HomeMy Public PortalAboutORD13476 BILL NO. 2002-108
SPONSOR. Councilman Richar d Groner
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ORDINANCE NO. Z
AN ORDINANCE OF THE CITY COUNCIL OF JEFFERSON CITY, MISSOURI TO
ESTABLISH A REDEVELOPMENT AREA, APPROVE THE HIGH STREET TAX
INCREMENT FINANCING PLAN, APPROVE A REDEVELOPMENT PROJECT AND
ADOPTTAX INCREMENT FINANCING,AND DESIGNATE JUANITA DONEHUE AS THE
DEVELOPER.
WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800, et seq., of the Revised Statutes of Missouri, as amended
the City Council of Jefferson City, Missouri, by Ordinance No. 11701 ,
adopted February 3, 1992,created the Tax Increment Financing Commission
of Jefferson City, Missouri; and
WHEREAS, on October 9, 2002, the TIF Commission, after providing all notices required
by applicable law, held a public hearing to receive comments on and to
consider the establishment of the redevelopment area as described in the
TIF Plan (defined below) and as legally described on the attached Exhibit A
the approval of the proposed High Street Tax Increment Financing Plan
submitted to the City of Jefferson City, Missouri on October 8, 2002, and the
approval of the redevelopment project as described in the TIF Plan; and
WHEREAS, the City has received an application from Juanita Donehue, the owner,
directly or indirectly, of all of the real property within the Redevelopment
Area, to implement the TIF Plan; and
WHEREAS, the TIF Commission has reviewed and considered the Redevelopment Area,
the TIF Plan and the Redevelopment Project.
NOW,THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON
CITY, MISSOURI, AS FOLLOWS:
Section 1 . That the City Council makes the following findings:
A. The Redevelopment Area on the whole is a blighted area as defined
in the TIF Act based on:
(1) the description of the Redevelopment Area set forth in the
Introduction section of the TIF Plan; and
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(2) the affidavit submitted by Juanita Donehue,
B. The Redevelopment Area on the whole has not been subject to
growth and development through investment by private enterprise and
would not reasonably be anticipated to be developed without the
adoption of tax increment financing due to the costs of constructing
adequate public facilities and infrastructure in the Redevelopment
Area.
C. The City's comprehensive plan indicates that the Redevelopment
Area should be developed for mixed-use commercial and residential,
including restaurant use as described in the TIF Plan, and therefore,
the TIF Plan conforms to the City's comprehensive plan.
D. The ordinance approving the Redevelopment Project will not be
adopted later than ten years from the adoption of the TIF Plan.
E. The estimated date to complete the Redevelopment Project has been
stated in the TIF Plan and such date is not more than 23 years from
the adoption of the ordinance to approve the Redevelopment Project.
F. In the event obligations are issued to finance Redevelopment Project
Costs, it is anticipated that such Obligations will be retired in 2017 as
stated in the TIF Plan, which is not more than 23 years from the
adoption of the ordinance approving the Redevelopment Project.
G. No property for any one Redevelopment Project will be acquired by
eminent domain later than five years from the adoption of the
ordinance approving the Redevelopment Project.
H. No businesses or residences that will be required to relocate in order
to implement the TIF Plan currently exist in the Redevelopment Area.
Consequently, a relocation plan meeting the requirements of Section
523.205, RSMo, has not been developed and is not required.
I. The Cost-Benefit Analysis section of the TIF Plan as required by the
TIF Act:
(1) shows the fiscal impact of the TIF Plan on each Taxing District
(as defined in the TIF Plan);
(2) shows the impact on the economy if the Redevelopment
Project is built and if the Redevelopment Project is not built
pursuant to the TIF Plan; and
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(3) includes sufficient information from the developer to evaluate
whether the Redevelopment Project as proposed is financially
feasible.
J. The TIF Plan does not include the initial development or
redevelopment of any gambling establishment (as defined in the TIF
Act).
K. The Redevelopment Project Area (as defined in the TIF Plan)
selected for the Redevelopment Project includes only those parcels
of real property and improvements directly and substantially
benefitted by the proposed Redevelopment Project.
Section 2. That the Redevelopment Area is established, as legally described in
Attachment 1 to the TIF Plan.
Section 3. That the TIF Plan is approved and tax increment financing is adopted
for the Redevelopment Area.
