, Clay County and Si 7oseph
Railway Company right-of-way, thence Southeasterly along said Northerly line w tt►e Southwest
comea of Lot 12, "7anie Lants Addition", a subdivision of land in Riverside, Platte County,
Missouri; thonce Northerly along tha West line of said Lot 12, to the Noithwest comer of said Lot
12; the�e Easterly along the North liue of said Lot 12 to the Northeast comer of said Lot 12,
bsing on the East line of the Southeast '/. of said Section 4; thence Southerly along the East liae
of said Southeast Y. to the aforesai� centerline of Northwest Platu Road (old U.S. I-Iighway No.
71); thence Southeastedy along said cemterline to its intersaction with the line between Platte and
Gay Cwnties, said poi� being We Point of Beginning. Ezcept any portion thereof lying North of
'—� the Northerly right-of-way of said Missouri State Route No. 9.
. _ - _ . . _ - _ - - ._ EX_�IT-i
LEGAL DESCRIP'TION OF REDEVELOPMENT AREA
_ (As amended in 1999)
The origiaal Redevelopment Area, including the areas legally described in Extu�bit 6 which are hereby
�incorporated by reference, and the Expanded Redevelop�nt Area aze legally described as follows:
"All that paR of Sections 3, 4, 5, and 6; that part of &acdonal Sectioa 10, and all of fractional SxNon 7, 8 �,
and 9; all in Tovmship SO North, Range 33' West, of the fifth principal meridian, in Platte County and Clay
County, Missouri, dcscn'bed as follows: Beginning at a point whae the line between Ptatte County and Clay
County, Missouri intersxts the centerline of Northwest Plattc Road, as now established, (old U.S. Highway
No. 71), which point is 828.0 feet Fast and 180.0 feet, more or less, North of the Southwest comer of SecGon
3, To�vnship 50 North, Range 33 West, in Platte Couitty, Missouri; thence Southeasterly along the centerline
of said Northwest Platte Road (o1d U.S. Highway No. 71), across that part of said Secdon 3 and Secdon 10,
Township 50 North, Range 33 West, to a point on a line which forms a NorthwesEerly angle of 56°-58', from
ihe East line ofsaid Secrion 10 at a point that is 390.10 feet South of the East 1/4 comer of said Scetion 10;
thence Southeastedy along the last described line to its intersection with the centerline of the North Kansas
City Levee DisfricYs rie-back levee; thence Southwesterly along Iast said levee centerlinc to its intersection
with the centerline of said NoRhwest Platte Road (old U.S. Highway No. 71); thence Southwesterly,
continuing along IasY said levee centerline to its intersscHon wiih the centerline of the North Kansas City
Levee DistricNs Missouri River T,evee, said centerline being parallel with and 40.45 feet Southwostedy of, as
meas�red at right anglos to, the ccnterline of the westbound main line track of the Burlington Noithern &
Santa Fe Railroad; thence Southeasterly along last said levee centerline, a distance of 226.0 feet, more or
less, to a point on thc East and West centerline of the Southeast 1/4 of said Scction 10, said point being 715.6
feet, more or less, West of the Southeast corna of the Noctheast 1/4 of the Southeast t/4 of said Sec6on 10;
thence West along the East and West centerline of tho Southeast 1!4 of said SecHon l0, to a point on the
Northuly top of the high bank of the Missouri River, thence Northwesterly, Westerly, Southwestaly,
JVesterly, Northwesterly and AloRhaly along the said Northcrly top of the high bank to the most Southerly
� coraer.of a h�act of land described as'Itact 2, in the warranty deed filed for record as Document No. 11457 in
Book 647 at Page 137 at the Platte County, Missouri, Recorder of Deeds Office; thence Northeasterly along
the Southeasterly line of said Tmct 2, as described in the said waaanty deed to the Southerly right-of-way
linc oF the Borlington Northem & Santa Fe Raileoad, as now established; thence Northeasterly aloqg a
straight line to the mostSouthaly comer of the iract ofland described as Tract 1, in the aforesaid wacrenty
deed; thence Northeastaly and•Northerly along the Easterly _laie of said Tract 1, to the Northeast cbmer of
said Tract 1, said point being on the Southuly right-of-way line of Missouri Route No. 9, as now established;
thence Northeasterly along a straight liae w the most Southerly intersection of the Northerly right-of-way
line of said Missouci Route No. 9, wlth the North-"south cw►terline of said Section 6; thence Eastexly along
said Nottherly. right,of-way line to the most Westerly coma of a tract of land described in the warsanty decd
filed for rocord as Document No. 33773 in Book 692 at Page 7d0 at the Plette County, Missouri, Recorder of
Deeds Office; thence Northeastaly, along the most Wcstuly line of the tract of land described in the last said
wananty deed, to a point on a line that is 8.00 feet Northeasterly of and parallei to the Northerly right-of-way
line of said Missouri Route No. 9; thence Southeasterly and Eastcdy, along a line that is 8.00 fat
Northeasterly of and paraUel to the Northerly right-of-way line of said Missouri Route No. 9, to the most
Easterly line of the tract of land described in the last said wananty deed; thence-Southerly, along the most
Easterly line of the tract of land described in the last said warranty deed, to a point on the Northaly right-of-
way line of said Missburi Route No. 9; thence Eastcrly along said Northerly right-of-way line to the Westerly
right-of-way line of Interstate Route No. 635, as now established; thence Easterly alon� a straight line to the
Southwest comer of Tract "D", "Cliff Manor' a subdivision of land in Riverside, Platte County, Missouri;
thence Easterly and Northeasterly along the Southerly and Southeasterly line of said Tract "D", to the most
Easterly comer of said Tract "D", said point also being the Northwest comer of a tract of land described in
the instrument filed for record as Document No. B-48772 at the Platte County, Missouri, Recorder of Deeds
� flffice; thence NoRheasterly along the NoRhwesterly line of said hact of land to the most Northerly corner of
said hacY of land; thence North 52° 53' East along a line; the prolongation of whic6 intersxts the
Westerly right-of-way line of Vivion Road, (U.S. Highway No: s 69 and 169), as now established, that is
225.00 feet South of the North line of the Southwest 1/4 of said Section 4, as measured atong said Westuiy
right-of-way line, a distance of 418.68 fa� thence No�th 39 26' S7" Eest a distance of 27.24 fee� theace
North 27° 25' S8" West s distance of 92.00 fee� thence North 17 19' 10" West a distsnce of 43.34 feet;
thence North 10° 21' 03" East a distance of 22.86 feet; thence North 60° 45' 06" East a distence of 32.80
fee� thence SoutF► 24° 49' 25" East a distance of 102.29 fee� thenFe South 33° 50' 29" East a distance of
4931 feet to a point on the aforesaid prolonged line; thenee North 52° S3' 47" East along the aforesaid
prolongtd line, a distance of 137.46 feet W the afonsaid point on the Westerly ri�ht-of-way line of Vivion
Road; thence Southeasterly to a point on the. Eastedy right-of-way line of said Vivion Road that is 268.26
feet South of the North line of the Southwest 1/A of said SecNon 4, as measuredalong said Easterly right-of-.
way line; thence Northeasterly along said Eastedy right-of-way line, a distance of 268.26 foet to the North
` 1'tne of thc Southwest 1/4 of said Section 4; thence Easterly along said North line, a distance of 358.27 feet;
ttience Northeasterly, parallel with the Eastedy right-of-way line of said Vivion Road, a distance of 225:00
feet; thence North 62° 09' 21" East along a line, the prolongation of which goes to the Northwest comer of
Lot 3, Block 1, "Indian Hills First Addi6on," a subdivision of land in Riverside, Platte County, Missouri, a
distance of t53.13 feet; thence North 48° 06' l l" East a distance of 15.56 feet; thence North 49° l8' OS"
East a distance of 58.77 ftet; thence NoRh 82° 30' 39" East a distance of 48.d5 feet to a point on the last said
prolonged line; thence North 62 09' 2l" East, alon� the last said prolonged linq a distanoe of 83.�2 feet to
the Northwest corner of said Lot 3, Block 1, "Indian Hills First Addition,"; ehence Northeasterly, along che
North line of said Lot 3, to the Northeast comer of said Lot 3; thence NoRheasterly along a straight line to
the Northwest comer of Tract "C" "Resurvey of Block 2, Indian Hills First Addition", a subdivision of land ,
in Riverside, Ptattc County, Missouri; thence Northeasterly along the NoRherly line of said Tract "C;' a
distance of 114.25 feet to an angle point in said Northerly line; thencallortheasterty, continuing along said
Northcrly line, a distance of 368.25 feet to an angle point in said Noitherly line; thence Southeaste�ly along a
straight line to the most Northerly corner of Lot 12, Block 3, said "Indian Hills First Addition;" thence
Southwesferly along ihe Northwestcrty line of said Lot 12, to the most Westecly comer of said Lot 12; thence
Southeasurly along the Southwesterly 6ne of said Lot 12 to the most Southerly corner of said Lot 12; thence
Southwesterly along the SouEheasterly line of Lot 13, said Block 3, ro the Northwest comer of Lot 17, said
Block 3; thence Southerly along the West line of said Lot 17 and along the Southcrly prolongadon thereof, to
the North line of the Southeast 1/4 of said $ection 4; thence Westerly along said North line to the Northeast
comcr of Lot l, "Renner Plaza No. 1," a subdivision of land in Riverside, Platte County, Missouri; thence
Southerly along the East line of Lots 1 through 8, both inclusive, said "Renner Plaza No, 1" to the Southeast
corna of said I.ot 8; thence Westerly along the South line of said Lot 8, a distance of 250.00 feet; thence
Southerlv alonQ a straip,ht line to tha Northwest comer of Block "B", "Renner Plaza No. 3", a subdivision of
land in Riverside, Ylatte (:ounty, Ntiasoun; thence 5outherry anA �outtuasttrry along the westerty ana
Southwcstwly line of said Block "B", to the Southeast comer of said Block "B"; thence Nnrtherly along the
East line of said Blocic "B " W the Northerly line of the fomter Ka�sas City, Clay County and SG Joseph,
Railway Company right-of-way; thu►ce Southeasterly along said Northerly line to the Southwest comer of
Lot 12, "Janie Lants Addition", a subdivision of land in Riverside, Platte County, Missouri; thenee Northerly
along the West line of said Lot 12, to the Northwest comer of said Lot 12; thence Easterly along the NoRh
line of said Lot 12 to the Northeast comer of said Lot 12, being on the East line of the Southeast 1/4 of said
Section 4; thence South 00° 03' 04" East, along the East line of the Southeast 1/4 of said Section 4, a
distance of 5730 feeh, thence South 70° 25' 38" East a distance of 192.35 feet; thence South 19° 34' 18"
West a distance of 217.83 feet to the aforesaid centedine of Northwest Platte Road (old U.S. Highway No.
71); ihence Southeasterly along said centalin� to its intersection with the line between Platte and Clay '
Counties, said pointbeing the Point of Beginning except those portions thereof lying in Clay County,
Missouri." -
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, �- EXI�TT 4
RIVERSIDE/QUINDARO LE�EE
BLIGHT STUDY
,
,
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. _ ._ _
_ �.T '1 '�����t�Y�. J�i.._, __. - _ _ _ _ . TABIE OF CONTENT$ �
TABLE OF CONTENTS
� T Letter of Transmittal
Table of Contents
Aerial Photographs
Purpose the Study .......:................:...........:.........................................:.............................:......
Descripcion the Properties ............, .....:.:..................................................................................
Ptatte County, Missouri .......................................................................:.....................:............... l6
The Rivefside NeighborNood ......................:......................................................:....................... �
Blight Analysis ....:.....................................:..................:...............:........................................:...
Certificate ..........................................:..... ..................................:...............................................2
A ssumptions & Limiting Conditions ...........................................:.............................................:
Addenda
Legal Description �`
Photographs of August 1993 Flood
Tax Parcel Maps �
Qualifications of Thomas M. Rule, MAI
' � Company Pro61e .
� R�vER5iDE-�U�NOARO LEVEE BUGHT STUDY . � . �
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_ PURPOSE OF THE STUDY
introduction
The purpose of this study is to provide and document evidence of any existence of a blighted
condition affecting the approximately.1,800 acres of land and 113 tax parcels situated within the
area comprising the Riverside-Quindaro Levee Redevelopment Plan.
The propeRies studied are located along the north bank of the Ivfissouri River and generally south
of MO Hv+y 9 in Riverside, lvfissouri. A map showing the boundary of the redevelopment area is
in the Addenda. The plan area is bisected by I-635 and US 169. Riverside is a small town just a
5-minute drive northwest of dovmtovm I�ansas City, Iv�issouri. The Missouri River in this location
forms the boundary location of the states of Ivfissouri and Kansas.
Definitions
The definition of blight as stated in Section 99.805 (1) of the Rea1 Property Tax Increment
Allocation Redevelopment Law, Revised Statutes of IvGssouri, is as followr.
"Blighted arex", an area which, by reason of the predominance of defective or inadequate
streeE layout, insanitary or unsafe conditions, deterioration ofsite improvements, improper
• subdivision or obsolete platting, or the existence of conditions which endanger life or property
by fire and other causes, or any combination of snch factors, retards the provision of housing
accommodations or constitUtes an economic or social liability or a menace to the public
health, safety, morals, or welfare in its presenE condition and use
in 1987 the Missouri Supreme Court in reviewing the de6nition of "bGghted azea" as used in the
Planned Industrial Expansioit Law, Sections 100.300 et seq. RSMo., wfuch has the same
definition for "blighted area" as does the TIF Ad, held that economic underutilization is a proper
factor consider when maldng a finding of bGghE. Tiernev v Planned Industrial Expansion
r�uthoriri o Kansas Citv. 742 S.W.2d 146 (Mo. en banc. 1987). In the TiemeY case, the court
specifically found that the redevelopment of the area in question "could promote a higher level of
: higher economic activity, increased development and greater services to the public: Industrial
development is a proper public purpose." Id. at i 5l.
The MIssouri Supreme Court hu also clearly held that vacant land may be considered blighted.
State ex rel Atkinson v Planned Industrial Expansion Authoritv, 517 S.W2d 4Z (Mo: en banc.
1975). The court held the vacant area to be blighted reasoning that °It may well be vacant because
it no longer meets the economic and social needs of modern city life and progess." Id. at 46.
The underlying premise is that blightedness is a general neighborhood or specific property
condition possessed by a substantial proportion of the individual properties or an individual
property that is undesirable andlor unprofitabie in view of theirl�ts potential. Although the
inadequacies of each properiy in the affected district contribute to the general condition of blight,
there is no requ'vement that all or even a majority of Ihe properties in the area suffer from such
; deficiencies. The same is true when dealing with an individual property in that not all
PAGE 1
� - RIVERSIOE-QUINOARO IEVEE BUGHT STUOY , �-
.���>�' 'i: -_�a���'�,�y� ,.�'• _ ..- ' .-, ' ' - . - PURPOSE OF THE STUDV
characteristics of the property nced to be blighting in order for the overall property to be
eonsidered bGghted. •
' � The primary difficulty in defining blight is the fact that the demographic and economic character
of each neighborhood or property is unique. Common to most definitions is the under utilization
of a neighborhood or property in view of its optimal potential. Along these lines, the Missouri
Supreme Court has detertnined "the concept of urban redevelopment has gone far beyond 'stum
clearanee' and the concept of economic under utilization �s a valid one." This quality is to be
found in RSMo ch. 353.020 (2), where blight is defined as:
Blighted area means those portions of the city which the council shall determine that, by
reason of age, obsolescence, inadequate or outmoded desig► or physical det�rioratioq have
become economic and social liabilities and that the conditions in such localities are conducive
to ill health, transmission of disease, crime or inability to pay reasonable taxes.
MethodologylFormat
The fundame.ntaUbackground sections of the study cover the description of the properties within
_ the redevelopment area of the Counry Data and the Rivers�de neighborhood. These descriptive
sections are followed by the actual Blight Analysis. The Blight Analysis section includes detailed
discussion of several blight tests included in the blight definition.
Legal Descripiion
The detailed Iegal description of the redevelopment area is included in the Addenda. This legal
description was provided by the client and is beGeved to be a¢curate.
The plan area encompasses 113 tax parcels but orily about SO land owners since a few property
owners control multiple tax parcels.
Data Provided
The client provided the following information:
:. •" Legal descripdon of the Redevelopment Area �
. Legal definition of blight and legal citations
• Ptatte County Assessor's tax maps
• County tax data for each tax parcel including ownership, acreage, county real estate
taxss, an abbreviated legal description and the assessed valuation
. A copy of the Riverside-Quindaro Levee Redevelopment Plan
�
� . . � � . . . . � � PAGE 2
� RIVERSIDE-QUINOARO LEVEE BUGHT STUDY -
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� �� �����O.,�p��J� �W�, - YUItPOSEOFTMEATUDY
Experience - .
�
Rule & Company, Inc. has prepared a number of Blight Studies as enumerated next:
. The Galleria Study Are� part of the Crosscown Redevelopment Projecc, dovmtown
Kansas City, Missouri
• Crosstovm Addition Study Mea, part of the Crosstovm Redevelopment Project,
downtown Kansas City, Missouri
• Century Avenue Redevelopment Area, part of Executive Park, I-435 and Front Street,
Kansa� City, Missouri
. garry Tovme, west side of US 169 at Barty Road, Kansas City, Missouri
• Schnucks T� Pian, I-70 and Lee's Summit Road, Independence, Ivfissouri
- . Ward/Roanoke Parkway Redevelopment Area, Kansas City, Missouri
• Harbor Town Redevelopment Area, I-29/I-35 and Russell Road, Kansas City,
Missouri
. Brotherhoob of Railway Cazmen Building, 4929 Main Street, Kansas City, Missouri
• Cook Composites & Polymers, 820 E. 14th Avenue North Kansas City, Missouri
' • The Elms Redevelopment Area, Excelsior Springs, Ivfissouri
: �
Pa�E 3
� �` RIVERSIDE-QUINDARO IEVEE BUGNT STUOY
�
. ���r� .� .�����^,� ��, _^ __ _ . _ _ . - - �DESCRIPTION OF THE PROPERTIES
- DESCRIPTION OF THE PROPERTIES
� Location & Access
Riverside has a fundamentally close-in location easily accessible to ail parts of the Kansas City
area. The Plan Area is served by I-b35, MO Hwy 9 and US 69. These aze aU limited-access, 4 to
6-lane &eeways. The only Riverside access to the freeways is via River Way Boulevard where
there is access to westbound MO Hwy 9 which in turn, leads to the I-635 interchange. Access to
eastbound MO Hw}r 9 is via Tullison Raad, the south side frontage road, to an on-ramp just east
of the Riverside and plan area boundary.
I-29 is just north of Riverside and the US 69 freeway (commonly known as che Broadway
Extension) is a short distance east. The I-635 bridge together with the Fairfax Bridge (US l69)
provides 2 of the 9 Missouri River crossings in the Kansas City metro uea. Riverside is traversed
by several freeways but access to those highways is limited and can be considered confusing for
the uninitiated.
W ithin the project azea and off the &eeways local road access is poor. The condition of these local
roads is described as follows: �`
Intercon Drive - asphalt paving to just south of railroad where it becomes a private road;
signals but no gates at crossing of two main line tracks and a spun line; the
Burlington Northern main line tracks are busy and carry high speed traffic.
J Mattox Road - has both gates and lights at railroad crossing; about the northerly 500 feet
is asphalt paved; remainder is bad, potholed gravel road; becomes a one-lane road
with two 90° turns south of Fleming Babcock; dirt trail south of DeConick Road.
DeConick Road - one-lane, lighdy graveled road, poor condition. '
Yan de Populier Road - new chip and seal to DeConick Road; newly widened rail crossing
with signals and gates; diR trail south of DeConick Road to I-635 overpass.
Platte Valley & Parkway Drives - good quality, two-lane, two-way asphalt roadways with
concrete curbs.
US 69 & I-635 Frontage Road - a loop road running &om under the railroad crossing on
the north to under the foot of tlie Fairfax Bridge on the south; accessible &om US
69 only via steep ramps; little used and poorly maintained; being improved near
new access road to the Argosy C�sino pertnanent site.
Tullison Road - generally good quality, two-lane, two-way, asphalt-paved road pazalleling
the south side of MO Hwy 9; west end becomes gravel and deadends at the
railroad.
Business Park Lane - good asphalt-paved road with concrete curbs serving the Riverside
- Business Park
;
� . � . . �� - � - PAGE4 .
� RIVERSIDE-QUINDARO CEVEE BIIGHT STUDY . � �
� ;:��� � :�_,�,����d� I���°� _ � . DESCRIPTION Of THE PROPERTIES �
Land Size -
Most of the tax parcels are of a size and configuration that ue arnenable to development. Only a
- few parcels are less than an acre in size and would have l'united development potential.
Zoning
Al! of the property within tFie 1,800-acre project area is zoned M-2, Industrial. This is an inclusive
zoning that permits most types of commercia! and industrial uses.
Utilities
For the most part, utilities are only available along or near MO Hwy 9:
Water
Provided by Missouri Cities Water Company, a private, for a profit utiliry. A l2" tcunk line is
Slong the notth side of the Burlington Northern Railroad tracks. A 10" line is in Mattox [toad to
2,500 feet south of the railroad. Van de Populier has a 10" line to 850 feet south of the railroad.
The Platte Valley and Riverside Business Parks are served by 10" water lines. M 8" water line is
inTullison Road for 3bout half its length with a branch going south to the temporary site for the
Argosy Casino. In general, water is available to the noRhern perimeter of the project area but
about the southerly two-thirds of the area is not served by water lines.
Natural Gas
� A l2" high-pressure line is in MO Hv+y 9. PropeRies situated noRh of the Burlington Northern
railroad tracks have natural gas. The three-fourths of the development ar.ea south of the railroad
lacks natural gas service.
Sewers
A large force main is on the south side of Hwy 9. The Platte Valley and Riverside Business Pazks
are on sewers as are the Argosy facilities. Many of the remaining properties along Hvry 9 are not
served by a public sewer since access to the force main requires a pump. Over 75% ofthe azea is
not served bysewers.
Topography � �
All of the area encompassed by the Riverside-Quindaro Levee Redevelopment Plan is within tne
100-year floodplain associated with the Missouri River valley (see floodplain map on the
Eollowing page). There is a small agricultural levee in place but no drainage facilities. The ag levee
protects from �ooding of 10 to 15 yeus in frequency. The buildings in the Platte Valley and
Riverside Business Parks aze built to l foot over the 100-year flood level but are beneath the 500-
year flood. level by about 6 to 8 feet. Three other buildings along Hvry 9 at Tullison Road are also
above the 100-year flood level. The new Argosy buildings are at the 500-year level but the surface
parking areas are at or below the 100-year level. All of the buildings above the 100-year flood
level are at that elevation because substantial fill d'ut was brought to the'v sites.
�-! The accompanying floodplain map shows the 100-year flood elevation range frorta 762 feet above
mean sea level at the west end of the area to 757 feet at the east end. The land south of the
PAGE S
. - RIVERSIDE-QUINOARO LEVEE BUGHT STUDY � � � � -
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�e:
Topographical Map
1�'i�� �+1 ��'�iRA���Y� �IPdB _ _ _ . DESCRIPTION OF TME PROPERTIES
railroad ranga in etevation &om_740 feet to 750 fett above sea level. M average is about 745
feet. Thus, the bulk of the bottom land is about L S feet below the 100-year flood level. The azea
between the railroad and Hwy 9 is generally 8 to 10 feet below the 100-year flood elevation. As
' - noted earGer, the 500-year flood levet is 6 to 8 feet above the 100-year flood mark.
In August of 1993 the area experienced a devastating flood that reached to about 1 foot below the
S00-year flood level. The buildings in the Platte Valley and Riverside Business Parks were flooded
to a depth of 5 to 7 feet despitethe'v being built.to above the 100-year �ood level. Hwy 9 and
i-635 were also flooded, and, in fact, parts of I-635 were washed away. Over two years later
there are still a few flood damaged`6uildings that have not been repaired. Photographs of the
August 1993 flood aze found in the Addenda: ,
Real Estate Taxes
On the following three pages is a summary of taxes paid by all the properCies within the Riverside-
Quindaro Levee Redevelopment Plan. Total 1994 taxes arnounted to 5337;131.26 or an average
of S 196 per acre. The properties with taxes in excess of 52,000 per acre ue improved properties
in the Platte Valley and Riverside Business Parks. The 46 tax parcels that are vacant agricultural
land south of the Burlington Railroad pay only S9,028.96 in taxes or an average of $7.05 per acre
for 1,280.74 acres. Note that many parcets pay only 52.00 to S3.00 per acre in taxes.
Improvements
About 75% of the land south of Hwy 9 north of the Burlington Northern Railroad and, west of
I-635 is improved. Th,ese are generally standard structures in fair tb good condition. The Platte
Valley Industrial Pazk has nine nearly new buildings that are functional in every respect. The
exception is a vacated abandoned house and shed that was focmerly occupied by the Dry
Basement Company (tax parcel number 23-3.0-06-100-04-02). "Fhe house shows signs of
deterioratian. It is considered a safety and health hazard.
Tax parcel 23-3.0-06-100-05-01 has an abandoned flood-damaged house as well as a falling-
down greenhouse and shed behind the house. These improvements aza very pooc The Knappco
building next south is in reasonable conditioa The Fleming Bobcock office and tnick repair
building further south on Mattox Road is in just fait condition overall bnt is not considered
deteriorafed. An abandoned, small concrete biock house and 'some frame sheds are on the east
side of Mattox Road (parcel number 23-3.0-0.5-001-043).
A vacant metal truck garage is on the west side of Van de PopuGer Road (parcel 23-3.0-07-000-
000-001). At 4026 Van de PopuGer is a one and one-half story, 70-year old, frame house that is
Elood damaged and unoccupied. A frarc+e house converted to offices isat 4030 in good condition.
A good metal warehouse is on the south side of the railroad tacks.
Argosy Casino is building the'v permanent facilities including a two-story landside commercial
building, a 4-level parking garage and some surface parking. A March 1996 opening is planned.
These buildings are, of course, in excellent condition and functional. Tax parcel 23-3.0-OS-000-
� 001-048-001 has two metal garages on it that are presently vacant. They are in fair to poor
RIVERSIDE-QUINOARO LEVEE BUGHT STUOY -- _ PAGE 6
�;1;1�� >'.+ '�,ti� :JPA�... , _ : OESCRIPTION OF THE PROPERTIES
- _ _ i
Property Tax Summary
1994 Tazes
' 1994
Assessed
Parcel Number Acres Valua6on Amount Per Acrc
23-3.0-06-100-004-OO1-000 4.95 5103,410 56,25fi31 S1,264
23-3.0-06-100-004-002-000 0.28 7 920 479.18 1,71 l
23-3.0-06-100-004-003-000 4.22 9,840 595.29 l4l
23-3.0-06-100-004-004-000 1.19 IO 760 651.00 547
23-3.0-06-100-006-001-000 13.63 490 27.90 2
23 3.0-06-IUO-006-002-000 SJ8 75,140 4,545.96 � 732
23-3.0-06-100-0O1-081-000 2.72 30 840 1,867.05 686
- 23-3.0-06-100-001-082-000 5.60 97,030 3,870.33 1,048
23-3.0-06-100-OO1-088-000 10.00 43,880 2,654.75 265
23-3.0-06-100-001-089-000 6.46 15,920 963.16 145
23-3.0-06-100-001-089-001 3.54 34,1Q0 2,063.05 524
23-3.0-06-100-0OI-040-000 19.00 2,370 134.86 7
23-3.0-06-100-001-091-000 19.42 2270 129.t7 7
23-3.0-06-100-001-092-0UO 33.00 1,210 68.85 2
23-3.0-06-100-0OL-093-000 14.95 28,270 L ll4
23-3.0-06-100-0O1-094-000 17.63 660 37.57 3
23-3.0-06-100-0OL-095-000 2.00 L,400 79366 40
23-3.0-06-L00-0O1-096-000 15.Q0 SO,S30. 3,OS5.34 204
23-3.0-96-L00-001-096-0O1. 0.62 30 1.72 3
23-3.0-06-100-0O1-099-0O1 4.78 2t0 11.95 Z
23-3.0-U6-100-001-100-OOl 4.78 160 9.12 2
23-3.0-06-100-001-I01-OOI 4.98 210 11.95 2
23-3.0-06-L00-OO1-102-0OI 40.51 1,7U0 .96.73 2
23-3.0-06-l00-00l-104-0O1 115.80 559,880 33 872.74 293
� 23-3.0-06-100-001-105-001 30.60 l 270 72•27 2
- 23-3.0-06-100-001-106-001 2230 249 298 ►5,081.44 676
233.0-05-300-OQI-0Ol-000 0:00 168 736 IO 208.16 -
23-3.0-05-300-001-003-000 4.72 257,870 l5 601.14 3,305
23-3.0-05-300 0.00 204,420 12,637.43
23-3.0-05-300-0O1-005-000 0.00 278,500 16,849.25 -
23-3.0-05-300-0OL-007-000 10.28 798,800 48,327.41 4,701
23-3.0-05-300-OO1-010-000 1.54 16,350 989.23 642
23-3.0-05-300-001-010-001 0.49 5,200 314.61 642
23-3.0-05-300-001-01 f-000 1.13 13,270 802.86 710
23-3.0-OS-000-001-041-001 0.00 430 z�.25
23-3.0-05-000-0O1-041-000 0.00 573,660 32,297.07 -
23-3.0-05-000-0O1-042-000 17.53 2,160 122.92 �
_
. . . . � : � . PAGE 7
. - RIVERSIDE-QUINDARO LEVEE BUGHT S7UOV � -
J'llYllLL '.91 :J•�✓�uur WiV V � YVV�v•
Property Tag Summary
- - Continued -
�.
�
1994 Taza
1994
Asussed
Parcel Number Acr�s VsluaGon Amodnt Yer Acre
23-3.0-05-000-0O1-043-000 t09.09 S 6,330 S 367.40 S 3
23-3.0-05-000-b0 L-048-000 2.28 L l, l20 672.77 295
23-3.0-OS-000-001-048-001 l22 15,010 908.11 744
23-3.0-05-000-OOI-049-000 0.00 23,000 139L49 -
23-3.0-05-000-000-050-000 6.46 56 730 3 432.16 532
23-3.0-05-OOU-000-051-000 2.S l 29 390 I 778.1 l 68l
23-3.0-05-000-000-052-000 4.29 233 830 14 146313 3 297
23-3.0-05-000-000-053-000 6.08 483 840 29 272.31 4,815
23-3.0-OS-000-000-054-OOI 1.74 69,500 4,204.74 2,41'/
23-3.0-05-000-000-054-002 L25 58,960 3,567309 2,854
23-3.0-05-000-000-056-000 4:21 146,300 8,851.16 2 L02
233.0-07-000-000-001-000 3.00 6,670 403.55 l35
23-3.0-07-000-000-002-002 1.60 250 14.26 9
23-3.0-07-000-000-003-000 15.09 50 29.60 2
23-3.0-07-000-000-004-b00 5.89 200 11.38 2
- 23-3.0-07-000-000-0OS-000 13.75 470 26375 2
23-3.0-07-0U0-000-006-000 13.08 450 25364 2 �
23-3..0-07-000-000-006-OOl L92 I50 8.57 4
23-3.0-07-000-000-007-000 5.00 70 3.99 -t
23-3.0-07-000-000-008-00 L 5.00 170 9.68 2
23-3.0-07-0D0-000-009-000 49.85 1890 107.56 2
23-3.0-07-000-000-001-000 40.00 1.440 81.92 2
23-3.0-07-000-000-011-000 0.52 70 3.99 8
23-3.0-07-000-000-012-000 70.43 3100 176.39 3
23-3.0-07-000-000-0I4.000 90.71 4 520 ._ 257.20 3
23-3.0-07-000-000-015-000 45.00 217A 123.48 3
23-3.0-09-000-000-0l6-000 4L00 (,280 72.82 2
23-3.0-08-000-000-001-000 16.00 410 26.75 2
23-3.0-07-000-000-017-000 43.60 L,370 77.96 z
23-3.0-08-000-000-002-000 3.45 l30 74l 2
23-3.0-08-000-000-0Q1-0O1 3.30 60 3.43 1 '
- 23-3.0-08-000-000-002-002 0.45 820 46.67 l04
23-3.0-08-000-000-003-002 I92.18 7,310 415.94 2
i •
� � � . . PAGE 8
- � RIVERSIDE-QUINDARO LEVEE BUGHT STUDY � -
_.. _ _ _ _ _. . _ _
� � � �y�j,� 1 �l�.Vyyyq+' yiP/J1j'., - _ _ _ . . UESCRIPTION OF THE PROPERTIES
P-roperty Tax Summary
- Continued -
, t99a Tazes
1994 �
• Assessed
Parcel NumbeT Acra Valuation Amount Per Acre
: 23-3.0-08-000-000-003-OOl 0.00 - 320 t9.37 _
23-3.0-08-000-000-003-002. 52.08 320 1937 l
23-3.0-0$-000-000-004-000 13.00 470 26.15 2
23-3.0-08-000-000-004-001 0.00 320 19.37 -
23-3.0-08-000-0UO-005-000 131.19 I,710 9730 l
23-3.0-08-000-000-0OS-001 69.08 320 19.33 l
23-3.0-08-000-000-005-002 0.00 320 1937 -
23-3.0-08-000-000-006-000 6.00 0 0.00 0
23-3.0-08-000-000-007-000 26.23 360 20.50 1
23-2.0-09-000-OOL-0OL-000 2.54 90 S.14 2
� 23-2.0-09-000-0OI-0 2-000 31.34 0 0.00 0
- 23-2.0-09-000-0OI-003-000 10.89 45,320 2,740.04 252
23-2.0-09-000-0OL-U43-0Ol O.W 0 0.00 0
- 23-2.0-09-000-001-003-002 3.14 129,230 7,818.44 2,490
'� 23-2.0-09-000-0O1-003-003 2.11 30,400 1,839.20 872
� 23-2.U-09-000-00t-003-004 2.09 21,280 1,287.43 6l6
23-2.0-09-000-001-004-000 2:0! 230 L3.10 7
� 23-2.0-09-000-OO1-005-000 1.23 0 0.00 �
23-2.0-09-000-0O1 Ol LOl 0 0.00 0
23-2.0-09-000-0O1-005-002 1.47 70 3.99 3
� 23-2.0-09-000-001-006-000 44.19 0 0.00 �
23-2.0-09-000-001-007-000 0.00 0 0.00 0
23-2.0-09-000-001-007-001 0.00 0 0.00 0
23-2.0-09-U00-001-008-000 41.64 2,260 119.10 3
23-2.U-09-000-001-009-000 0.00 0 0.00 �
23-2:0-09-000-001-0(0-000 26.28 � �- 0 •� �
23-2.0-09-000-001-010-0OI 2830 70,590 4,264.62 150
23-2.0-09-000-OUL-010-002 14.50 0 0.00 �
23-2.0-10-000-0UI-002-000 3L34 0 0.00 �
23-2.0-04-400-008-008-000 2.16 84,2b0 5 097.73 2,360
23-2.0-04-400-OO1-009-000 LOl 42,370 2 563.38 2,538
23-2.0-04�100-OO1-009-0O1 1.97 90,880 5,498.23 2,791
23-2.0-04-400-0O1-010-000 2.98 t03,560 6,265.41 Z,��
23-2.0-04-400-008-011-000 3.20 I52,720 9,239.55 z.8
23-2.0-04-d00-008-012-000 4.91 222,440 L3,457.61 2,746
� 23-2.0-04-300-0OS-0OI-000 21.32 I30,570 7,896.96 370
23-2.0-04-300-005-0Ol-0OI 334 0 0.00 0
23-2.0-04-300-0OS-002-000 0.00 � � � �
Totals/Ave e I,822.53 55,946,220 5357,131.26 5196
. � . . . � PAGE 9 . -
� RIVERSiOE-�UINOARO LEVEE BUGHT STUDY � - � � .
_
. � _ ����. '?1 '��N9��..�P'A"i(� ��••�.: .•. . ._ - - . . ' � - OESCRIPTION OF TNE PROPERTIES
;� condition. Next south oa parcel 23-3.0-OS-000-001-048 are four or 6vevery poor truck trailers.
Junk equipment is stored on parce123-3.0-05-000-001=049. Several good buildings are on the
south side of Tullison Road. A new building is under construction on Tullison east of the Hwy 9
ramp. The seven buildings in the Riverside Business Pazk are in good condition and functional in
every respect.
t
, �
PACE 10
� RIVERSIDE-QUINOARO LEVEE BUGHT STUDY
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. n�y��� ;� �.yqypy�rppytly� �W�y. - ru� ic�.VUNTY, MISSOURI
_ PLATTE COUNTY, MISSOURI
; , Location
Platte Counry is at the noRhwest comer of the Kansas City MetropoGtan Area. However, the
extreme southern tip of the county is only four miles and about five minutes driving time from
Downtown Kansas City, Missouri. Inferstate Highways I-29 and I-435 run through the County.
