HomeMy WebLinkAbout1997-095 - Redevelopment Project I-Phase E - With Exhibits BILL N0.��3 4RDIIr'ANCE NO.� 9✓�
oxnnvArrci. AccEernrG � xECV�nr� o� � za�t n�rcx�rnvT
FINANCING CONINII68ION OF RIYERSIDE, A�IISSOU1tI ("C014IMI3SIOl�i")
12EGARDING THE Ir385 LEVE$ REDBVELOPMTNT PLAN fT� "PLAN")s
APP1tOVING THE INCLUSIO�T OF TSE RIDEVELOPMENT PR4JECT I-PHASE T
�rTTg� � pl,pi,�i; ApgRpVING 'fHT DESIGNATION OF TSE HEDE'�'ELOPI�IENT
PEtOJ�CT I PHAS� E AREA; AVD AP'PROVa`iG THE ADOPT'ION OF TAX
1NCRF14IENP F[NANCLVG FOR THE RIDEVETAPMENT PR07�CT I PHASE � AR$A
WHffitEAS, the Commission was crcatcd pursoent to Ord3nance No. 95-64, 2dopted by
the Boanl of Aldermen of Riverside, Missouri (the "Board uf A1de*a►en") on September 12,
_ 7995;
vVHSRSAS, the Rral Property Tas Incnmene Allocation IteGevelopmeat Act, Sactions
99.800 w 99.865 of the Rcvised Staroces of ;vlissouri, 1986. as amended (the "Aa"), �q►�ires
the Commission to: (a) liold hearings with respcct to proposed redevalopment areas,
redevelopment plaas and redevelopmeot projects: (b) vou on tho approval of the same; 8nd (c)
make its recommendadons im the same [a tha Board of Aldertnen;
WHffi2HAS, the Commission, by Resolotion No. 96-06-Q1, pnsscd on 7wte 27, 1996,
claa�fied the xedevelopmeat Area (as def"iaed 'm tbe Plan) as a"bli�hted uca' and desigaated
it aa a red�velopmem usa under the Act; approved tLe Plan, the Redcvelopment Projat I and
� the Redaveiopme� Pmject I Area; adopted tax incxement finandng for the Redevelopmeot
Pmject I Area; and expTCSSed its iecommeIIdation to thc Baaid of Aldermcn with cespect w the
9ame; and
q+FIF:Rp.AS, tHe Board of Aldcrmta by Ordiaance No. 96-72, pasaod on July l6, 1996,
classifled the Redevolopmenc Area as a"blighted area" and designated it aa a redevelopmmt erca
andez the Acr, aPProved the F1aa. the Redevelopment Projoct I wd the Redevelbpmenc Pmjed
Y A,xea; and adopbed tex ixcement finaticiag Por the Redevelopment Ptojoct I Atta; wl�iich
desiguation Qmvides ior t6e appmval of individual projoco or, a pmject-by-p�vject basis; and
WFIffitBAS, t6e Commission racaived and reviewed a Tax Inenment Pinancing
Appllcafion from Catter Pctmlwm Pmduct�. Inc. regarding the cons�wK[on ot t t�ommessial
� building �the "ged��l�Pmeot pioloct i-Pbese E' ) widqu tho Rtdevelapmont Asra, aad on a dact
of propect� moro patdcnhdy desCfibed on attached Pxhihit A(ttle 'Redevelapmem Project I-
Pbase E Asa") <a coPY of tta AppliCa�lon n attached as &x��u B): a�d
q+HFsBgpS, tlne Qommitsloa, by ResoluUon : io. 97-08-01, paased on Aa6ast 6, 1997,
xeaffirnud ehe claaaified of the Itedevelopmeut Projcct T-Phase E.�ea a� a"bHgbted area' and
its designation as a ndcveiopment area under tbe Act; aPProved the �tedevelopme�t Project I=
Phau S end tfie Redevelopment Praject I-Ptlasc E Aiea; adoPttd tax inc:ement financ�Ctg for the
Redeveyopmeot Projcct T-PLase B Area; and ezpccssed its zecommendatioa to the Board of
Aldermen witti irapoct m the same; and
. - � - . . J•:b1692�09�IWitDMiu.CAR
-� xow; �oRS bc it ordained by thc Board of Aldermen of Rive�sidc ��»ri;
Sfd'd3Griy The recommendations cf We Commission aet forth m its Resolution No.