Section 4. That the Redevelopment Project is approved, the Redevelopment
Project Area as defined in the TIF Plan is selected and adopted for the Redevelopment
Project, and that after the total equalized assessed valuation of the taxable real property
in the Redevelopment Project Area exceeds the certified total initial equalized assessed
® valuation of the taxable real property in the Redevelopment Project Area, the ad valorem
taxes, and payments in lieu of taxes, if any, arising from the levies upon taxable real
property in such Redevelopment Project Area by taxing districts and tax rates determined
in the manner provided in subsection 2 of Section 99.855 of the TI F Act each year after the
effective date of the ordinance until redevelopment costs have been paid shall be divided
in accordance with Section 99.845 of the TIF Act; in addition to the payments in lieu of
taxes aforementioned, fifty percent of the total additional revenue from taxes, penalties and
interest which are imposed by the City or other taxing districts, and which are generated
by economic activities within the Redevelopment Project Area over the amount of such
taxes generated by economic activities within the Redevelopment Project Area in the
calendar year prior to the approval of the Redevelopment Project by ordinance, while tax
increment financing remains in effect, but excluding personal property taxes, taxes
imposed on sales or charges for sleeping rooms paid by transient guests of hotels and
motels, taxes levied pursuant to section 70.500, RSMo, or taxes levied for the purpose of
public transportation pursuant to section 94.660, RSMo, licenses, fees or special
assessments other than payments in lieu of taxes and penalties and interest thereon, shall
be allocated to, and paid by the local political subdivision collecting officer to the treasurer
or other designated financial officer of the City, who shall deposit such funds in a separate
segregated account within the special allocation fund. Such payments in lieu of taxes and,
subject to annual appropriation, economic activity taxes related to the Redevelopment
Project shall be pledged to the repayment of any obligations issued by the TI F Commission
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or the City for the purpose of financing a portion of the Redevelopment Project Costs.\par
Section 5. That Juanita Donehue is selected as the developer to implement.the TIF
Plan, subject to entering into a Redevelopment Agreement with the TIF Commission.
Section 6. This Ordinance shall be In full force and effect from and after the date of
Its passage and approval.
Passed; A61 C, t r;.� , �;�f _ Approved;
Presiding Officer Mayor
ATTEST; APPROVED AS TO FORM;
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City C! rk City Cou selor y
8111 2002.108
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TABLE OF CONTENTS
INIRODUCTION..........................................................................................................................:...... I
COST-BENEFIT ANALYSIS............................................................................................................... 5
PROJECTBUDGET............................................................................................................................. 7
TIFASSISTANCE................................................................................................................................ 7
PLACEMENTOF TIF FINANCING..................................................................................I................ 8
PROJECTED INCREMENTAL REVENUES-FIRST YEAR O'DONOGHUE'S ON HIGH........... 8
AMOUNT OF INCREMENTAL SALES TAX AVAILABLE FOR TIF USE.................................... 9
SUMMARY OF AVAILABLE TIF REVENUES ON AN ANNUAL BASIS .................................... 9
QUALIFICATIONS OF DEVELOPER............................................................................................... 9
CONCLUSION.................................................................................................................................... 10
ATTACHMENTS
1. SITE MAP
2. U. S. BANK AGREEMENT FOR FINANCING
3. PHOTOS OF BUILDING
4. HISTORIC REGISTER
5. MISSOURI TAX CREDITS
6. U.S. BANK, PURCHASE STATE TAX CREDITS
7. ESTIMATED CONSTRUCTION COSTS
8. REDEVELOPMENT COSTS REIMBURSED BY TIF FUNDS
9. U. S. BANK, FINANCE TIF NOTE FOR CITY
10. DEVELOPER AFFIDAVIT
ADDENDUMS
1. SITE PLAN
2. PROPERTY APPRAISAL
i
fNTRODUCT 101'd
Juanita Donehue is requesting a redevelopment plan that provides for the comprehensive
development of the property at 900 & 902 East 1-figh Street in the Central East Side (the
"Redevelopment Area"). (Attachment 1) Upon completion, the project shall accommodate
8,728 square feet of new retail and residential space at a total cost of approximately
$575,000. Sixty-four percent (64%) of the square feet are residential and thirty-six percent
(36%) are commercial. U. S. Hank has agreed to finance the improvements not otherwise
financed through the tax increment financing, developer equity, grants and tax credit. The
developer will put $60,000 of her own monies into the project. More specifically she is
proposing to proceed with the residential facilities immediately, and to take all action
necessary to provide for the redevelopment of the restaurant and lounge at the earliest
possible time. The development of the residential area is due to be completed by December
31, 2002, with the completion of the restaurant/lounge by August 1, 2003.