Populatio�
Following is a summary of population trends and projections in Platte Counry:
County CouMy Metro
Yea� Po ulation AAGR AAGR
1960 23,350 — —
1970 32,081 3.2% 3.2% ,
1980 46.341 3.7% 3.7%
1990 57,867 2.3% 1.5%
1996 67,733 . 2J% 1.3%
. � � � t Saww: u.5. fwmus Burwu:lGOE proj�dfar hom I�id Mwfn Rpion�l Counal (AV'RC) - .
. MGR � Annwl.A GiwA� Rals N� com % - �.
Growth in the overall metropolitan area was I.5°fo per year compounded for the decade ended
1990. Thus, Platte County growth autpaced the overall MSA during that same period. South
Platte County (that part south of Barry Road/84th Street) is projected to grow at still faster rates.
Crrowth within Platte County should continue to outpace the metro area.
According to Sales and Mmketing Mcmagement (S&�1M), the median household Effective
Buying Income (EBI, gross income less taxes) for Platte County as of August 3Q 1994 was
$43,098, which compares very favorably'with the metro, state and national figures of $42,033,
$31,869 and 535;056, respectively.
Employment
` A large share of Platte County is still devoted to agriculture as only the southern third of the
county is urbanized. Of the 25,782 jobs located in the County in 1994, roundly 5% were in the
manufacturing sectof. The unemployment rate is a low 3.l%: Most of the area's manufacturing
employment resides in the Ciry of Riverside in the Platte Valley Industrial Park and the Riverside
Business Park (over 1.0 million square feet),
The main focus for overall employment, however, continues to be Kansas City International
Airport (KCI). Trans World Airlines (TWA) is the largest emPloyer in Platte County, maintaining
a payroll of approximately 5,600 people at their main overhaul base, operational headquarters,
and the WORLDSPAN Reservation Center. TWA filed £or Chapter 11 bankruptcy protection in.
January 1992. TWA, like many aCrlines, has a tenuous future. However, most observers beGeve
that the KCI overhaul base is a valued asset and should remain a viable entetprise regardless of
the paiticular fate o€"TWA. TWA has now come out of bankruptcy, but its future is still tenuous.
' - Employment at the overhaul base is obviously volatile, but holding steady.
PnGE 16
RIVERSIOE-QUINOARO �EVEE BUGHT STUDY � - � . � -
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Area Map
� f�L.+��E �r. _y+J'15U�'�1iP8i/� JP�k�.. ,- - - _ � .. � PUTTE COUNTY. MISSOURI
In Decemba 1986, TWA and Northwest AirGnea formed the PARS resecvation system. In
January 1987 PARS relocated to the KCI neighborhood and hirod 450 employees. As of eariy
1993, 860 persons were employed at PARS. PARS is expanding into the Orirnt via Singapore arid
formed a. partnership with Delta Aidines to create WORLDSPAN. PARS has now been merged
into WORLDSPAN and many of the 860 employees associated with PARS have moved tp
Atlanta. However, WORLDSPAN will expand so that the net loss is only 400 jobs. Fi local
developer has purchased the 205;000-square foot PARS buildings and released the buildings to
WORLDSPAN.
America West's, TWA and Conunental have all come out of Chapter l 1 banktuptcy protedion.
America West's has opened a reservation center in the 27,600-square foot facility originally
constructed for Braniff. America West employs roundly 350 at the facility. Midway Airlines and
Pan Am ceased operations in 1991, both of which had some fortn of service at KCI: Northwest
Airlines is another troubled camer providing service to KCI; though NoRhwest has thus faz
avoided any form of bankruptcy protection. Vanguard and MarkAir are new additions to the
airport.
Farmland Industries, long a Norttiland resident, previously announced its intention to construct a
campus in the airport neighborhood. Plans called for a 4Q0,000-square foot headquarters to be
built somewhere along the I-29 corridor Crom Bazry Road noRh to Cookingham prive. However,
Farmtand's announcement was made in 1989 and no accion has yet been taken.
All told, an estimated 12,000 people are employed on city-ovmed airpoR property.
The other major employment generaror in the county is the Executive Hills North mixed-use
� development. Details of this 4,000-acre project will be discussed below. About 2,000 jobs, not
including PARS and WORLDSPAN, now reside at Executive Hills NoRh, and all have been
added since 1985.
The Kansas City International Airpo�t
Kansas City International Airport is the most dominant featuro within Platte Counry. KCI is
located on an 10,000-acre site. The facility is fairiy modern having begun flight operations
November 11, 19'72. Curtently, the airpoR offers two noct}Jsouth and one eastlwest runway. Ari
additional 1,900 acres are being acquired for futuro expansion. The expansion lapd is west of the
present facility and could suppori a total of four north/south and two easdwest runways.
Little development occurted on airpoR grounds between 1974 and 1986. However, considerable
activiry has occurted in the last three years with even more planned for the future. In 1987, a
6,000-square foot private aviation center and a 70,000-squaze foot.air cargo facility (S10 million),
were opened. In 1989, construction of a 2,000-space parking garage at Tertninal A was com-
pleted (cost approx. S2l million). A similar garage was completed in late 1991 for Terminal B
($20.8-million bid). In 1989, Marriott expanded their airport hotel by over 50% with the addition
of I25 rooms (total cost including rehab S10 million). Also in 1989, Alamo Rental Caz
constructed a new service center on airport grounds (7,100-square foot building). The State of
Missouri hu separately funded and constructed an 8,600-Sq.Ft. Gvestock exporting center which
opened in 1990.
PAGE 17
� - � VERSIDE-QUiN0AR0 LEVEE BUGHT STUDY �
For the future, the infrastructure of the airport is undergoing major expansion because of passage
of a 5330-million revenue bond package in 1988. Phase I construction included the second
north/south. nuiway (9,500 feet). Total cost of the new runway was roundly S50 million.
Kansas Ciry made a strong bid to McDonnell Douglas for a 5,000-employee aircraR assembly
piant at the airport but the new plane and plant were put. on indefinite hold. In the meanwhile, land
at KCI is being actively maiketed to other large users. The large amount of development of land
at KCI Airport should become, in time, a valuable asset.
Other County Development �
Eor the most part, Platte County is still undeveloped, and thereby unspoiled, even for that pazt
within the eity limits of Kans� Ciry. Strict land use controls have been imposed in and around the
airport in order to assuro orderly growth and to protect the city's large investment. Therefore,
future development should be of good quality.
Outside of the airpoR proper, the major commercial development in Platte County has been
Executive Hills North. In 1982 Ted J. Ehney, Jc began assembling farm land along the Interstate
- 29 corridor south of the airport entrance. By 1989 Executive Hills North had grown to
encompass 4,000 acres slated for a 20-year mixed-use development plan. Over 1.5. million square
feet including offices, off'ice/warehouse, hotel, retail, and residential uses had been constructed by
1989.
Mr. Ehney had operated under the hypothesisthat large inventories of oETce space were nscessary
to attract large in-tovm or out-of-tovm users. He was proved partiaUy correct by attracting PAkS
- to Executive hills in 1988. Unfortunately an overbuilt offiee market in the region and slower-
than-anticipated growih in the airport communiry resulted in the 1990 foreclosure of most of the
Executive Hills North property. Although the collapse of the Executive Nills North has resulted in
a setback for the airport coFnmunity, the breakup of the luge holdings has introdwced severa! new
players to the Northland.
John Q. Harnmons, a successful Springfield, Missouri hotel developer, has been a joint partner in
several projects within Executive Hills North. Ehney and Hammona were beginning development
of an 842-acre gotf and residential development caied Tiffany Greens Country Club at the time of
Mr, Ehney's financial coUapse. The heart of this massive development is a 6,875-yazd,.par 72, 18-
hold golf courst designed by Robert Trent Jones II that has been rough graded. The course was
to be surrounded by 813 residential lots. In August, 1991, Mr. Haznmons eliminaEed Ehney Bom
the venture. Hammons is cu�rently acquiring additional gound ro round out his holdings. It is
rumored that he will soon start construction on a 36-hole goif community.
After office, the most active sector is lodging. On the following page is an inventory of KCI
lodging: The airport market is consistendy amongst the best hotel segments in the city. The
airport generally trails Johnson Counry in occupancy and follows the Downtown and 7ohnson
County in average daily rate (ADR).
� � - RIVERSIOE-QUINDARO LEVEE BUGHT STUDY � � . � - PAGE 18
...��� _ - - --- -----• �----
Openinq
FranchiselChain Da4e Rooms
Ramada 1973 244
' Hifton 1974 348
Holiday Inn 1974 197
Martiott 1974 388
Mote18 1981 86 '
SuperB 1983 50
Comfort I�n 1985 92
Country inn 1985 44
Residence Inn 1988 110
Econo Lodge 1987 59
Hampton Inn 7987 122
Embassy Suites 1989 236
MatfioK�Courtyard 1990 149
ClubhouSe Inn 1992 138
Total Rooms 2,263
The 1994 (3QTR) occupancy figure for the airport neighborhood was 81%. The ADK (2QTR)
for the Northland area was S48. (The ADR for the airport neighborhood would be higher as the
more valuable facilities in the Norttiland are near KCI.). Two or three new hotels may be built
�
near KCI in t995.
Retail grov+th in the south part of the County is strong where two, 125,000 to 150,000-square
foot centers opened in early 1990. Enhanced shopping should permit many of the county's
shoppers to spend more money within the neighborhood rather than travel to more mature Clay,
Jackson and Johnson Counties. �
Residential Development
I-iousing development in the Northtand has been spurted on by the ampie supply of rolling, unde-
veloped land within 15 minutes of Dovmtown. A 700-acre residential and retail project called Riss
' Lake is curtently under development in Pazkville. Lot prices at Riss Lake start at 540,000 and
� range up to 5250;000 lakeside. Corresponding home prices ue from 5200,000 to 51,000,000. At
64th and I-29, Lakey Conswccion has developed the Tremont subdivision with similaz lot and
home pricing structures as Riss Lake. Briarcliff West, developed by Charles Fmrney, has 5250,000
Iots overlooking the dovmtown. Homes developed in Briazcliff West have ranged from 5300,000
to o4e� 55,000,000. The most successful recent development is Platte Brooke NoRh, where l 18
homes in the $165,000 to 5100,000 price range were built in a 28-month period. The following
page contains a summary of housing pertnics issued in Kansas City North. The 1990s have seen a
continuation of the substantia! increases that began in the late 1980s. In 1994, 553 single-family
pemtits were issueci, a 6gure second only to 1992 (626) and 2.6% higher than 1993.
In the six years between 1983 and 5,788 apartments were added to the Kansas City North
inventory. The dramatic increase in supply resulted in the Northland (Clay.and Platte Counties)
being among the weakest submarket in the metropoGtan azea. However, the market has
continually improveci since 1992. The Aparcment Association of Kansas CitY (AAKC) indicates
2QTR 1994 occupancy in Platte County of roundly 96.8%. This is slightly above the metro
- average of 96.4%. Cortesponding rents averaged 5429 per month, a figure 7% below the metro
PAGE 19
' . RIVERSIOE-QUINDARO�LEVEE BUGHT STUOY � -
. . d`1 3 "�L�IOtlP"7�ItlV� 7�ltl�Si. . .. . . . . . . . . . _ . � 1'UTTEGOUNTY. MISSOURI .. . .
average of 5460 per month. AccQrding to the AAICC, concessions were being offered at 18% of
the cofnplex�s in che meuopoGtan area. Land has been purchased for two new apartment projects
near 64th Street and Interstate 29.
Northland Building Permits
Clay County Platte County
Singie Multl Single Mufti Grand
Year Family Famiiy Total Family Family ToWI Total
1978 892 . 38 930 532 325 857 1787
1979 576 178 752 395 208 603 1355
7980
_ 1981
1gg2 272 77 349 110. 78 186 535
1983 606 94 700 213 303 516 1216
1984 688 326 1014 243 818 1061 2075
1985 810 822 1632 244 303 547 2179
1988 1195 866 2061 417 608 1023 3084
1987 1025 1171 2198 471 214 685 2881
1988 916 729 1645 446 238 684 � 2329
1989 738 73 811 317 18 335 1148
1990 878 39 917 405 18 423 1340
1991 943 23 966 433 25 458 1424
1gg2 1188 45 1233 626 28 654 1887
1993 1159 57 1218 539 34 573 1789
�ggq 1296 742 14a8 553 SU 603 2041
Source: Home Builders Associales of Greater Kansas City
Future Trends
A substantial increase in population and employment had been forecast for Platte Counry with
opening of the new airport, but many of these rosy predictions were not realued. Only since the
mid 1980s has the growth been dynamie. Executive Fiills North brought attention to the area after
a siguficant lull in the late 1970s and early 1980s. The breakup of Executive F�ilts North has been
a setback for the area. The RTC has been in control of the park for some tim� and hopefuUy will
sell the property in the near future. The bankruptcy of Easte[� Braniff and Executive Nills North,
the uncertainty suaounding TWA, America West and other U.S. airlines, and the delayed
relocation of Facmland have been strong blows to the NoRhland. Still, the proposed expansions at
KCI, the possibility of a large industry on the airport, and the announcement of several medium-
sized relocations to the airport neighborhood (Citicocp, 2,000 jobs; Boatmen's Bank, 600 jobs;
EDS, 400 jobs) provide hope for the future.
- The upgrading and expansion of KCI which is now underway will ensure t#�e city's future
competitive position and will help solidify the airport neighboPhood employment base. The future
oudook for Platte County is good. Moderate population and employment growch should continue
and motivate above average to good quality developments. _
PAGE 20
.RNERSIOE-�UINOARO��EVEE BUGHT S7UDY � �
THE RIVERSIDE, NEIGHBORHOOD
The Riverside Comr�unity
The subjeet property is situated in a neighborhood comprised of the City of Riverside, Ivfissouri.
Riverside is located about a ten-minute drive northwest of Downtown Kansas City, Ivfissouri,
. along the north bank of the IvGssouri River. The Fairfax Industrial District of Kansas City, Kansas,
is south across the Missouri River.
Riversidc is a town.of fairly rocent origin that has been enveloped by the urbanization of Kansas
City, The 1990 Census showed the populafion of Riverside to be 3,010 for a decrease of 6% since
I980 (population of 3,206): Housing units in the city decreased between 1980 and 1990 some 6%
from 1,474 to 1,385. New residential construction since 1990 has probably arrested this
downward trend.
Transportation
Riverside is readily accessible to all parfs of the Kansas Ciry Metropoliian Area. Running east and
wesf through the city is M'issouri Highway 9, a fairly new four-lane &eeway running from
Parkville to North Kansas City. Missouri I�'ighway 9 connects with the Hearc Of America and
Broadway Bridges which cross the Missouri River and lead into Downtovm Kansas City.
Running north and south through the west end of Riverside is I-635, a four to six-lane freeway.
Interstate 635 runs north to I-29 and thence to the Kansas City International Airport (about
6fteen minutes from the neighborhood). Interstate 635 crosses the Missouri River into Kansas
i City,•Kansas, and continues south via l-35 into the fast-growing suburban areas of Johnson
County, Kansas.
Also running through Riverside are two oider highways; namety, US Highways 69. and 169. These.
highways merge with I-635 and then cross the Missouri Rivecon che Fairfa�c Bridge (twin, cwo-
lane spans) into the Fairfax Industrial District. There is a thirty-cent toll for using the noRhbound
span. Another older_highway is County Road A, now designated l�Vest Platte Road, which was
formerly known as US Business Rte 71.
The BurGngton Northern Railroad has a main line track to St. Joseph and Omaha alon� the north-
easterly side of the M'issouri Rivec '
Area Land Uses
In the past, development in Riverside had been somewhat haphazard and o.f varying quality. While
a few older; fair quality commercial uses still exist along the highways near the river bluffs, much
upgading has recendy occurred.
The tlat river bottom land has seen some industrial development but industry has been impeded by
a lack of flood control. The �ood of 1993 impacted the City of Riverside more severely than any
other community in the Kansas City metropolitan area. The majority of (argerindustrial buildings
_
within Riverside were flooded to a depth of 5 to 8 feet. These �ooded buildings have since been
� - . RIVERSIOE-QUINDARO LEVEE BUGHT STUDY � . PAGE Zl �-
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repairod and are now nearly 100% occupied. This good occupancy is a credit to Riverside's
excellent location even though the flood thr�at still exists. About 40% of the general Riverside
area is undevdoped, primarily due to a lack of utilities and dood control facilities.
' A modest industrial area has sprung up north of 1vGssouri I�ighway 9 and east of I-635. This
industrial development is a mixture of fair to good quality stcuctures had has been spuRed by
General Motor's Fairfax Plant. Ivfixed residential uses are found on the high bluff land. Some
cheap apartments are in the original area of riverside while higher quality apartments are at the
north edge of tovm. Indian I�ills, a fairly good development of SSQ000 to S 100,000 homes, is at
the east edge of Riverside. New homes in the S12Q000 to SI50,000 range are being built north of
the original Indian I-Tills. Moderate quality single-faznily homes are west of I-635.
Rivert>oat gaming has also impacted the city of Riverside within the last 8 months. Argosy
Creming Corporation has a temporary location along the banks of the Iv�ssouri in southwest
Riverside. Tax revenue generated from the riverboat is estimated to be near S8,000,000 for the
city. In addition to the tax revenue, the gaming company is developing a pertnanent site to be
located west of the temporary facility. Argosy has committed to pay for new roads, soccer 6elds,
softball diamonds, a perfomung acts center; and a 9-hole golf course. Construcfion of the
- permanent project has begun and will completed within the next 4 or 5 months. Taxes generated
6y Argosy have been used for capital improvements such as upgrading streets in existing
�esidential areas.
Area Trend
The azea tre.nd is judged to be moderately upward. Riverside once had a tamished image, but it
� has an undeniably excellent location with good highway connections to other industrial,
commercial, and residential areas. The city has upgaded its zoning standazds and some of the
poorer commercial development is being improved: Riverside is a good location for many types of
industrial uses. Considerable futuro indusuial deyelopment is possible if and when the flood threat
is eliminated. Riverboat gazning is an attractive tax generator for the City and will inevitably assist
development within the area.
PAGE 22
RIVERSIOE-QUINOARO LEVEE BUGHT S7UDY - � . -
- J`7B1 '31` '�$y1MIP't9WJ�� UWR4:. _ - . _ . dUGHT ANAIYSIS
_ � BLI�HT ANALYSIS
- lntroduction
The appraise�'s analysis of the blight defuutely discloses that there are seven factors that give
evidence of blight. Each of these blight factors will be discussed in tum to see whether they ue
found in the general area or on individual properties.
Test �: Inadequate Planning
The lack of through streets and an adequate utility infrastructure is an example of poor planning.
The existing streets within the interior of the pian area have an incoherent pattern and many have
no outlet. Most of the interior roads are inadequate to serve urban uses and need to be
substantially upgtaded. A few of the properties are landlocked.
In tertns of utilities, a large share of the area is not served by sanitary sewers and public water
lines. The entire plan area lacks storm drainage.
Allowing b�ildings to be built in flood-prone areas is an obvious example of poor planning. Laws
that came into effect during the recent past prohibit constructing on land below the IQO-year �ood
level but there are still some oid structures that are below flood level.
There is no comprehensive plan to guide development in the project area.
� Test 2: Lack of Proper Sanitary Eacilities �
� Only a few buildings, principally in the Platte Valley and Riverside Husiness Parks are currently
served by sanitary sewers. Many of the buildings fronting on Hvry 9 adjoin the force main but
have chosen to be §erved by septic systems because of the cost to access the force main.
For properties south of fhe railroad tracks, no sewers are possible except by building a trunk
sewer east to a pumping station south of Tutlison Road and east of I-635. It would be impractical
for an individual propecty ovmer to build such a sewer system.
7est 3: Building Age 8� Deterioration �
There are approximately 40 improved properties in the plan area. This is 35% of the i 13 total tax
parcels. However, the improved tax parcels encompass only 17% of the total 1,800-acre land
area.
A survey of the uea found 8 pazcels (20%a of the 40 improved parcels) which have improvements
that are considered deteriorated. These blighted improvements have been described earlier in this
report and portions are included in the Addenda: The pazcels with deteriorated improvements are
enumerated on the next page.
' ,
PncE 23
RIVERSIDE-QUINOARO LEVEE BIIGHT STUDY �
�:UIL� :� ��� CJUMII��IT'A"J� JWIC. . _ _ = BUGHT ANALYSIS
- 23-3.0-06-100-04-02
- 23-3.0-06-100-05-01
23-6.0-OS-001-043-00
'' - 23-3.0-07-000-000-001
23-3.0-06-000-001-091
23-3.0-OS-000-001-048-001
23-3.0-05-000-001-048
23-3.0-OS-000-001-049
These identified improvements are of an age and condition that produce deterioration and are,
therefore, considered blighted.
The above identified deteriorated structures also display varying degrees of obsolescence. Some
of the so-called standard structures may not be deterioratec! but may have minor amounts of
obsolescence (poor layout, inefficient HVAC systems, inadequate insulatioq older electrical
wiring and less than modem fixtures). Building obsolescence is not a significant problem.
:.
Test 4: Economic Underutilization
As noted in the real estate tax section of the study, the tax revenues obtained from about 1,300
acres of vacant land located south of the Burlington Northern Railroad and west of I-635
averages only $7.00 per acre. Some tracts pay only $1.00 to 52.00 per acre. These low rates of
taxation are based on agricultural land values and an agricultura! use classification. If this bottom
land had flood protection and could be developed industrially, then land values for 5 to 10-acre
_ tracts would rise to approximately 550,000 per acre and pay taxes of S968 per acre. If improved,
taties would increase to an even higher level of &om 52,000 to 54,000 per acre.
- Following the flood of 1993 the assessed valuation of all the properties in the plan area were
reduced forthe 1994 tax year. Tlus reduction was tcue for both improved properties and vacant
agriculmral land. It is likely that taxes will again be reduced foilowing floods that may occur in the
future.
There is little question that the lack of flood protection has severely resuicted the development of
land in the Riverside-Quindaro Levee Redevelopment Area. The aerial photograph at the &ont of
- this report graphically depicts the proximiry of this area to the center of Kansas City. Note that
' the adjoie►ing bottom land areas in North Kansas ciry and the Fairfax District that have tlood
protection are completely developed: The Riverside area has excellent highway and rail access,
proximity to good quality residentiat areas, a low rate of taxes and flat land that is very amenable
ro industrial and commercial development. The few azeas that have been filled to above the 100-
year flood levet have been very successful in leasing the developed space.
The blighting affect of the on-going threat of flooding has denied the opportunity of these 1800
acres to be developed and thereby produce a tax base and employment opportunities that would
enhance Riverside, Platte County and the whole of the Kansas City area.
_
_�
� �. � - . PAGE Y4,
RIVERSIOE-QUINDARO IEVEE BUGHT STUOY
. ,, . . . , ,. _
_ _ , __ .
...�,�_ _ _ ._- ---- � ----- --_ _._._ .
Test 5: Insanitary or Unsafe Conditions
Perio�c flooding is dangerow and may result in death oc injury. Flooding is also a health huard.
_� The 1993 flood produced poUuted water, mud and debris that had to be very carefully handled
when it was removed. Flood-damaged buildings had to be cleaned and disinfected.
The�e aze three at grade crossings of the BurGngton Northem Railroad tracks. This is a busy,
two-rail mainline carrying fast-moving freight trains. The Mattox Road and Van de PopuGer �
crossings were recendy improved with new lights and gates. The crossing to Intercontinental has
signals but no gates. There have been numerous accidents at these crossings in years past but
none in the last year after the signals and gates wero installed. Nevertheless, the at-grade rail
crossings still provide a dangerous situation. Furthermore, large scale industrial development
would be impeded by at-grade crossings of main line railroad tracks.
No environmental audifs were made available: It is known that petroleum contamination has been
found in Riverside a short distance north of this area. Some of the truck-related operations,
particularly those that aze vacant, may have gas and oil-saturated soil.
Test 6: Menace To Public Morals
F
There is very little crime in the study area. However, the deteriorated buildings on the eight
properties previously cited are all vacant. Unoccupied buildings invite vandalism. Looting is
always a problem during times of flooding:
_, Test 7: Retards Housing Accommodations -
In preyious yeazs there�were a number of houses in this bottoms area. However; periodic flooding
has reduced the number of houses after each occurrence. Today, no houses remain since the last
occupied housc was demoGshed aRer the 1993 food (two other houses remain standing but are
vacant and will soon be removed).
Conclusion
There are many bGghting features evident within the Riverside-Quindaro Levee Redevelopment
Area: A major item is the lactc of street and utility infrasttucture within the project area. The
interior streets are substandard for most any use and there are no sewers for that large uea south
of the railroad vacks and west of I-635. The two other principal utilities, water and natural gas,
are not available to over 75% of the azea. Adequate provisions for drainage are also lacking. At
grade crossings of busy railroad tracks raise serious safety concerns and hinders all types of
development. There aze also 8 properties that are improved with vacant and deteriorated
structures that pose safety and pubGc health issues. No residential accommodations are left in the
redevelopment area.
The most serious and obvious bGghting factor has to do with the threat of periodic flooding. At
least 80% of the azea is beneath the 140-year �ood level by an average of IS feet The �ood tlueat
is bGghting because it produces both safety and pubGc health problems because gready reduced
taxes are in evidence and because it results in a severely impaired econortuc value.
. RIYERSIOE-QUINDARO tEVEE BUGHT STUDY . . _ . - - PAGE 25
_.
� a°rira. u v�v.w. .-... . � ....... ._ _�.�... . ,....'. "'
All seven of the bGght tesu aze evidenced in the study azea The threat of �ooding negatively
impacts the whole redevelopment area.
- It is therefore conclud�d that factual evidence clearly demonstrates that the Riverside-Quindaro
Levee Redevelopment Mea, as of November 7, 1995, is bGghted based upon Section 99.810(1) of
the Real Property Tax Increment Allocation Redevelopment Act, Reyised Statues of Ivfissouri, by
reason of inadequate strect layout, insanitary or unsafe conditions, deterioration of improvements,
" improper plaTting and the existence of conditions which endanger life or property due to flooding
so that the area is a social and economic liability with an inability to be property developed and
pay reasonable taxes.
t
, _i
i - •
PAGE 26
� RIVERSIOE-QUINDAROI.EVEE-BUGHTSTUDY - -
_ _ _ --..... .. _ . . ..
� . ��,�SJ7�'C' !�I '�?`C�My1�d�I��I� UP'U�.. . _ - - � - CERTIFICATE �
- � CERTIFICATE
-' I certify that, to the best of my knowledge and beGef...
1) The statements of fact contained in this repoR are true and correct.
.
2) The reported analyses, opinions and conclusiotts are limited only by the reported assumptions
and Gmiting conditions, and ara my personal, unbiased professional analyses, opinions, and
conclusions.
3) I have no present nor prospective future interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties involved.
� 4) My compensation is not wntingent on an action or event resulting from the analyses, opin-
ions, or conciusions in, or the use of, this report.
5) Engagement of the appraisal assignme�t was not contingent upon a requested minimum
valuation; a specific valuation, nor approval of a loan.
. �
6) My analyses, opinions, and conclusions were developed, and this repoR has been prepazed, in
confortnity with the requirements of the Unifortn Standazds oEProfessional Appraisal
Practice.
7) The use of this report is subject to the requirements of the Appraisal Institute celating to re-
' view by its duly authorized representatives. .
8) As of the date of this repott, Thomas M. Rule, MAI has completed the requirements of the
continuing education program of The Appraisal Institute:
9) No one provided signiScant professional assistance to the persons signing this report.
Thomas M. Rule, MAI Did Inspect � Did Not Inspect
� RIVERSI�E-QUINDARO LEVEE BUGHT STUOY - � - - PAGE 27
;.�..�s: � � _.__. �..., ..._._ _ _ _ - - — — --.._.. _.._
GENERAL ASSUMPTIONS 8� LIMITING CONDITIONS
This appraisal is subject to the following assumptions and limiting conditions:
�
1} Title to the propeRy is assumed to be good and mazketable and the legal description coirect.
2) No responsibility for legal matters is assumed. All existing liens, mortgages or other encum-
brances have been disregardcd and the property is appraised as though free and c(ear, under
responsible management and competent mazketing unless otherwise stated.
. 3) All sketches in this report ue intended to be visual aids and should not be construed as sur-
veys or engineering rePorts.
4) The infortnation in this repott has been obtained from reliable sources. The appraiser cannot,
however, guarantee or be responsible for the accuracy of information fumished by others.
5) The comparable market data reGed upon in this appraisal is believed to be from retiable
sources; however, it was not possible to rely on information furnished by others. Therefore,
the value conclusion§ are subject to the cortectness and veriScation of said data.
6) This opinion of value applies to land and improvements only. The value of trade fixtures,
fumishings and other equipment has not been included with the value of the real estate, unless
specifically stated othenvise. _
? 7) Subsurface rights (minerals, oil, etc.) were not considered ireinaking this appraisal, unless
specifically stated otherwise.
8) The appraiser is not required to �ve testimony or attendance in court by reason oE this ap-
praisal, unless prior agreements have been made in writing.
9) The distribution of the total valuadon in this report between land and improvements appGes
' only to the existing utilizaUOn. The separate valuations for land and building must not be used
in conjunction with any other appraisal and are invalid if so used.
!0) The land, and particularly the soil, of the area under appraisement appears firm and solid.
Subsidence in the area is unknown or uncommon, but the appraiser does not warrant against
this condition or occurrence.
i l) The appraiser very carefully inspected �he building involved in this appraisal report and dam-
age, if any, by ternutes, dry rot, or o�her infestations was reported as a matter of information
and no guarantee of the amount or degree of damage, if any, is impGed.
12) The appraiser h�s inspected, as far as possibte, by observation, the land and the improvements
thereon. However, it was not possible to personally observe conditions beneath the soil or
hidden structural components within the improvements. Therefore, no representations aze
made herein as ro these matters and unless specifically considered in the report. The value es-
� timate is subject to any such conditions that could cause a loss in value. Condition of heating,
PAGE 28
RIVERSIOE-QUINOARO LEVEE BUGHT STUDY - - �
. ..:b.� � _ �_v .-+ �� -•- • . �oovmri�vnJtiL.VtJU1�WNJ
cooling, ventilating, electrical and plumbirig equipment is considued to be commensurate
with the conc�ition of the balance of the improvements unless otherwise stated.
�. 13) Possession of this report or a copy thereof, does not impty the right of publication or �se for
any purpose by any other than the addrossee, without the written consent of the appraiser.
14) Neither all nor any part of the contents of this report, especially any,conclusions as to value,
the identity of the appraiseror the firm with which he is connected, or any reference to the
Appraisal Institute or to the MAI designation shall be disseminated to the public through ad-
vertising media, public relations media, news media, sales media or any other public means of
communication without the prior written consent and approval of the undersigned.
I S) Disclosure of the contents of this appraisal report� is governed by the By-Laws and Regula-
tions of the Appraisal Institute.
16) Unless otherwise stated in this report, the existence of hazardous canditions, which may or
� may not be present on the property, w�s.not observed by the appraiser. The appraiser has no
knowledge of the existence of such conditions o.n or in the property. The appraiser, however,
is not quali6ed to detect such circumstances. The presence of such conditions including with-
out limitatior� asbestos, polychlorinated biphenyls, leaking petrochemicals, urea-formalde-
hyde foam insulation, electromagnetic fields or other potentially hazardous items may affect
the value of the property. The value estimate is predicated on the assumption that there is no
such material on or in the property which would cause a loss in value. No responsibility is as-
sumed for any such conditions, or for any expeRise or engineering knowledge to discover
.
them. The client is urged to retain an expert in this field, if desired.
17) The appraiser is not expert with regard to the Americans with Disabilities Act (ADA) of
1991. Unless otherwise stated, no consideration was given nor responsibiliry taken for com-
pliance with ADA. The client is urged to retain an expett in this 6eld, if desired.
Thomas M. Rule, MAI .
,
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EXAIHIT 1
LEGAL DESCRIPTZON
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T�cT i :
DESCRIPTION: ALL THAT PART OF SECTIONS 1, 4, 5, AND 6; TIiAT PART
OF FRACTIONAL SECTION 10; AND ALL OF FRACTIONAL SECTIONS 7, B AND
9; ALL IN TOWNSHIP 50 NORTH, RANGE 33 WEST, OF THE FZFTH PRINCIPAL
FIERIDIAN, IN PLATTE COUNTY P.ND CLAY COUNTY, MISSOUR2, DESCRIBED AS.
FOLLOWS: BEGINNING AT A POINT WFIERE TAE LINE BETWEEN PLATTE COUNTY
AND CLF:Y COUNTY, MISSOURI INTERSECTS THE CENTERLINE OF NORTFIWEST
PLAT'I'E ROAD, AS NOW ESTABLISHED, (OLD U.S. HIGHWAY NO. 71), WHICH
POINT IS 828.0 FEET EAST AND 180.0 FEET, MORE:OR LESS, NORTH OF THE
SOUTHWEST CORNER OF SECTION 3, TOWNSHIP 50 NORTFi, RANGE J3 WEST, IN
PLATTE COUNTY, MISSOURI, THENCE SOUTFiERLY AIANG SAID LINE BETWEEN
PLATTE COUNTY ANb CLAY COUNTY, TO A POINT ON THE NORTHERLY TOP OF
THE HIGH BANK OF THE MISSOURI RSVER; THENCE ::NORTHWESTERLY,
WESTERLY, SOUTHWESTERLY, WESTERLY, NORTHWESTERLY AND NORTHERLY
AIANG THE SAID NORTHERLY TOP OF THE HIGH BANK TO THE MOST SOUTHERLY
.CORNER OF A TRACT OF I�AND DESCRIBED AS TRACT 2, IN THE WARRANTY
DEED FILED FOR RECORD AS DOCUMENT NO. 11457 IN BOd`K 647 AT PAGE
137; THENCE NORTHEASTERLY AIANG THE SOUTHEASTERLY LENE OF SAID
TRACT 2, AS DESCRIBED IN THE SAID WARRANTY DEED TO THE SOUTAERLY
RIGHT-OF-WAY LINE OF THE BURLINGTON NORTHERN RAILROAD, AS NOW
i ESTABLISHED; THENCE NORTHEASTERLY ALANG A STRAIGHT LINE TO THE MOST
SOUTHERLY CORNER OF TAE TRACT OF LAND DESCRIBED AS TRACT 1, IN THE
, AFORESAID WARRANTY DEED; THENCE NORTHEASTERLY AND NORTHERLY ALONG
THE EASTERLY LINE OF SAID TRACT 1, TO THE NORTHEAST CORNER OF SA14
TRACT' 1, SAID POINT BEING ON THE SOQTHERLY RIGHT-OF-WAY LINE OF
MISSOURI ROUTE NO. 9, AS NOW ESTABLISHED; THENCE NORTIiEASTERLY
ALONG A STRAIGHT LINE TO THE MOST SOUTHERLY INTERSECTION OF THE
NORTRERLY RIGHT-OF-WAY LINE OF SAID MISSOURI ROUTE NO. 9, WIT.H THE
NORTH-SOUTH CENTERLINE OF SAID SECTION 6; THENCE EASTBRLY ALONG
SAID.NORTHERLY RIGHT-OF-WAY LINE TO THE WESTERLY RIGHT-OF-WAY LINE
OF INTERSTATE ROUTE NO. 635, AS NOW E5TABLISHED; THENCE EASTERLY
ALONG A STRAIGHT LINE TO THE SOUTHWEST CORNER OF TRACT "D'�, "CLIFF
MANOR A SIIBDIVIS30N OF I.AND IN RIVERSIDE, PLATTE COUNTY, MISSOLJRI,
SAID POINT BEING ON THE NORTHERLY RIGHT-OF L3NE-0F II.S. HIGHWAY
NO. 69, AS NOW ESTABLISHED; TAENCE SOtJTHEASTERLY, EASTERLY AND
NORTHEASTERLY AIANG SAID NORTHERLY RIGHT-OF-WAY: LINE AND ITS
NORTHEASTERLY PROLONGATION, TO A POINT ON THE NORTHERLY RIGHT=OF
WAY LINE OF SAID NORTHWEST PLATTE ROAD, SAID POINT AISO BEING ON
THE WESTERLY AND SOUTHWESTERLY LINE OF BTACK "B", "RENNER PLAZA NO.