97-08-01 aro hercbp acoepied.
Seuion 2. The Board of Aldermen finds that: _
a. the existing conditions of the Redevdopmem Project I-Phase E Area, as
desce'bed in Tsxhibit A. are a fair depiction af the Re�cvdopmeat ProJect
I-Phase & A�rea aad causa tha Raievelopmern Pmject I-Yhase E Area to
be a"blighted azra" as defined in the Act;
. b. the �tedevelapment Projat I-Phase E ARa has not bcen subject w growrh
and developmenrt chroug6 invesanent by private ernetpriso and wwld na
tessonably be a�icipated to be developed without t6e adoption of the
�
a tLe Ptaa, as amended, . conforms ro We comprehensive plaa for
deve]opmenc of che City of Riverslde, Miseourl u a whok;
d. the �stimat� dat�s, which shaIl not be more than 23 yenrs frum We
adoption of tbe respxdve oalivances approviag the Redevelopment
Projects, of oompletion of tBe Redevelopmenc Projects and rearematt of
- j obl�gadons incuaed to fiaance redevelopment Pmject cost9 have beee
statrd ia the Plan; and
a. thene ara cwrnently ao businesses or reaidences within the Redevelopmeut
Ptoject I-PBese B Atea.
5xtion � The Boud of Aldenmen approves the. desig�tion of the Redevelopment
Project I-P1�asc B Arca as a iedevelopmcnt projcct ana undca the Act,
� Ttie Boud of Aldoimen hat previously tppmved tha Plan.
3ect�on S• The Bard of Aldermen approvw and de�ignstes dte Redevelopmmt
Project I-Phsee B a� the Redevelopment Project I Phase E Am as a redevelopment pmject a�
adevetop�eat pcojxt azra, za�e6vely, under ehe Act.
�;g�gy�, T7re Boazd of Aldecmen adopts tax inc�ement t�nancing for tho
Redevelopment Pmojax H Arra and.provides that
(i) after the total equalizad assessed valuatinn of the ta�cable ieal p[aperty in the
Redevelopment Project I-Phase B Area e�ls the aratifud talal iuitial equalized
assessed valua�on of the taxable rcal pmperiy ia such Redevdopmem Projxt T-
Phase E Aiea, the ad valon;m tacw and paymauts in l�u of taxes� if any. axlsuoE
from the levies up� taxable ceal PropeR7' in such Rrdevelupmeot. Projax I-Phau
_ -
__ . -Z- r:�l4stw000iaw,mm.cNt -
j .B_Area by taxinE districts and tax rates deuimined in the manner provided in
sub�ecflon 2 of the Saction 99,855 of tLe Act each yeac after the effeaive date
of this ordinance u�il the Rcdevelopment Pmjed Costs pussuant to the Plan have
bxa paid, shaD be divided as fo}lows:
(a) Tbac po�tioa of taxes levied npon ¢ach taxable lot, block, uact, or parcel
of real propecty wtrich is atin'butable W the itritial equalized assessed value
of each such taxable lot, block, tract, or parcel of real property in the
Redevelopmu�t Projax I-Phase E Aiea shall be allocated m, and whm
' wllected shall be paid by the county collector oo, the respective affccted
taxing discricxs in the ma�• reqnined by ]aw in the absence of tLe
adopdon of tax inc:zmeot allocatiou financing;
(b) Payments in Heu of taxes ataibutable w t6e increasa in tha curnmt
eqna� assessed valuadon of each taxabk tot, block, nact, or parcel of
nal Pmperty in the Redevelopment Pcoject I-Phase S Area ovez and above
tha initial equall2ed assessed valae of eaeh such unit of pmpeity in the
Redevelapmenc Pmject I-Phasa B Area shall be aqncauA a, and when
collectad shall be paid to, the muaidpal creasure; who shall deposit such
paYmeut in lieu a? taxzs iato a special fund called the "Special Allocation
Fund" of the mm�icipalit�' for [he p�tpose af P�Y�B �`elopm�nt cosu
azfd obligations incurnd in rhe paymenCthermf. Paymenta in Heu of caxes
which ara due and owing shall 000sdrnte a lien against the ieal estate of
we redevelopment pmJoct from wdich they are dedved. 'ibe municipality
_� may, iu the oMinaace, Pladge the lUada in tLe special aDocation fund' for
tfse paymeut of suCh costs and obligations and Provide for the collation
of Paymenb in liau of taxea, the lien of whic6 may be foreclosed in tha
same maant[ ae a speCint asxesmeot lien es P:ovi�d iu Steaon 68.561
RSMo. No part of tl� cuaeat oquali�od asseaeed val.uat�a of each lot,
block, ttact. or Parcel of Pmpe�tY ��. �'�iapm�t Pmjax I-Phaae
E�ma atUibutable m any incrcase above tho total inidal equalized .