The uses contemplated for development are appropriate and consistent with Jefferson City's
Comprehensive Plan. The 900-902 East High project has been designed to meet
contemporary standards and has been approved by the City. Adequate off-street parking
has been designed and the City has granted a variance for additional parking. New
sidewalks are planned for the front and although there are currently no sidewalks on
Chestnut Street, the redevelopment plan has included a sidewalk. The use of the building
(residential/commercial) has not changed since it was built in 1895. The Comprehensive
Plan emphasizes that redevelopment should preserve the historically and architecturally
significant buildings. The building has been placed on tire Historic Register.
The building is the largest residential/commercial building in the Central East Side. It was
built in 1895 and became known as the K.aullen Mercantile Company. In 1911 the business
was acknowledged as a prominent dry goods/grocery retail business with living quarters
upstairs. Revitalization of the Central East Side area is very important to the City of
® Jefferson, the County of Cole, and the Jefferson City School District. 1 cannot reasonably
redevelop this property into a restaurant/lounge with residential units on the second and
third floors and basement without the formation of a'ITF district.
The property is legally described as Lot No. I of a subdivision of Outlet No. 41, in the City
of Jefferson, Missouri, more particularly described as beginning at a point on the northwest
corner of Outlot No. 41; thence easterly along the south line of High Street, 50 feet; thence
southerly parallel with Chestnut Street, 209 feet to an alley; thence westerly along said alley
parallel with High Street, 50 feet to the easterly line of Chestnut Street; thence northerly
along Chestnut Street to the point of beginning.
The property at 900 & 902 East High Street sits in one of the most blighted and high crime
areas in the City. By way of comparison of the area in which the development lies to
Jefferson City as a whole, the "2000 U. S. Census Bureau, Income and Poverty in 1999"
presents the median income per household for the area in which the redevelopment project
lies (Block Group 2, Census Tract 101) at $19,333 as opposed to the median income per
household for Jefferson City as a whole at $39,628, The family median incomes were
$19,063 and $52,627 respectively. The per capita income for the people living within
Census Tract 101 was $7,196 while the per capita income of those living in Jefferson City
was $21,268, almost 3 times greater. Another factor which further defines the
redevelopment area as blighted is the number of crimes reported in the area. There were
160 crimes reported in 2001 in the 4 block area of East High — blocks 500, 900, 1000 and
I 100 - one being a murder. According to the Jefferson City Police Department, this is the
highest of any four block area in Jefferson City.
Structures within the Redevelopment Area are in an extreme state of disrepair and have
been neglected for many years. Four (4) dilapidated structures within the Redevelopment
Area, which formerly served as carriage houses, are falling down and will need to be
demolished. Brick facing on the main structure is loose and is in jeopardy of falling,
providing a potential hazard to the public. Other portions of the main structure are equally
deteriorated and hazardous, including rain gutters, exterior trim and the gallery porch and
d ec k. lisanitary and a ns afe conditions exist within the Redevelopment Area including
2
accumulated trash and debris which is conducive to the breeding of vermin and vectors
capable of the spread of disease.
Upon reviewing this proposal further you vAll note that the developer is requesting Tax
Increment Financing (TI.F) in the amount of$100,000, and estimates the required debt will
be retired in 14 years following the opening of the restaurant.
The building faces high Street on the north, Chestnut Street on the west, and an alley at the
south. (Attachments 3a, 3b, 3c) Just eighteen inches to the east is a large building which
houses apartments. At the rear of the building and the west side there will be 18 parking
spaces. On June 20`' the City of Jefferson Public Works Committee approved a
conditional use of the right-of-way on the Chestnut Street side for additional parking. On
July 91", the Board of Adjustment approved a variance for 50% of the off-street parking
spaces as well as a use variance to allow a basement apartment at 900 East High Street. A
site plan is enclosed. (Addendum) At the rear of the building is a two-story gallery porch
and on the west side is a scrolled iron balcony. Both will be restored. All oak and pine
floors will be restored, as will the tin ceilings, transoms, pocket doors, and walnut
stairways. A new sidewalk will be built in front of the building facing High Street.
Currently the sidewalks are cracked, and in several areas they are crushed. The building
was used as a marine store for approximately forty years and the boats that were displayed
on High Street caused the damage. There are currently no sidewalks oil the Chestnut Street
side. The City is requiring one be added. There will be no razing of property except for the
four carriage houses at the rear of the property. That area will be used for parking.