3", A SUBDZVISION OF I,AND IN RIVERSIDE, PLATTE COUNTY, MISSOURI;
THENCE SOUTHERLY AND SOUTAEASTERLY A7ANG THE WESTERLY AND
SOUTHWESTERLY LINE OF SAID BIACK "B", TO TFiE SOUTHEAST CORNER OF
SAID BL,OCK "B"; THENCE NORTHERLY ALONG THE EAST LINE OF SAID BIACK
"B", TO THE NORTHERLY LINE OF THE FORMER KANSAS CITX, CLAY COUNTY
AND ST. JOSEPH RAILWAY COMPANY RIGHT-OF-WAY; TAENCE SOUTHEASTERLY
ALONG SAID NORTHERLY LINE TO THE SOUTHWEST CORNER OF IAT 12, "JANIE
LANTS ADDITION", A SUBDIVISION OF LAND IN RIVERSIDE, PLATTE COUNTY,
' MISSOURI; THENCE NORTHERLY AIANG THE WEST LINE OF SAID IAT 12, TO
THE NORTHWEST CORNER OF SAID LAT 12; THENCE EASTERLY AIANG TAE
NORTH LINE OF SAID IAT 12 TO THE NORTIiEAST CORNER OF SAID LOT 12,
BEING ON THE.'EAST LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 4;
THENCE SOUTHERLY AIANG THE EAST LINE OF SAZD SOUTHEAST 1/4 TO THE
:' AFORESAID CENTERLINE OF NORTHWEST PLATTE ROAD (OLD U:S. HIGHWAY NO.
71); THENCE SOUTHEASTERLY AIANG SAZD CENTERLINE TO ITS INTERSECTION
WITH TFIE LINE BETWEEN PLATTE AND CLAY COUNTIES, SAID POINT BEING
THE POINT OF.BEGINNING, EXCEPT ANY PORTZON TREREOF LYING NORTH OF
THE NORTHERLY RIGHT-OF-WAY LINE OF SAID MISSOURI STATE ROUTE NO. 9.
TRACT 2:
All of Lot 2, RIVERSIDE BUSINESS PARK, a subdivision of land in
Riverside, Platte County, Missouri, accordinq to the recorded plat
thereof.
TRACT 3:
All that part of Lot 1, RIVERSIDE BUSINESS-PARK, a subdivision of
. land in the City of Riverside, Platte County, Missouri, according
to the recorded plat thereof, being bounded and described as
follows: Beginning at the Southeast corner of said Lot 1; thence
South 89 degrees 44 minutes 14 seconds West along the South line of
l said Lot 1, 143.80 feet; thence Northerly and Westerly along the
Southwesterly line of said Lot 1, on a curve to the right, having
a radius of 122.00 feet and tangent to the last described course,
an arc distance of 192.86 feet; thence North 8 degrees 18 minutes
44 seconds East along the West line of said Lot 1, 52.63 feet;
thence North 89 degrees 44 minutes 14 seconds East, 265.21 feet to
a point on the East line of said Lot 1; thence South 0 degrees 15
minutes 46 seconds East along said EaSt line 175.85 feet to the
point of beginning.
TRACT 4:
All that part of Lot 1, RI�IERSIDE BUSIKESS PARK, a subdivision in
Riverside, Platte County, Missouri, acGOrding to the recorded plat
thereof, more particularly described as follows: Beginning at the
Northeast corner of Lot l, thence South 0 degrees 15 minutes 46
seconds East 285.0 feet, thence South 89 degrees 44 minutes 14
seconds West 265.21 feet, thence North O 18 minutes 44
seconds East 384.36 feet; thence South 83 degrees 54 minutes 51
seconds East 87:81 feet, thence Southeasterly along the Northerly
line of Lot l, beinq a curve to trie left having a radius of 1351.73
feet and a central anqle of 8 degrees 18 minutes 31 seconds, a
distance of 196.02 feet to the point of beginning. -
`--
TRACT 5:
Loti 5, RIVERSIDE BUSINESS pp,g�, a subdivision of land in Riverside,
' Platte County, Missouri, according to the recorded plat thereof.
t 7
TRACT 6:
All that part of Lot 4, RIVERSIDE BIISINESS PARK, a subdivision in
Riverside, Platte County, Missouri, according to the recorded plat
thereof; lying Westerly of a line described as follows: Beginninq
at a point North 89 degrees 44 minutes 14 seconds East 310.0 feet
from the Southwest corner of said Lot 4; thence North 0 deqrees 18
minutes 44 seconds East 386.99 feet; thence North 57 degrees 37
minutes 58 seconds East 53.25 feet to a point on the Southerly
right of way line of Northwest Business Park Lane.
TRACT 7:.
All of Lot 3 and all of that part of Lot 4,.RIVERSIDE BUSINESS
-PARK, a subdivision of land in the City of Riverside, Platte
'County, Missouri, according to the recorded plat thereof, being
bounded and described as follows: Beginning at the Southeast
corner of said Lot 3; thence South 89 degrees 44 minutes 14 seconds
West along the South line of said Lots 3 and 4, 615.04 feet.; thence
� North 0 degrees 18 minutes 44 seconds East, 386.99 feet; thence
North 57 degrees �7 minutes 58 seconds East, 53.25 feet to a point
on the Southerly right of way line of Northwest Business PaTk Lane,
�` as now established, being also a point on the Northerly line of
said Lot 4; thence Southeasterly along said Northerly line, on a
curve to the left, havinq a radius of 182.00 feet, an arc distance
of 183.92 feet; thence North 89 degrees 44 minutes 14 seconds East
along the Northeriy line of said lots � and 4, 186.24 Peet; thence
Southeasterly, continuing along the Northerly line of said Lot 3;
on a curve to the right, having a radius of 60.00 feet, an arc
distance of 43.36 feet; thence Easterly continuinq along the
Northerly line of said Lot 7 on a curve to the left, having a
common tangent with the last described curve, and a radius of 60.00
feet, an arc distance of 137.61 feet; thence North 89 degrees 44
minutes 14 seconds East, along said Nort�herly line, 90.n0 feet to
the Northeast corner of said Lot 3; thence South o degrees 19
minutes 56 seconds West, along the East line of said Lot 3, 360.02
feet to, the Point of Beginning.
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7?:�?lL � : C:.�r�y d�9f?d�f�. �Q+l�.,.. . _ . - TwonaS M. RuiE
- QUALIFICATIONS OF THOMAS M. RULE, MA1
" Educatio�
- Park College, Parkville, Ivfissouri—Bachelor Of Arts, Economics (1955-1959)
The Appraisal lnstitute
Designation
: Tom completed all of the course work for the MAI designation between 1955 and 1967. He
obtained the MAI designation in 1967.
Continuing Education
CapiCatization Theory & Techniques - Part A
Capitalization Theory & Techniques - Part B
Case Studies
Condemnation Appraising
Comprehensive Exam Workshop
Standards of Professional Practice - Part B
_ �
Empioyment
Appraisal Associates, Kansas City, Missouri (1959-1968) Staff appraiser and mazket analyst
William C. Haas Gompany, Kansas Ciry, Missouri (1968-1974) Vice President
Rule & Company, Inc., Kansas City, Missouri (1974 to present)
,
Teaching -
Metro Kansas Ciry Board of Realtors - General appraisal course
Society of Real Estate Appraisers - Basic Introduction to Appraising _
American Institute of Real Estate rXppraisers
Real Estate Appraisal Principles
Real Estate App�aisal Procedures
Capitalization Theory & Techniques -. Part A
Affiliations
The Appraisal Institute •
Kansas City Chapter Offiees
Prosident (1978 & 1985)
Board of Directocs (7 years)
National 06ces
Governing Council (l978-1980)
Chairman Comprehensive Examination Committee (1981)
Candidate Guidance Cortunittee (1975-1978)
Professional Recognition Award (1980) �
The Appraisal Of Rea! Fstate, Eighth Edition (1984), Contributing Editor
Certi6ed General Real Estate Appcaiser in Missouri since 1992 (Certificate No. RA 001961)
'- Certi6ed General Real Property Appraiser in Kansas since 1992 (Certificate No. G-687)
CAmmerce Bank of Clay County, Director (1980 to 1991), Advisory Director {1991 to i993)
�art:� �'� ���4�fIS .�PB(�.. _ _ . - TNOr.as M. Ru�E
KCI Rotary (1980 to present), President (1985)
Platte County Economic Development Council (1985 to present), �ce Chairman (1992),
' � Chairman (1993-94)
FOCUS 2000, appointed by Mayor of Kansas City, Ivfissouri (1492 to present)
Missouri Rea1 Estate Cortunission, Licensed Broker (1971 to 1992)
�
. ;
__ _. . . . _ _. _ _ .
,r::��;5.,� ' y�U1NylY',�iWV . ... . . . . .. . . .COMPANV PROFILE
- COMPANY PROFILE
Rule & Company, Inc. is a commercial real estate appraisal and consulting Srm. Ourproperty
', ' experience is very broad. Special axpertise exists with airpon propectieg, leaschold valuations,
secondary uu of limestone caves, LIHC apartments, and lodging properties. Geographic
coverage is national with emphasis on the Ivfidwest. Our home territory is all of the states of
Missouri, Kansas, Nebraska and Iowa. In the last two years we have performed appraisals in more
than 20 other states.
Rute & Company, Inc. is qualiry and customer driven. We strive to provide responsive service,
insightful analysis, and detailed market data. FoUowing is a partial list of our recent clientele:
IIVSTTTUTIONS Parkway Banlc DEYELOPERS
American General Standard Bani� R Tnut John Brown � Company
Balcor Sterling Nadonal Banlc '!be Gamey Companiu
Farm Burcau Life [nsuan« Union Baiilc FIDE Corporation
GE Investments Uni[ed Missouri Bank Kert & Company
The GuarBian Wells Fazgo Medical Plaza Partners
JoM Alden Life 1.C. Nichols Company
Metl.Je Capi�al MORTGAG� The Pcrot Group
Mutual of Omaha BANICERS J.A. Peterson Company
Penn Mutual Charter American Mortgage �� �OP���
Phcenix Mutual Northland Financial Mel Simon � Acsoc.
Principal Financial Investors Commercial ., Tower Propertics
- r Senunel Real Estate Thellman Financial
tJMJM Triad Mortgage SECURTTIZATION
Woodmen of the Worid United Missouci Mortgage aqd REITS
Ryland Acceptana
B�1NKS. FNMA DUS, etc. Value Line Mortgage
Banc One ,s,bII Capital Column Financial
Bank of Kansaz Bericshira Financial
•. Bank of New York Eichler Fayne Associates GOVERNMENTS
: Bank LV Freddie Mac City.of Kansaz City, Misso�ui
Blue Ridge Banlc dc Trust Multifamily CaPital City of Gladston0. Missouri
Boaunen's Bank Paramount Financial _ FDIC
Citicorp Patrician Financial General Se[vias Admin.
Commerce Bank of Kansas Ciry pW punding Platte Counry
Dickinsoa Financial Wazhingtou Mortgage RTC
Equibank/Integra U.S. Army Corys of Enginaa
First 8anlc ATFORNEYS U.S. Post OHia
� First Nauonal Baak of Olathe Blackwcll Sanders
First Service Corporation p�, � p� OTHERS
Hibernia Nauona! Bank � @. Tuc�er KU Endowment Assa�auom
Hillcrest Bank J�a W. Fazley LDS Church
lohnson County Bank ��s [Lu Fingersh Marriot
Mark Twain Bank Polsinelli. White htidland Asset Management
Mercantile Bank Shugart "Itomson 8t Kiltoy Park College
, MNC Financial Spencer Faine Salvation Army
' - Nonvest Williams � Batzee Taco Hell
Oak Parlc Bank King, Burlce
_ _ _ _ _ .
EXHIBTT 4A
SUPPLEMENTAL
BLIGHT STUDY FOR PROPERTY LOCATED
GENERALLY NORTH OF HIGHWAY 9
WTTHIN AND ABOUT'THE BOUNDARIES OF THE LEVEE DISTRICT
IN RNERSIDE, PLATTE COUNTY,IVIISSOURI
<
TABLE OF CONTENTS
Paee
PHOTOGRAPHS OF PORTIONS OF THE SUBJECT PROPERTY . . . . . . . . . . . . . . . . . . . . . 1
INTRODUCCION TO BLIGHT STUDY : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . 3
I. DFSCRIPTION OF Tf� PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : 3
II. UTII.IZA'I'ION ....................................................3
A. Sewers ......................................:.............3
. B. Water ......................................................
C. Streets.... ...................... .......................4
III. TI� CTTY OF RIVERSIDE, MISSOURI . . . . . . . . . . . . . . . . . . . . . . . . ... . . . : . 4
t
A. Transportation ...............................................
B. Area Land Uses .............................................
IV. DESCRIPTION Of TF� AREA IN THE VICINITY
a OF TE� PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
V. DISCUSSION OF FACTORS FOR BLIGHT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
A. PhysicalBlight ..............................................
B. Economic UndemtIlization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . .5
C. Lack of Utilities .........................:...................
D. Economic Blight .....................................`.......
VI. CONCLUSION ..................................................:
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.-_ _
- INTRODUCTION TO BLIGHT STUDY
1 _
The purpose of this report is to examine an azea of land located north of Highway 9 and
within and about the boundaries of the Riverside-Quindazo Bend Levee District of Platte County,
Missouri, in Riverside, Missouri (the "Propecty ) and contiguous witfi the Redevelopment Area as
,�
set forth in the Plan. The Property is presendy owned by public and private entities and individuals.
Section 99.910(1) RSMo., as amended, of Missouri's Tax Increment Financing Statute defines
a "blighted area" as follows:
An azea which, by reason of the predominance of defecuve or inadequate street layout,
insanitary or unsafe conditions, deterioration of site improvements, improper subdivision or
obsolete plating, or the existence of conditions which endanger life or property by fire and ,
other cause§, or any combination of such factors, retards the provision of 6ousing
accommodatiqns or constitutes an economic or soc'ial liability or a menace to the public
health, safety, morals, or welfare in its present condition and use.
The Property qualifies as a"blighted azea" due to lack of street and utility infrastructure,
inadequate drainage, the lack of public improvements and its topography, threats of flooding and
deterioration of impmvements, all of which endanger life and property and result in an economic and
social liability.. These condidons are conducive to ill health, transmission of disease, fue and crime
which endanger life and properly and result in an inabiliry to generate reasonable taxes.
� - I. DESCRIP'PION OF TEIE PROPERTY
The Property is depicted on Exhibit 1 and is located north of Highway 9 within and about the
boundaries of the Riverside-Quindazo Bend Levee District of Platte County, Missouri> in Riverside,
Missouri. The Properiy is condguous with the Redevelopment Area set forth in the original Plan.
II. UTILTLATION
A. Sewers
Although sanitary sewers aze located in the vicinity of the Property portions of the Property
suffer from a lack of sanitary sewers for use at its highest and best use. Likewise, the Property dces
not have adequate storm sewecs for use at its highesc and best use.
B. W�acer_
W ater mains aze in the vicinity of the Property; however, adeqnate water lines do not extend
into all portions of the Property.
� 3
C. Streets
�� While there are streets that service the Property, some aze aot adequate for use of the
Property at its highest.and best use. Accordingly, these inadequacies create haaards for fue and
police protection and gready retazd the provision of accommodations necessary for development.
III. TI� CTTY OF RIVERSIDE, MLSSOURI
A. Transnortation
Riverside is readily accessible to all parts of the Kansas City Metropolitan Area. Running east
and west tluough the City is Missouri Highway 9, a four-lane freewag running from Pazkville to
North Kansas Ciry. Missouri Highway 9 connects with the Heart of America and Broadway Bridges
both of which cross the Missouri River and lead into Downtown Kansas City.
Running north and south through the west end of Riverside is I-635, a four to six-lane
interstate. I-635 runs north to I-29. The Kansas City Internafional Airport is along I-29 (about
fifteen minutes from the Property). I-635 crosses the Missouri River into Kansas City, Kansas, and
continues south via l-35 into the fast-growing suburban areas of Johnson County, Kansas.
Also running through Riverside are two older highways; namely, US Highways 69 and 169.
These highways merge with I-635 and cross the Missouri River on the Fairfax Bridge info the Fairfax
_, Industrial District.
The Burlington Northem Railroad has a main line t�ack to St. Joseph and Omaha atong the
northeasterly sida of the Missouri River.
B. Area Land Uses
Within che Redevelopment Area, as expanded, khe flat river bottom land has seen some
indi�:strial development but industry has been impeded by a lack of flood control. The flood of 1993
impacted the City of Riverside more severely than any other couununity in the Kansas City
metropolitan area. The majority of larger industrial buildings within Riverside were flooded to a
depth of 5 to 8 feet.
A modest industrial azea has sprung up north of Missouri Highway 9 and east of I-635.
Mixed residential uses are found on the high btuFf land. Some cheap apartments are in the original
azea of Riverside while higher quality apartments are at the north edge of town. Indian HIlIs, a
development of $50,000 to $100,000 homes, is at the east edge of Riverside. New homes in the
$120,000 to $150,000 range aze being built north of the original Indian Hills. Moderate qualiry
single-family homes aze west of I-635.
4
About 40% of the general Riverside area is still undeveloped, primarily due to a lack of
- utilides and flood control facilities.
N. DESCRIP'TION OF TI� AREA IN TI-�E VICINTfY OF TI� PROPERTY
Some of the area in the vicinity of the Property is developed but not to its highest and best
use. Other areas are w►developed. A significant portion of the property located in the vicinity of the
Property has previously been found blighted by the City.
V. DISCUSSION OF FACTORS FOR BLIGHT
A. Phvsical Blieht
The Property includes buildings which show signs of visible disrepair and deterioration and
others which have been abandoned. On some, parking is limited. 'fhe Property includes vacant
grounds, some with overgrown brush. Portions of the Property have improper platting. The Property
is adjacent to other blighted property. The topography of the Property varies abrupfly.
B. Bconomic Undemtilization
Following the tlood of 1993, the assessed valuation of many properties in the Plan azea werb
reduced for the 1994 tax year. This reduction was true for both improved properties and vacant
� agricultural land. It is likely that t�es will again be reduced following floods that may occur in the
future.
The lack of flood protection restricts che development of land in the Redevelopment Area,
as expanded. T6e adjoining bottom land azeas in North Kansas City and the Fairfax District that have
flood protection aze completely developed. Tha Riverside area has excellent highway and rail access,
proximiry to good quality residential areas, a low rate of taxes and flat land that is very aznenable to
indusuial and commercial development. Theblighting affect of the on-going threat of flooding has
limited the opporEunicies for development and thereby produce a tax base and employment
: oppoRunities that would enhance Riverside, Platte County and the whole of the Kansas City area.
Periodic flooding is dangerous and may result in death or injury. Flooding is also a health
hazazd. The 1993 flood produced polluted water, mud and debris that had to be very cazefully
handled when it was removed. F1ood-damaged buildings had to be cleaned and disinfected.
C. Lack of Utilities
The Property suffers from a lack of adequate streets and other utilities. The lack of adequate
streets and utilities creates hazazds for fire and police protection and gready retards the development
of the Property.
_�
5
�
_ . _ __ _ __.__.. _ _ ._ _ _ _
D. Economic Blieht
� The Property, in its present state, represents a social and economic liability ro the City of
Riverside. The Property dces not approach its highest and best use. If developed consistent with its
tughest and best use, the Property would provide a significant increase in tax revenue and jobs for the
City of Riverside, Missouri. Less measurable, although equally impoctant, is .the ripple effect of
further commercial and industrial expansion in the City in Iceations where property is zoned for such
uses. The economic blight of the Property, therefore, is substantial.
VI. CONCLUSION
There are many blighting features within the Expanded Redevelopment Area. A major item
is the lack of street and utility infrastruchue within the Expanded Redevelopment Area. Some streecs
are substandazd and there aze no or inadequate sewers and water for portions of the Ptoperty.
Adequate provisions for drainage are also lacking. Abandoned and deteriorated buIldings as well as
vacant ground are within the Expanded Redevelopment Area.
'I'[ie most serious and obvious blighdng factor has to do with the threat of periodic flooding.
The flood threat is blighting because it produces both safety and public health groblems, results in
gready reduced taxes and results in a severely impaired economic utilization and value. The threat
of flooding negauvely impacu the whole Redevelopment Area, including the Expanded
Redevelopment Area.
� It is therefore concluded that factual evidence cleazly dcmonstrates thaf the Redevelopment
Area including the Expanded Redevelopment Area, is blighted based upon Section 99.810(1) of the
Real PropertyTax Increiaent Allocadon Redevelopment Act, Revised Statutes of Missouri, by reason
of inadequate street layout, insanitary or unsafe conditions, deterioraaoa of improvements, nnproper
platting and the existence of conditions, including flooding> which endanger life or property so that
the area is a social and economicliability with an inability to be properly developed and pay
reasonahle taxes.
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ID�f�Tf 5
PRELIMINARY
MASTER PLAN
(To be attached upon completion)
ffiIBIT 6-9
�
s�
LEGAL DESCRIPTTON OF Tf� REDEVELOPMENT PROJECT AREA
FOR RIDEVEI.OPMENT PROJECT I-pHASE A
A tract of land in the V✓est half of the West half of Section 9, Township S0, Range 33,
Riverside, Platte County, Missouri, described as follows: Beginning at a gas pipe monument •
hitherto set on a Southerly prolongation to the line between Sections 8 and 9, in said Township
and Range, t591.23 feet Southerly (azimuth 0 degrees 26 minutes clockwise from South
meridian of Longifude 94 degrees 35 minutes 20.444 seconds, 1927 North P:merican Datum)
from the Railroad Rail on end marking the Northeast corner of Section 8 aforesaid; thence
Easterly (azimuth 271 degres 07 minutes 20 seconds) 1303.5 feet to a stake; thence Southerly
(azimuth 0 degrees 26 minutes) 744 feet to water's edge on left bank of Missouri River; thence
in a Southwesterly direcdon along said water's edge to a point wtuch is 1338 feet Southerly from
a point of beginning; thence Northerly (azimuth 180 degrces 26 minutes) 1338 feet to point of
beginning, also all that portion of the East half of fractional Section 8, Townslup 50 North,
Range 33 West and the accretions thereto, bounded and described as follows, to wit: Beginning
at a point in the Fast line of said fractioaal Section 8, 1591.25 feet South of the Northeast comer
of said Section and running chence West patallel to ffie North line of said fractional Section 8,
' i095 feet; thence South with a line parallel to the Fast line of said fnctional Section 8, 1508.75
feet more or less to the North bank of the Missouri River as said river now flows; thence
Northeasterly along We North bank of said Missouri River to the Fast line of said fractional
�''�. Section 8, produced South to said Missouri River, thence North with said Fast line of said
fzactional Section 8, produced South as aforesaid, 1042.75 feet, more or less, to the point of
beginning, all in Platte County, Missouri. (Except thaC part Ehereof lying West of the East right
of way line of Interstate Route 635 as now establishe�.
' _,
EXHIBiT 6-B
PHASE B
LEGAL DESCRIPTTON
A TRACT OF LAI*iD LOCA'TED IN FRACTIONAL SECTION 9, TOWNSHIP 50 NORTH,
RANGE 33 V✓EST, RNERSIDE, PLATTE COUIVTY, MISSOURI, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS: CObIIvIENCING AT TFI& NORTHWFST
CORNER OF SAID FRACITONAL SECTION.9; TT�TCE S 00°02'00" E ALONG TF�
R�EST I1NE OF SAID FRACITONAL SEC'TION 9 A DISTANCE OF 1,591.58 FEET;
TF�10E S 89°20'30" E A DISTANCE OF 377.65 FEET; THENCE N 78°48'27" E A
DISTANCE OF 72.45 FEET; TT�NCS S 11 E A DISTANCE OF 8.00 FEET;
'IT�NCE N 78°48'27" E A DISTANCE OF 11334 FEET; 'I�IENCE ON ?. CURVE TO TF�
LEFT, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADNS OF 468.00
FEET AND AN ARC DISTANCE OF 57.18 FEET; T$ENCE N 71°48'27" E A DISTANCE
OF 109.58 FEET TO THE POTNT OF BEGINNING OF TfiE TR.ACT OF LAND TO BE
DESCRIBED; TE�NCE N 18 W A DISTANCE OF 240.00 FEET; THENCE N
17° 15'29" E A DISTANCE OF 170.44 FEET; 1'�IENCE N 71 °48'27" E A DISTANCE OF
91.15 FEET; TT�NCE S 18°11'33" E A DISTANCE OF 378.84 FEET TO TEIE ..
NORTHERLY RIGHT-OF-WAY LINE OF ARGOSY PARKWAY AS IT IS NOW
ESTABLISHED; TT�NCE S 71°48'27" W ALONG SAID NORTFIERLY RIGHT-OF-WAY
LINE A DISTANCE OF 190.00 FEET TO TT� POINT OF BEGINNING. CONTAINS
-, 65,117 SQUARE FEET OR 1.49 ACRES MORE OR LESS.
_i .
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LEGAL DPSCRIP'1TON
A1Z OF IAT 5 AND LOT 4, PLATTB VALLSY IIVDUSTRIAL PARK BAST, RIVERSIDE
PLATTS COUNTY, MISSOURI, ACCORDING TO TI� RECORDED PLAT 'Cf�REOF;
EXGEPT' THAT PART OF LOT 4 DESCRIBED AS FOLLOWS: BEGINNING AT THE
SOUTHWEST CORNER OF SAID LOT 4; THENCfi N 20°59'43" B ALONG Tf� WEST
LINH OF SAID LOT 4 A DISTANCB OF 403.92 FEET TO Tf� SOUTIi RLGHT-OF-WAY
LINB OF N.W. PARKWAY AS TT NOW EXISTS; TI�NCg NORTf�.ASTERLY
CONTINUING ALONf3 SAID SOUTH RIGFiT-OF-WAY LINH ON A CURVE TO Tf�
LEFT HAVIIJ(3 A CFiORD BBARING N 82 B, A RADNS OF 60.QU FBBT AND AA(
ARC DISTANCB OF $7.95 FEfi'T; T��iCS S 36°44'47" B p DISTANCB OF 90.18 FH&T;
, TFIHNCS 8 20°59'43" W A DISTANCS OF 383.76 FEST TO T� SOVTHERLY LINH OF
S.AID 4; TIi�NCB N 69°00'1�" W ALONG SAID SOUTT�RLY LiNB p DISTANCE
OF 127.00 FEET TO 'IHS POIIVT OF BHGINNIN(�.
�
' EXHIBIT 6-D
P'HASB D
TRBCT I: ,
1 that part of Lots 2, 3, 4, 17, 18, Tract A, Traet D and
Vacatad Plaza Road, RED X PLAZA, a aubdivi�ion of land in the
Cisv o! Riverside, Platte County, Missouri described aa �
follows: Bsqinninq at the Soucheast cor.:az of said Tracn '1►^;
thence Nosth 6? Degrees O1 Mi.�utes 03 ���ords West dIC'3y che
Northerly line ui the Chic�ico B�u lin,=on �..tid Quincy R�ilroad
Ri.q'at-oE-way, a ��stanee uf 725.:1 feae; thence ttarth 0
Deqrees 37 Mian�_es 35 Seconds Eaat, a dist�nee of 278.80 feet;
thenea 5outh 89 Daq=eas 20 14inutes 07 Secos}da East, a distance
oE 319.49 £eet to the Westerly Aiqht-of- ay aE Plaza Aoad;
thence 5outh 0 Dagraes 33 Hinutes 32 Seeon e wesc alonq said
Right-of-Way, a diataace og 198.47 feet; thence eon�:inuinq
alonq said Riqht-o�-wa.y. alonq a cur�e to the riqht, baing
taaqent to the last deseribed cnurse and h inq a rad�us ot
60.00 feet an arc distance of 40.32 feet� thence contin�ing
alonq said Riqht-of-Way alonq a curve t the left bein?
cangent to the'last described course and hai�inq a radiva �i
55.00 feet and arc distance of 246.70 fset;, thenee contirn°.;.q
alonq said Riqht-of-Wny along a cuzve tol the right :.�iing
tanqent ta the lnst described courqe and ha+rinq a zadi.:� o°_
50.00 feet an arc distanca of 40,32 faet;. Chenes con�:auinq
alonq said Riqht-ol-way North O.Dgqrees 33 nutes 32 :7�eonds
East, a distance of 478.36 fest to the Sout2�ezly Riqht-�E=Way ,
of Missouri Stata Siqhway Number 9; thence onth 89 Degrees ZO
Minutes 07 Seconds East alonq said Riqht-cf Way, a distar.ea of
300.00 fe�t to the Ensterly line of said X PLAZA; :henee
South 0 D�qress 33 tiinutea 32 Sa��onds '�7ea`. ong the ar.,:rerly
line of aaid RED X�Ld2A, a distanae of 81 .68 `eat t�• :?�A
po�,�!•. o! beqinninq.
� TRaC.'.• ZI:
"� p3tC oE Lot� 5 and Lot 17, AED Y P , a snbdivis�.r,n
of laad ia t2ta City o! Ri��rside, Plattn Couaty, Miaao�•r:..
• deaer+�' ed as lollc�rs: Commaneinq at ths Ncs�hrrsst eora�� of
ths Esst oa�-halt o! tlie w�st.one-halt o! t�actloaal Se^.tion
9, Tow�whip 50, Raaqs 33; thenee SouCh 89 Dggsses 10 2itr.utea
19 Saconda East alonq the• North lin� o! said lraetw�aal
Section 9,r'a di.staaco of 61a.i1 Eeee o the Southerly
Riqht-ot-aay oE �.iasouzi State atqhway �9t �nce alonq said
Riqht-ol-�ay Sonth 43.Daqrees 35 liinutos 15 S�conda Eas_, a
distane� of 482.65 teet; theneo continu alonq said
Right-of-Way, South 70 Dsgre�s 08 tiinutss 09 econda East, a
distaa¢e ot 37�.23 laat; thance, coatiau' q alanq said
Riqht Norch BO D�qraes 13 Minut�a �9 eeoads Eaqt, a
distance o! 675.30 le�t to the point o! beqia ing ot th�'t�act
o! lanci h�r�in to be deserlbod; thenea � eont ::'S.ng North � do
oeqraas 13 Minutas 49 Seconds East,'a distaae o! 13.66 f�er;
chenee South 89 Deqsesa 20 *Sinutss 07 Saeands;Last, a diatance
- of 305.?1 te�t co tha westerly line o! P!.a;a Roadt *-h=11=$
South 0 Daqsees 33 Kl,autes_ 3z. Seeonds woat along �aid
Riqht-of.-r7ay. a 23staace ot .280.00 faet; *_banc• Nosth 89 •
Deqreos 20 liinute� G9 Seconds ttes.t, �a distnnc�o! 319.48 E�t; -
thenea North 0 Deqraes 37 Minn*.as,35 Eeconds aat, a distance
of 277.53 teet to tha poiac o! `':s3la�inq, sub ct to that 2art
-- ----'
• EIII�BTf 6-E
P'HASB B
Lfl(3AL DESCRIPITON
1111 that pSrt ot Lot I, PI,7�TTL VI�LLLY INDUSTRIAL PM1C CAST, a
��bdivleion !n Riverelde, Plntta County, Hisaouri, ccCOrdlnq to ths
record�d plat�thereof, beLnq moco particularly deecrlbed ae Lollowei
Commsncinq at the Northaeet cornor of enid Lot 2; thenca South 06
Oaq��a� 39 Nlnutes 20 Soconde Nast alonq tha Haet llno oC �nid Lot I, e
dl��anc• oL 279.57 L��t to th• �oint ot bepinnlnqj thence South 8J
O�qro�r 20 Hinutes 10 Seconds Eert parelloi to'the North lina oC said
Lot 2, a diatance o! 215.90 feet; thence South 06 Daqrees 79 Ninutes
20 Se�onds Hest, parallel to th9 Neat line oE eeld Lot 2, a dlstnnce
' oE 2'19.SO feot to e point on the South line of eaid Lot 2; thence
North 69 Deqreea 00 Hlnutea 17 Seconde Naet alonq tha South llne oE
aaid Lot 1, e diatcnca of 211.91 feet to the Southwe�t cornor oE eald
Lot :� tha�c• North 06 �aqreo� �9 Hlnute� 20 SaCOrids EesE alonq the
'tt�st l�no o! said Lot 2, a dlatance of 221.54•laet to the point ot
beglnning. �
�
EXHIBIT 6-F
__ . �
LFGAL OE'SCRIPTION �
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� CCtlCR 01' A:RAC. :7r lM9 C9HVLT�A 10 •JLti: OiL COMaN7 OT O[!� pAifO 1LT SD. . .
. �. N43. J110 L�GR�[9 � W OOdC 27�. tA6[ i'Ni � � .
- :FLVCt !1 2�•)SS�' C.(LO4 'K nC3itlL7 UK :7/ !►ID TtIC tGfNCTtO 10 Xt71T OIL .
CCMIW!. A 91TANCL p' IfG.'! ftt: TO M 90lR�QLT [IOA-Cr-tAT LIK Or 1�C �. .
� � C.l. � O.RI[. i � .
- 7FLY�.. S. i3'3�'Oi' Z aL}i6 Li0 t10R•CPNAt �4Z. '•0.00 fLCT 10 1�! TlIS !OYR .
- � . � �� p' XGMNWi. S�K� MO �CLr� T4S tORi101/ MRLM CONKT[D ST 9RSLLY OIL
� �- � YRl1W� '.0 M.I. LASING. 41C.lT OLO Q�?'d �W1R01 -. 1%1. TOGtSNdt MI?N TI[ �
i�aasriaa *o .0 ar s�ro wa. wr asscr ro .,r. seona nurrea+ er
�w �aesaan :rv�e. .
tt�cr ^ .
A:tAC7 Or llu0 lt7Wtt0-DI M NMY O► XCT�ON �. TOMtlM► SO NORiN. RAMG6 �.
- )� Y�97.Sn �.7�.. RATiL CQMT. N111Qt1. NOtC ►ARSKN.AR1.7 CC9RIEW AS PQ.LO�'S•
� �ROM M plfLR9LC.lp1 Or 'Y<.VORfIlRLT R1GR-Or-�AY tYE Or MHld219TATC WIIAr -
fi �S M 1�fM M YST L7! Or 3Aq iCR�ON �.lAIO ►0l1R XNi ! 00'NSY 7. A
- � OqTaNCt Or SS� SS I�T !!CM M'N/ CCfK! 0/ SIUO 3[C•ION {i . - .
- il[.`a S�iS':�1%' S. N.LNO 9�M /ClIIi1LY =16NT-Cr•�al �PL. {5.00 /Z6T TO M
!oiHr ar xaw�woF
ne�+a N s.•ass+• s. . asrwa a isi.ao �.erl
r„cva s arx.rov s. • onK.�cz ar soo.ao r.ar�
-�e�z e s�•�ss.•�. . o�r.ire r �u.00 rscc :o �+s wxne4r ��c,�r-n-r�r �n,e
ni»asi er�:s �n•r W..s :m: '
TrGwS M H�aOt•�r. xt.a+6 s�W n9rt-Cr•r4t I.ut. � 7.l1�rC o►�S00.00 �[fT -
� � � t0 :i[ �6tM :! lL6ihNl1:6. -
PHASE F IS NOT AP APPHOV� TIF PROJBCP
ERIIIBTT 6-G
4.fGAl. DESCRIPTIDN:
. NI �� �t of Lota 3. 4. 5. and 15. and thot pa�t of rocot�d Parollel
Stree� RENNER PLAT/1
N0. 5. a subd/v/slon of lond in the dty of Rl►roralde.
Pbfte Ccunty. Mj at the Northwest�comer�o �q1d o 3• on an -
foflows: BegJnning
azlmuth o/ 282 degrees 21 minutes 52 seconds olony the Northerfy line of soid
Lot 3. being also �e �Issoun� a�ccording�o �e �d� Plat�t� �l slon of
land in Plotte Gounty,
160.57 feet; thence on an azimuth of 3U5 degrees 44 minufes 40 seconds dlong
the Easterly line of said Lots 3, 4 nnd 5 i� sold RENNER PLAT 4 N0. 5, being
also the Weste�fy line of said RENNER PLAZA N�• 1. 24�•�9 feeh thence on an
ozimuth of 82 degrees 27 minutes 13 seconds, 326.46 feet to a point on the
Fasterly line of West Riverside Orive, os now estoblished; fhence on an
Ilne, 220.0 teet �0 9 the S o nt o f u Beginninge a� d zi�nuth meosured �c ockw se f—way
from South. I
)
.
: �
EXHIBTP 6-H
� �,� '. � � : . - :.� -
�AU. •�Ff 7�iT .OF `1t1E 30U1HWEST QUIkRIER OF SEC�IQN 4�AND PAR7
4F �`. l�y�g� .QtIARTf�t�� tiF'1N�� NORIHVYEST� WI1R'.I�R ��EC'110N 9.