asustied val�e of such pmputiw ahall be used 'm calailabtt� tlue genecdl
state achool aid foimula Prrn'ided for in Section 163.031 �IvIO., undl
sucL ttme as all [edevdaPmcnt costa� bave been paid �aa pmvided for ln
ttds eecdon and Section 99.850.
C� in addition to the paymcnt� im lieu of caxes descslbed in Section 99.845.1(2) of
the Act. the ootal additional reveaues from taxw genc3ate� by aonomtit attivifles
in a Redevelapmeut Pmject Area, as descdbed in Secaon 99.845.3 of the Aa,
shall be allocated as sec fotth in Secdon 99.845.3 of t6e Ad.
� - -3- f:�sit�`,00aononn,u�+n.cna
.' passed this 19tli daq of August, 1997. ,
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� �11 CAat ptrt ot Lot 2, PSJ�TTC VAI.LLY INDUSTRII�L YAKK LAST, a
�� ■ubdivi�ion in A[varside, Ylattu County, Hiisouri, qccordinq to the
rscord�d plat �ttierao[, boLoq mcco perticularly deacribed aa [ollaxnc
� Coeamsncinq at the Nozthxast cornor aL anld �ot 2; thanc+ South O6
� Daqr�o■ 39 Klnutea 20 Soconds Nost nlonq tha Haet lina oi ■ai1 Lot 2, n
di�t�ne� ot 2?4.57 t��t to th� ¢oint o! beqinninqi thsncs 6c�tb 83 M
' D.yro�� 20 Nfn�tus 40 Saco�de Eout percllol t,o tha Horth Sirt• ot sald �
Lot 2� n distnnca ot 215.00 feotF thence So�th 06 Deqrees 39 'Hlnutae �
' 20 Seconde Weat, pasallel to th9 Hest line oE anld Lot 2, e dLetnnce H
� of 219.50 lsot to h point on tha South line of aeid i.ot 2; thenco y
NoGth b9 DQyceea 00 Hirtutee 17 5oconda kaet nlonq the South llno of b
said Lot 2, a distance o+ 421.91 feat to the Southweat cornor of seld
iat :� thones Har£h 66 Oegrea� 39 ttlnutea 20 baconda Eest, along tho
'H�ati liao oE said I.ot 2, e diatance of Y21.54 feet to t?ie point o!
+ b�qinalnq.
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°XHIBI� 3
, -t .4�PLICATYON' �012'CAX INCREl1�d'T FIN.1NCLtiG (
APPLICANT: G-l�4?l'.. �e 12� I?� �.r� �Fes�aG� 5.�u.'C.
ADDRFSS: ` r_ � n.'i..1 Pn..r �u �..�_ P, .�,a.r t� Stc.2 G'��s c.
- �
PHO.`tE f/� '74Io ••� � cc: .
F�1�C !/: '1 �G\. — SS�G`L
corrracr �.sorr: i_,.,,.r;e �u.e�� --
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PROJECT NA,1�: L�J�
App6cadon Format: On a sepazaze sheec of paper please answer the following questions. Please
cype aach queatioa prior to th� applicabie response.
(1) In no more thaa ttuee pag:s pzovide rekvazrt information on the AppGcane's bacicground
and developmenc expeaence. Include resumes of key individuats assigned to the project.