The building has received approval by the State of Missouri, Historic Preservation, (DNR)
to be placed on the Federal Register of Historic Places. (Attachment 4) On December 18,
2002, State of Missouri Tax Credits were approved. (Attachment 5) U. S. Bank will
purchase the state tax credits. (Attachment 6)
• The new restaurant will be galled "O'Donoghue's on High." This is the Irish spelling of the
family name. The restaurant will be located on the Chestnut. Street side with the kitchen in
3
the rear. The redeveloped restaurant and lounge will seat approximately 75-100 people at
any given time. The large room with the store front window on the east side will be the
lounge. The development also includes 4 apartments, 3 on the second and third floors and 1
in the basement. Each apartment will contain two bedrooms, a bathroom, kitchen, laundry
room, and living room. The apartment facing the east side of the building will also contain
a dining room. Two of the second story apartments will have access to the L-shaped
gallery porch in the rear. This will be the only upscale restaurant on the entire east side of
the City. It will reside only one block south and one block west of the prison, which is
currently planned for redevelopment.
The expenditure of funds to pay redevelopment costs will alleviate the blight in several
ways. The building has for the most part been vacant for the last 10 years. The area behind
the building is currently an empty lot. Alcohol and drugs are distributed in the area. The
developer has been unable to keep offenders off the property as can be attested by the
number of empty alcohol bottles chat are thrown around and broken. Lots of paper products
are tossed. Residents in the area throw their garbage and trash on the vacant lot. There are
also 4 vacant garages where loiterers hang out. The entire area will become a concrete
parking area with sufficient lighting, landscaping and sidewalks. (Please refer to site plan.)
Putting the building to use will severely cripple the ability of vagrants to hang around the
area. Also, the developer plans on having security after the business begins operation.
Crime should be significantly reduced in the area,
Upon the City's selection of Juanita Donehue as the redeveloper, she is prepared to provide
a complete proposed reevaluation of the project as finished. Since she is the sole owner of
the property, she felt the need to begin as several of the contractors were available, the
CDBG grant ($60,000 for the 4 low to moderate income housing units) runs out on
December 31" of 2002, and the roof was leaking profusely. These funds were used to make
repairs necessary to prevent further deterioration of the property. However, the
development of the property as a restaurant cannot begin unless a TIF district is approved
since the development will also require a large additional sum of money for new equipment
4
in the kitchen and the cost of the building and parking will be considerably greater than the
finished market value.
As the finished appraisal indicates, the value of the development was determined to be
$325,000. The total cost of the project will exceed $575,000. Another $100,000 will be
necessary in order to adequately furnish the restaurant kitchen with necessary equipment
and another $50,000 to furnish the restaurant and lounge. It is not economically feasible to
do the project without TIF assistance. Therefore the project cannot go forth.
COST-BENEFI'r ANALYSIS
The State of Missouri, Cole County, Jefferson City, Jefferson City School District, and
other special districts will benefit from the redevelopment project. The developer
anticipates that upon completion, the development shall generate new annual sales tax
revenue in the amount of$52,290, and new annual rental income of 19,000. The property
is currently assessed at $20,000 with a 2001 tax payment of$345. The property taxes are
estimated to increase to $4,373, as Property Research Company, an appraisal firm located
in Jefferson City, estimated the finished appraisal upon completion to be $325,000. The
developer anticipates hiring 15 employees with an estimated payroll of$300,000 annually.
No taxing district in Jefferson City, Cole County, would be adversely affected by creating a
TIF District. More specifically, all districts would receive a windfall as a result of the
development. In 2001, before redevelopment, the following districts received a total of
$345 in property taxes. The following amounts were disbursed in the following manner:
School, $202.88; County, $38.40; Library, $12.80; Handicapped, $5.76; City, $46.08;
Fire District, $0; Surtax, $37.12; State, $1.92. During the period that the TIF District is
being paid ofd:, that revenue would continue. The law prohibits a loss of revenue to a local
political subdivision. When the TIF is paid off, (rounded to 8 years) based on an annual 3%
valuation increase and assuming there were no levy increases, the property would provide
the following tax revenues in Tax Year 2010:
5
Year Market Value AN Levy Revenue Total Revenue
2001 $20,000 $6400 5.40 $345 $345
2003 *$325,000 r`'
($117,000-Com) $37,440 . 5.98 $21239
($208,000-Res) $39,520', 5.40 $2,134 $4,373
2010 $399,709
($143,895) (Com) $46,046 5.98 $2,754
($255,814) (Res) $48,605 5.40 $2,625 $5,379
*Proportionate share of the building that is commercial: 36%;
*Proportionate share of the building that is residential: 64%
Without this development, there would not be an increase in revenue to the political
subdivisions over time and a reduction is likely as the property values will continue to
decline. The following is a list including the state's and each of the 5 districts' (or political
subdivisions') levy, based on $100 of assessed valuation: 1) County of Cole, General Fund
$34; Cole County Road and Bridge, $.26; 2) City of Jefferson, $.72; 3) J. C. School
District, $3.76; 4) Library, $.20; 5) Handicapped, $.09 6) State of Missouri, $.03 levy.