801H W�� '�� �GE �33: a'I.ATiE�0011Pi NISSWRI. BQNR MORE
PARi1WI;�R4Y DESCRIBEO AS FOFJ:4� �MFNqNQ AT 'Ai� NOR'IHEAS
OOFWER':�f 1HE NORTIiWEST QUARTEFE OF 1HE NORIHW�S7 WARTER OF SAID
SdC1WN .9t 'IHENCE S 00'28"00' W A�.ON(i 1HE EA5T UNE OF SND QUARTER
QUIIR7ER SEC110N 'A DISTANCE' OF 203.12 FEET �0 A POINT ON 1HE
NpRll{EAS�ERRt,Y RIGHT—OF—WAY UNE OF THE CH�CA(� BURLlN070N dc QUINCY
RAILROAD; 1HENCE N 69'19'38" W ALONG SAID NORIHEASTFRLY RI�FIT-OF—WAY
UNE A OIST/WCE OF 52g•�3 ��T � C �,�NUING N� 9'19 36 W��.O G SN�
OF LAND 70 BE DESCRIBE�;
NOR'iHEAS1ERLY RIGHT-OF—WAY UNE A DISTANCE OF 314.93 FEE?: 1FIENCE
N 14'06'54' E A OISTANCE OF 740•40 FEET TO A POINT ON ZHE SOUlNERLY
RIGHTrOF—WAY UNE OF INTERSTATE ROU'(E N0. 635 AS NOW ESTABUSHED; THENCE
S 84'38'03' E ALONG SND SOU'(HER�Y_ RIGH7—OF—WAY UNE A DISTItMCE OP 124•1U
FEE7 70 A POIN7 ON 11'1E S0�11'�WESIERLY RIGH7—OF—WAY UNE OF MISSWRI
STATE HIGHWAY RW1E N0. 9 AS NOW ESTABWSHED: �FIENCE S 53'37'31' E
ALONG SNO SOUTFIW€S7ERLY RIGHT—OF—WAY UNE A DISTANCE OF 278A2 FEET;
1HEN(� S t9'40'08� �N A DISTANCE OF 693.19 FEE7 TO 1HE POlN7 OF BEGINNING.
ON7NNS 258�680. SQUARE FEEY OR 5.93 ACRES, MORE OR LESS.
-•e]iD OF DESCRIP110N.
� . . . j � . . _ . . .
' 1
. � . � " �' � � '
� ���� £
e � � �R��� �
�� � ; $
� �. � ,
� �� - -�
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R�� � q
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�€� � � �.
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i
EXHIBIT 6-II
DESCRIPTION OF ELIGIBLE REDEVELOPMENT PROJECT II AREAS
Levee Name Tax Map Pazcel Number Assessor Parcel Acres (prior to
District Number taking of property
Ownership for L.evee Project)
Tract #
20 Trillium Corp. 23-3.0-06-000-000-�92-000 15-0152-00-000100 33.0000
4350 Cordata Parkway
Bdlin am.WA98226
27 TrilliumCo . 23-3.0-07•000-000-013-000 IS-0I53-00-000170 70.4300
� 31 Riverside Pazk Resort Co. 23-3.0-(Y7-000-000�010-000 ISA153-00-000080 40.00W
do Trillium C �
38 TrilliumC . 23-3.0-07•000=000-fl03-000 IS-0153-00-000040 15•0900 �
qp TrilliumC 23-3.0-07-000-006�00600� IS-0i53-00-000I50 1.9200
� 41 TrilliumC 23-3.0-07-000-000-00'1-000 IS-0153-0OOOOI30 5.0000
42 Trillium C. • 23-3.0-07•000-000-008-000 IS-0153-00-000120 5.0000
43 Riverside Park Ruort Co. 233.0-07•000-000-U17-000 15-0153-00-000260 43.6000
c% Trillium C
q4 Pau1 Piea 23-3.0-08-000-00Q004-000 15-0154-00-000�20 13.0000
do Trillium C .
45 Trillium G. 23-3.0-08-000-000-003-000 15-0134-00�OOOOlO 192.1800
46 Trillium C. 23-3.0-08-000-000-005-000 15-0154-Oo-000150 131.1900
79 TrilliwoC . 23-3.0-OS-000-000-042-001 15-0IS1-00-000231 16.2500
80 FranlcA.Strat,JcTnut 23-3.0-OS-000-000-042-000 15-0ISI-00�000230 1.2800
� . � do Trillium
g� Trillium 23-3.OA 3-000 ]5-0151-00-000340 109.09U0
� -_ '
�
_ EXHIBIT 7d
PROiECTED REDEVELOPMENT PItOTECT COSTS
REDEVELOPMENT PROJECl' I
2EDEVELQPMENT ESTIMATED REIMBURSABLE AMOUNT
'ROJECT I COST SOURCE OF PROJECT FUNDS FROM TIF' REVENUE
Levee Project $56,280,000 $28,306,000-Federal -�'
$ 2.800.000-City Deposit 100%
$ 4,950,000-Landowner Deposit or 1��
Additional TIF Bonds
$ 2,9U0,000-TIF Bonds 100%
$ 6,150,000-Levee District Bonds -0-
$11,174,000'-Additional Assessment Bonds 100%
$2,500,000-City Participadon Paymeat -0-
'Estimated amount; actual amount may be more.
, �
_
�
ExH1BIT 7
PROJECTED REDBVEIAPMENT PROJECI' GOSTS
p'HASE I
ESTII�IATED REQvIBURSABLE AMOUNT
JP.CT PROM T1B REVENUE
COST SOURCB OF PROJECT FUNDS
SEE 1999 ATIENDMENT
�sy Pcojed
�ansion Facility 545,000,000 545,000,000 - Developer -
tel
S10.OQ4.444 S10.OQ4�444 - DeveloPer �
Total
555.000.000 S55,00�.000 �
SS6,280,000 528,306,OOaFederal �'
e Project (To be detennined)
S 2,gpp,pp0-City Contribution �----
S 4,950,000-Iandowner Contributiou ,_----
(To be detern�ined)
S 2,900.000-1� Bonds Purchased bY
Iand Owner and S� by TIF 52,900.000
Revenues
S 6,150,000-Levee District Bonds -�'
511.174.000- Bonds S City NID Pa�ticipation
paymeot (To be determined)
s Iandowner NID Pi+emium
paymwt (To be detem�ined)
s Annual NID Assessments
(To be detemuned)
Total S 56,280,000 556,280.000
�pI, 5111,280,000 5111,280,000
TOTAL: (To be determined)
u:wu��sn�0000��eRrc.cxr
hiw2� 1996 � � � � ' � � � � � �
t
EXHIBTT 7-II
PROJECTED REDEVELOPMENT PROJECT II COSTS
PROJECT II FSTIMATED PERCENTAGE MAXIMUM
COST REIMBURSEMENT* REIMBURSEMENT*
I-635 Diamond $4,28'I,000 50% $2,143,500
Interchange and
Improvement of Van
de Populier Road to
arterial street
standazds
*Developer must first exhaust all Federa! and State Funding sources.
. . � . . , � � �� . � ..'.
E1�IT �
PROJECTED RIDEVEIAPNIENT PROJECT COSTS
PHASE II .
" FSTIlVIATED SOLIItCE OF FUND� RFiMBL�SAfSL•F A1IROUN'�
COST
Interchange 54,287,000
Water 8c Sewer 52,260,000
Access Road S 630,000
Stom� Drainage S 500,000
TOTAL 57,677,000
SEE 1999 Alffi�ID1�N`P
LEGaL DEBCRIPTION
TRACT 1: .
AESCRIPTZON: ALL TH]►T PART OP SECTIONS ],. 4, 5, AND 6; THAT pART
OF FRACTIONJIL SECCION 10, AND ALI. OF FRIICTIONJ►L SECTIONS 7, 8 AND
9; ALL IN TOWNSHIP 50 NORTfi, R]1!(GE 77.WEST, OF THE FIFTH PRINCIPAL
MERIOIAN, IN PIJ►TTE COUNTY AND CLJ►Y COUNTY, MISSOURI, DESCRIBED AS
FOLIAWS: BEGINNING 1►T 11 POIHT Wf�RE T!� LINE B£TWEEN PLATTE COVNTY
AND CLAY COUNTY, MZSSOURI I2iTERSECTS TE� CENTBRLINE OF NOATHWEST
PLA1'TE ROJ►D, AS NOW ESTIIHLISHED,.(OLD O.S. HIGHFIAY NO. 71), WHICH
POINT IS 828,0 FEET F.71ST 71ND 180.0 FEET, KORE OR LESS, NORTFi OF THE
SOUTHWEST CORNER O! SECTION 3, TOWNSHIP SO NORTH, R]1NGE 3� WEST, IM
PLIITTE COUNTY, MISSOURI, Tf�NCE SOUTFIERLY 11LONG SAID LINE BETWEEN
PI.7ITTE COUNTY J1ND CLAY COVNTY, TO 11 POINT ON T� NORTHERLY TOP oF
THE HIGH BI�NK OF THE IiI950UR2 RIVERt TFIENCE NORTHFIESTERLY,
WESTEPI,Y, SOUTHWESTERLY, WESTERLY, 270R'IHWESTERLY AND NORTF�:RLY
AIANG THE SAID NORTf�RLY TOP OP TF� HIGH B11N1C TO Tf� MOST SOVTI�RLY
CORNER OF ]1 TR11CT OF I.7�ND DESCRZHED 113 TR)1CT 2, IN THE WARRANTY
DEED FILED FOR RECORD AS DOAOI'�NT NO. 11457 TN BOOK 647 AT PAGE
1�7; TliENCE NORTHEJISTERLY ALONG TffiS 5001`E�J�STERyY LINE OP S71ID
TRACT 2. AS DESCRIHED IN TF� 511ID WJ1RR11NTy DEED TO Tf� SOU'Pf�RLY
RIGHT-OF-WaY LINE Ot Tf� BURLINGTON HORTf�RN RaILR011D, AS NOi1
EST118LISHED; THENCE NORTHE115TERLY 11LONG J► STRAIGHT LINE TO Tf� MOST
SOUTHERLY CORNER OP T!� TRACT 0! LAt�D DESCRIHEj� 11S TR11CT 1, IN TF�
AFORESI►ID WI►RRaNTY DEED; Tl�NCL NORTI�115TERLY AND NORTHERLY AIANG
TE� EAST£RLY LINE Of S1�ID TRACT 1, TO 'T� MORTHE118T CORNER OP SAID
TR11CT 1, 5712D P02NT HEING ON TH8 SOUTHERLY RIGHT-OF-W�1Y LINE OF
MISSOURI ROUTE NO. 9, J►S NOW ESTl►BLISHED: TFff.NCE NORTHEJISTERLY
AIANG 11 STRIIIGHT LIIiE TO THE MOST SOOTHERLY INTERSECTION OF THE
NORTEiERLY RIGHT-0E-W71Y LI2iE OF Sl►ID lSISSOVRI ROUTE NO. 9, WITH Tf�
NORTfi-SOUTH CENTERLINE OP 371ID SECTION 6 t `THENCE F.ASTERLY ]1LONG
SAID NORTHERLY RIGHT-OF-W71Y LIIfE TO T!� WESTEAL,Y RIGHT-OF•w]►Y LINL
OF INTEASTlk1'E ROOTE NO, 6�3, J13 NOW ES'E118LISHEDI THENCE P.ASTERLY
AI.ONG 11 STR7IIGHT LINE 1'O T9E SO�THWLST CORNLR O! TR]kCT "D", "CLIPF
MI►NOA" 71 SUBDIVISION OT 1J121D IN RIVLA32DE, PIJ►2R'E COUNTY. PtIS50UR2,
Sl►IO POINT HEING ON T� NOAT!lL�RLY RIGIiT-O!-W71Y LINE OF U.S. HIGHWI►Y
NO. 69, ]13 NON E.STJ4HLIS�Df Tl�NCL SOUTHL715TERLY. EASTERI.Y AND
NORTHE715TLRLY 11LONG 371ID NORTHERLY RIGET-Ol-WJ1Y LINB AND ITS
NORTHElISTERLY PAOIANC�lTION, TO 11 POIHT ON T!� NORTHERLY RIGHT-OF-
WAY LINL O! 311ID NORTHIiL�3T PL7ITTL R011D, S712D POZNT 1►LSO HEING ON
THE WESTlRLY 111JD 30UT!lWESTERLY LINE OF BIACIC "H•, "RENNER PLA2J► NO.
7", ]1 SUBOIVI9ION Ol �Id1ND IN RIVER9IDE, PL7ITTE COUNTY, M=550fJRZ;
THENCE SOOT�RLY )1ND SCUTt�Jl3TERLY ALONG THE 61ESTERLY AND
SOUTHWESTERLY LI2f! O!•S7►ID HIACIC "B" TO TI� SOUTHEAST CORNER OF
SAID dLOCX "8" T 1'HENCE NORTHERLY JIIANG T!� F.1►ST LINE OF SaID BIACK
"H", TO THE NORTHERLY LINE OZ TH8 FOAI�R IUN5113 CITY, CLJ►Y COUNTY
AND ST. JOSEPH R11ILW71Y COMP7INY RIGHT-OF-W71Y; THENCE SOUTtff.ASTERLY
AIANG SAID NOATHEALY LINE TO THE SOt1THiiEST CORNER OF IAT 12, "JANIE
LANTS AD02TION", 11 SUBDIVISION OF I.AIiD IN RIVERSIDE. PLIITTE COVNTY,
MISSOURI; THENCE NORTHERLY ALONG TFI& WEST LINE OP SAZD IAT 12, TO
_ __ _
THE NOATKWEST CORNER OF S11I0 IA1' 12: THENCE E1ISTERLY ALONG THE
_ NOR'fH LINE OP SaID LAT 12 TO THE NORTHE11S2 CORN£R OF SAID LOT 12,
' BEING ON THE F.11ST LINE OF TEiE SOUTFIEAST 1/4 OP 511ID SECTION 4;
THENCE SOUTt�RLY ALONG THE F.)1ST LZNE GF 511ID SGUTHEAST 1/4 TO THE
AFORESAID CENTERLINE OF NORTHWEST PL711'TE ROAD (OLD V.S. HIGFIWI,Y No.
71) ; THENCE SOUTHE},STERLY 1�L.ONG SAID CENTERLINE TO ITS INTEASECTION
WITH THE LINE BETWEEN pLATPE AND CLa1Y COUNTIES, 511ID POINT BEING
THE POINT OF BEGINNING, EXCEPT A277[ PORTION THEREOP LYING NORTH OP
THE NORTHERLY RIGtiT-OF-WJ1Y LINE OP S11ID MISSOfJRZ STJITE ROUTE N0. 9.
_ TR]►CT 2:
Al1 0! Lot 2, RIVERSIDE BUSINESS PaRK, a subdivision o! land in
Rivarsida, Platt� County, Miasouri, accordinq to th� r�eorded plat
theraot.
TRACT �:
Ali that part of Lot 1, RIVERSIDE BUSINESS PAR1C, a subdivision oE
land in tha City ot Riv�rsid�, Platts County, lSissouri, accordinq
to tha recordad plat th�raef, bainq bound�d aeid dascribad as
follows: B�qinninq at tha Southaast corn�r o! aaid Lot 1; thenc�
south 89 dsqrus �4 minut�s i� saeonds w�st alonq th� South lina o!
aaid Lot 1, 143.80 taatt th�nc� North�rly and w�st�rly alonq th�
Southw�st�rly lin� o! said Lot 1, on a curv� tp thr riqht, havinq
_� a radius o! 12Z.00 l��t and tanq�nt to th� last d�serib�d cours�,
an arc distanca o! 192.86 la�tf ��no� Horth 8 d�qr��s 18 minutas
4� aaconds East alonq th� W�st lin� o! said Lot l, 52.6� te�t;
tri�nc� North 89 daqrus 44 ainut�s 1{ sseonds East, ?65.21 laat Co
a point on th� East lin� o! said Lot i; th�nc� South 0 d�qrws 15
m3nut�s 46 aaeonds East alonq eaid East lin� 17S.8S t��t to th�
point ot b�qinnlnq.
TRACT 4:
All that part o! Lot l, RIVERSIDE HUSI2iZ.4S Pl►Rl�, a subdivision in
Riwrsids, Dlatt� County, 1[issousi,. accoYdinq to th� r�cord�d plat _
th�raot, mor� particularly d�scrib�d as lollows: B�qinninq at th�
North�ast corn�s o! Lot 1, th�nc� Soutls 0 daqr��a 13 sinntas 46
saconds taat 2aS.0 L��t, th�nc� South 89 d�qr��s 44 minutas. 14
seconds Wut 365.21 la�t, thsnc� Nortri 0 d�qr��s 18 minutas 44
seeoada East 384.36 li�tt th�nc� South 83 daqr��a Sa minut�s S1
seconds East 8�.81 la�t, th�nc� South�ast�rly alonq th� North�rly
lina o! Lot l, b�inq a curv� Co th� 1�lt havinq a radlus ot 13b1.73
leet and a c�ntral anql� o! 8 d�qr��s T8 minut�s �1 �aconds, a
distanca o! 196.02 la�t to th� point o! baqitusinq.
/
' TRACT S:
Lot 5, RIVERSIDE BUSINESS PARK, a subdivisio� o! Yand in.Rivnrside,
' Platta County, Hissouri, accordinq to ths recordad plat thereot.
TRACT.6:
Al1 that part o! Lot �, RIVERSIDE BUSINESS P71RK, a subdivision in
Rivarsid�, Platta Caunty, Missouri, accordinq to tii� racordad plat
tharaol; lyinq W�st�rly of a lin� d�sczib�d as lollows: eeginninq
at a point North 89 deqre�s 44 minut�s i� s�conds East 310.0 teat
trom th� Sout3iw�st corrl�r ot said Lot 4; thsac� North 0 daqraas 18
minut�s �4 s�conds East ]86.99 Laat; th�nc� North S7 daqrees 37
minut�s S8 saconds East 53.25 f��t to a point on th� Southerly
riqht o! way lin� o! Northwst Busin�ss Park Laa�.
TFJ►CT 7 tl
All o! Lot 3 and all o! that part of Lot 4, RIVERSIOE HUSINESS
PARR, a subdivision of land in tha City o! Rivarsid�, Platta
County, Missouri, accordinq to th� recordsd plat thareol, baing
bound�d and d�scrib�d as lollovs: B�qinninq at th� Southeast
cornar o! said Lot �; thsne� South 99 d�qrs�s 44 minutaa 14 ssconds
Wsst alonq th� South lin� oi said Lots � and 4, 615.oA te�t; thanc�
North 0 dagreas 18 minutas 44 asconds East, �86.99 laet; thenc�
North S7 dagraas �7 minutas S9 s�conds Eaat, 5�.25 !ut to a point
on th� South�sly riqht ot way lin� o! Northwast 8usin�ss Park Lan�,
, as now �atablish�d, bainq alao a point on th� North�rly lina ot
said Lot 41 th�na� South�ast�rly alonq said Northarly lin�, on a �
curvr to th� 1�lt, havinq a radius ot 162.00 lsat, an arc distance
o! 183.92 t��tf thanc� North 89 d�qr��s �4 minutas 14 s�conda East
alonq tha North�rly lins o! ssid lots 3 and a, 186.24 la�tt thanca
Southsast�rly, conCinuinq alonq th� North�rly lin� o! aaid Lot 3,
on a curv� to th� riqht, havinq a radius ot 60.00 last, an arc
distanc� o! 43.]6 t��tt th�nea Eastarly continuinq alonq tha
Northsrly lin� o! said Lot � on a curv� to th� 1�lt, havinq a
common tanq�nt riCb th� last d�scribad cusv�, and a radius o! 60.a0
taft, an anr.distanc� o! 137.61 l��tf th�nc• North 89 d�qre�s t4
minutas 1� s�conds East, alonq asid Northarly lin�, 90.00 la�t to
th• Northaast coret�r o! laid Lot 3 t th�nc� South 0 daqrus 19
minut�s Sd s�conds N�st, alonq th� East lin� o! said Lot 3, 360.02
lest to th� ?oint•o! e�qinninq.
i
I
i
EXHIBIT 8 �
i
: _ I
�
I
I
�
FINANCING PLAN I
FOR THE
,
RIVERSIDE/QLTINDARO
L-385 LEVEE PROJECT
CITY OF RIVERSIDE, MISSOURI
�
;
;
;
�
�
I
I
,
I
Submitted to the Army Corps of Engineers j
- On Behalf of the I
Riverside/Quindaro Bend Levee District I
I
May 31, 1996 i
�
i
i�RJiSTRO,T6.TE�ISDALE, SCHLAFLY St DAVIg �
_ - • P�NTNERSMIP INClV01NG Pfi0IC5510N�1 CORPoR�TONg
- �?TORNEY3 AYD COCVSELOR3 - � .
� - . $UITE 2000
2343 CIRAND BOULHVARD �
KA.iSAB CItY,:TI330URI 64108 - -
�. Stephen A. Crysnl � (et6) 22t-3a20 _ .
� � Of Counsei -psx 1818) 2E1-07B6 � " sr. coc[s. xiasocnc
� (816) 472-3115 � � � � eeacevtLCe.cnci.roca
- . . OWTHE, IUN9A8
May 30, 1996
Mr. Jon ivf. Conley
U.S: Army Corps of EngineErs
Room 80'7, Federal Building
601 E. 12th Street
Kansas City, MO 64106
Re: Financing Plan forthe Riverside/Quindaro L-385 Levee Project
Riverside, Missouri
Dear Jon:
On behalf of the public/private partnership assembled to provide the local fmancing for
the above-reference Project, this Financing Plan is being submitted to the U.S Army Corps of
Engineers (the "Cotps") for its review.
We look forward W wot�king with you and the Corps towazds the unplementadon of the
Financing Plan and, ultimately, towards the codsauction of t6e Project.
Very uvly yours,
S�
Stephen A. Crystal
SAGtwp
Enclosure
cc: Boazd of Supervisors, Riverside/Quindaro Bend LeveE District
Mayor and Board of Alderpersons, City of Riverside, Missouri
County Commissioners, Platte County, Missouri
Tax Increment Financing Commission, Riverside, Missouri •
TABLE OF CONTENTS
EXECUTIVESUbII�3ARY ......................................
I. SUMMARY OF L-385 I.EVEfi PROJECT . . . . . . . . . . . . . . . . . . . . .1-
II. SIJbIIv1ARY OF LEVEE USFS AND SOURCFS OF FUNDS ........-2-
A. SOURCFS OF F[7NDS -- LOCAL SIiARE . . . . . . . . . . . . . . . .4-
1. Landowner Contribudon . . . . . . . . . . . . . . . . . . . . . . .4-
2. City Contribudon . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
3. Levee District Assessment Bonds . . . . . . . . . . . . . . . . . .4-
4. In-Place Ta�c Increment Financing Revenues . . . . . . . . . . -4-
5. Neighborhood Improvement District Bonds . . . . . . . . . . . -4-
6. Total Current Sources of Revenue . . . . . . . . . . . . . . . . .4-
B. USFS OF FUNDS -- RIVERSIDE/QUINDARO LEVEE
PROJECT COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4-
1 . Federal Share . . . . . . . . . . . . . : . . . . . . . . . . . . . . . .4-
2. I.ocal Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4-
3. Total Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
III. TIMETABLE FOR CONSTRUCTION OF THE LEVEE ,
PROJECT/AVAII.ABILdTY OF LOCAL SHARE . . . . . . . . . . . : . . . .5-
_, DISCUSSION ..............................................
� I. BENEFITS OF 'TFIE LfiVEE PROJECT . . . . . . . . . . . . . . . . . . . . . .6-
II. SOURCES OF FUNDS_ -- LOCAL SHARE . . . . . . . . . . . . . . . . . . . .7-
A. LANDOWNER'S CONTRIBLTTION . . . . . . . . . . . . . . . . . . . -7-
B. CTI'Y'S CONTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . .9-
C. LEVEE DISTRICT BONDS . . . . . . . . . . . . . . . ... . . . . . . -9-
D. TAX INCRE[viEPTT FINANCING ("'I�") , . . -13-
E. NIIGHBORHOOD IIvIPROVIIvIEN'f DISTRICT BONDS ..:.. -14-
F. ADDTITONAL TAX INCRF.IvIBNT FINANCING ("TIF") .... -19-
G. ADDTTIONAL SOURCES OF FUNDS . . . . . . . . . . . . . . . . -21-
1. Missouri Grant . . . . . . . . . . . . . . . . . : . . . . . . . . . -21-
2. Missouri Loan . . . . . . . . . . 22-
CONCLUSION " " " " " " " ' ZZ
EI�TTS
A I.egal Descripdon of Unprotected Area
B Map of Unprotected Area
C Authorization of Financing Plan by L.evee District as Local Sponsor
D Letter fmm George K. Baum & Company, Bond Underwriters
E Letter from Gilmore & Bell, Bond Counsel
F Chart Illustrating Costs of 1993 Flood
G Letter Regarding Landowner Contribudon
H Resoludons of the City Authorizing the City's Contribuuon
I Resolution of the I,evee Disuict Board of Superv'isors Authorizing Levee
Disuict Assessment Bonds
- J Mauix of Property Oa+ners and Proposed Assessments Within the Levee
District/Neighborhood Improvement District
K Resoluuon of '1� Commission Setting a Public Hearing to Consider the I,�385
L.evee Redevelopment Plan ("'TIF Plaa")
L Projected'TIF Revenues from Argosy Land Based Facility and Proposed Iiotel
M Resoludon of Platte Couaty Commission Indicating Support of the I.evee
Projest and Participadon in Neighbortiood Improvement Disuict Bond
N Letter from the City Applying for State Grant Monies
FINANCING PLAN
FOR THE
RIVERSIDE/QUINDARO LEVEE PROJECT
Riverside, Missouri
EXECUTTVE STJM1�fARY
I. SUMMARY OF L-385 LEVEE PROJECT
This plan provides for the financing of the local sponsor's share of the construction costs
of two levees in the area generally known as the Quindaro Bottoms of Riverside, Missouri (the
"Unprotected Area") (the "Financing Plan"). The Unprotected Area consists of approximately
1,800 acres of developed and undeveloped land located on the north bank of the Missouri River
along Interstate 635 at Highway t 69, and is legally described on attached Exhibit "A" and shown
� ' on the map attached as Exhibit "B".
The Qaindaro Levee will protect the westem portion of the Unprotected Area against a
500-year flood and the Riverside Levee will protect the eastem portion of the Unprotected Area
and the City of Riverside's business disuict from a 500-year tlood. The Quindaro Levee and
the Riverside Lzvee are hereinafter collectively refernd w as the "Leves". The Levee is
approved for consuuction by the United States Aimy Coips of Engineers (the "Cocps") as
Project L-385 (the "Levee Pcoject").
The Riverside-Quindaro Bend L.evee District (the "Levee Disuict") will be the local
sponsor ("Local Sponsor") of the LeveE Project. If a pmject cooperntive agreement (the "PCA")
can be executed between the Levee District and the Cotps during the current-federal fiscal year,
approximatety fifty-one percent (51 %) of the cost of the Levee Project is expected to be paid
_-` by the Corps. The I.ocal Sponsor's share equivalent to forty-nine percent (49°,b) of the cost of
the Levee Project is the subject of the this Financing Plan (the "Local Share"). This Financing
Plan detaiis the public-private partnership involved in providing the Local Share for the Levee
project. The City of Riverside, Missouri (the "City") has taken a leadership role in this effort.
Accordingly, this Financing Plan is being submitted by the City pursuant to authorization of the
I.evee District as Local Sponsor attached hereto as Fxhibit "G".
In furtherance. of the implementation of this Financing Plan, the City, Platte County,
Missouri (the "County"), the City's Tax Increment Financing Commission (the "TIF
Commission") and other interested parties have taken the formal actions described herein. In
addition, it is expected that the parties will negotiate and enter into a cooperative agreement with
the Levee District for the putpose of providing the Local Share for the Levee Project. The
actual consttuction of the Levee Project will be controlled by the Coips pursuant fo the PCA
between the Cocps and the Levee Disuict.
_�
At an estimated cost of 556.3 million, the Levee Project will provide flood protection to
the entire Unprotected Area, resultinB in che preservauon of substantial existing development and
jobs and the stimulation of new development.
II �[ns�*�ARY pg LS�T'n rrcFC arrn SOURCFe nF F[INDS
The total ancicipate� cost of the L.evee Project is Projected by the Cocps at
$56,280,000.00, based an ivl�Y 1996 dollars. Under the current percentages contemplated by
the PCA which is expected to be execuced chis year, the Cotps would be responsibte for
approximately fifty-one pec�cent (51 %) or 528,306,000 of the cost of the Levee Pro)ect and the
Local Sponsor for approximately forty-nine percent (49�) or S27 'I'he Parcentages and
total cost of the I.evee Project may go up or down depending upon a recalculation of the
.. � respective shares based on new development within the Unprotected Area as well as
-2-
circumstances relating to the letting and awarding of the contnct for construction of the Levee
Project. The Levee Project wi11 actually benefit approxicnately 1,340 acres of land within the
Unpmtected Area.
There are five primary sources of funds which will be used to pay the Local Share of the
cost of the Levee Projecc:
1. Iandowner Contribution;
2. City Contribution;
' 3. . Tax Increment Financing ("TIF") Bonds;
4. Levee District Assessment Bonds; and
5. Neighborhood Improvement District ("NiD") Bonds. �
The Local Share of the Levee Project will be fully fmanced through the sources of funds
referenced above and more fully described below. Attached hereto as Exhibits "D" and "E" are
letters from George K. Baum & Company, the bond undervvriters, and Gilmore & Bell, bond
counsel, discussing the feasibility and legality of the elements of this Financing Plan.
It is the conclusion of the bond underwriter and bond counsel that, subject to procedural
requuemenfs being satisfied, a legal, feasible pian exists to provide the Local Shaze for the
: I.evee Project.
3
The sources and uses of Funds for the Levee Project are summarized be►ow:
A. SOURCES OF FUNDS -- LOCAL SHARE
1. Iandowner Contribudon $ 4,950,000
2. City Contribution $ 2�8�.�
3. Levee District Assessment Bonds
(56.8 Million issuance) S 6,150,000
4. In-Place Tax Increment Financing Revenues $ 2,900,000
5. Neighborhood Impmvement Disuict Bonds $11,174,000
($13.0 Million issuance)
6. Total Current Sources of Revenue $27,974,000
B. USFS OF FUNDS - RIVERSIDFJOUINDARO LEVEE PROJECT COSTS
L Federal Share ( 51 �) 528,306,000
� 2. Local Share ( 49 %) 527.974.000
3. Total Cost (100%) 556,280,600
-4-
, III. TIMETABLE FOR CONSTRUCTION OF THB LEVEE PROJECT/AVAILABILITY
OF LOCAL SHARE
The Levee Project is anticipateci to take appmximately five (5) years to complete. The
firsrtwo (2) years will involve the execution of the PCA between the Levee District and the
Corps, the acquisition of ihe land necessary for the constmction of the Levee and the advertising
and awazding of the contcact to constcuct the L.evee. The actual constniction process will take
approxunately three (3) years from start to finish. The timetabte for construction of the L.evee
Froject and the flow of local and federal funds for the Levee Project is shown tielow.
�. Fival Toul Noa-Fed Sched Peaenb Non-Fed Non-Fed Tot Non-Fed Fed C�ah
� Yuc Project LERRD Conur Ags 3l Cuh 4l Spx Gs6 5/ C.eh 6l B/ �
. . Cosu � R) (7) (�) (� (61 . . (� (S)
�
(1)
. Priorro 5,865.000 - 0 5,865,0002/ .NA NA 5.865,000
CoNtNt-
tion
� EY 96 46.000 48.000 � � 46.000 �
. . . FY 97� 2.129,000 - 1.939,000 190.000 . � . .. 1 � . �
� . .� . FY�.98 1.200.000 � I.000.000 200�000 � . . 200.000
. FY 99 1.125.000 100.000 � 1.025.000 14.26x 32l�000 497.000 825.00071 - :00.000
FY00 I2.400.000 300.000 12.100.000 13.56R 3.134.000 1.762.000 7.895,0007! 4.:04.000 �.
FY 01 14.(b0.000 300,000 13.bb0,000 27.02x 2.474.000 7.757,000 6.23t.000 7.649.000 -
FY 02 19.335.000 . I.277,000 I8.05l.000 35.16'x 3 . 4.BSE.000 � 8.106.000 9.952.000
. � TOTAL . 56.2b0.000 4.916.000 51.764.000 t00.007L� 9.154.0004! 13,9W.D003/ 23.058.000 28,D06.000 �
'
-5-
- il Toul projxt wsu equal noo-Fed LEItRD plus ccheduled wnrttuction. - � . �
. �� .2/ IncluJe� �11 sunic PED w,u. �
J/ PemcM�gs b�sed.on yar'� uheduled comtcuction a wul uhedulcd conumction. . � ��
4/ NomFed c��A (39,I54,000) a TpC (f56,2E0,000) a 25R - LERRD (f4.916,000) � - � � �
- . SI Non-Fed Spa G�h (SI3.904.000) ia �paiJ cou �h�ring to p�y l00'b of taa dlocaW w hnd developmem. . ..
- . 6/ Fa<h ynPs non-Fed cash ia toul nomFed cash (f23,058.000) : p2rceMape. -
. 7! fncludw portion of nomFcd ahace of aunk PED eom (Thcu FY 98).
� 8/ Fed c�sh equ�la �cheduled contweuon minw nomFed uah. - . �
- - Note: All contingmcies hrve been pl�ced in I�s[ ye�r Cunding. . �
Coat �ro on M�y 1996 vdua. � �
_ � All <ost and ttAedules �n�estirtutes ��� could oh�nge due to funding. .
DISCUSSION
_I
I. BENEFITS OF T'fifi LfiVEE PROJECT
The Unprotected Area is currently only protected from Missouri River floods by an
agricultural levee which is more than 10 feet below the 100 yeaz flood plain. As recently as
1993, the entire Unprotected Area was flooded. The Levee Projeet is necessary for the
protection of the existing commerciai buildings, infrasuucture and jobs in the Unprotected Area:
with respect to existing infrastiucture within the Unprotected Area, the City is considered
a major cross roads in southern Platte County with developed highways, sewage collection
systems, and electric power distribution s.ystems. Burlington Northern Railroad's access to its
major eastern terminal is through the Unprotected Area. Al! of tlie infrastructure in the
Unprotected Area services populadons faz beyond the borders of the City,
-6-
With respect to existing commercial development and jobs within the Unprotected Area,
� hundreds of millions of dollars in economic impact are generated each year as well as nearly
6,000 jobs, appro�cimately twice the population of the City. Because of the strategic location
and already well estabGshed infrastructure within the unprotected area, practically every
" commercial building that was flooded in 1993 is restored and back in use today. Due to the
immense cost involved, the Unpmtected Area is not a good candidate for a buy out.
Accordingly, the thriving business community and extensive infrastructure deserves to be
protected.
As a result of the 1993 flood, the fedetal government experienced direct costs exceeding
S 15,194, 841. Attached hereto as Exhibit "F" is a chart demonstrating the direct cost of the 1993
flood. This direct cost dces not include loss of tax revenue and indirect expenses as a msult of
�
unemployment and federal agency management expenses associated with the flood and the
following clean up of the Unprotected Area.
II. SOURCFS OF FUNDS -- LOCAL SHARE
A. i.at�mf�WNSR'S CONTRIBUTION
Trillium Corporation of Bellingham, Washington owns approximately 675 acres of
undeveloped ground within the Unprotected Area and has indicated that it will contribute 52.8
Million in cash to the I.evet Project in conjunction with its plans to develop its propeRy into
retail, commercial and industrial uses if the I.evee is consuvcted. A copy of a letter from
Trillium's General Counsel outlining its commitment to the I.evee Project is attached hereto as
Exhibit "G".
_�_
The State of Missouri currenUy has an infrasuucture tax credit program whereby tax
credits are awarded for a private contribution to an infrastructure project. It is suggested �hat
Trillium make its cash contribution to the Levee Projecc through the infrnstcucture tati credit
program. Contributions by Trillium through this progrun will generate Missouri state income
tax credits in the amount of fifty percent (50°G) of the contribution which may be utilized by
Trillium or its assigns. In the event Trillium cannot use the tax credits, it can sell them for
approximately 80% of face value to an interested party who would benefit fmm the anticipated
development (e.g. a utility). Accordingly, an estimated $4.7 million cash contribution by
Trillium will result in a net outlay by Trillium of approximately $2.8 million as committed in
tlie letter attached hereto as Exhibit "G".
As stated earlier, the initial funding for the Levee Project by the Local Sponsor will be
for the purchase of land to be used for the right of way, bornow areas and pooling areas. The
-�
Local Sponsor will receive a csedit for any property which is donated. Trillium has indicated
that it will donate approximately 125 acces of its property for use in the Levee Project. The
Local Sponsor will get a credit for the fair value of that land as if the Local Sponsor had
pucchased the land. The estimated value of the 125 acres is 5250,000.00. Therefore, the actual
dotlar outlay by the Local Sponsor will be reduced by approximately 5250,000.00. This amount
is included in Trilliums's contribudon. When added to the andcipated $4.7 Million cash
conuibution, the Landowner's conuibudon to the Levee Project will be approxunate►y
$4,95Q000.00.