(Z) Ide�rtify tlu A.ppl�cant's consulfancs involved or proposed to be iavolved in tha project
notin� relevazrt experienca oa sim�ar projccts (i.c., civil engiacer, land asc planncr,
Applicant's legai counsel, e3pplieazrt's financia! advisor).
-�
(3) Descn'be the proposed P:'olect, including tfw size and seope and phasirig of the proposed
project.. 5pecifically wtline :esicienaal developmeat, if any� to be included in the
projact
(4) Define the bouudaries of the proposed 'TIF area by addtess a�l locator number(s).
Inclnde a map o£the proposed T1F uea.
(S) Ideadfy the pcopetty whkh is curcently in �he con[rol of the Applicant via owaeiship or
option. IP under option uote t}se optioa expiration date.
(� Is tha property cumntly zoned for �he proposed use? If aa, wdat zomng chaage will
• � ���
(%� w�11 � P�� P�l� �t in the relo�don of reside�l, commerctal or industrial
facilitiq'! If so, discuss the nature of any ancicipated ielocations.:
(8) State the aeed and ju�aficaticn for TiF assistance. Explain how the Intendt to
demonst�aro compliaace with the "but for" cesG Substanda[a that other alumadve
rnetbods of finaacing have bun thoroughly explored.
(9) Discuss the condition(s) that would qualify the proposed TIF' Distria as a"bHghted area"
or "coaservation area," as dofined under Mo. Rav. Srat. 99.805.
_,
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APPLiCATlON FOR TAX INC12F�tEM FIN��1C[ING
Answets to questions
l. �Ve are a petroleum marke:ing company that has ban in business for 35 yea�s
and in Rivenide sincr 1941.
2. Cherry and Associates
3. This is a 3200 sq. foot �varehouse.
4. See TIF Plan
` i, This propeny is ci:mntly awned by Carter Pevoleum.
6. Yes
7. No
S. N/A
9. City is currentiv drsignat�d u a blighted area.
--� ]0. We aze using p�i�ax finaneing and cash flow.
11. S73,000
1�. This is for intemal use oniy.
13. See attached.
ia. as,000
l5. Carter Petroleum Producis wip be, the sole user of this building
I6. Carter
:7. We have been expccienciag expanded grovrth. We must vncate our current
w�arehouse area inorder to provide space for growth of our uamportation
compauy. We have gtown from undcr l0 drivcrs in t990 to over 30 today.
18. We are using privaoe 6nancing and cash flow.
/
(10) Tdenr.ifyioarces, amounu, and status of alt debt financing andlor equity funding availabie
to compieta the projcct. Does tha applicant andcipate tho debt to be privaoely £uunced
by [he coasavcdon lender or developer or publicly sold? Pleax prepua infocmadon in
tfie folloaing tatile format.
Coataa Conpct
Suu�� A� Tenn Status . Pe[son Tei one
(1 [) Provide an outline of che costs associaced with the development of �4e proposed projeet(s)
and related parcai or pucels located within the TYF area. Identify [n t6e ouUiae tho58
cosu you would propese to fund with TIF financing and the prvposed payback dme
frame.
(12) In one page or less, discuss and dacument information used to describe che market
feasib�iry of each atement of the pmposed project Tf a formai feasibIliry oz compazabie
studies have been prepared, urath suc6 reports as an appendix to this applicauon.
(13) On the attaehed TIF Revenue Workshat astirnate the ineremental property ta.•ccs and
economic activity taxes to be aenerated by the pxoject.
(14) Provide aa estimate of the merket value of nll fixdues and equipment to be used by all
_ ownen or tensats of the pmpoaed project whith will bc taxed as personal pmperty.
-� (15) Ide�ifY �Y P�s�d xnants of the project. Have lcases betn aegodated or sigaed'!
Whaz type of lease is eontemplated?
(16) Who w{D oam We developed property?
(I'n Briefly descn'be the "economic and quality of life" benefits of the pioposed psoject to the
City.
(1� Aroc� a letter from a finaacial iusrim�ioa indtcaiing that the applicant has sufficienr
financial iesw�es to obt�ta the pcivate flmuclag for the projecc. .