There is an additional $.58 surcharge on commercial property.
If the property value increases from $20,000 to $400,201 (as a result of an annual 3%
increase) in the year the windfall becomes effective, the above districts would annually
receive over 15 times more than they had before the building had been redeveloped. The
property tax dollar increase would be $5,033. This is a very conservative estimate
considering that reassessment takes place every other year.
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PROJECT BUDGET
Set forth below is a simple budget setting forth the estimated cost of project:
Site Work $100,000
Building Renovation $475,000
A detailed budget is included. (Attachment 7)
TIF ASSISTANCE
To complete the project, the developer requests TIF financing in the amount of$100,000.
TIF proceeds shall be used for the following purposes: (Attachment 8)
• Demolition
• Right of Way Improvements, including Sidewalks
• Parking Lot
• Lighting
•
Entrance and Exits to Parkin Lots
ntr g
• Site Plan
Upon completion of the project, the development will initially generate Economic Activity
Taxes (EATs) of approximately $8,000 (based on the $.015 city sales tax and the $.005
county capital improvement sales tax) and Payments in Lieu of Taxes (PILOTs) of
approximately $4,000. Based on a $100,000 TIF note at 5% interest, with an annual
payment of approximately $12,000, the TIF project would take 14 years for repayment.
The developer used $840,000 as the projected gross annual sales. Currently C & H's gross
annual sales are $140,000 with 24 dining seats and no off street parking. C & H is only
open 4 1/2 days per week. The Department of Revenue reports that the average taxable
sales for the 103 eating and drinking establishments in Jefferson City for year 2001 were
approximately $700,000. Another report by the Department of Revenue, Sales Tax
Activity for Cole County for FY 2000 and 2001, was obtained from which the developer
derived the average taxable sales for 5 of the most comparable restaurants to be known as
7
"Restaurants A', "B", "C", "D", and "E", ". To come up with the tax increment of$7,000,
she used 67% of the 2001 average of the 5 eat and drink establishments listed below:
RESTAURANT TAXABLE SALES 2000 TAXABLE SALES 2001
A $ 516,000 $ 545,200
(NO LOUNGE)
B $2,495,200 $2,710,400
C $545,200 $740,200
(MOT AN UPSCALE RESTAURANT)
D $540,800 $535,200
(SMALLER THAN 900 E. HIGH)
E $1,733,400 $1,727,400
PLACEMENT OF TIF FINANCING
U. S. Bank has stated that it will finance the appropriate entity for the TIF district up to a
maximum of$100,000. (Attachment 9)
PROJECTED INCREMENTAL REVENUES—FIRST YEAR O'DONOGHUE'S ON
HIGH
Market Value of Land and Building 2001 $20,000
Market Value of Redeveloped Site- Appraisal (Addendum) $325,000
(64% Residential; 36% Commercial)
Commercial Property Assessment Basis 32%
Residential Property Assessment Basis 19%
Assessed Value Basis for TIF (Commercial) $2,304
Assessed Value Basis for TIF (Residential) $2,432
Incremental Assessed Value (Commercial) $35,136
Incremental Assessed Value(Residential) $37,088
8
1 .
Tax Rate per $100 of Assessed Valuation—Commercial $5.9802
Tax Rate per $100 of Assessed Valuation -Residential $5.4002
PILOTS--Commercial $21101
PLLOTs—Residential $2,003
Total Incremental Property Taxes Available—First Year - $4,104
AMOUNT OF INCREMENTAL SALES TAX AVAILABLE FOR TIF USE
New Annual Sales - Redeveloped Site $840,000
New Annual Sales Taxes from Redeveloped Site $52,290
New Annual Sales Taxes for Redeveloped Site $8,400
EATs from Redeveloped Site $8,400
SUMMARY OF AVAILABLE FIRST-YEAR TIF REVENUE
PIL01's $4,104
EATS $8,400
Grand Total—Annual Incremental Revenue for TIF Financing $12,504
QUALIFICATIONS OF DEVELOPER
The developer, Juanita Donehue, has been in business in Jefferson City since 1970.