-8-
B. crrx�s carrrRffivTTOrr
-,
The Landowner's cash contribudon is contingent upon the Ciry contributing $2.8 Million
in cash to the I.evee Project. The City has agreed to contribute the necessary matching funds.
Attached hereto as Exhibit "H" is a copy of the Resolution passed by the City's Board of
Aldecmen authorizing the Ciry contribution. Additionally, as discussed below, the City has
agreed to concribute up to $500,000.00 per yeaz'for a five year period be8inning in 1999 to
partially offset the annual assessments necessary to make the Neighborhood Improvement
District Bond payments described below.
C. LEVEE DISTRICT BONDS
Levee District Assessment Bonds may be issued under a Plan of Reclamation filed by the
_�
Levee District and approved by the Circuit Court, the proce�ds of which shall be used to fund
part of the Local Share. Repayment of these bonds will be made from assessments coilected
' each year from the property owners within the Levee District. The amount of the assessment
on each parcel of property will be detem�ined bY the Propo�tiona� share of benefit that parcel
received as a percentage of the entue benefit generated by the coasuuction of the Levee Projecc
within the I.evee Districc. T6is parcentage is then applied W che total ob8gation due that year.
The assessment due on a parcel of ptvperty becomes an enforceable tax lien on the property if
unpaid.
It is andcipated that those properties which receive the greatest economic benefit from
the construction of the Levee,, i.e. the e�cisting commercial and industrial development, will be
responsib(e for the payment of the largest poRion of the. Levee District Assessment Bonds.
-9-
The Board of Supervisors of the I.evee Dis[rict has voted to increase its annual
assessments to 5600,000 per year to provide part of the Local Share necessary for the Levee
Project. Attached heceto as E''"" is a copy of the Levee District's Resolution authorizing
the assessment increase. This increased revenue stream will support Levbe District Assessment
Bonds in the amount of 56.8 Million. The Levee District Assessment Bonds will be issued for
. a 20 year term at an approuimate interest rate of 6.0%. This will result in a net cash �
contribution of appro�umately 56,150,000 after subtcacting necessary reserves and the cost of
issuance.
Attached hereto as Exhibit "J" is a matrix containing a listof the property owners within
the Levee District by tax map parcel number. The matrix contains columns for acreaga, square
footage, land uses and assessed value. The column for the Levee Disuict Band Assessment is
!eft blank for now as the actual amounts will not be finally determined until a Plan of
i
Reclamation is approved by the Circuit Court. '
It is anticipated, however, that the assessments will initially be levied most heavily
against developed property because the Levee Project will benefit the developed property more
than agricultural property under Eha Missouri Levee Disuict Statutes. It is contemplated that the
assessments will be based upon the assessed value of each_parcel in proportion to the assessed
value of all of the properiy within the Levee District. With respe�t to the undeveloped
agricultural property within the I.evce District, it is contemplated that assessments will be based
upon a flat assessmeat per acre. Pursuant to the Missouri Levee District Statutes, the Court will
appoint three (3) commissionecs who will do a benefif analysis which will establish the actual
assessments.
_ .
-10-
After development has occurred on the undeveloped �roperty within the Levee District,
the Levee District (at the request of the owners of 25 % or more of the acreage in the Levee
District) can pgtition the Circuit Court asking the CouR to have the benefit analysis done again
because of the change in the chazacter of the property. Therefore, the propeccy which is
currentiy undeveloped, but is developed at the time of the second benefit analysis, will have an
increase in its assessment according to its assessed value as a proportion of the total assessed
value of prope�ty within tha Levee District. Ttus should help balance the assessments on the
developed propetty after development has occurred on the currenUy undeveloped property.
There is currenfly a Levee District in place. Pursuant to Secdon 245.190 of the Missouri
Statutes; where the levee or other works set out in the Plan for Reclamation of any levee district
is found insufficient to reclaim in whole or in part any or all of the land and other property of
the district, the Levee District Board of Supervisors shall have the right to formulate a new or
amended Plan of Reclamation containing new levees or other works, or providing for the
enlargement of existing levees oc other works, and additiomdl assessments may be made in the
pmportion to the increased benefits acccuing to the lands and other property because of the
additional works: If it should be found that at any time the amount of total tax levied is
insufficient to pay the cost of works set out in the Plan for Reclamadon or addiUOOat work done,
the Board of Supervisors may make an additional levy to provide funds to complete the work
provided the total of all levies of such tax dces not exceed the total amount of benefits assessed.
Additionally, the Plaa of Reclamation may have to be modified to change the boundaries
of the Levee Disuict based upon the Levee Project. Missouri Statute secdon 245.140 ptovides
that a levee district may peddon the couM to change the boundary lines of the levee disuict from
-1t-
the lands described in the articles of association filed and the decree of the court inco�porating
- the district.
After the petition has been filed, the couNclerk shall set a hearing date not less than
forty-five (45) and no more than sixty (60) days from the day of filing. The clerk shall pubGsh
the notice once a week for four consecudve weeks in some newspaper published in each county
in which the district land, or proposed land, is situate. Any owner of lands or other property
that will be affected by the proposed changes may on or before the date fixed and pubGshed file
objections ro the petition. The court shall hear the petidon and all objections that may have been
filed against the petition in a summary manner with unnecessary delay and enter its decree
accordingly.
D. Tax nvrREMENT FINANCING f"TTF"1
-,
The new Argosy riverboat development and proposed hotel within the Unprotected Area
is capable of providing revenues for the Levee Project in the form of tax increment fmancing
revenues ("TTF Revenues") of approximately 5275,000 per year. Assuming the capitalization
of the TIF revenue stream, approximately 52.9 Million in TIF Bonds could be issued for a
twenty (20) year term at approximately seven percent (796). Tlus 52.9 Million can be used to
putially pay the Local Sponsor's share of the Levee Project. Attached hereto as Exhibit "K"
is a resoludon of the 'I'IF Commission setting a public hearing to consider the L-385 LeveE
Redevelopment Plan (the "TIF Plan"), the fust phase of which shaU consist of capturing the TIF
Revenues generated by the Argosy land-based facility and proposed hotel for use in paying a
portion of the Local Share for the Levee Project (the "Redevelopment Project I").
�
_12_
' In addition to providing for the capture of up to 100% of the incremental increase in rea!
property tax on a given redevelopment project, the Missouri 'I'IF Statute provides that fifty
percent of the total additional revenue from taxes which are imposed by the municipality and ..
which are generated by economic acuvides within the area of the redevelopment project over
the amount of such taxes generated by economic acdvities within the area of the redevelopment
project in the calendar year prior to the adoption of the redevelopment pmject shall be
wnsidered TTF Revenues. Therefore, adoption of the TIF Plan including Redevelopment Pmject
I in 1996 will capture the increment from 1995 forward with ►espect to sales taxes and from
1996 forward with respect to real estate taxes to be generated from this development:
. Attached hereto as Exhibit "L" are projected 'I'IF Revenues fcom the Argosy land based
facility and proposed hotel. It is projected that the annual 'TIF Revenues from the proposed
Argosy hotel will be a96,800 from payments in lieu of taxes and 548,000 in sales tax, for a total
r
� of $144,800. For the purposes of this Financing Plan, the estimated annual'TIF Revenues have
been reduced to $125,000. It has also been pmjected that the annual sales tax from the Argosy
rivetboat will be in excess of 5150,000. Again, for the purposes of this Financing Plan, the
estimated annual sales tax revenues from the Argosy riverboat have been estimated at S 150,000.
If the estimates in this Financing Plan are exceeded, the addidonal'TIF Revenues could be used
to off-set the assessments necessary to pay for other bonds, such as the NID Bonds described
herein.
The 52.9 Million in 'TIF Bonds supported by the 5275,000 capital revenue stream from
Redevelopment Projecf I could either be sold to the pubGc subject to full credit enhancemenc in
the form of a sfand by letter of credit, or more likely, could be sold to an interested landowner.
The TIF Bonds are tax exempt if sold to the public and are taxable if sold to an interested
•
-13-
landowaer or an affiliate: Trillium has agreed pursuant to its letter attached hereto as Exhi i
"�i."_ to either provide the credit enhancement necessary to sell $2.9 Million in TIF Bonds to the
public or to purchase the TIF Bonds itself.
The City has prepared the TIF Plan which has been submitted for review by the TIF
Commission. The public hearing on the 1TF Plan has been scheduled for June 27, 1996. The
TTF Plan, together with Redevelopment Project I, may be approved by the City Council of the
City as soon'as July 11, 1996.
E. NEIGHBORHOOD IMPROVEMENT DISTRICT BONDS
Neighborhood Impmvement District ("NII)") Bonds may be issued to fund all or part of
the current gap in fmancing the I.ocal Share. It is currendy expected that NID Sonds in the
amount of a13.0 Million will be issued providing a net amount of approximately $11,174,000
� towazds the Local Share.
NID Bonds are paid for by special assessments against benefited property pursuant to a
formula developed by the benefited property owners pursuant to a pedtion or election process.
Special assessments may be paid in annual installments over a period of twenty (20) years.
Pursuant to recent changes in the Missouri NID Statute discussed below, NID Bonds may be
genetal obGgadons of the issuing City/County such that, to the extent assessments are noc paid,
the issuing authority may pay the assessments out of general funds, or, to the extent such funds
are not available, ihe issuing authority may levy a propeRy tax on the residents of the entire
community to meet the bond obligations. The general obligation status of NID Bonds provides
enhanced marketability of the Bonds as well as a lower intecest rate on the financing. The
maximum amount of NID Bonds which can be issued by a municipality in a fusc class county
-14-
under the cu�rent NID Statute and under the revised NID Statute discussed below is limited to
�
tee per cent (1096) of the assessed valuation of all taxable tangible pmperty within the City or
County, as the case may be.
The City currentiy has a tangible property tax base of approximately $60 Million, which
means that the maximum amount of NID Bonds which coutd be issued by the City under the
current NID Statute and under the revised A1ID Statute is S6 Million. This amount, however,
would increase to the extent the tangible property tax base increases between now and the time
NID Bonds are expected to be issued in 1999. Such an increase is anticipated.
Neverthetess, to the extent Platte County participates in the issuance of the I�IID Bortds,
the maximum amount of NID debt allowed would increase consistent with the County's
increased assessed valuation of propeRy within the County. Accordingly, the City and Counry
together have enough bonding capacity W issue NID bonds in the full amount of the funding
7
deficit described above. Attaehed hereto as E�c�►ibit "M° is a resolution of the Platte County "
Commission indicating its support of the Levee Project and the Commissiods willingnass to
issue the NID Bonds if fully secured by a stand by letter of credit. Trillium has agreed to
provide the County a standby letter of credit in this regard. (See attached Fxhibit "G".)
There are two techniques uader the curnant NID Statute for estabiishing an NID. The
first method to establish an NID is to submit the question of creating an NID to all qualified
voters residing in the proposed NID. A vote requims the satne percentage to pass as would a
vote required for the issuanee of genersl obGgation bonds (i.e., currently four-sevenths in a
genernl etection and two-thirds in a special etection). The second method to establish an MD
is by petition. It is expected that this method will be followed in this case. To create an 1VID
_�
by petition, the petition must be signed by 2/3 of the owners of record by area of all real
-15-
property tocated within such proposed district. The revised NID Statute discussed herein would
� alter the petition process by requiring 2/3 signature by pazticipant without regard to area owned
. within the proposed NID. Upon receiving the requisite voter approval at an election or upon
the filing of a proper petition with the City Clerk or County Clerk, the goveming body may, by
resolution or ordinance, determine the advisability of the improvement and may order that the
district be established and that preliminary plans and specifications for the improvements be
made. After the governing body has a resolution or ordinance to determine the advisability of
tlie improvement, the goveming body shall by ordinance or resolution order assessments to be
made against each parcel of real property deemed to be benefited by the improvement based
upon the estimated cost of the improvement or, if available, the final cost thereof, and shall
order a proposed assessment role to be prepared• 'I7ie process of establishing an NID should
take approximately ninety (90) days excluding the time for an election should that be the desired
_� ,
method of formadon.
NID Bonds issued by City and P►atte County may be used to fund the gap in the I.ocal
Share of the Lzvee Project. NID Bonds issued in several series totalling $13 Million
(511,174.00 representing net fmancing plus reserves and issuance costs) for a term of twenty
(20) yeazs at 6% interest would result in annual principal and interest payments of $1,133,400.
The NID Bonds would initially be issued in 1999 pursuant to the schedule outlu►ed below, fo
finance the Local Share after the initial contributions from the City and Landowners have been
exhausted.
Attached as Ex ' it "" is a matri�c containing a list of propecty owners within the
proposed NID. It is anEicipated that the boundaries of the NID shall be contiguous with the
boundaries of the Levee Disuict. The matrix contains columns for acreage, square footaBe, land
-l6-
use and assessed value. Columns for the NID assessment are left blank for now as fhe actual
amounts shall be determined through the NID formation process.
It is anticipated, however, that land which is currently undeveloped aill be assessed more
heavily since it will receive the greatest benefit from the I.evee which will atlow the land to be
developed. NID assessments will be based primar►ly upon acreage. It is pcoposed that the City
would fund 50% of the annual I�IID assessments, up to 5504,000, for the fust five (5) years
(1999-2004), reducing the annual TiID assessment of each pmperty owner during that five (5)
year period. The City has committed these funds pursuant to the resolution attached as Exhi i
"Fi". Additionally, any future TIF' Revenues from future development within the Levee
District/TIF District could also be app6ed to reduce NID assessments. As stated above, in
conjuncEion with the issuance of the NID Bonds, Trillium has agreed to provide a stand-by letter
of credit with respe�t to the ancicipated Counry portion of NID Bonds. With respect to the City
� pottion of NID Bonds, since the City is a participant in making che annual NID assessments, at
least for the first five (5) years, there would exist flexibility in tenns of the enhancement the
City would require on its bonds. Specifically, the City could take a first or second deed of trust
position on the Qropetty of the Landowner referenced herein, a guaranty of the Landowner,
coilateral in assets of the Landowner and/or a stand by letter of credit fmm the Landowner, or
some combinadon thereof. Trillium has agreed in its letter attached as Rxh•� to explore
these fonns of enhancement with the City.
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__,
NID ASSFSSMENT AY.LOCA'PION
_ YEAR NID ASSSSSMENT PROPBRTY OWNSRS - CITY�
1999 1,133,400 633,400 500,000
2000 1,133,400 633,400 500,000
. 2001 1,133,400 � 633,400 � 500,000 � �
� . 2002 1,133,.400 633,4Q0 500,000
:� . ��200} 1,133,400 633,400 � � 500,000 �
� � � 2004-2019 1,133,400 - 1,133,�400 0
After 2003, benefited property owners would pay total NID assessment less any "ITF
Revenues geneiated within the boundaries of the Redevelopment Area under the TIF Plan
described above. See below for an example of projected TIF Revenues used as an off-set to the
NID assessments.
There have been two recent events affecting the intetpretation of the current NID Statute.
Both events, however, do not materially affect the implementation of this Financing Plan as
; outlined herein.
First, a revision to the NID Stamte has been adopted by the Missouri Legislature. It is
expected that the revised NID Statute will take effect August 2S, 1996. Because the City is in
a first class county (Platte County), the City and County would be gcandfathered from the
material provisions of the revised NID StaNte. Those revisions that would apply to the City and
County do not materially affect thc implementation of this Financing Plan and are simply
procedural. For exarnple, as stated earGer, the formation of an NID by pedtion would require
2/3 vote by members of the proposed NID as opposed to 2/3 by area owned within the proposed
NIA
Second, the Missouri Supreme Court issued an opinion on May 23, 1996 addressing
cenain aspects of the general obGgation status of NID Bonds. Basically, NID Bonds which are
!-� issued without a City-wide vote (2/3 special election, 4!7 general elecdon) do not carry the
-18-
, general obligadon staws. However, the City may pledge other of its assets to enhance the riID
Bonds without the requirement of a pub6c vote. To the extent the City desires to pursue general
obligation status for the NID Bonds, the voteFS would be asked to approve in advance a levy
against all taxable tangible property within the City upon the failure of the special assessment
against the property within the NID to meet the NID Bond payments. Importantly, because the
City possesses vast cash reserves, the failure of an election and accordingty the loss of generel
obligation status for the NID Bonds should not affect the ultimate mazketability of the IdID
Bonds contemplate� herein.
Accordingly, the City plans to place the question of its participadon in this Financing
Plan including the general obHgation status of the NID Bond on the ballot for voter approval on
August 6, 1996. A successful election outcome, however, is not legally required for the City
to participate in the Financing Plan in general and the NID Bonds in pazticular as contemplateci
herein.
. " F ATTi�T�fAATAT -r�v r� FINANCING ( „ 11I' _ . .
'TIF Revenues from future development within the bouadazies of the'1� Disuict under
the TIF Plan can be used to decrease che NID Bond assessments. As discussed herein, a TIF
Plan is currently being ceviewed by the 'TIF Commission and it is anticipated that it will be
approved in approximately 60 days from the date hereof.
The consuvction of cedevelopment projects ("'TIF Projecc") within the TTF District
pursuant to the'TIF Plan would provide TIF Revenues during the period prior to and following
the constniction of the Levee as shown below. The only development which may be started in
, the flood piain before completion of the Leves Project is infraswcture, sewer, etc. Buildings
-19-
may not be started until the LeveE Project is complete unless they are built on fill. However,
once the propeitiy is platted the Ptatte Counry Assessor's office will reassess the prope�ty based
upon the fair market value of the prbperty. As infrdstnicture is added ro the propeny, the fair
mazket value of the propeRy should rise. The platting and infrastnicture should result in an
increase in the tax assessment and may result in incremental tax revenues during the period of
time that the I.evee is being built.
vunrFCTED TIF REVENL�S
� - - PII.OTS � -fiATS-. � .
I,pND IMPROVEM&NTS ANNUAL TOTAL .
y� � INDUSTRZAL � RETAIL COL�II�ERCIAL TIF REV£NUfi
1999 S10Q,000 S 136,968 � S Z36,968
2000 100,000 136,968 -236,968
' 2001 100,�000 136,968 � 236,968
� - 2002 100,000 475,888 5135,968 $155,392 $150,000 -867,398 -
�2003 100,U00 815,808 271,936 310,784 150,000 1 548,528
2004 100,000 1,155,728 407,904 466,176 150,000 2,279,808
�l � 2005 100,000 1,494,658 543,872 621,568 150,000 2,911,098 �
'TIF Revenues cau►d be used to offset the NID Bond assessments. Using the projected
TIF Revenues stated above, the NID Bond assessments could be reduced as follows:
wm+ wecF,tq7y{�NT t i_1_i['AT�ON
(inclu.ding additional 'fIF Revenues)
- � NID ASSSSSt�N'L PROPSRI7 OWN6RS CITY TIF BXCSSS�TIF RSV6N08 ..
1999 1,133,400 448,216 448,216 236,968 0
�2000 1,133,�00. 448,216 448,216 236,968 0
2001 1,133,400 448,216 448,216 236,968 �
. 2002 1;133,400 . 133,001 1330001 1,133,400 415,128 ��
2003 � 1,133,400 � -
� 2004 1,133,400 0 � - 0 .1,133,400 . 1,146,408
� 2Q05 � 1,133,400 �0 0 1,133,400 1,777,698
Excess TIF Revenues could be applied in the following manner:
1. To fund any deficits in the $2.9 Million TIF Bond issue.
2: Repayment of City cash contribution.
-Za
-- _
3. Repayment of the Laz►downer cash contribudon.
4. Repayment of City NID assessment payments and other City project costs.
5. Repaytnent of Landowner NID premium payments.
6. Payment of related pubflc infrastcucture improvements as outkined in the TIF
Plan. .
7. Disuibution to taxing jurisdicuons (i.e., school district, county).
G. ADDITIONAL SOURCES OF FUNDS
1. Missouri Grant
The federal government has made supplemental appropriations to the
Community Development Block Grant (CDBG) pcogrem in response to the 1993 flood. The
State of Missouri received a total of 597,000,000 in addidonal funds for fiscal years 1993 and
? 1994. These flood cecovery funds were to be used to assist local govemments in various flood
�ecovery activities including buy-outs in flooded areas, providing local match for flood recovery
monies available through the Coips of Engineers on a matching basis, repair of flood damage
sustained to public infrestmcture and build and cepair levees. All monies originally appropriated
have been allocated. The largest graut amount made through the program was the City of Ste.
Genevieve for 55,000,000 but most grant awards were in the 5500,000 to 51,000,000 range•
Sally Hemenway, Flood Recovery Coordinator for this progrdm has info�med
the City that projects are now closing out and that she expects some monies to be de-obligated
and returned to the state. In response to the availability of these grent monies, the City appfied
for the funds in a letter attached hereto as Exhibit "N". Given the amount of the original
appropriation by the federal govemment, Ms. Hemenway staced that she would not be surprised
? to see one to two million dollars become available in the next several months for reallocation.
-21-
Presenfly, there are only a couple of requests for supplemental funds on filp with DED. These
are for supplemental monies under existing buy-out programs and are for minimal amounts of
money, probably less than $100,000. Consequently, as it stands now, tha City could receive
funding from this state source. City officials have ret�uested that the City be considered as a
priority for the receipt of any de-obGgated flood reeovery monies that become available for
reallocation.
2. Missouri Loan
There have been diswssions with state o�cials regarding the possibility of a
low-interest or no-interest loan from the State of Missouri to help fund the Local Share. In
addition, the possibility of utilizing the State of Missouri to issue the aforementioned obligauons
at a lower interest rate has been discussed.
' ,
CONCLUSION
Clearly, the Levee Pmject is necessary W ptotect the current extensive and strategie
development and infrastructure in the Unprote�ted Area. The 1993 flood establishes that [he
area is not adequately protected. Federal, state and local govemments sustainecl tremendous loss-
as a direct result of the 1993 flood. Propecty owners, businesses and workers also sustained
enormous losses by the lack of an adequate L.evee.
It is ctear from the resoluaons and information attached to this Financing Plan that a
public-private partnership exists to fund the Local Share of the Levce Project. The parties
hereto look forward to the implementation of this Financing Plan in cooperadon with the Local
Sponsor and the Coips.
_.,
_22-
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RE�OLIITION
WHEREAS, the L-385 Levee Project (the "Levee Project") has
been proposed by the United States Army Corps of Enqineers
(�'CorQs") which would involve the construction of two levees in
Riverside, Missouri; and
WHEREA3, the Riverside-Quindaro Bend Levee District
("Dlstrict") will ba the local sponsor ("Local Sponsor") and
expects to enter into a Project Cooperation Agseement with the
Corps as the Local Sponsor of the Levee Project; and
WHEREAS, the Levee Project requires tha Local Sponsor to
match the cost of the Levee Project with the Corps at a ratio oE
approximately 48$ for the Local Sponsor and 523 for the Corps;
and
WHEREA5, the total estimated cost of the Lavee Praject is
$'S6,240,000; and
WHEREAS, the Local Sponsor's matching contribution for the
Levee Project is approximately 527,000,000; and
WHEREAS, the Local Sponsor must submit a financinq plan to
the Corps by June 3, 1996 describinq how tha Local Sponsor
intends on financinq the Local Sponsor's share of the cost of the
Levea Project; and
_� WHEREAS, tha City o! Riverside, Missouri ("City") will be
actively involved in a majority of tha Loca1 Sponsor's financing
and is praparinq a finaneinq plan which may be used to describe
the Lecal Sponsor's source.of lunds. .
THEREFORE, BE IT RESOLVED THAT:
l. The City be empowered by_tha District to submit a
descsibagtheaLocalbSponsorts�sharasoPithe cost Levea will
Project.
2. The City be further empowered by the District to
negotiate any terms relatinq to the City-oriqinated plan for
financinq o! the Levae Project on behalf of the District with the
Corps.
Passed this 23rd day of May, 1996. . ..
�-(¢ � GG / "...�r/�._,r2�'C _
Presidant of Board of Supervisors
� A t' j -,
/�/ i/ ���
S rce etary
George K. Baum & Company
• IrrvESn�rrr B�rr�xs
. �� .. . MtlKwi�WOtilMN�
•ew.anc erax uo�.wc�..¢.
�AV�tfT �lTM ar�![r
CMGGO STOCR QCIMMGI. IMC.
•MMAiCITY. Wf1W111M�H
� . . iBlFqMl1��O Obn00 .
May 30, 1996
Mr. Jon M. Canley,
Project Manager '
Kansas Ciry DistricE
U.S. Army Corps of Engineers
601 East lZth Street, Room 807
Kansas City, MO 64106
Dear �fr. Conley:
George K. Baum & Company, as the financial advisor to the Riverside/Quindero Bend Levee
District and the City of Riverside, has been requested to provide our professional opinion on the
financial feasability of the Local Shaze Financing Plan as presented to the U.S Army Corps of
Engineers. As noeed in the in the financing plan, there aze five major componenu: 1) landowner
contribution of $4,950;000, 2) City contribution of 52,800,000, 3) Levee District Assessment
Bonds of 56,800,000, 4) Tax Increment Revenue Bonds of 52,90Q000 and 5) Neigh6orhood
, Improvement District Bonds of S 13,000,000.
Of the five components of the financing plan, two aze in the form of cash coatributions and three
aze in the form of long term debt securities. We will limit our discussion solely on the feasabiliry
of the three long term debt secutities.
1'he Levee District has recendy voted to assess itself up to 5600,000 pec year. In today's interest .
rate environment; this would ptrovide sufficient funds to amortize a 56,800,000 levea district
assessment bond over a 20 year term. "Che marketability of these bonds will be influenced by
mazket interest rates at the time of issuance, any changes in fedetal or state legislation which
would adversely limit the issuance of the bonds, or a reduced committment oa the part of the
district landowners to assess themseivcs to the eactent necessary to repay the debt. Under todays
circumstances, it is our opinion the Levee District has the abiliry to mazket 56,800.000 of -
assessment bonds.
Currerrtly, there exists certain tax revenues.that can be redirected from their current recepient to a
special account wfuch could be used to amoRize tax incremenf revenue bonds. It has been
estimated by sources other than George K. Baum & Company that this revenue would
su�ciendy amortize $2,900,000 of bonds. It is our understanding that a major tandowner in the
levee district has committed to either purchase these bonds on a private placement basis or to
provide a letter of credit &om a commercial bank guaranteeing these bonds. In both instances, it
is our opinion the construction funds to be recognized from these incremental tar revenues are
� financially feasable.
Ntr. John Conley
May 30, 1996
_ Page two
The third sourcc of loag term debt involves the issuance of special assessment bonds which aze
ealled Neighborhood Impcovement District (NID) bonds. These bonds aze similaz to the Levee
District Assessment Bonds in that they create a special assessment on the property in the
prescribed azea. A recent Missouri Supreme Court opinion has eliminated the full faith and
credit backing of the polirical subdivisian, which allows the political subdivision the ability to
levy a property tax on ali taxable tangible properiy in che political subdivision without voter
approval. It is our undetstanding the opinion does, however, allow the political subdivision ro
issue obligations which can be supported b. y the special assessments and the general revenues of
the political sub"division or unrestricted fund balances. Subject to further interpretation of the
_. :vlissouri Supreme Court legal opinion, this project would involve issuing approximately
$6,000,000 of MD bonds through the City of Riverside and $7,000,000 through Platte County.
We undetstand that the County would be provided a letter of cmdit &om the major landowner
guaranteeing the assessment paymenu thereby insulating the County from any credit risk: The
City of Riverside would be secured by the value of the land as it relates to the debt ouutanding,
including the levee district debt or by some other guaranty provided by the major landowner.
The mazketability of the County portion would be basod upon credit enhancement by the
landowner: The mazketabiliry of the City portion would be subject to either a city-wide vote
authorizing z general obligation pledge and the implicit ability to levy a property tax or subject
to a financing structure that would incorporate the ptedge of certain amounu of City fund
balances to provide security co the bondholders or subject to some other guaranty pro`nded by the
major tandowner. Assumin6 acceptable credit enhancement is provided on the County portion
and assuming che City portion either receives voter approval in August as a general obligaHon
bond or the Ciry pledg¢s sufficient funds on hand to secure the bonds or the major landowner
provides a sufficient corporate guaraary our opinion is these bonds aze marketabla
In summary, in today's market environment, assuming current federal aad state of Missouri
legislative guidelines, the long tetm debt componenu of the Local Shaze F'u�azicing Plan are in
our opinion marketable. There ace substandal actions which must be undertaken by the various
pazties to the Plan to structuie the securiues in a way that ensures their marketability. With the
understanding that these steps wi11 be compkted as described ro us, we believe the Lceat Shaze
Financing Plan l�as a high probability of providing the local share component of the L-385 Levee
Project.
Sincerely yours,
George K. Baum & Company
��� ,�-�.
Gregory ' Bricker
_ First Vice President
GILMORE SC BELL
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°• `°"»•" — May 30, 1996
MCMAl10 C. �C�M[ '�W �O���tO �M h�YOV N .
Mr. Jon M. Conley
Project Manager
Kansas City District
U.S. Army Corps of Engineers
601 East 12[h Sneec, Room 807
Kansaz City. Missouri 64106
Re: Financing Plan for the Ir385 Levee Projecc
Dear Mr. Conley:
-i
Gilmore & Bell has been or expeccs to be engaged to act as bond counsel to the
Riverside/Quindazo Bend Leva Districc. [he City of Riverside and Placte County in conneccion wich
issuance of bonds co fund a portion of the local share of che Financing Plan. We understand that [he
Einancing Plan contemplates tht issuance of approximately E6,800.000 uf Levx District Assessment
Bonds, 32,900,000 of Tax Increment Revenue Bonds by the City. 56,000,000 of Neighborhood
Improvement Di;trict Bonds by che City and approximately S13,000.000 of Neighborhood Improvement
District Bonds by Platte County.
We have reviewed the Financing Pian as it relates to the issuance of the bonds and believe that
all legal requiremenu co the issuuue of the bonds can b� T��t:
The Missouri Supreme Court issued an opinion on May 23. 1996 with respecc to Ncighborhood
Improvement District Boads• We ue curr�ntly in the process of analyzing che Court's opinion and lts
ramifications. However, it appeat3 from th� Court's opinion thac [he full faith and credit of the political
subdivision (power to levy a propecty caa on al� taxable tangible properry wictun the political subdivision)
may not be pledged without the required appro.val oE the voters of the political subdivision.
Wa have not examined [he markewbiliry of the respective bonds. In addition, chis letter speaks
only az of this date and subsequent legis�ative or judicial actions could impact th� issuance of the bonds..
Very tmly pour s_, �
/� ////
��'t• �
Gary A. Anderson
-, .
GAA/rlr
Damages from Flood of 1993
Riversidel Quindaro Bend Levee Oistrict
( Proposed Corps Of Engi�eers L-385 �evee Project)
Riverside MO
� Direct Pavment Damaaes
State Highway 1�35 51,428,657
National Flood Insunnce 6,861,369
Individwl Family Gnnq - 39,t89
SBA loans and Gnna 5,620,800
Ciry of RiVersida MO 1,149,415
Burlington Northarn Railroad Undeu�mined
Levy Repair 95.2it
ToU1 Direct Payment Damages 315,194,841
"DOwn Time" Cosu as a Result o/ the Flood
Unemploym�nt Insunnce 4000�000 workers fo� 13 months
Loss of Fedenl Income Tax due to flood Victims Damaye DeducUona and
Redueedlncom�
-� Government Adminlstrative costs for SBA, fEMA, Etc.
National Guard ProtecUon Serviees During Md After Flood
Infrasvucwre and Buildings in Place Now that Need Proteccion
Riverside/ Quindaro Bend Levee Discrict
(Proposed Corps Of Engineers L-385 Levee Project)
Riverside MO
' Infrastructure Booded and damaued du�ino the 1993 flood
1) Interstate Highway I-835 and Missouri Wver Bridge, connectlng i-29, 1•70, IJS ,
2) US Nighway 89 and Missourf R(ver Bridge, conneetlng PaiAax KS Indusvial
District to southero Platte County
1) MO Highway 9 eonneetiog North Kansas City, Rivarsid�, Parkville and
KCMO Downtown Airport
d) Burlington Northem Raitroad Main Track tnto North Kansas City
Intermodal and 5witching Yud
S) L(ne C�e�k Savr�ge Pumping Statlon and Sewag� Interceptors serv(ng southern
Platte and wastem Clay Countlss (Populatlon about 35,000)
6) Ciry of Riverside sewage pumping sUUon serving msidentlal population o0
wast sids of the City
7) Kansas City Povv�r and Ught maln Iin� subsUdon
1T0 Business Flooded in 199J flood includina:
Platte Valtey Industriil Park
Riverside 8winess Parlt
_�
Riversid� Street Industriai Park - Kitterman Plastlea, PSI Labaratories, ete:
Argosy Gambling Casino Siu
Hydro Conduit �
Intnrcontin�nnl Lngineering
FBI Truekiny
Riversid� R�d X -
U.S. Post OMt�
B�wAy Lumb�r, Thompson Lumb��
K�nto Manufattu�tn9
Twin Tnffle SWpin9
.. . .. ._ .: : _ .:. .. _,.- -- - - �-�--
- �- -- - � -
" _� -- -�f_
- � T * •
L LIUM
G�l�(/I/,
•
. . �{f.i �ARDAU �.�3KYwy -
� � � y�.L.�Glua�. WA qN�s6
�fay 7, 1996 .
. � � pHOy�:�6u/676-q{oo
- . � Gwx: �6e/6�6�7y6 .
Suphen A Crystal, Esquire '
: ?.miscrong, Teasdale, SchlaIly & Davis
z3s5 Grand Boulevud Suite 2000 �
Kansas Ciry, MO 641os
FaxNo. (81� 221-0786
RE: Ciry of Riverside, ,�Tissouri Levx Project
Dwr Steve:
�
! Thi.s letter is intend¢d to respond to your ceemt requut for a more de5nite indication of
Irillivm's willingnas to pardcipate ia che proposed fiaancing pian �Euc the City of
Riverside hss senueursd co fund che local shace of the L-383 Levea Although many
details af the.finaneing platt Will need to be foanulated. Tcillium undentands that the
proposed financing suucture is inteaded to set fcrch [he basic componenu of what is
hopcfully a rable means for fu�ancing the constsuction of the federal tevea wehouc the
revenues from Argosy Casino's patnanent fuiGty, [hn challenge of devising a workable
and fair fiaaacing mvaure is ¢oasiderabia 'Irillium has been impcused and heartened by
che subscazsdat pcogress �ac aPpe:vs w ha�e ban made to date in suucturing a viable
means co finance the toeal shue.
a.s we have diseussed, che greacat hurdlr co ovucome concinua co be che aedic
enhancement iSSU�. The projected aonomics of the ptoject do noc suppoR Triilium being
able to commit to psovide t1+e levd oEdevdoper credit enhancemencs set forch in che May
1, 1996 financiag proposal. On the ocher hand, ic now appears �hat che fuU amounc of any
cash contribution will not be required at the outsec, but ruher will be paid over the nwec
chree co tour years snd �k�at wch concribucion will be reimburdabia As a resul� Trillium.is
pcepazed co increate the level of iu cash conn�ibution.
We all recognize that the rime for putting in plue a vi�ble financin8 p�an is very shon.
�foreover, T�Uiuca rocognius chu ch� developer's participation is a cridcal componene of
such plan. Accordingly, based an chc subscancial progress that che Ciry tus made in
_,
scructuring a w•orkabla financing plan. Trillium is willing to maka the foltowiog Pro�imin�'
0
. _ ._ --- -- --- -�- ----- �_..
-- - -- --- ., _. . _ - _ :� __:��-
Stephen �. Cry��al. Esquirt
�fay 7, 1996
Page 2
comr.�i[ments with �especs to its pazticipadon in the financing of tht local share of che
costs of the levee:
l De�elooer Conmbetion �
TriUium is wiliing to increue its aa cuh contributioa 52.8 million wnditioned upon ihe
Ciry oPRivuside matehing the inaeue. Trillium wilt also contribute the land it oums that .
is required for the levee right of way. The proposed fic�ancing pian indicata a portion of
this contn'bution is projeaed to be paid in 1997 and the rest in 1999.
II. rredit Enbancements
Trillium is willing to commit to providiag ered�t mhancements for the following
compoaents of the curreat proDa� for finandng the local share of the lcvee projcc� cosu:
• 52.9 million Tn-Place Tax Tnuemmt Financing Revenues - eithu in the
fortn oE a sandby lettv of crcdit or an outrirht purchase of the bonds.
• The Couary's share of che NID Bonds issued co GU �he "�sp" in
finandng, up to a maximum of S4 million - in the forcdof a ssactdby
.._,
letta oFcrcdit
III. Levee Di�**+ct Assess�t Bonds
Tcillinm avill support thc projecced �evd of Ievee district useasmeas bonds prov+ded chc
burden of repayment of thae bonds u �llocaced se that cuRCndY �P�o�� P�aP�rt3' (ie.,
existing buildingslbusinases) bcar a propoctionuely greaca shue. The Leva D'utricc
Assessmcnc Bonds wouid p� be projeet ceimbunable cons unda che TIF Plaa-
' The 125 uce figure me,ntioned io chc curcene financing proposal likdy includa
land chac woald be cequaed for all of the projecced infrastruccuce, noe only che levee righc
of way.
The Counry's share would be the difference betweea che maximum amoun�t os p e
Ci�y's borrowing capaciry and the tota! ,tID bonds issued to bridge che 6naecin ' a"
�th respect to the Ciry's poRion of thc NID useuments, Trillium would fie w+lliag to
consider discuuing mechanisms for ensycinQ �hat che Ciry has ehe abili�7' t ��e control of
che property iE �he devetopa faits co meet ics 5nancing coaunitmenu.
;
� .,��:(
. . Si '� .�... c.�.. ..o. ..> _�._ _...- —.._'." ' _ ..
' Y c� T "_ � • .
Stephen �. Cryscal, Esquire
�Iay 7, i 996
: Page 3
-t
N. �IID Bends
'Ihe curtrnt financing proposal pcojeccs an annual NtD assessmcat of 51,133,400 which
divided evenly over che 1,340 protected uca resulu in about 5345.00 per aae per year.'
Du:ing che firn five yrus. che Ciry would fund i0°/. of the uu�uat �IID assaament ap to
5500,000 pa year, whicEt would teduce the anaual NID assasmeat co spproximacdy
S473.00 pec acre. Trtilium is willing to support this levd of N(D hnancing and bear iu
proportivnate share af the rodueed N1D usessmenu (actn'butabte to Triilium property)
provided such payments ue eli8�le for reimbursemeac undu che ?ff Plan.
V. T�= Tncrement Financin¢ Plan
In ourtelephone con�siciun with Gr�B Bricker last week, both you and Greg indicaced
chat all of the Ciry's and dcvdoper's contnburions would be eligible for reimbursement
undei a Tff Plan and that such reimbursement would include impuccd intera�t. Trillium's
willingncss to make ctte commitmenct set forth above are made bued on the azsumpaon
chac iu coatribudons (up fronc cash cocuribucion, land donations, NiD asses.anent�, costs
incurced for credit enhancements) �+ill be rcimbuaable undu a TlF Ptan (usuming the
TTF revenuas ue sufficient to covv such reimbursement). �
� VI, 4,�dition lInfias*ntcture
I believe Trillium and che.Ciry ue i� agreement chu once the conseruction of che lrvee is
moving forv+ard, �k►e conmucdon of the I-614 intachange at Van de PopuGv and
additional basic infrasaucarc will follow. I have made clr.ar on se�enl occasions,
howevu, thu at this dma Tcillium has msde no commitment to fund ot ocherwise finanee
the constcuaiaa of the inErasauctwe. At this cime, Trillium Would require the cosu of
construction of the infrasuucturc be �ncluded u project re+mbucuble expensa unda thc
7ff Elan in ordet to Draten'a ch+s Potmdal financinS ePt'oa Onu a viabla 6euncing plan
is fumly in placs for che leveq che Ciry and the devdopa cy+ tum thea artuu'wa co
addrasing the finandng of ths additional intiasm+cturc cWuired for ulrimace devdopmenc
of che Bottoms
V[T, Prioriev ofRe av r nfproieet Rl�mhunable Ca:RS
Trillium propoxs ehat.the prio►iry of che repzyment ofprojett ;eimbursable costx unda
thc Tff' Plan be as fallows:
1) TlF Bonds usue�' bascd on in-place TIF rc�enuns
' ?his amount Would be reduced by the amount of any inc�cased cash contributions
by "Crillium and the Cicy.
1]illr(,!ll�t
. . ... __... . . ':-� ,�- z ._' ___..
S;epi:elli Crys;:�l. Esqu::z
�Iay 7, 1996
Page 4
F
2) 1,nnual asuumeats foa repayment ofNlD Bonds isaued to fund the 6nancinq -
��3aP"
3) Reimbursement of azry unounu paid by the Ciry of Riverside �oward �
Bonds (during the 6rsc five yars)
a) Rambursement of paymrnu made by land owners tow�ards the zrinwl �'�
usessmenu .
5) Reimbursemenf of cosu/fi:+ar�cing for the I-635 Incachange and addicionai
infrasuucture (co the cxcecn T1F is udlized)
6) Ttillium and Ciry Cuh Contributions.
bIII. 4ther Matten
To che cxtent thu sdditional fuading bccomes available and/or consuuaion cosu savings
can be realized, such reducvons would be appliod to reduce the City'x and Counry's
poctions of the NiD goMs on : pro rna basis.
, . .
- r As previously mentioned, we recognize thae ue many details that have not bem
addrased by the proposed financing plan. Trillium bdieves, however, that che plin
presencs a potmtially viabla mans tor fsnancing the loeat share oC the L-385 levee, Thr
_ eommitmenu made by TdYlium (as set forth above) should provide further support far the
- viability of the proposal aad a basis for thc City and Levee Distria to conticrue moving
focward.
- Please do noc hesitace �o calt me if you have my quacions.
Sincerely, �
�LC.9—�
Paul Piett .
Vicc President and General Counse!
���
, urCOLt�QN
WH�REAS, cho L-385 Ieva Projcct (the "Levu Pmjcct') hu beea proposed by tha
United Staces Army Cotps of cnginetcs ("Cotp�') which would involve the conswction of two :
levees in Riveraide, Missouri; and
� �� , the Leva Projece requues the local sponsor to matck chc cost of the Lcvice
Proj�ct wi[h the Corps zt a tacio of approximatdy 48% for the loc�l sponsor and appmximately
52°6 for the Corps; and
�, the cotal estia►ated wst ot tBe I.evee Projoct is 536,240,000; and
�vII�AS, the locsl sponsor's mat�hing contribuuon for the Levice Project is
approximately 527,000,000; and
lVL�AS, the Board� of Aldetmen of the C�ty of Riverside, Missouri (the "IIoud")
Uclievcs that the I.evee Projcet is advantageous to tbe Ciry o( Itiverside ("City') and. that the
beaefiu of the Levu Ptoject witl exceed the cost of the Iavee Projecc; and
�� , the IIoan! appmved a Resolution on M.iy 7, 1996 supporting che usisranez
of the local sponsor in Nnding U�e (ocal sponsor's shar� of Ibo cost of cho L�weo Piojat by
, nnplomentirg a finaneing Dlw, whicl� ineludea participuion in � Tax Incament F;nu�cing
("17F") p1an, puticipating ia an Ndghborhood Improvcment District ("MD') and coatribudng
cash; and tbrther may inelude authorizing any elxtions wblch a�e �r_eessary and ►along any ott+er
aclion wlueh may ba neeessuy to auist tha local spoosor in funding tlu local sponsor's sh.ve
of thc cosc of the Levea ProJect.
1i�lIl:tt�A.5, thc I3ovd hu had m opportunicy to tcviea U�e FinancLig Plan since the
M�y 7, 1996 ine�:ting u►d desices co moce specifically appmve tho City's psuticipation in the
I�vee I'rojeu, subject w an elxclon.
'PH� � �ORE, BE Tf 1tESOLVf�D TfIAT: �.
1. T'hc gpatd beliCres tbat ette I,cvee Project is advautagwus to Ute City and thxt th�
benefils of ehe Levea Pmjecc wID acceed t6e cost of the Le�ee Proje�t
2. ?he $oatd suppotis �he Implementation of Ihe Finanou+g Plan whlch includes cash
convibutiovs tu the Levoe Ymjxt by the City subject to the conuibutiuna buing includ�d in tho
TIT Plu� a§ Reimbur3able Pcoject Costs and subject to an election which may be requite�d by
appticable s�atutes, couR dacisions, ivlu or regulauoas. 2Ue Ciry'S Cotltribuuous ara as fuUaws:
a. A casb conuibution of 52,800,000.00;
b. Up to SSC�,000.00 per yeir. subjecc w annual appropriation.
for a period of ftve (� yean to reduce the anaual assasmwts fot NID Dond� imposed on the
property ownecs in the I.evee I)istrict, subja� to a guuanry by tKe dcveloper of the MD IIonds
satis[actory �o d�e Cicy;
�. SpcciFic appropriatiott of �,e Ctty's contributions shall be made by apeciFic
ordinancec subjcet to tt�e above reserictions.
4. The Boud suppocu the authotiudon of dcctians and aay other acUon wl►ich msy
be aecessary to assist the lacal sponsor ia fuading. t6e local sponsor's share of the cost of the
I.cvu Projccc. F.uh eleetion and any such action shall be brought bc[oie the Boud for its
speciFe aulhorization at such dme as ths sppllcable stntu[es, niles and iegulatioas rrquire.
Pused this 21st day of May, 1996.
' btAYOR
ATTFST:
�.Gf �
CITY CL.�
RESOLUTION
-,
WHEREAS, the L-385 L.evee Projxt (the "I.evee Project") has been proposed by che
United States Army Corps of Engiu�n ("Corps") which would invnlve the construcuon of two
lev�s in Riveaide, bfissouri; and
WHEREAS, the Levee Projxt requires E6e local spaeuor w match the costof the Leve.e
Projecc with chn Corps at a ratio oP 4896 for t4e local sponsor md 5276 for the Cocps; and
WHEREAS, the tottl estimated cost of thc Ltvee Project u 556,240,000: and
WHEREr15, the local spomor's mxtching contribution for the Levee Projecc is
appro�dmately S27,000,000; and
WFiEREAS, the Boazd of Aldermm of the City of Rivecside, Missouri (the "Board")
belleves that the Levee Project is advantaeeous to the Ciry of Riverside and [hat the benefits of
the I.evee Project will exceed the cost of ths Levce Project; and
WfIEREA3, the Board desires to azsist the local sponsor in funding che local sponsoi's
share of the cost of the Lavsa Pmjat by implementing a fuuncing plan, which may indude
participating w a tax inerement financit►B plan. PaztloiPatinB in lQ Neig6borhood Impro�ement
Distciec and coaaibuting ush; and further may it�clude authocizing any elaaons which are
necessary and taking any other action ahich may be necessary co assist the local spooso� in
� funding We local sponsor's sNare of che cou of thc I.eveB Projax.
THEREFORE, BE TT RFSOLVED TSAT: �
1. The Board believes that the Levee Project is advantaqeous to tha Ciry of
Rivenide, btissouti and that !ha benefits of the I.evee Pmject wUl excad the cost of the Levee
Projcct.
2. T�,e Board auppo�ts the.imPlemenuaon of a Hnmcing pi�n, which includes wx
increment financipg, t�e City's puticipation in Neighbochood Impcovemeac IJisuia bonds and
a cootribution of gener+l fund� of tLe City. F�ch component of t6e finaacing plan shaU be
brought 6efore the Boatd for its specific approval at such time a� the applicable statutes. rnles
and rogulatlons requiro.
3. 'Ibe Board supports che auchoruation of elactions uM any othu acaoa which may
be oeressary ro assist ths Ix�! spooser u+ ftrndina the ]xal spoesor's shara of the cost of the
Levee Projtct. Fuh elecNon and any. such ution shaU be brouahe 1�foro the Board for iu
specific autboriratiaa at such time u the applicable statutes, mle� and teguladons requite.
.,
Passed chis � day of . , 1996.
,
ivI�.YOR
ATCEST:
� �4�7�
CITY CLERK
.
_ _ _ _
nar-:3-96 �ED t0:3� ncGI�+NE55 t S�+Am �t6 p
:Ar :5 'S6 :2�3?�:
ALDOLDTZOII
wHERE7IS, tha L-�8S I.evea Projact (th� "Lavu Proj�ct") has
been proposed by th� Qnit�d Statas Asmy Corps o! Enqineers
("Corpa") whlcb vould involva tfsa construction o! two l�vn4a in
Riv�raida, 141ssouri; and
i11�RF.7►S, th� Lavaa Broj�at raquir�s th� local sponsor to
match the cost ot the Levea Pro�ect vith tho Corps at a ratio o!
�Bt tor ths local sponeor and 52i tor t2fe Corps; and
i1HL'�tE7►S, tt�e total estimatad co�t o! th� Lav�• Projsct is
$56,2�O,o0ot and
WHEREJ►s, th4 Riv�rsida-Quinearo Band Lavsa District
("District") has yreviously consida;ed increasinq the amount ot
its asu�smants aqainst proparty in th� Distriet to hslp lund tha
_
loeal sponsor's 6hara of tho cost o! the Levea Pto+�eet; nnd
wHEREl�S, tha District boliovas that th� i.�voa projact is
advantaqeoua to tha DistsiCt �nd that the benelits o! th� Levee
Frojsct vill �xcssd tho cost o! ih4 Levee Projectt and
WHEREJ►S, ths District's Boazd of supo�rvlsors voted on li�reh
1�, 1996, to incr�ass th� ass�ssmmt ot psoperty in the Distriet
to �• amount of i600,o00 p�s Y�u to h�lp lund ths loeal
sponsor's coat o! tDe Lavea Projactt and
i1HERE7IS, thi� rasolution shall aemorialixs th� District��
eoard ot Sup�rvisors votsi and
w1�RF.aS, ths rav�us sta�as qanerated by an annual
assessment in tE� aaonnt o! S600,o0o vill aliov th� D1atrlct to
issua Lav�� Distriet ]ltsusm�nt Bonds in the approximat� amount
o! 5�,086.000.
THEREFORB, 88 IT RESOLVED T!S]►T:
1. Th• District balisv�s that tL� Uv�� Projsct ia
ndvantaqaous to th� Oistriet astd Chat th� b�n�tiEs ot the Leven
Proieet vill exceed th� cost o! th� Leva• Project.
2. Ths Dietriet's Haard of Supsrvisors vot�d on March 14,
1996 to increase tha aassssmant of property in the Mstrict to
tn• amount o! S600,000 par year to halp tund ths local sponsor's
� cost ot th� Lavaa project. '
e:6<�:Sdae
naY-IS-96 �E��10:'oT hcGINNE55 Z S�A��� 'O�
. . �F� :� 'ic :2:_?=
- 3. Th� Di�trict �hall take such actiona as requlred to
aseesa th� property and issue Lsvee District �ssessm�nt Honds, at
ths approprist� tiaa, in th� maximum amouat poasible vhich may ba
pa�d by tAs proposed ennual Distzict assessments.
Paaasd this 9th day o! KaY, 1996.
:'�� �� ���
Prasidant
11tt86t i
.1— �6� �_ C
SeCr6tary
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• Tu be daermined upon the filing of �� Pl�n of Reel�nu}ion by Ihe lavm Diuri<t �nd upon the ewbli�hment of � NeigAborhawllmprovemeM Di�[ri<I by Ihe memben of Ih�t Diuricl.
Asseued vdua is 32% of �ppni�ed v�lu< on commerci�L . .�
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Ui\6N\61492\00001\ASSFSSMT.TBL � � - � - . �
M�y 70. 1996 . . . � . .
RFSOLCITON
WHEREAS, the L-385 Levce Projxt (the "L.eva Projx[") has ban proposed by �he
United States Army Co�ps of Engineers ("Cocps"j which woutd involve the constcuction of cwo
levees in Riverside, Missouri; and
WF�REAS, the Levce Projxt requiizs the local sponsor to match tbe cost of the Levce
Project with the Coips at a rdtio of 4896 for the local sponsor and 5296 for the Cocps; and
WHEREAS� the total estimaud cost of the Leva Ptojoct is 556,240,000; and
W�REr1S, the local spoasor's matching contribudon for tho Levee Project is
appcoximately 527,000,000; aad
WHF.REAS, the Tax Incr�ment Financing Commission of Riverside, Missouri
"Commission") was established pursuant to Ordinance No. 45-64, adopted by the City Council
of Riverside, Missouri on September 12, 1996; and
WHEREAS, the Commission believes that the Levee Project is advantageous to the City
of Riverside and that the benefiu of the Levee Project will excaC the cost of the Levee Projxt;
and
WHEREAS, the Commission desires to pcepare and coqsider the approval of a tax
increment fu�ancing plan to assist the local spoasor in funding t6e local sponsor's stiare of t6e
' cost of [he Levee Project by implementing a tax increment fuiancing plan ahieh would capture
the inczement of future development to assist in funding the Levx ProJect•
WHEREAS, the Real Propecty Tax Increment Allocation Redovelopment Act, §$ 99.800
- 99:865; R.S.Mo. (the "'I'IF Act") pcovides that the Commission shall set a public hearing date
to, consider .any tax increment finaaciag plan as well as w consider the designadon of a
cedevelopment area, redevelopmeat project(s) and �edevelopmeot pmjecc area(s) under ttte TIF
Act.
THEREFORE, BE Tl' RESOLVF.D THAT:
1. That the Commiuion hold a pubGc hearing of the Commission on June 27, 1996
at 7:00 p.m. at Rivenide City FIall to wnsider che ptaposed L-385 Levx Projxt Tax Increment
: Financing Plan as weli u to the desigaadon of a Redevelopment Acea, Redevelopment Project(s)
and Redevelapment Project Atra(s) under chat Plan.
2. That appropciate noaces rogarding [he public heuing bc authorize� pu�suanc co
the provisions of the 'I� Act.
/ f
SO RESOLVED chis �� ` day of / i GL , 1996.
-
� �
ATTFST:
G�.rt/ r/ !k'.t.�.e,E�f/
SECRETARY
�
_�
�
- A�SUMPT10�1,� FOR PAYMENTS IN UEU OF TAXES
AND ECONOMIC ACTIYITY TAXES
ARGOSY CASINO EXPANSION
PavmeMa in lieu of Taxes
t. Real ProP�Y Tax Le�N Ratx 6.06%
2 PssessrnerK Flatlo: �
3. �9as11 ExDa�sion FatiBty:
i 998 Market Value • S40 miUio�
1998 Aasessed Value 5128 millbn
1998 PtL01'S - �
a. Hotel FatiOty: � mil6o�
Markal Value •
p y� • 51.8 millbn
1997 PIIOTS - �•�
Sales Taxp
t. Sale4 TaX Razx
-� eny . t%
co�+nr • ,%
2 Argasy Exi��n Fxility:
Annusl Numbar of pBVOnS • 3.1 million
PWCh7.�!! D� P� • 53.00
t 998 C3roa� Sala (un sRM • 39.3 miubn
t998 Sill� T�% . 5788.00�
3. Hotel Faeility: . 5�.3 millon
1997 ROWn 3�IM
. . . . � 19a7 OtMf �SiNt (Of1 !�� � • S1.S 111i1NOf1 � .
19➢7 SiIM Tix S94.000
Utilirv Tax .
i. Utllky Tax R1t� S%
2 q�sY FxDansio^ Facil�y:
1997 Ener9Y E�pe� tor Boat • 5318.000
1997 F1+er9Y ExP�+� ror Termin� - 5�82.000
t997 UtiOry 7ax � S 33.900
Garnina Head Tax
- t: Tax f�aze: St per patran
�. Annual Numbec of Pavom: 3.1 million
3. Annu21 T37c FlEVenue: 53.1 millio�
�arnina Feceiots Tax
1. Tax Fazx 2% of Net Gaming Fbcdpp
2 Annual Net Garnin9 ReceiDCS: 588.8 miUion
3. Annual Tax Fiavenue: 51.7 millbn
Pdd'rti�n3 le?� Pavmerns'
i. �ease aase ror Aaamona� aerx: t% of Net Gaming Recdpts
2 Mnwl Net Gaminq rectipcx 588.6 milROn
3. Mnual lease Paymerus 5868.000
F+coan�n FacilM
__ � —
i. A 90.000 e7. R. 2-atory paHlb�
a. Conference d banQuet hciGtY (600 Pason capacitY)
h. 2 reataurarKa.
c. large bunqdbar
a. tnGoorl outaour qatt+arin9 keas
2. Pafking LOt: 1182 lpiCl6
3. Patkln9 Stnxturx 824 lpaCM
a. CompNdon OatK ��� ��
5. Con�wctloe Coalt SW mi�bn
Hotel Facilint .
t. 200 Rooms
2 Averaye oaiy Razx 570.00
3, Average Occupaney Ra�x �%
s: Completion OatG CecemOe[ t996
�
5. ConsWCtion Costs: i4 m�uion
� ..
, r
RESOLUTION OF THE PLATTE COWi TY CO�II�IISSIOIY
May 16, 1996
W HEREAS, the L-�85 Levee project has been proposed by the United Stata Atmy Corps of
Engineerr and would involve the cronstcuttion of two levees in Riverside, Missouri; and
WHEREAS, the Levee Projeet cequires the local sponwr to match the cost af the Levee Projen
with the corps at a ratio of 48 percent for the local sponsor and 52 percent for the Corps; and
WHEREAS, the total estimated catt of the Levee Project is 556,240,000 and the local sponsor's
matching contribuuon for the Levee Project is approximately S2'/,000,000; and
WHEREAS, the Platte Counry Commissio� desiros ro assin the laal sponsor in funding [he
local sponsor's share of the cost af the Levee Project by participating in the issuantt of Neighborhood
[mprovement Distria Bonds, ptovided that the Bonds issued by the Counry are guaranteed to the
satisfaction of the Counry.
NOW, THEREFORE, BE IT RESOLVED that the Platte Counry Commission hereby:
1. Believes that the Levee Project is advantageous to Ptatte Counry, Missouri and that che
benefits of the Levee Project wiil exceed tHe cost of [he levee; and
Z. Suppocts the implementation of a Neighborhood lmprovement District and the issu�nce of
Neighborhood [mprovement District Bonds provided the Bonds issued by the Counry aze guaranteed to the
satisfaction of che Counry. The Neighborhood lmprovementDistritt Bonds shall be brought before the
Commiuion for iu specific approval at such dme az the appli¢able statutu, niks and regulations require.
IN TESTIMONY WHEREOF, ws have hercunto ut our hand in the Counry of Plane this 16ch
day of May, 1996.
PLATTE COUNTY COMMISS[ON
. N�
Betry Knight
Presiding Commiuio
Attat: .
Michael L. Short
i istria Commisdioner
S ndra Krohne, ounry Clerk ��
Dia Eskridge
2nd District Commiuioner
CITY OF •
����►��l���
. �L 1 � � � � �� � �� �
� � I I � r i � ��� � � �� � �/ , -
�. � , V �� �1 I A r �/ �� Y �� � rt � ��I� ' .
. V1 � 1 �V L \ �'ti �,'�7 � �/ �'yJ . � . . .
- .�-_.c._ . � .
� � P. 0. 80% 3173 � . . � � �. .
� +500 HIGM ORIVE' � .
� RIVERSIOE. MISSOURI C11G1 � � �
' eic-r��ass� or e�aa4i•iui April 9, 1995
Ms. Sally Hemenway
Depar�menc oE Economic Development
P.O. 9ox.118
Jefferson City, MO 65102
Dear Ms. Hemenway:
I am wri�ing to request that the City oE Riverside be cons.iered �s
a priori�y for the receip� o£ any de-obliga�ed flood recovery
monies that may become available Eor reallocation.
As a poin� of informa�ion, some hiscorical da�a is being provided
far your review.
.
H+�roric P�rsoective since 1993 flood
-� The 1993 flood created millions of dollars of damage in che
Riverside-Quindaro Bend Levee District and Ci�y of Riverside.
Estimates Erom Federal Governmenc represeneatives set the federal
share of direct and indirect coscs: as well as "down time" a�
- S�o,0o0,000 jusc Eor the Levee Discrict area. State and local
g�vernmzn� costs were estimated in excess of $7,000,000:00.
Two hundred and Eif�y businesses operate within the boundaries oc
the Riverside-Quindaro eend Levee Dis�rict ar.d �he Cicy oE
Riverside. These businesses employ over 8,000 persons. Eighty
percen� 180�r1 of theae businesses were built above the one hundred
yaar Elood stage but that level was far exteeded in 1993.
The Levee Distriet was formed in the late 1940s and eEforts have
baen made throughouc the years �o construcc the levee bu�
sufficient funds were noc available to do so. The Cicy began
par�i�ipation in the National F1ood Insurance Program in 1977:
3ince that eime, the City has adhered to all tha regula�iuns
:mposed by that program. Even implementation of these regulations .
did not protect che buainesses and che City from che 1393 flood.
Original legislation fundinq Levee conscruction authorized a 75':
paymenc by the Corps of Engineers and 254 by �he local
jurisdicCion. However, naCice was provided to the Lavee D1SCII�C
� -
• Take Pride In Our Proqress'"
__ _ _
_
c:ac �na :�w adminisc:ation .policy was going to requira a::,-��:
macch from �he local jurisdiccion and they were prcposing a:Z•;
, Corps ar.d 4d': local match. A visic to ;�tsshingcon in ?.ugcs� �o
lo'cby £or the r_ducGion co [he orig:nal macch was LLRSLLCC258:LL1.
The estima;.ed cost of �he levee is.556,000,000.00. The local ma�ch
�.�ould cocal 527,000,000.. Prcviding �his much match from �he local
level is virtually impossible.
Search '_or additional Fundina
Last October a Redevelopment Plan was submitced by �he Trillium
Corporacion asking che Cicy of Riverside Co coopera�e in 3 Tax
Increment Financing Plan which would fund che local share of �he
conscruccion costs for che lzvees, as well as infras�ruc�u:e
improvements which would direc�ly benefic the undeveloped proper�y
locacad wic:�in che bcur.darie3.
Due �o several changes proposed in ehe Plan which were noc
perceived to meet the necessary TIF requirements, �hat original
Plan was noc puc forward. One of the main problems resulced Erom
�he inabili�y to capcure tax.revenues Erom the newly developed
_ Argosy Casino properties which had been ancicipa�ed by �he
dzvelopers. This loss leEt the ability to Eund oaymen�s Eor or co
sell TIF bonds very tenuous.
Several s�ate and Eederal sources were roncaeted Eor gran�s of
additional funds, iacluding Oeparcment of Ecpnomic Devalopmen�,
which could assist in payment oE the local share but none were
forchcoming.
-� � �
�urren[ Scatus of .`undina
t�i�h tha loss of potential TLF funding, che CiCy oE Riverside
beg�n, ag3in, �o search Eor ways to implemenc che approximacaly
>27,000,000 naeded for the.local share under che currznc split of
52i-4d:.
Af�er much n2gociaGion, the Eollowing firm commiCmencs were mada �o
�he project: Trillium Corporation - 52.3 million; Cicy oE
Riverside - 52.3 million. The Levee Gistricc has scaced th2y would
a�cempc �o eontribute S6 million chrough special assessments to the
beneE.icced property owners wi�hin �he dis�ricc.
?n actuality, firm commitments of only 510.6 million can be
counted. with a loeal share of S27,000,000, [his leaves �he
Discricc and the City with a shorcfall of approximately
516,400,000.
`lterr.ar.iv?s Eor fundina ,
A review of Einancing options was provided by George K. eaum and
Company. Sources considered were:
1. T3x :ncrzment financing bo�ds Eor a por�ion o[ cie
remaining deb� mighc be soi3.
2. Levee District Impzovement Bonds could not be issued Eor
che �otal of the remaining debc and Che levee dis�ricc
beneficiaries havz already commitced �o special
assessments.
3. Neighborhood Improvement District bonds mighc be issued.
buc che needed amount of NID bonds would place an unEair
burden on che property owners.
4. General Qbligation Bonds could be passed by the residen�s
of the City of Riverside to ensure paymenc of the bonds.
This is not a viable method of funding since cha Ci�y
does not now, nor has it ever, assessed a real estace or
personal propercy tax on the properties wi�hin the Ci�y
and has no interest in haviag [hat happen should a
default occur in expected funds �o pay che bonded
indebtedness each year.
It would now appear that the City of Riverside and the Riverside-
Q�indaro Levee Dis�rict Board have exhausced all feasible mechods
oE Einancing this levee as long as the local share amounts co aei
of che project co�t..
while strong supporC exists for the construction of che levee
project, reality has demonstrated an inabi;ity to make the
financing happen due co che excessive coscs assessed to the local
_� shara. The willingness of the Cicy to contribute SZ•3 million is
due to a desire to protecc those existing businesses who have made
a commitment to the City by their continued presence in �he
community, even after having to rebuild following the Elood.
The undeveloped acreage in this area is highly desirable real
estace but npc so long as it floods or the strong pocential for
flooding is ever pre9ent. The coac to elevaee all the property to
the 100 year flood sCaqe is prohibitive for deve�opera, le� alone
eleva�ing it co cover the escimaCed 350 year flood stage
experienced in 1993. It is not likely.that infrastruc�ure will be
built to serve the areaa as long as the potential for flooding is
so great. Costs for the initial construction would be extremely
high but co consider replacing it each time flooding occurs makes
ic a greac Einancial risk for a dev�loper.
Summarv '
In short, the City and the Levee District have explored all options
open �o funding the construction of the levee and have reached che
dacision that it cannot happen, financially, unless additional
Eunding can be secured co offset bond payments. .While che City has
pecicioned Congress �o honor the reduction of the 48t co che
legislaced 25?r, we are not excremely hopeful chat this will occur.
Consequen_:y, we. arz asking thac sny funding which mignC �e
available Erom de-obligated flood Eunds a� the Deoarc-en� oE
cconomic Development be considzred Eor disbursement to che Ci_f ec
- Rsverside �o assiac us in proteceing our residen�s and bus:ness
community. .
The Corps of Engitteers has set a deadline of May 31, 1996, �o have
funds secured for the local match of this project. Should we no�
be able to make a firm commitmenC, the funds will be losc Eorever,
according �o Washingcon sources.
I crus[ this iaformation will be helpful in providing a background
of tha efforts the City of Riverside has made towards �o obcaining .
Eunding to pay for the levee. If you have questions; or would like
further information, please do not hesitate to contact our Ci�y
Administrator, Ann Daniels, at the address listed above or by phone
at 816-741-1544.
:We appreciate your consideration of our request and any assistance
you may be able to offer.
Sincerely ours,
7 y � - � ,� p
. � . � � : �Q.`G� ,�,(G�iL Gii � - . .
eetty�urch
Mayor
_ I
cc: Steven Krystal, AtCOrney
EXHIBIT 9
PROJECTBD PIIATS AND BATS
PHASES A-H (EXCEPT FOR HOTEL PORTION OF A)
Year ToW' Total Projxted Seles Pcojxted Total Total Pmjxted
Projxted Taxa U6liry Tues Projxted TII Revenue
PIIA'['S PatIoa Onl Unlaown EATS
1999 Phases A-E 175,000 75,000 0 37,500 2I2,500
. (does aot include hotei
'on of Phau A
2000 175,000 76,500 0 38,250 213,?b0
2001 212,000 78,030 0 39A15 25t,015
Add Phases (3-
2002 212,000 79.591 0 39,795 251,795
2003 22U,4$0 81,182 0 40,591 261,071
2004 220,480 82.806 0 41,403 261.883
2005 229,299 84.462 0 42 23l 271,330
2006 229,299 86,151 0 43.,076 272,375
20U7 238,4?l 87.874 0 43.937 282.408
�
2008 238,471 89,632 0 44,816 283,287
2009 ?A8,U10 91,425 0 45,712 293,722
2010 248,010 93 253 0 46,627 294,639
2011 257,930 95 118 0 47s59 305 489
?Al2 257.930 91020 0 48 10 306,440
2013 268 248 98 961 0 49,480 317,728
2014 268,?A8 100 940 0 50,470 318,718
2013 278 8: 1 959 0 S1,479 330457
2016 278978 105,018 0 52,509 331,487
2(Il7 290137 107.118 0 53,559 343.696.
2018 290137 109,261 0 54,630 344.767
?A19 301,742 111,446 0 55,723 357.465
2020 301 T42 1 t 3 675 0 56 837 358 579
�Assumes a 4% increase every other year.
= Assumes a 2Ro increase every year.
ALL NUMBBRS ARB ESTavIATE$ ONLY
TFIERE LS NO ASSURANCE THAT ESCIMATES W1i.L BE REALIZED.
PROJECTED PIIATS AND EATS
PHASES A-H (IIdCLUDES HOTEL PORTION OF A)
Year rrnei Toc� [�ojxua sa�a rro}«x«t Totel Tasl Pmjected
'- . eroJxua Taues� UWity Tues emjxua 't� ttevenua
PIIATS' Po�tion Oa( almowo EATS
1999 P6ases A-E 330,000 171.000 0 85,500 4I5,500 ,
(includes 5155,000
PII.OTS and 596.000
Sales Tu foi hotel
'on of Phase A
2000 330 000 174,430 0 87,210 4I7,210
2001 373,200 177.908 0 88,954 462.154
Add Phases G-
2002 373.200 181.467 . 0 90.733 463.933
2003 388.128 185,096 0 92.548 480.676
2004 388.128 188.798 0 94.399 482.527
2005 403,653 192,574 0 96,287 499,940
2006 403,653 196,a25 0 98,213 501,866
' 200'l 419.799 200.354 0 100.177 519,976
2008 419.799 204361 0 102180 521,979
'- 1 2009 436.541 ?A8.448 0 104,224 � 540,815 ,
2010 436,594 212,617 0 106.309 542;9A0
2011 454 USS 216.869 0 108 435 56 d90
?At2 454.055 221 0 110603 564658
?A13 4 17 225 631 0 tl 8t5 585 032
2014 4 19 230 143 ' 0 115 OZ2 567 9
: ?A1S 491106 234746 0 117373 608479
2016 491 106 239.441 9 119 721 610,827
2017 510 750 244,230 0 122,115 63 865
20t8 S10,750 TA9,115 0 124,557 635,307
2019 511180 254.097 0 127,049 658.229
207A 531 180 259 179 0 129 589 660 769
' Assumes a 43'o increase every other year.
2 Assumes a 2�90 increase every year. •
- ALL NUMBERS ARE ESTIIv[ATES ONLY
TE�RE IS NO ASSURANCE THAT ESTIMATES WII,L BE REALII,ED.
ESTIMATES OF TAX IIVCREMEI _: 1�ING REVENUES RELATED TO _
' THE L-385 LEVEE PROJ��- _.EDEVELOPMENT AREA
� � PILOTS EATS TOTAL T�'
Year Value Pa Sq. Pt' Middle Case Sceoario REVENUFS
. Commercial Retail TotalMarket SalaTu' Urility Taal
W�u Commueial Retail. � �� Value � . Tua EA'fS
���� (50%)
313.920' 26.40d 39.60'1'
2004 41.01 93.73 82.02 12.955.879 . 2.474.472 3,248.566
18.678.917 387.924 121.792 16.499 69.145 457.069
2005 41.83 95.60 83.66 26.429.994 5.04'7.923 6.627.075 38.104,991 791.364 253,326 33,328 143,327 934.692
2006 42.67 97.52 � 85.33 40.437.890 7.723.322 10,139;425 38,300,637 1,210.788 390.123 50.494. 220.308 1.431,096
2U07 43.52 � 99.47. 67.04 54.995.531 10,503.718 13.789.618 .79,288,866 1.6A6,671 � 532,391 � 68.003 300.197 � 1.946�868 �.
2008 44.39 101.46 88.78 70,119.302 I3.992,240 17.581.762 101.093.304 2,099,506 680.350 85.863 383.106 2.482.612
� . 104.079 469.153 3.038.948
2ppg q3.2g l03.49 90.56 83.826.023 16,392.102 21,520.077 123.738,204 2.569.795 834,227
2010 46.16 lOS.56 92.37 102,132,970 19,506.602 25.608.892 147,248,463 3.058A56 994.259 122.660 358.460 3.616,516
2011 47.11 107.67 94.22 119.057:862 22.739.1Y1 29.852.651 171,649.637 3.564.820 f.160.692 141.613 651.153 4,215.972
2012 48A5 109.82 � 96.10 136.618.897 � 26.093.145 34,255.917 196.967,959 4,090,631 1,333.783 160.944 747.364 4.837,994
2013 49.01 112.02 98.02 134.834.730 � 29,572,231 � � 38.823.373 223.230.353 4,636,048 � 1,513.798 180.662 &47,230 � 5.483�2�8
2014 49.99 / 14.26 99.98 173.724,589 . 30.163.676 39,599.840 243,488.105 5,056.761 I,574.350 � 197.923 886.136 5,942.897
2013 50.99 I16.54 101.98 193,308.088 30.766.949 40,391.837 264.466.874 5.492.448 1.637.324 215.529 97b.427 6.418,875
2016 52.01 118.87 I04.02 213.605.437 31,382,288 41.199.674 � 286.187,399 5.943.540 � 1.702.817 233.488 � 968.152 � 6.911,692 .
2017 53.05 12I.25 106.10 234.637.35'/ 32,009.934 42,023.667 308,670.958 6.410.478 1,770,929 251,805 l,011,367 7.421,846
20L8 54.11 123.67 108.22 256.425.Ii2 32.650.133 42,864.140 33I.939,385 6.893.717 1.&41.767 270.489 1.056.128 7.949.845
2019 55.19 - 126.15� 110.39 278,990,522 33.303.135 � 43,721,423 356,015,080 7,393,721 I,915,437 289,547 1.102,492 8,496,2i3
2�p . � 30 �Zg.b� � 112,60 302,355,978 33.969,198� � 44,595,852 380,921,027 7,910,968 1.992.055 308,985 1,150,520 9,06I,4S8
2021 57.42 i3t.24 '. 114.85 326,54�4.456 � 34.648,582 . 45,487:769 �406.680,807 . 8.445.947 2.071.937 328.813 1,200,275 9.646.222
�Fsdmazed A+nount Per DRC Real PropaRy Valuation Summary, including 2% growth factor.
Z Estimated Sales Per DRC Direct Sales Tax Summary for Squaze Foot Retail in 2004 is $205 witti 490 growth tactor.
�Estimated Mnual Absotption Per JPS Fxceutive Summary for Light Industrial.
° Estimated Annual Absorptioa Per JPS Execuave Summary for Commercial with a 10 year build out.
S Esumated Annual Absocpdon Per JPS Exceutive Summary for Retail with a 10 year build out.
�cu aRF. F.cTtMATFS ONLY AND THERE CAN BE NO ASSURANCE THAT THE ES'['IIvIATES WD-L BE REAI.T�D.
R-���-"9
' -, AN �QNOMIC A�"�TY TAX�F
Redevelopment I - Phase A
��
Ar� Iiot�l Facilitv
1. ZUO Rooms
2. Average Daily Rate: $70.00
3. Average Occupancy Rate: 65 %
4. Completion Date: December 1996
'S. Consuuction Costs: S10 Million
Pavments in Lien of Taxes
1. Real PropeRY Tax Levy ltate: - 6.05 96
-f'
2. Assessment Ratio: - 32.0'%
3. Hotel Facility: �8 Million
Mar]oet Val�e �2,650,000
psse.csed Value $154,880
1997 PII.OTs -
p���ovic Adivit Taxes.
1. Sales Tax Itate: _ 1'% �
City 1 % k S �
County -
� k'``' w �'S
2. Hotel Pacility: 3.3 , '' �
1997 Room Sales on ��y,,,,,,�
1997 Other Sales (on site) 596,000 /""0 "" �
1997 Sales Tax '
3. Argosy Bxpansion Facility
pnnual number of pations - 3.1 million
Porchases Per Pau'°° - 53.00
1996.Gross Sales - 59.3 Million
,
1996 Sales Tax - 5186,000 (93,000)"`
* For putposes of TIF, only 6 months of sales for the year ane included.
pxo�c�n z� x�v8vu�.s
yBAR I N I.T I A L PROJECT� INCRffiVIffiVTS . TOTAL �TS T�T' T �
EQUAIIZ� B(2UAL7� PROJHCTED �
ASS$SSBD ASSBSS� p�
VALUB VALU$
1996 0.00 2,630,000.00 2,630,OOQ.00 160,325.00 46,500.00 206,825.00
1 � 0 � Z�703�ppp.pp 2,7U3,ppp,00 163,531.50 47,430.00 210,961.50
1998 O.UO 2,757,060.U0 2,757,060.00 166,802.13 48,378.60 215,180.73
l�g p,pp 2,8i2,201.20 2,812,2Q1.20 170,138:17 49;346.17 219
2U00 0.00 2,868,445.22 2,868,445.22 173,540.94 50,333.09 223,874.03
2pp1 p,pp 2,925,814.12 2,9?5,814.12 1�7,011.75 51,339.75 228,351.50
2002 p,pp 2,984,330.40 2,984,330.40 180,551.99 52,366.55 232,918.54
� 2003 0.00 3,044,017.01 3,044,017.01 184,163.03 53,413.88 237,57b.91
2004 p,pp 3,104,897.35 3,104,897.35 187,846.29 54,482.16 242,328.45
2pp5 p,pp 3,166,995.30 3,166,995.30 191,603.22 55,571.80 247,175.02
2006 O.UO 3,230;335.21 3,230,335.21 195,435.28 56,683.24 252,11&52
2� p,pp 3,294,941.91 3,294,941.91 199,343.99 57,816.90 257,160.89
2008 0.00 3,360,840.73 3,360,840.75 1A3 58,973.24 262,304.11
Z� p,pp 3,428,057.57 3,428,057.57 207,397.48 60,152.70 267,550.18
2010 0.00 3,496,618.72 3,496,618.72 211,545.43 61,355.7� 272,901.18
2011 0.00 3,566,551.09 3,566,551.09 215,776.34 62,58,2.87 278,359.21
2012 0.00 3,637,882.11 3,63'7,882.11 220,091.87 63,834.53 283;926.40
2013 0.00 3,710,639.75 3,710,639:75 224,493:70 65,111.22 289,604•92
.. . . . . . .. . . . ,
. .. � . . . I . . , . . - . .. .
. '��� ' . � ' . ' . . ' . - .' . . . ' . . . �
yBAR I N I T I A L PROJEC'T� INCR�S TOTAI- EP`TS TOTAL TII�
EQUAIIZF.D IIQZ3AII� PROJECTED �'�
ASSSSSBD ASSBSS� �TS
VALUS VALUB
2014 0.00 3,784,852•S5 3,784,$52.55 228,983.58 66.;413.44 295,397.02
2015 0.00 3,860,549.60 3,860,549.60 233,563.25 67,741.71 301,304.96
2016 0.00 3,937,760.59 3,937,760.59 238,234.52 69,096.54 307,331.06
2017 0.00 . 4,016,515.80 4,016,515.80 242,999.21 70,478.47 313,477.68
2018 0.00 4,096,846.12 4,096,846.12 247,859.19 71,888.04 319,747.23
Totals 0.00 4,178,783.04 4,178,783.04 4,624,568.73 1,341,290.65 5,965,859.38
�
: 1, Utility Tax Rate: 596
2. ArgosY Bxp�ion Facility: 5316,000
1997 Baergy Bxpense for Boat -
1997 Baeigy Bxpense for Terminal- 5362,000
1997 Utility Tax - 533,900
(;aminQ $ead Tax
1, Tax Rate: $1 per Patron
2, ,4cmual Number of Patrons: 3.1 Million
3. Annual Tax Revenue: $3.1 Million
('amino $CCC1DtS T3X � - - .
1. Tax Rate:
296 of Net Gau►ing ReceiP�
2. Annual Net GaminB Rece�Pts: 586.6 Million
3. Annual T� Itevenue: $1.7 Million
Additional L,ra�: pavments
1, Lease Rate for Additional Rent: 5196 of Net Gaming ReceiPts
2. Annual Net Gamin6 ReceQ�: 586.6 Millioa
3, Annual I.case Payme�►ts: 5866,000
REVISED JANUARY 15, 1997
- . E'��TT n9 � � . . .
- ASSUMPTIONS FOR PAYMENTS IN LIEU OF TAXES
AND ECONOMIC ACTNITY TAXES
PHASE I
ArQOSV Hotel Faciliri -
1. 200 Rooms
2. Average Daily Rate: $70•00
3. Average Occupancy Rate: 65%
4. Completion Date: 1997
5. Consuuction Costs: $10 Million
�ments in Lieu of Taxes
1. Real Property T� I.evy Rate: - 6.05 %
' 2. Assessment Ratio: - 32.0%
3. Hotel Facility:
Mazket Value - $8 Million
Assessed Value - $2,650,000
1998 PILOTs - $154,880
Economic Activiri Taxes
1, Sales Tax Rau:
Clty - 1 %
County - 196
2. Hotel Facility:
1998 Room Sales - $3.3 Million
1998 Ocher Sales (on site) - $1.5 Million
1998 Sales Tax - $96,000
3. Argosy Expansion Faciliry
Annual number of patrons - 3.1 million
Putcdases per pauon - $3.00
' - 1996 Gross Sales - $93 Million
1996 Sales Tax - $186,000 (93,000)*
* Fctr purposes of TIF, only 6 months of sales for the yeu are included.
. . . - . . � � ` ' . . �
, . ....y � � . � �
REVISED JANUARY 15, 1997
PROJECTED TIF REVENUES
YEAR I N I T I A L PROJECTED INCREMENTS TOTAL EATS TOTAL TIF
EQUALIZED EQUALIZED PROJECTED REVENUES
ASSESSED ASSESSED PILOTS
VALUE VALUE
1996 0.00 0.00 0.00 U.00 46,500.00 46,500.00
1997 0.00 0.00 0.00 0.00 94,860.00 94,860.00
1998 0.00 2,65U,000.00 2,650,000.00 160,325.OD 144 305;082.20
1994 0.00 2,703,000.00 2,703,000.00 163;531.50 147,652.34 311,183.84
200p p.pp 2,7g7,p60,00 2,757,U60.00 166,&02.13 150,605.39 317,407.52
2001 0.00 2,812,201.20 2,812,201.20 170,138.17 153,617.50 323,755.67
2pp2 p.pp 2,868,445.22 2,868,445.22 173,540.94 156,689.85 330,230.79
2003 0.00 2,925,814.12 2,925,814.12 177,011.75 159,823,65 336,835.40
2004 0.00 2,984,330.40 2,984,330.40 180,551.99 - 163,020.12 343,572.11
2005 0.00 3,044,017.01 3,044,017.01 184,163.03 166,280.52 350,443.55
2006 0.00 3,104,897.35 3,104,897 35 187,846.29 169,606.13 357,452.42
2007 0.00 3,166,99530 3 191,603.22 173,998.25 364,601.47
2008 d.p0 3,230,335.21 3,230,335.21 195,435.28 176,458.22 371,893.50
2009 0.00 3,294,941.91 3,294,941.91 199,343.99 179,98738 379
2010 Q.00 3,360,840.75 3,360,840.75 203,330.87 183,587.13 386,918.00
2011 0.00 3,428,057:57 3,428;057.57 207,397.48 187,258.87 394,656.35
2012 0.00 3 496 618.72 3 496 618.72 211 545.43 191 OD4.05 402 549.48
�
YEAR I N I T I A L PROJECTED INCREMENTS TOTAL EATS TOTAL TIF
EQUALIZED EQUALIZED PROJECTED REVENUES
ASSESSED ASSESSED PILOTS
VALUE VALUE '
2013 0.00 3,566,551.09 3,566,551.09 215,776.34 194,824.13 410,600.47
2014 0.00 3,637,882.11 3,637,882.11 220,091.87 198,720.61 418,812.48
2015 0.00 3,710,639.75 3,710,639.75 224,493.70 202,695.02 427,188.72
2016 0.00 3,784,852.55 3,784,852.55 228,983.58 2U6,748:92 435,732.50
2017 0.00 3,860,549.60 3,860,549.60 233,563.25 210,883.90 444,447.15
2018 0.00 3,937,760.59 3,937,760.59 238 215,101.58 453,336.10
Totals 0.00 4,016,515.80 4,Q16,S15.8U 4,133,71033 3,873,680.76 8,007,391.09
ADDITIONAL TAXES (not included in Projected TIF Revenues)
Utility Tax
1. Utility Tax Rate: 59b
2. Argosy Expansion Facility:
1997 Energy Expense for Boat - $316,000
1997 Enecgy Expense for Terminal - $362,000
1997 Utility Tax - $33,900
Gamin� Head �'ax
1: Tax Rate: $1 per Pau`on
2. Annual Number of Pauons: 3.1 Million
3. Annual Tax Revenue: $3.1 Million
GamingReceipts Tax
1. Tax Rate: 2% of Net Ganung Receipts
2. Annual Net Gaming Receipts: $86.6 Million
�
3. Annual Tax Revenue: $1.7 Million
Additional Lease Payments
L Lease Rate for Additional Rent: $196 of Net Gaming Receipts
2. Annual Net Gaming Receipis: $86.6 Million
_ 3. Annual Lease PaymenYS: $86b,000
, _
EXFiiBIT 10
�OIII�D BTATIITOR7L FINDIN(i8
The Act requires that certain findinqs must be made reqardinq
the Redevelopment Area, this Plan, and Redavelopment Project I.
The required findings have been made and are explained in detail
below.
A, a'�i�a..' as a Redevelooment Area Bliahted Area
�o be declared a Redevelopment Area under the provisions of
the Act, an area must qualify as a"bliqhted", "conservation"
and/or "economic development area" as defined by the Act. The
Redevelopment Area meets the requirements for findinq that it is a
Blighted Area.
The Redevelopment Area is currently protected from Missouri
Ri4er floods by an aqricultural levee which is more than l0 feet
below the 100 year flood plain. The recurrent floodin.g which
occurs as a result of the inadequate levee protection constitutes
an unsafe condition endangering life and property, which is a
statutory factor for the findinq of blight.
Furthermore, the poor accessibility to the area highway system
and the laek of infrastructure within the Redevelopment Area
constitute an inadequate street layout, as well as an insanitary
and unsafe condition, both of which are statutory factors allowing
-' a finding of blight. •
The Redevelopment Area in its present condition and use
constituCes an economic liability due to its lack of development,
and a social li3bility and a menace to the public healtih, safety
and welfare due to the recurrent flooding. Based on the statutory
requirements, the Redevelopment Area is bliqhted.
B. A ea Has Not Grown Throuah Private Investmer�t
The majoriCy of the Redevelopment Area is currently _
undeveloped. Although it has been zoned and planned for
commercial, light industrial and industrial uses, very little
development has occurred. This is due to the requirement that any
new development be built on fill to avoid the risk of flooding.
The substantial cost associated with building on fill has made
development economically impractical.
C. Area Is Not Reasonablv Exoected to be Develoned Without
Adontiort of Redevelooment Plan.
The existinq conditions which have caused the Redevelopment
Area to be a Bliqhted Area will not be eliminated without
Paqe 1 of 2
siqnificant investment in public infrastructure and levees.
Financinq the necessary infrastructuse and levees through the
private sector is cost prohibitive. Without tax increment
financing, the infrastructure and levees will not be constructed,
,-; and the Redevelopment Area will not be fully developed by private
enterprise.
D. Conforms to Comnrehensi�p p�an of Citv
The City's eomprehensive Plan indicates that the Redevelopment
Area should be developed for commercial use. The Redevelopment
Area is currently zoned for commercial, light industrial and
industrial use. The uses propo§ed by this Plan are consistent with
the current zoninq as well as with the City's Comprehensive Plan.
E. Other Statutorv Reau�rements.
The Act provides for the use of Economic Activity Taxes and
Payments in Lieu of Taxes to pay for Redevelopment Project Costs
for a maximum of 23 years from the date of approval of a
Redevelopment Project. None of the Redevelopment Projects will
exceed this statutory limit.
The use of eminent domain may be required for the acquisition
of land in one or more of the Redevelopment Projects. This
statutory power will not be used more than five years after the
approval of the Redevelopment Project in question.
The Redevelapment Area, the Plan and Redevelopment Project I
are being simultaneously adopted. Consequeatly, Redevelopment
Project I is being adopted within ten years of the Ordinance
adopting the Redevelopment Plan as required by the Act. Any
subsequent Redevelopment Projects will also be adopted within ten
years of the Ordinance adoptinq this Pl.an.
At this time a ralocation plan for residences and businesses
is not necessary. Tha Tax Increment Finahcing Commission may
require a relocation plan prior to the adoption of subsequent
Redevelopment Projects iE needed.
/ Page 2 of 2
ffiIBIT 11
This Agrcement is effective as of the Bffaxive Date (as defined in Saxioo 16), by and
betweea the City of Riverside, Missouri, a Missourl fourth class city (the "City"), Platte County,
Missouri, a Missouri first class oounty (the "Co�nty"), the Tax Iacremeat Financing Commission
of Riverside, Missouri ("Tifr Commission"), the Riveiside-Qoindaro gend Levee Distria
("Districc"), Missouri Development Finance Board ("Board") and 'IY�um Corporation, a
wasningu,n co�po�aaon � "Trillium").
RECTI'.�
A. The City is a fourth class municipality of the State of Missouri ("State") duly
urganized and validly existing.
B. The County is a first class wunty of the State duly organized and validly existing.
C. The TIF Commission was created pursuant to Ordinance No. 95-64, adopted by
the Board of Aldermen of Riverside, Missouri (the "Boud of Aldermen") on September 12,
1995 and pursnant to the Real Propefty Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1994, as amended (the "Act"), the mal
propeity (the "Redevelapment Ama") legally described in the attached Bxhibit "A" has been
cLzssified as a"blighted area" and designated a"redevelopmeat aica" pursuant to the Act; the
� L-385 Redevelopment Plan ("Plan") has been approved for the p�upose oP mdeveloping the
Redevelopmeat Area; the Redevelopment Project I and Redevelopment Project I Area authorized
by the Plan have been appnoved; and tax increment financing has been adopted for the
Redevelopment Project I Area described in the Plan.
D. The District was duly and validly createA as a levee district under the laws of the
State.
B. The Board was cnatod by State statute to administer financing pmgrams and in
"administaring such programs the Board frequently facilihates local P�� bY Jo�g �
puWership with local govemmeata:
F• Ttilli�m is a Washington cocporation wlrich owns appmximately 675 acres of
undeveloped ground within the U�rotected :Area (defined below).
(3. In tLe ana g�erally Imown as the Quindaro Bottoms of Riverside, Mlssouri (the
"Unprotected Area") them is aPPm�amatelY 1,800 acres of developed and uncleveloped land
located on the north bank of the M'issonrl River along Interstata 633 at Highway 169, (IeS�Y.
deseribod on attached �bit "A" and shown on the map attachod as �ibit •A-1") which is
currently only pmtected from Missourl River floods by an agricoltural levee wluch is more than
10 feet below the 100 year tlood plain and aa recenfly as 1993, the entire ilnpmtxted Ama was
flooded resulting in extensive damage W existing businesses and industry.
_. _ H. A levee w6ich is a portion of Uu Proposed Pmjoct will protect the wesfem portion
of the Unprotected Area against a 500-year flood ("Quindaro I.tvx") and a levce which is a
portion of the proposod pmjoct will pmtoct the eastem portion of the Uupmtxted.Aiea and the
City of Riveiside's business district from a 500-year flood ("Riveiside Levee•). ('I'he Quindazo
' Levee and tlu Riverside Lc,wx are collaxively referred to as the 'Levee".)
I. Th Levee is approv p for const by the United States Army Coips of
E��IQCEISi �tI1C �W. aS PPO�CCt 1l305 �tI18 �LG�CC PfOJOC���•
: J. The I.evee is necessary for the protoction of tl�e existing commencial twildings,
infrashucwre and jobs in the U�rotectad Anea as well as opportunities for substaudal
developmeat after completion of the Levce Project.
K. The Wtal anticipated cost of the Levee Project is proj� by the Corps at
555,980,000.00, based on March 1997 dollars.
L. If a proje�t cc�operntive agreement ("PCA") can be executed between the District
' and the Coips durutg the current fedecal fiscal year, appmximately fifty-three pec+cent (53 %) of
the cost of the Levee Project is expected to be paid by the Cotps.
M. The local share is approximately forty-seven percent (47 %) of the cost of the
I.evee Pmject (the "Local Share").
N. The City in conjunction with the Disuict has submitted a Financing Plan for the
RiversideJQuindaro Lr385 Levee Project ("Financing Plan") detailing a suggested public-private
'_ pazmershig in pmviding the I.ocal Share for the Levee Project, w6ich Financing Plan has been
reviewed and accepted by tlie Coips.
O. There az+e five primary sources of funds which will be used to fund portions of
the I.ocal S6are:
1. 1Yillium Contribution;
2. City Contn'k►ution;
: 3. Tax Inccement F'mancing Bonds ("'PII� Bonds"),
4. Levee Dishlct Assessment Bonds ("I.evea District Bonds');. and
S. Neig6boi�ood Impmvanent Dlst�id Boads ('NID Bonds") issucd by the
City ('City NID Bonds') and by the County to the extent d�e City's NID
authoiity ia exceedcd ('County NID Bonds').
P. The City, Cou�y. T� Commission and Dlstrid have all adopted formal
msoludons supporting putici�ation in funding portions of tl�e Local Shane for the Lewee Project .
in the manner set forth hereia.
Q. Additionally, the Board has approved the authorizallon of tax credits up to an
amount of 52,350,000 cornsponding to eornributions of up W 54,700,000 to fund a loan to the
City ("IvIDFB Loan') to assist in the financing of the I.evoe Project.
-2-
R Realizing these sources of funds will require the cooperation and participation of
--� the Parties, each party has detern►ine� that it will coopetate and pacricipate in the funding of t6e
I.ocal Share as further detailed'in this Agreement.
AS�$�
NOW TFISI2BFORS, the paities agree as follows:
I. Trill u .
a. Contribution. Trillium will contribute certain properiy located within the
IInprotected Area in addition to a net of 52,800,OU0 in cash and will.aLco pmvide credit
enhaacement for ceitain bond issues to fund a portion of the I,ocal Share as set fortt► below:
i. Trillium will contribute an amount of its pmperty located wiUun the
Unprotecte� Area for use as rig6t-of-way in conjunction with the consuvction of the
I.evee Project. The locadon of such property shall be determined by the Cbrps in
cooperation wiW Trillium and th6 DisCrict and the timing of such contribution to be as
set forth in the Schedule of Events, as tevised from time to time ("Schedule of Svents"),
the most recent copy of wluch is attached as Pxhibit "B". The contribudon by Trillium �
shall be credite� towards the Local Share cost of ihe Project at u► amount mntually
ag�reeable between We Cotps and Trillium (the "Trillium Property Amount").
.' ri. Trillium will make its cash contribution in ti� net amount of 52,800,000 �
at the time(s) set foNt in the Schodule of Svents. Prior to the solicitation of 6ids for tt►e
first coostruction contract, Trillium will deposit such funds into an iaitial escroai account
as further described in Section 7 wlrich shall be subjoct to the receipf of an acceptable
bid. Trillium will make its cash +contribution to the Lovoe Irmjax, eiWer, through the
Board's Tax Credit For Co�ribuHon Pmgram ("Program") w�y tax cradits. are
awa:ded for private contn�wtions to infrastnicdue pmjects, or, directly to fl� Projoct as
provided herein, the ultimate velucle of the contn'bution being ia the City's sole and
absoluta discraion. To tl�e extent We cash conuibuHon by 1Yillium ia mada Wmugh the
Prograon, State income tax ciedits in the amo� of fifty penxnt (50%) of tl�
contriUution w�71. be geaerated and may be utilized by TrlWum or its assigns. It is
esdmatod tLat a 54,700,000 cash contribution by T�rillium will nsuit in a uet outlay by
Trillium of sppmximately 52,800,000. If made thmugh the Program. Tiillium's cash
contribution shall be an amount which will, after reducing such amaint by the ach�al
value of the tax credits roceivcd by Trillium (if any), result in. a net contribution W We
Local Share of S2,SOO,d00. In no event shall Trillium's actual contdbudon pursuant to
this saxion ('ii) exceod tho �t amount of 52,800,000 cash or cash equivalency.
iii. Trillium will:
(1) reasonably support the marketing of We T� Bonda according to an
' arrangement mut�ally agrceable between the City as issuer of the 'T!F Bonds and
Trillium; and
3_
(2) cause to be providod, as c�edit enhancema�t for We County NID
,_, B a�d-bY later of ccedit in an amoum equal W the amount of the County
1dID Bonds issuod by the County with terms muluallY a8r�able to Trillium and
the Connty; Provided, however, in no event shall such oredit.enhancement exceed
54,000,000. In .other words, strould either or both the cerms or tLe provider of
tha letter of cmdit be unaceeptable to eitl�r the County or Trillium, each in tluir
sole and a6solute discraron, then the Couaty or Tdllium s6all aot be obligatal
co- issue the County NID Bonds or provide the stand-by letter of credit, as the
case may be. In any ovent, t6e ea,nty has, inaicacea its wiuingness w issua the
County NID gonds under the following terms; 10% of the proce�s of the
County NID Bonds deposited in a debt service reserve fund for such Bonds, and
the stand-by letter of credit being equal to the lesser of S4,Opp,ppp or 110% of
the County NID Bonds outstanding.
It is aclmowledged thaE in providing any credit enhancements required W be given
pursuant to this Agreement, Trillium will incur certain costs including but not limited to fees
required to be paid for stand-by letters of cmdit and the cost, in an amount to be detertnined,
of committing a portion of its cmiit capacity in the amounts of such stand-by letters of credit
(the "Credit F�hancements Costs"). Trillium shall be eligible to be repaid its Credit
Enhancement Costs from excess 'TIF nevenues.
b. C000etation. So long as the Levee Project is Pmceeding ia accordance with this
.Agrcement, 'IYillium will file all documents and take all �o� ��lY �ssary or
_; desuabie to facilitate (i) tho creation of neighborhood imp�+rn distric� i� �e U�rotected
Area W be used in the financing of portions of the Local S6are, including but not limited to
SuPPorti�g the neighbor600d improvement distcict petiHons, (ii) the apprnval of the Plan of
Reclamation, and (in) the approval of all projects on land it owns witLin the Unprotected Ama
phases of Redevelopmenf Project I under the Plan.
C. Plannino �nrl 7�mine, �� �� C� mu[I1811Y g��pp �p �pp�� j� �
fbrmulation of a definitive agnement which addnessp the plann�8 ��ing objedives of the
P�rtp ownai by Tn'ilium wiWin the Unp� p�, �� aclmowl� that the City
desires that retail developmeat � TY'illium's PmpelcY be
8��est extent possible. � � pmmoted w the
d. Conditfoee to 'lli��m'. p(� i�Nona. Trillium's obligatioas under Uris Agc�oement
ate subjed to the aatisfaction in Trillium's reasonable disc�etion of the following coaditions:
i• At anY a� atl times, Trlllium In its reasonable jadgment is satisfied that
a11 parties to this Agnxment will fulfill their commitrndits hereundcr and the Levee
Project will be completod in accoidance with the Schedule of Bvents.
ri. The satisfactory negotiation of Wa other agraements a� ariangements
becweea 'hillium and other parties to this Agree�qent i�luding, but not limitod to, the
tetms and condiHons pursuant to whic6 Trillium will provide stand-by leuers of cnedit,
-4-
and the eligibility, order and pciority for reimbn�sement of 1Yillium's cash contribution
-, and other costs from excess 'I� revenues.
iii. The adoption of a satisfactory. plan ao later than the date that Trilliam's
52,800,000 net contril�tion is required W be made for financing the basic infraswcxure
mquired for the development of the undeveloped land within the Redevelopment Aira
including an I-635 interchange, road impmvements w Van de Populier, dreinage, and
uUlities.
e. Fu�her Acknowledp�nent. Trillium acknowledges that in the furtherance of the
Levee Project and its obligations under this Agreement, it may seek additional panies to provide
assistance to it in accomplishing the objectives of this Agreement and it agrees that the terms and
conditions of this Agreement will apply to suc6 oWer parties to the extent applicable.
2. i �.
a, rnn ribution. The City will, subject to annaal appropriacion, contribute
$2,gpp,ppp in cash to fund a portion of the Local Share. Prior to the solicitation of bids for the
first constiuction concract, the City will deposit such funds into an initial escrow account as
further described in Section 7 which shall be subject to the receipc of an acceptable bid.
Additionally, the City will contribute; subject to annual aPProPriatioo up W tlie lesser of
$Spp ,000 per year or 5096 of the amounc necessary w pay tho CitY NID Ba°ds and/or County
._� NID Bonds in amounts W be hemafter determined each year for a five year period beginning in
the first year City NID Bond and/or County NID Bond payments are required to. be made in
order to partially offset the annual assessments necessary to make such City NID Bond and/or
County NID Bond payments. •
b. �gq��gration. So long as the Leyce Project is pm�in8 in accordanca with this
Agrcement, the City �vill to the extent allowable under law take all adions reasonably necessarY
to:
i. work with the other pacties to consummata ti� tiansacuons contemPlated
. by � � ►81' �� +
�, work with t6e Board, the Cocps and information raxived from the Cotps
��blishing and revlsing the Schedule of Hvents;
ui. fl1e alt documents and take all actions reasonably necessary or desirable
to facilitate:
(1) the issuance of tl�e TII� Bonds aad the City NID Bonds as fluther
described ia this Agreement and on We Schodole of Bvents;
(2) the creation of a neighborhood imPro�'ema°t di�ria 'n the
__ . U�mcxced Area w construa the Projoa;
-5-
_� (3) the approval of We Pian of Rtclamatiou;
(4) tLe approval of all projects in the Unprotxted Area as phases of
Redevelopment Projax I under the Plan; and
iv. consider financing options for fuUue infrastrucWre wiWin the
Redevelopment Area, ineluding the use of tax inctement financing. Towaids this end,
the City shall usc reasonable effozts W consider the uso of suipins tax increment
financing ("'PIF") reve.nues not otherwise dedieated for financing We Levee Project in
funding future inftastiuctuie needs associated with the U�rotected Area.
c. Pianning and Zoning. The City and Triilium muWally ageee to cooperate in the
formulation of a definitive agteement wluch addresses the planning and wning objectives of the
property owned by Trillium within the Unpmtected Area. The City aclmowledges that it is in
its interest as well as the interest of the Levee Project that retail development on Triilium's
property be eacouraged and promoted to the greatest extent possible.
d. Conditions to the Citv's Obligadons. The City's obligaflons under this Agreement
aze subject to the satisfaction in the City's reasonable discretion of the followu►g conditions:
i. At any and all times, the City in its reasooable judgment is satisfied that
all paRies W this Agrament will fulfill their commitments hereunder and the Levee
' ? Project will be completed in accordance wittt the Schedule of Bvents.
ri. The satisfactory negotiation of the other agreements and amsngements
between the City and other pacties to this AgreEment including, lwt aot limited to, the
ellgibility, order and priority for reimbursemont of the City's cash contn�ution and other
costs from excess 'I� rwenues, reasonably �table credit enha�xments for the 1�
Bonds and We City NID Bonda such as W insura the pmtaction of the City's ge,neral fund
and fiscal position, and reasonably accxptable definitive agroement befween the City and
the Dist[id relatiDg LO the u88 Of TIF rOVqlues.
3. TII�' Go mteainn and the Gitv/Redeveloome� t�*� and TII� Bands.
a. p]�p. The TIIr Commission Las recommended and the City has appmved the
Plan. The City and the 1� Commission will Wce such fuithet actions as ara ne�dod to adopt,
revise and/or amend the Plan and related matters to accomplish t!►e inteat and pucpose of this
Agreeme,nt, includiog but not llmited W considering additional phases of Ralevelopment Project
I. It is . understood by this Agreement and pursuant to the teims of We Act N�at the TIF
Commission is a recommending body and We Board of Aldem►en d� appmval body.
None,theless, the City and TIF Commission shall work cooperatively W consider eac6 project
on a pmject-by-project basis in fuitherance of the objectives of the Plan, Flnancing Plan and Uris
Agteement. _
-� b. �.�g�4. The City and We 1� Commission age+ea W uso their reasonable best
efforts to issue tl�e T'� Bonds as s� forth on tha Schedula of Events and as follows:
-6-
i. To initially issne approximately SS00,000 of TIF Bonds within thtee (3)
months following the later of H� Bffaxive Date or the dafe of the PCA between the
District and the Coips, the pmcetds of which will be uaed to finaace teimbursable
projxt costs under the Plan, svbjxt to We following coaditions, including thc.masonable
costs ineurnd after t6e date of issuance in pceparing, filing and pursuing We Plan of
Reclamation and related distrid couct acxion and obtaining Optioas (defined below) aad,
to the extent Options cannot be obtained by the District using its best efforts, Praperty
and rights-of-way. for the properiy necessary for the conshuction of We Levee Project:
(1) Due to the intercoanactedness of the various components of the
Financing Plan aad We intricacy of the Financing Plan, the City attomey shall be
' co-counsel in all such actions for which TtP funds are requested; and
(2) The City's prior approval, which appro4al may be given, deaied
or conditioned in the City's reasonable discretion, of We District's detailed budget
� for each action for wlrich the District is requesting tunding from TIF revenues.
As each action ptogresses, the Disuict will submit updates pot less frequendy
thaz► monthly, and additional updates at any and all times requested by t!►e City,
including infoimation as to whether the action is on budget, to the 'TIF
Commission and the City. No amounts in excess of the budgeted amounts wiYl
be paid unless approval from the City is received.
_� (3) The City and the L?istrid's mutual agreEment to a definitive
agreement regarding the budgetary process and tlie distrilwdon of funds ia
connection with the use of TII revenues and TIP Bond proceeds.
The District has proposed fo the Corps tl�at, prior to We issuance of the solicitation for
consteuction bids for We I.eveE Project ("Interim Period"), control and funding of all of
� P��Y �N� co consnucc tho i,evee Pmjca be obtained through the acquisidon
of options to acquire the nocessary lands, easements and rights-of-way ("Options'). The
Disaict agcees to use its best effores w oMain the Options. Only if tha Disaict is uaablo
to obtain aa opdon uaing its best efforts w;u�We Dis�ia a�ring we I�erim Pcriod
negotiate for the direct purc6asa of or, if nxrssary, Pmcecd ta condemn such properiy.
The date for the cloaing for all pmperties� whether under aa Option or a purchase
coafract or through condemnation, will be ariangod to eofncide, to the greatest extent
possible, with We.accxptance of the consaudion bid. The pattiUea aclmowleEige and agree
Wat thay s6a11, to We gn�tesc exunt possible, minimize the use of'1� funds during tha
Interim Peiiod.
u. It is anticipatod tl�at from the capitalizahon of the TIF ievenue stream from
the Redevelopmeat Area, approidmately 52,900,000 in 'T� Bonds c�uld be issued for
a twenty (20) year term at approximately seven percent (796). Subjact to marketability
and the coaditions s� focth in this Agreement, additional TIP Bonds will ba issued
subsequent W the initial issuance to fimd additiooal reimbu�sable pmjoct costs under the
- Plan.
_'_
- rii. Trillium will reasonably support the ma�ceting of the TII� Bonds according
W an anangement mutually agrerable between tfie City as issuer of We TIF Bonds and
'IYillium.
iv. The 'lII� Bonds may be sold in differeat series and at different times
pursvantto the Schedule of Bvents.
c: Bxcess TII� Revenues. Bxcess TIP revenues, after payment of TIP Bonds, from
development within the Redevelapment Area may, if approved pursuant W the Act, aLso be
applied as follows to the following redevelopment project costs under the Plan:
i. to fund City's administrative costs associated with any of the action
contemplated by this AgteemeM;
ii. to pay City NID Bonds and County NID Bonds thereby reducing the
annual assessments witl► respect to both the City NID Bonds and ttie County NID Bonds;
rii. to repay the IvIDFB Loan;
iv. to repay We City's S2 contribution; �
v. to repaY Trillinm's 52,800,U00 net contribution (it is proposed that the
� City's and Trillfum's contritwtion be repaid on a dollar-for-dollar basis);
vi. w repay Trillium the Trillium Property Amount; and
vii. to repay the Credit Bahancement Costs.
Amounts ellgible for repayment under this Agreement shall accme intenest at an interest
rate not more tl�an the Iowest inte,t+est nte spplicable to the 1�, NID add Leva Distcict bonds _
a�ually issued pu�uanc co �his a�am�t, such mceresc co Ixi compoundoa annually. '�e �
eliSibilitY, order and prlority of the application of oxcess TIFz reveaues shall be agrecd upon bY
the affaxed parties pucsuant to the'IIIt pmcess and definiflve agreemtnta reachad bg the parties
Pnrsi�ant W t6at pincess.
d. �4II. The 'IZF Commission will file all documents and tabe all acxions
reasonably oecessary or desitable W facilit�te (� the appcoval of all projxts on laad within the
Redevelopme�t Area as phases of Redevelopment Proja:C I under the Plan; (n7 consider
financing options for tbwre infrastcuewre within the Redevelopment Area. including the use of
tax increment financing. Towards tLis end, the TIF Commission shall use reasonable efforts W
caasider the use of s�uplus'1� revenues not othecwise dodicated for financin8 the Levee Project
in funding future infrastiucdu�e nads associated with We Unpmtacted Area.
e. n��+-,r Tarin�,j,�.isdictions. The p3tties aCknowlodge the School Disttict and the
-? Couoty ("Other Taxing 7uiisdictions") fiave requesced that the puties consider a� the pa�ties
agree W consider ways in w6icb to minimize, consistent with the intent and p�trpose of the Plan. .
_�
the pther Taxing Jurisdidions loss of tax incremcnt financing revenues due w the
implementation of the Plan.
4. D�.
a. Plan of Reclamation and Coms A�.
i. The District s6all commence Preparin8 the Plan� of Reclamation upon �
execution of the PCA, file the Plan of Reclamation within six (� months after the
Effective Date and diligendy pursue its approval by the Circuit Court.
ri. The I3istrict, as L,ocal Sponsor, shall immediately following We Bffec6ve
Date commence and diligently pursue execution of the PCA with the Corps relating to
t6e consuuction and funding of the LeveE Project.
iu. The City and the District shall immediately following the Effective Date
commence and diligendy pursu� negotiating a definitive agreement between the applicable
pazties regarding the use of TII� revenues or proceeds of '1TF Bonds for the funding of
certain administrative costs associated with the Plan of Reclamation. The agreement shall
be one w6ich is mutually agreeabie between such pazties.
- � b. IIishict Bonds. The D'utrict will use its best efforts to issue District Bonds as set
forth on the Schedule of Svents. Tt►e District Bonds will be issued under a Plan of Reclamation.
The followiug are cenain understandings with resPect co the District Bonds:
i. Repayment of the District Bonds will be made from assessments coll�
each year from the pmperty owners withia tho Levce Distrid. The Baard of Supervisors
of the District has voted W increase its annual assessments to 5600,000 Per year to
pmvide pait of the Lacal SLam aeoacsary for We I.evee Projax. This increased revemie
stream aill support Diaaict Bonda in the amount of 56,800,000. IE is anticipatcd that the
: District Bonds will be issua! for a 20 year tezm at an appmximate intet�est:ate of 6.0%.
This will resuU in a net cash contriM►tion by the Distrld fmm tl�e pmceais of ti� District
Bonds of appmximaroly 56.150,000 after pmviding nacessary reserves and We cost of
issaance.
ii. 11b amoont of the District assessment on each paaxl of property will be
determi�d by We propocdonate share of benefit that parcel. received as a percentage of
the entire benefit gentrnted by the construcflon of the Levee Project within the DLstrict.
This perceutage 'is then applial w the tofal obllgation dua that year.
iii: If it should be found that at any time the amount of wtal tax levied is
insufficient to pay ihe oost of works s� out in the Plan for Roclamation or addidonal
work done, the Distcid agrces to worlt with the other parties to consider methods to
—� satisfy such deficie�y which may include an addiHoual levy provided the total of all
levies of such tax does not excxed We total amount of benefits assessed.
-9-
c. �gDeratioe: The Disuict will file ail documeats and talae all adions teasonabty
- necessazy or desirabin to (� execute the PCA with the Cotps, (L� obtain the approval of the Plan
of Reclamation, C�n� assist in and support the NID paition process, and (iv) facilitate the
consummation of the tiansaetions contemplated under this Agreement.
5. _ C{tv And Countv, j]Vei�hborhaod Imnrovement District and NID Boads.
a. N�e'�ehborhood Imnmvement Di..�ct Petitions. The City, the County and Trilllum
will use their rrasonable best efforts fowards the filing of the petitions to organize the City and
the County neighborhood improvement districts within six (� monfhs after the Effective Date
and diligently pursue the organization and establishment of same.
b. �ehborhood ImDrovement District. The City and We County agree to use their
reasonable trest efforts to establish neighborhood impmvement districis as follows:
i. The boundaries of each NID shall be contiguous with the boundaries of
the District.
u. The City or County, as the case may be, will, by resoludon or oniinance,
consider the advisability of the improvements and orderiag that the district be established
and preliminary plans and specifications for the improvements be made.
-- � ui. The amount of the NID assessment on each parcel of property within the
boundaries of the NID will be determined by t6e propottionate shate of benefit that
parcel received as a pecicentage of the entire benefit generatod by We coastruaron of the
LeveE Project within the NID. Tt►e assessments shall be in substantially equal amounts
-for a period not exceeding 20 years.
iv. •The City will, subjax to annual appropriation, eoatn7wW up to the lesser
of SS00,000 per year, or SO% of NID assessment needed W m81oe the City NID Bond
3IId/D! W$ COUDh/ NID B0� p3j�1CUtS CdCII yC8! 1n 81IIOUIItS W IIO IYCIp�C! �CIIiI�IIOd
: for a five year perlod beginning in the first year City I� Bo� aad/or the County NID
'- Bond paymeots are required W be made to partially offset the smoal assessments
necessacy to maloe such payme�ts.
c. NID Bonds. 1Le City and the County agree to use their reasonable best effons
W issue their �ective NID Bonds, subject to each's satisfactiou with tl� stiuctum of the NID
Bonds and tha procaxion of their respactive general fund and fiscal candition, as set forth on the
Schedule of Svents to provide a portion of the financing for the Local Share for the benefit of
the Lc,wee Project as follows:
i. It is curnently expacted d�at NID Bonds in the aggre8ace amount of
$11,SQ0,000 will be issued pmvidIng a net amount of appmximately 510,000,000
Wwazds the I.ocal Share.
' -,
-ia
- ii. Under «urenc law, the maximi�m amamt of NID Bonds which can be
issued by the City or Cou�y is limited W cen par cent (1096) of the assessed valuation
of all taxable tang�ble properiy within the City or Coumy, as the case may be.
(1) The City currently 6as a tangible property tax base of
appmximately S60,OOO,U00, which means that tho mazimum amount of City NID •
Bonds w6ich could be issuod by the City under the wrrent NID sfatute is
56,000,000. 'Phis amount, however, would inccease W the extent the tangible
P�PertY tax basa increases betwxn the Bffecxive Date and the time City NID
Bonds are expected to be issued in 1999. Such an increasa is anticipated and may
be used, if net�ed, fo issue additional City NID Bonds of S1,SOO,U00.
(2) To the exteat needed and allowed under law, the County will issue
. County NID Bonds but only to the extent that Trillium causes to be provided, as
credit enhancement for the County NID Bonds, a stand-by letter of credit in an
amount equal to the amount of the County NID Bonds issued by t6e County with
terms mutually agreeable to Trillium and the County; provided, however, in no
event shall sach credit enhancement exce�d S4,000,000. In other words, should
either or both the terms or the provider of the leuer of credit be unacceptable to
either the County or Trillium, each in their sole aad absolute discretion, then the •
County or Trillium shall not be obligated to issue the County NID Bonds or
_ provide the stand-by letter of credit, as the case may be. In any event, the
% County has indicated its willingness to issue ihe Couaty NID Bonds under the
following terms: 1096 of the proceeds of the Cat�y NID Bonds deposite� in a
debt service neserve fund for such Bonds, and the stand-by l�ter of creclit being
equal to the lesser of S4,OOO,OOU or 11096 of the Coun,ty NID Bonds outstanding.
d. C�q�gration. The City and County will eac6 use its reasonable best efforts to
facilitate the cans�mmation of tha tiansactions contemplated under tlds Agreeme,nt subjax to
final approval of the teims of any t:ansaction by thc then governing body of ti�e entity Wat is
a party to tl� uansaction.
e. �on.a�'+nons t� i►!s ^nn 's ObL�afions. 'ILe County's obligations under this
Agrecment are subjux W the sadsfadion in the County's reasonable discretion of the following
conditions:
i. At any and all times, the County ia its ma.conablo judgment is satisfied tLat
all parties tu this Agreement• will fulfill their commitments hereunder and We I.evee
Project wili be completed in aecordance with the Schedule of Bvents; and
u. Tho satisfactory negotiation of other agraemeats and the anangements
between the County a�! other pa�ties to this Agreement.
, —� 6. Board. � .
-il-
a. Tax Cred�t for Contn'buHon �+.
�� The Boand will work in partnersirip with
-� the City to negot3ate a more definidve agreement rega:ding;
i. the st�ucture of the I�IDFB Loan including its tetm, interest rnte, security
and amount of repayment;
ii. . the Schedule of Svents and timing of utilization of tax credits;
iu. the establishment of a financing team, the composiflon of wlrich shall take
iato consideiadon participants familiar with the Financing Plaa as contemplated herein;
and
iv. the Board consideration of t6e issuaace of all or a portion of tha bonds as
set forth on t6e Schedule of Bvents as a back-to-back issuer.
b. Coo ration. The Board will use its reasonable best efforts to facilitate the
consummation of the transactions contemplated under this Agmement subject to Board policies
and procedures.
7. F�nds. Any and ali funds require� to b0 paid by any party undes this Agreement shall
initially be heid by a financial institution, with hust powers, in a t�ust or esc�w account created
by the City, t6e County, the District, Trillium and/or the Board wlrich funds sLall be
adminisaated by the City and the Distrid or the City, the Districc and the Board, as the case
! may be, to be used to fund the Local Share. Any agreement necessary W implement this sedion
shall contain the specific conditions which most be satisfied before the funds can be disbu�ed
to pay I.evee Project costs and shall be approved by tl�e goveming body of each endty which
PaYs funds inW such accounG Onca condiHons have been satisfied, such funds s6all be deposited
into the escmw account established �nder the PCA and distributed pursuant to the PGA: The
timing of the payment of all funds shall be cooidinated with the timing of We payment of funds
t+equined under the PCA.
8: �. Any notica or other communication re4uircd, Permiued or contemplatod by this
: Ag�xment must ba in wdting aad may be given by U�ited Statca Mail, Postage Pr�aid, or
tegistered or ceititied mail, red�m r�xipt ieqaestcd, and shali be deemcd delivered when
deposifed in the Unitod Statea mail addressed as follows:
For Missouri Developme�t Finance Boazd:
Mr. Robett V: Miserez
Missouri Developmeut P'vtance Boatd
301 West High Street, Room 680
Jefferson City, Missouri 65102
Phone: 593-751-8479
� Fax: 573-526-4418
_
-12-
-� with a copy to:
David W. Quoen, Esq.
(iilmore & Bell, P.C.
700 West 47th St�ea
Kansas City. Missouri 64112
Phone: 816-931-7500
Fax: 81Cr931-7599
For Platte County:
Plattc County Administradon Offices
Attn: Diza SslQidga
Platte Coonty Courthouse
328 Main Street
Platte City, Missouri 64079
Phone: 816-858-2232
with a copy to:
h3ichael Gunn, Esq.
Gunn, Shank & Stover, P.C.
% 100 Woodlands I Bldg.
3000 Brooktree Iane
Kansas City, Missouri 64119
Phone: 816-4545600
Fax: 816-4543678
. For City of Riveiside:
City of Riverside
4500 H'igh Drive .
Riverside. Mieaouti 64168
AGn: Aan Daniela, Citp Administ�aWr
Phone: 816-741-3993
Fax: 816-746-8349
with a c•.opy W:
Stepheu A. Crystal, Bsq.
Aimstrong, Teasdale, Schlafly 8c Davis
2345 Grand Boulevard, Suitei 2000
Kansas City, Missouri 64108
� Pho�: 816-221-3420
-- fax: 816-221-0786 �
-13-
- Por Riverside 'fIP Commission:
'1� Commission
4500 High Drive
Riveiside, Missouri 64168
Attn: Ron Super, C6airman
with a copy W:
Stephen A. Crystal, Esq.
Armstrong, Teasdale, Schlafly & Davis
2345 Grand Boulevard, Suite 2000
Kansas City, Missouri 64108
Phone: 816-221-3420
fa�c: 816-221-0786
For Ttiverside-Quindaro Bend Levee District:
Bob Gieseke, Chairman
Rivetside-Quindaro I.evee District
5406 Northwood Road
_ �ansas City, Missouri 64151
with a copy to:
R. Michael McGinness, Esq.
McGinness 8c Shaw
303 Maishall Road, Suita 1
Platte City, Missoud 64079 .
Phone: 816-85&2630
Fax: 816-431-5086
For Trillium: "
Mr. Paul Piea, G�nerai Counsel
Trlllium Coiporation
425 Pike Stce�. Suite 600
Seattle, Washington 98101
Phone: 206-389-9600
Fax: 206-389-4855
Noace given in any other manner sLall be dcemed delivered when acd�ally recxived. Any party
,
may change its notice address by giving the oWer puties written notice of such change.
9. Coo�ation. If it is foond tl�at We funds available are insuffiaient W pay costs of the
Levee Projoct, the puties agroe to work toget6er to examine other poss�le funding sources and
-14
.,- mechanisms to satisfy such deficiency which may iaciude but is not limited to additional cash
contributions, additional bond issues and additional tax levies pmvided the total of all levies of
Such taxes does not excxed the total amonnt of benefit assessed.
10. Successors and AssIens. Neither this Agreement nor any right or obligation under it
may be assigned by any pa�ty without the prior written approval of the other parties. This
: Agreement shall be binding upon the parties and their mspective successors and permitted
assigns.
11. Governin¢ Iaw. This Agreemeat sha11 be construed and intecpreted in accordance with
rhe laws of the State without regard to conflict of law statutes.
12. Amendments. This Agreement may not be ameaded or modified except by a written
instcument signed by the party against w6om enfo�ement of such amendment or modificadon
is. sought as well as the City and the District.
13. Interpretation. Whec+e required for proper intecpretation, words in the singular shall
include the pluial, and words of any gender shall include all genders. 'The descriptive headings
of the articles and sections of dris Agreement are for convenience only and shall not control or
affect the meaning or constcucdon of any of the provisions of this Agrecment.
14. Waiver. No waiver by any party of any of its rights or remedies under this Agreement
--� shall be considered a waiver of any other or subsequent right or remedy. No waiver by any
party of any of iu rights or remedies under Uvs Agreement shall be effective unless evidenced
by a written insuvment executed by the waiving pazty.
15. Uther �ereements. Notwithstanding the undeitakings contained herein and the
commitment by the parties w Wis Agrcement to utilize reasonablo best effocts to accomplish We
objaxives of this Ags�eement, it is acknowledged that this Agreemwt.provides for Mher more
definitive ag�eements betwten various parttes to this Agttiement to implement the objectives of
this Agceement. It is futther acknowlodged that the Financing Plan articulated in this Agreement
is subject to c6ango as are tl�e aawmptions which have baen nsod as a basis for the formulation
of the Financing Plan. Avcordingly; tl� ability of the parties to this Agraement w imple.n�ent
their m,spective undertaldngs is subjxt to the afonementioned aclmowledgmeats and the final
appraval of the terms of azry t�aasadion by the then goveming body of the party W tLis
Agreement that is a party to tlxi transaction.
16. ERevtive Date. Tho effaxive datc ("Eff'ective Date") of this Agroemeat shall be deemed
to be the last of the dates indicated below at. the signatures of the parties, and such date shall be
the "date hereof for tha puipose of computing the time periods s� forth in this Agreement.
-15-
ffi{ECCUi� as of the date t'irst above written.
CTTY OF RIVRRSIDB, MISSO
� Septetnber 16, 1997 By .
. Name: —
Tifle:_�.i/�l�sl /�
A T:
�
Deputy City Clerk
APPROVSD AS TO FORM:
City Attorney
COUNTY OF PLATTE, STATE OF MISSOURI
: Date: By:
Name:
�tle:
__� ATTFST:
County Clerk
APPROVBD AS TO FORM:
County Attorney
RNFRSID&QUIIVDARO BffiVD LSV� DLSTRICf
nate• By:
Name:
Titla
ATTEST:
Secretary
APPROVBD AS TO FORM:
Disa�ict anorney
-16- r:�sun�0000n¢rrovza.�v
@�CUT� as of the date fust above written.
CITY OF RIVERSIDB, M[SSOURI
Date: By:
Name:
Tifle:
ATTPST:
Deputy City Clerk
APPROVED AS TO FORM:
City Attorney
COUNTY OF PLATTE, STATE OF MISSOURI
vac • 97 BY: �
Name:
T'ifle:
� ATTEST:
A� 1�i�
' Co ty Clerk
APPROV� AS TO FORM:
�� C Speci Couneel
to County
RIVERS�B�QUII�IDARO Bffi�iD IBVFB DISTRICT
Date• BY:
Name:
Tide•
ATTFST:
Secretary
. APPROVSD AS TO FORM:
, -- �
District Attomey
-16-
ID{ECUTgD as of the date first above written.
C1TY OF RIVERSIDB, MISSOURI
Date: By:
Name:
Title:
A'ITPST:
Deputy City Clerk
APPROVEA AS TO FORM:
City Attomey
COUNTY OF PLATTE, STATE OF MISSOURI
Date: By�
Name:
Title:
� ATTEST:
County Clerk
APPROV� AS TO FORM:
County Attorney
RIVffi2.SIDSQUB�IDARO BffiVD IBVFB DISTRICf
,
nace: sy: ��.e ,?" P.� �P.L�
Name: Robert W. GiesB
qj�e; President, Board of Supervisors
ATTBST:
7 K-t./
Secretazy
APPROVffi� A TO FORM:
' ' e��F- .
n�;�c acwm6y .
-i�- ,:�„��t�.m.�
TAX INCRffivI�VT FINANCIIV(3 CONIIvIISSION
OF RIVBRSIDE, MISSOURI
Date: �P�r 16. 1997 �
Name; Rod Super
Title: Chairman
ATTEST:
�
G/Als� ���!eLx.cc.C�/
SCCiet3iy
APP� �,S TO FOl :
�z /
Commission Attomey
MISSOURI DEVELOPMSNI' FINANCE BOARU
Date: By:
Name:
-� TiUe:
ATTPST:
Secretary
APPROV� AS TO FORM:
Boara Auomoy
TRIIZiUM CORPORATION
Date• gy:
Name:
Tifle:
ATTBST:
Secretary
-17- ,:w��nw000i�u�rrovn.nBv
TAX INCRffi�4ffiV'P FINANCIPI(} COMNIISSION
OF RIV$ILSIDE, MISSOURI
nace• By;
Name:
Title:
ATTFST:
Secretary
APPROVID� AS TO FORM:
Commission Attorney
MISSOURI DEVELOPMENT FINANCE BOARD
nace: By: �l �'�%rrc,�n/�
Name• omas r. ckesa
Tltle• Chairman
ATTEST:
�f�i�teir� /
Secretary
APPROVBD AS TO FORM:
��w �
Boai+a ?,aorney `
TRII.LIUM CORPORAITON
nac�: B
Name:
T'ide:
ATTEST:
Secretary
-17- r:���nwaooi�urrom.�v
' - "I'AJf INCRffi�1V'T FIIdANCIN(i COMNIISSION
OF RIVffiLSIDB, MISSOURI
�: By:
Name:
1ifle:
ATTHST:
Secmtary
APPROVF.D AS TO FORM:
Commission Attorney
MISSOURI DEVEIAPMENT FINANCB BOARD
Date: By:
Name:
Title:
! ATTEST:
. Sectetary
APPROVffi� AS TO FORM:
Board Attomey
TRIIZIUM CORPORAZTON
Date> gy; �l'a"4� ^�'—'
NemC' P8u1 Pien
Tj�� Vice President and General Counsel
ATfBST;
C�►-�Khu..e� .Jl�• �o�----
Chrlatine M. Bauer
; � .
-17- �:�a��z�0000��wravn.rt�v
EXHIBIT A
LLGaL DEBCRZPTION
T��. i 1 i
OESGRIPTIbN: AIS, THA1' pART OF SECTIONS ], 4, 5, ,�p 6 � p � T
OF FRACTIONIIL, SECTION 10, AND ALL OF FRACTIONAL SECTIOHS �. 8 AND
9% 11LL IN TOWNSKIP SO NORTH, Rl�tiGE 7] wEST, OF TF� FIFTH pAINCIPAL
MERIDI?,N, I2i PLATTE CoUNTY J►t1D CUY covNTy, tiZggct�I� oESCRZBeD A5
FOLIAF�S: BECINNING 11T 11 POINT WE�RE TI� I,IHE Bg'1'WEpN P��E COtTN'CY
AND CI.1�Y COUNTY, .lSISSOURS INTERSECTS TF� CENTERL,It7E OF NORT}iTdEST
PIATfE R011D, ICS NOSi EST118LZS�D, (OLO U.S. HICHWIIY NQ. 71), WHIC:i
POINT IS 828.0 FEET E715T 11270 180.0 FEET, lIORE OR LESS, HORTFI OF THE
SOUTHWEST CORNER Op SECTION 7, TOWNSHIP SO NORTli, RaltGE ]� WEST, IN
PUITTE COVNTY, 1iIg30URI. TFff.N6E SOUTl�RLY 1�[,ONG SI►ID LINE BETilEEN
PT.�ITTE COUNTY AND CiJ1Y COVNTY. TO ]1 POINT ON Z'� NORTE�AI,Y TOP OF
TFiE HIGH H71NiC OF T� KISSOURI RIVER; TF�NCE NORTHWE5TEgyy�
KESTERLY, SOUTHWESTERLY, WESTERLY, NORTHWESTERI,Y 11ND NOATf�RLY
AIANG THE SXIO NOR'.1'l�RLY TOP OP T!� HIGH B71t71C 'Pp ?R� MpST SOOTf�RLY
CORNER OF J► TRAGT Of L7�ND OESCR2HED AS 'PR1►C'P 2� Ix TH� p�•j
DEED FILED FOR RECORD 11.s* OOCUl�NT NO. 11�57 IN 800X 647 ]1T PXGE
1J7: THENCE NORTHY.71S1'ERLY 1►LONG THE SOOTf�AS'TEgyY LI2t� 0! SAID
T'R21CT 2. ]►3 DESCRIHED IN THL 5�0 WJIARANTy DEED 'f0 '17� SOGTl�RLY
RIGHT-OF-WJ►Y LINE OZ T!� BURI.INGTON HQRT}�( RJ►IyR01►p, J�g NOW
? ESTJ►HLISHEDf THENCE NORTFIE�STERLY 11IANG J1 STRAIGST LIZ(g TO T� ltOST
SOUTHERLY CORNER OF Tl� TltkkCT OP L71ltD DESCRSH$p J1S TR]�CT 1, IN Tf�
AFORES71I0 WaRR11liTy DEED i Tf�NCE NORTF�ASTERLY AND NORTI�RLY 1�I,ONG
TI� EJ►STERLY LINE OF S112D TRJ►CT 1, TO TliL� NORTHEIIST CORNER OF SAID
TR]1CT 1. S11ID POINT BEIN6 OH THE SOi7TE�RLY RIGHT-OF-W71Y LTNE OF
MISSOVRS ROUTE NO. 9, AS NOW ESTAHLISE�Dt Tfff.NCE NORTf�'J►STERLY
AIANG 11 STRJ►ZGFtT LINE TO THE lSOS1' SOdTHERLY INTERSgCTION OF Tf�
NORTHERi,Y RIGHT-OF-W71Y LI31L Or 311ID MISSOVRI ROtT1'g N0. 9, WITH T�
NORTH-SGUTH CENTERLINE OT S11ID SECTSON 6t THENCE F.l1.STERLY ALONG
3AID NORT�RLY RIGIiT-OF-iiJ1Y LINL TO Tfl� SiESTER,LY A3GIiT-OF-N7►Y LINS
OF Il12ERSTl►TE R0� NO. 675, #S NOii EST718LIStfEDi TI�NCE P,7ISTERLY
ALONG A STRIIIG}iT LINE TO Tf� SOnTHWEST COR�iER 0! TRACL' "D", "fLIFP
W►NOR" 11 StJBDIVI3ION OT LkltD IN RIVEIi3IQL►: PL7ITTL COUNTY. lQSSOURI,
Sl►ID POIIiT BEING Otf '1'!!� NORTHERLY RIGST-Ot-W71Y LINL O! fJ.3. 82G8W7►Y
NO. 69, 11S 'N01i ESTJIBLIS�Dt Tf�NCL SOOTftE715TLRLY, E7ISTERLY AND
NORT1�lI5Tl3tLY 71LONG 871ID NORTHERLY RIGHT-Ol-iiAY LINE 11ND ITS
NORTHE713TERLY PRQLON!'i71TI0N, TO 11 IIOIHT ON Z7� NORTlIERLY RICHT-Oi-
w1►Y LZNL Ot S112D NORTHKtsT PUTTL RoAD, SAID PoINT ALSO BEiNG oN
THE 6l8STZitLY J1ND SOOTHi�BSTEALY LZNL O! BLOC3C "B", "RENNLR PL71Z1► NO.
]", J1 SUBOEV'iSION G! �L7121D IN RIVERSIDE, PL7►TTE COtTNTY, liISSO�JAI;
THENCE SOtlTHE3tLY ]12fD SOUTl�115TERLY 1►LONa THZ MESTERI.Y AND
SOtlTHWESTERLY LINL O! Sl►ID BLqC1C "8", TO THE SGOTlILl►ST CCRNER OF
SAID HLOCIE "8" T THENCZ NORTHERLY 11I,OCtG T!� F�115T LINE OF SAID BIACR
"B", TO THE NORTlIERLY LINE OY THE F0111�R K71NSJ13 CITY, CL71Y COUNTY ..
AND ST. JOSEPFi R]1ILWkY COMPIINY RIGHT-OP-w]1Yi TEiENCE SOUTHEaSTERLY
AIANG S71ID NOR�HEALY LINE TO THE SOUTHWEST CORNL'A OF LOT.12, "JJ�tIE
-" LANTS HDDITION", 11 SUBDIVISION OY I.I�ND IN RIVEJlSIDE, PLJ►TTE COtJNTY,
HISSOtTRI; THENCE NORTHERLY AIANG THE WEST I.=NE GF SJ1ID LOT 12, TO
tHE YORTHWEST CORNER OF SAIO LOT 12: THEN�g F�T_j�Li a:,�wG .'
NORTH LZNE OF 571I0 LOT 12 T0 THE NORTHEAS2 CpR�f�A OP SJ1ID LC2 ;1
BEING ON THE �15T LINE OF THE SOUTHEAST I,�� aF S1►ID SEC'PioN �;
THENCE SOOTl�ALY 71ypNG.THg F�,ST LINE OF SI►IO SOUTHF.J1.52 1/� TO :!i:
AFORESAID CENTERLIHE pg NOR'17iWE5T PUtT'TE R011p (OLp U.S. HIGI{W7�y Y0.
71) ; THENCE SOUTHEASTERLY 11IANG S11ID CENTERLINE TO ITS I:JTERSeCTION
WITH THE LINE HETWEEN PLJ►1TE AliD CLAY CO(TNTIES, SJ1ID POIYT 9EI:lG
THE POINT CF BEGINNING, EXCEYT AtfY PORTION THEgBpg LYING NOR':ti OF
THE NORTHERLY R3GHT-OP-W71y LINE OF SaID MZSSOVRI ST)1TE RoUTE :t0. 9.
TRACT 2:
J►11 0! Lot 2, RIVERSIpE BUSINESS PJ►RR, a subdiviaion oE land in
Riv�rsida, P1aCt• County, Missouri, accordinq to th� r�eordad plat
theraot.
TR1►CT � :
All that part ot Lot 1, RZVEA.SIOE BU52NES5 Pl1R1E, a subdivision o!-
land in th� City o! Rivsrsid�, Platt� Co�usty, tiissoari, aceordinq
to tha reeordsd plat tharaol, b�inq boundad and dascrib�d as �
lollows: Beqinninq at th� Southaast cornsr ot said Lot 1; th�nc�
South 89 d�qrs�s 44 minukas 11 s�eonds i1�st alonq tII� South lina o!
said Lot 1, 1��.8o f�s�; th�ne� North�rly and W�si�rly alonq th�
-, Southv�st�rly lin� o! uid Lat 1, on a curv� tp th� right, havinq
a radlua ot 122.0o Last and tanq�nt to th� last d�serib�d coursf, -
an arc distanc� ot t��tt thh�nc� North 8 d�qra�s 1• minutas
44 aaconds East alonq tha ttast lin� o! said Lot 1, 51.67 le�t;
thanca North 89 daqr��s �4 Dinul�s 1� s�eond! East, 265.21 l��t to
a point on tha East lin� ot said Lot 1; th�ne� South 0 daqraas 15
minutas 46 ��conds East alonq aaid EasC lin� 175.85 l�at to th�
point ot bagianinq.
2RACT 4:
AlT that part o! Lot 1, RIVLRSIDE 9tJSiNLSS PJ►R1C, a subdivision in
Riv�rsids, platt� County, !llssouri, aaeordtnq to th� r�eord�d plat
th�raot, mon partieulasly d�scrib�d as lollovs: e�qinniaq at tha
Northaast corn�s ot Lo! 1, th�nca South 0 daqrus is ainut�s •6
sacoads tasC 2�5.0 last, thanea South 89 d�qra�a ,44 minutaa 14
saeonds W�st 765.31 l��t, th�nc� North 0 daqrus le minut�s 44
seconds Last ��4.�6 fi�tt thane� Sautb s� daqs��s S1 minutas sl
seconds East 87.Si t��t, th�nc� South�astarly alonq thr Northsrly
lina o! Lot l, b�inq a eurv� to th� l�lt havinq a radius ot 1751.7�
teet and a c�ntral snqla o! e d�qr�as 1s minutas �1 s�aonds, a
disCanee ot 196.02 t��t to th� point ot baqinninq.
_ ..
_,
�rxacr s : -
Platta Cot�in�t I�E BUSINE55 ?AR.4, a subdi`ision ot lartd :� �.•,
y. :fiasouri, according to ha reeorded plat c.`.erec.•,
TRJICT 6:
All tltat part of Lot �, RIVERSIDE 9USIYESS PARR, a subdivision in
Rivarside, Platta County, ltissouri, accordinq to the recorded plat
tharaot; lyinq Wasterly o! a lin• dascrib�d as tollovs: eeqinninq
aE a point North 89 daqra�s �4 minutas 1� saconds East �10.0 Leet
trom th� Southwest eorn�r o! eaid Lot ♦; thenc� ttorth o deqreas 19
minutea 44 e�conds Eaat ]86.99 lset; thanc� North s7 daqrees 77
minut�s 58 saeonda Eaat 5�.25 ts�t to a poinC on th� Southerly .
riqht o! vay lin� o! Northw;t Hwinaas Park L,an�.
'fF�GT 7:
All o! Lot 7 and all o! that part o! Iqt ♦, R�V�gSjDE HUSIHESS
PARK, a subdivision o! land in tha city ot Rivarsids, plaet•
County, liissouri, accordinq ta thf reeordad plat th�rw t, baing
bound�d and d�scrib�d aa tollowa: esqinninq at th� South�a�t
cornar a! said Lot ]; thanca South 89 d�qrasa ♦4 minutes 14 s�eonds
wast alonq th� South lin� ot aaid Lots ] and 4, 61S.o4 te�t; thane�
North 0.daqraas 18 minutas 4� seeonda East, �86.99 teet; thenca
-� North 57 deqress �7_minutu 58 saconds East, 5�.25 leat to a point
on th� South�rly riqht of vay lin� o! Northv�st eusin�ds Park Lan�,
as noa astablishad, bainq alao a point on th� Nartherly line o!
said Lot ♦r thsnca Southsast�rly alonq aaid NarEh�rly lia�, on a
curva to th� latt, havtnq a radiva ot 192.00 Lpt, an ara diseanea.
o! 18�.92 l4st; thanca North 89 deqr��a 4� minutaa 11 saconde East
alonq tha North�rly lin� ot said lots � and �, 186.2� te�t; th�nes
southaastarly, conCinuinq alonq th� Noreh�rly lYna oi aaid Lot �,
on h eurva to th� rLght, havinq a radius o! 6G.o0 tast, an are
distanc• ot 4�.76 l��tt th�nc� Eaatarly eontinuinq albnq Ch�
North�rly liA� o! said Lot � on a curva Co th� 1�tt, havinq a
common tanq�nt r3th th� last daacrib�d cusv�, and a radius ot 60.00
te�t, an arc distanc� ot 1» .61 fe�t: th�noa North 89 daqraas 44
minut�s 14 s�coads tsst, alonq satd Northarly 11n�, 90.00 teae to -
th� North�ast eora�r ot said Lot �; thanc� Soueh o daqrars 19
minutas S6 s�eoe{ds N�st, alonq th� East lin• o! said tot 7, 760.02
teet to th� Point•ot 8aqinninq. �
_�
.�■.�e� _- - ` _. .:. . :. ...: .. .. ..... �
i
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EXHIBIT 8
� � � .FUNDS AND COSIS TC� 7ABL8 FOR LHVBB CONS7'kUCTWN �
3
� � Yrt BKimio� CoMr 7Lrouthout _ Rwd� Rpuind� � Bed'� Fuod
- �8�4nq Yau - Bd�ne�
. . }�j . 0 � 1.37i .
Fkmd1
� 800d Procead� �
� � —'T� Bood1 (AAet 9N'P) . 500.000 �
� �oaiogem De6yd Fund'wg � 2�,b17.000
. (October)� -
Cab
. SWaup . . . � 250�000
� - ContiogmrDei�yd Acquwtioo� . 1,689,000 - . �
- _ �� � 1.77l.000 � 300,00p �
P�
CoainQem Delryed Fundios � . 300:000 �
. (October)� �
Cau
surt-up zso.000
Conuogent Delayed Acqui�ifion� 1,128,000 . . .
. �� J00.000 7.500.000
Fmds
� Ciry CoNribution (APri� � 2�800�000 .
. Triliium ContiM�riod Aprip � <.700.000� .
. . CakIDgent Deiayed Pundioa Recaved � .
-TR= Boadt (Odobar)' . . 2.317.000 .
� —fo-Ki6d Coatn'buHon� - �.�
Cab
Coouivetioa . � 300.000
� . C��i� M9�idNoo� Yucehud� 3.117.000 � . . .
. � �Q� . � 7.300.000 � 7.536,000 .
Famdf
- Hood Ptoeeeda � � -
- —Iwva� Dieri�t Boodr (Oew6K) 4.IS0.000
� � Coab - . � . . .
� CoMrvetioo � � 6.I12.000 . ..
'TotMn�tMd�let��ehy�M��tlonm�wtMMrdrO.nkWOeto6�roltMpneWYpY�r. TMNhMM�wpMnbWEy�combin�tlon .
ot UH eonMbutlom. lydewnw aai�Cbutlen� aM bM P�Nd�. M Iwq M tuM� �n wN�OM W OetaMr o11M YneMMq eMn 4 .
�M�dbYMY N to Aow and wl�n owMrbutlen� wN M mN� r�d 4oMr wM M Wwd wMNn urtNn iM�tbrr.
� � x7L' SS.9 lfiYbe e'IiP Boa4 wqpaW b��373.000 a4IW mmus we�m Rom �hs vuiar PWs ^t RdwebpmmtProlsa �(r fivihw dedibd'e
� � �[Rseee�Plrfer�An'w�Y�fQueArSLJbtwwrhol�alQ9'otFivenW.Mrwa�vuN�iWrM�oYM(alNpublbwibJxtbaNkeohooemmt
. . 6 �W fam d� wmdh WYt ataad� (�Yk� T�WFs Ceipo,rb��hr yned b Vm'd^) «(W TrWi� Caparis). .
� .. 'A�tkq�tW NpnYp ol Coop�ntM AymmMK M E�ptMiMr 19Y7. Fwd� wpl M npind Nbr �IynMq• '
... -.. � 1t i wic(yWd IWt Tri�'� oomistla � M ad� �Ikii � UfDPB lae. . .
'Du�iy I9Y! d 199t. aVtlon a� �i� d vq. arasaaY r! yiopx�y rill h�oquued w O�t JI �eqWd p'opwy'r indat oeWroL TL� oqon rJl M
� .neo:.sbayosrrwpe�6bm.v.diswwyY.ai.rtorr.pqea. ls.nm.naoa.sr«irY.wwr��•rwwpoq.uw�iue..x�uea
. Wt�aFr�ye�+u�almtl11999. . . . � . �
� - 7.13t.000 6.010.000
Fodr
� - . Bond P,oeeed� .
- -C,ouary NID Bond� (Oebbxl . 4,]36.000 _
Cab
. � . Coowuaiou � � 5�731,000
.. . � 6.W0.000 S.IIf.000
- F�ed�
. . . Bond P�oeeeM � " . . . � -
. -C'rty Mm Hood� (Ootobet) 1.129.000
Cab
. � ��� � 5,751,000 �
. . � � � S.I18,000 � . 0 �
- PSmd� . . . .
Cosb
- � Comuuaion � . � 5�11l.000 .
�
-r
- . �XHiBIT 12
>
CITY'S REQUEST FOR STATE ASSISTANCE
- IIV THE FORM OF STATE TIF REVENUES
Year Esamated Nad &rimated Sute Amount Requested % o[
Incrcment (50%of Requested Smte Incroment
Income Taxes)
I948 I50,000 171.958 IS0.000 87%
: 1999 267,500 276.274 267,500 97%
� - . � . 2000 - 656.750 279.404 279.404 100% � .
2001 750.485 282,627 282,627 100%
. 2002 779.704 725.161 725.161 100�,
2003 788.299 1,194,148 788.299 66%
2004 595,603 1.690.775 595,803 35%
T
2005 1,070.510 2.216,281 1.070.510 48%
2006 944,932 2.686:154 944,932 35%
2007 745,976 3,t82.379 745,976 23%
2008 1.022,525 3.7U6.116 1.022,525 28%
2009 1.365,290 4,162,620 1,365,290 33%
2010 1.831,718 4.643,334 1,831,')t8 39%
2011 2.366.401 5.149.300 2.366.401 46%
2012 2.293,743 5.681,399 2.293.743 �
2013 868,218 6.241,356 868,218 I4%
and Nooe None
theeeafmr