Concurrently, she was Executive Director of the Missouri Association of Counties for
nineteen of the twenty-five years she worked for the Association. She was president of
Helias High School, one of the original founders of Helias Foundation Incorporated, held
the office of President of the National Association of County Executives, President of the
9
Missouri Society of Association Executives, served on numerous Governors' advisory
councils, and participated in numerous community boards and associations and
commissions. She is currently serving as a board member of a large development at the
Lake of the Ozarks, known as the Palisades Condominium and Yacht Club and a member
of Jefferson City's Advisory Committee on Annexation. She recently served as a member
of the City/County Strategic Planning Committee.
CONCLUSION
In summary, developer proposes to provide for the redevelopment of the Kaullen
Mercantile Property located at 900 & 902 East High Street in the City of Jefferson and the
County of Cole and proposes to do so in the most cost effective and desirable manner
available. Furthermore, her plan results in minimum disruption to the existing businesses
located within the 900 block of East High Street. Revitalization of her property will bring
more business to the surrounding businesses. The business owners are ready to support her
wherever possible, and are excited about the extent of her use of her own resources in the
Central East Side. Most importantly, this proposal results in a very significant economic
benefit to the community of Jefferson City and Cole County and it does so with minimal
use of TIF fiends.
In short, the developer believes her proposal has much to offer the State of Missouri, Cole
County, Jefferson City, Jefferson City School District and the special districts.
Accordingly, the developer, Juanita Donehue requests the TIF Commission and the City of
Jefferson's most serious consideration of support.
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Attachment 1
To be introduced at the City Council meeting on November 18, 2002
!. ORDINANCE FOR ACCEP'T'ING THE RECOMMENDATION OF THE TIF
COMMISSION:
THE MATTER OF INTRODUCTION BY COUNCILMAN RICHARD GRONER OF
AN ORDINANCE ENTITLED AS FOLLOWS:
AN ORDINANCE ACCEPTING THE RECOMMENDATION OF THE TAX
INCREMENT FINANCING COMMISSION OF JEFFERSON CITY, MISSOURI,
WITH RESPECT TO THE TAX INCREMENT FINANCING PROJECT AT THE
DEVELOPMENT AREA OF 900-902 EAST HIGH STREET AND ADOPTING TAX
INCREMENT FINANCING WITH RESPECT TO THE REDEVELOPMENT AREA
AT 900-902 EAST IIIGH,
2. THE MATTER OF APPROVAL OF TAX INCREMENT REVENUE NOTES FOR
THE 900-902 EAST HIGH STREET PROJECT
AN ORDINANCE APPROVING THE ISSUANCE OF TIF REVENUE NOTES:
AN ORDINANCE DECLARING THE ISSUANCE OF TAX.INCREMENT REVENUE
NOTES FOR A RESTAURANT AND LOUNGE INCLUDING 4 RESIDENTIAL
HOUSING UNITS AT 900-902 EAST HIGH STREET, JEFFERSON CITY,
MISSOURI, BY THE TAX INCREMENT FINANCING COMMISSION OF
JEFFERSON CITY, MISSOURI, FOR THE PURPOSE OF PAYING CERTAIN
DEVELOPMENT COSTS IN CONNECTION WITH THE REDEVELOPMENT PLAN
FOR THE 9000-902 EAST HIGH PROJECT; PLEDGING A PORTION OF THE
FUNDS IN THE SPECIAL ALLOCATION FUND AS SECURITY FOR THE
PAYMENT OF SAID NOTES.
November 12, 2002
Rich:
Enclosed is a copy of the Resolution unanimously passed by the Jefferson City Tax
Increment Financing Commission on.Friday November 8"'. Also enclosed is a copy of
the Redevelopment Plan for the property at 900-902 East High Street which was
submitted by me and adopted by the TIF Commission at a public hearing on October 9th.
Councilman Richard Groner plans on introducing the ordinance on Monday, November
18'h. I have prepared for him a copy of two ordinances (enclosed), one to accept the
recommendation of the TIF Commission and a second to approve Tax Increment
Revenue Notes for the development project. Allan Pollack has advised me that he also
had the attorney prepare ordinances.
Hopefully the ordinance can be first read on Monday, the 18''.
Thanks,
-'J anita Donehue
eveloper
RESOLUTION NO,
TAX INCREMENT FINANCING COMMISSION
OF
JEFFERSON CITY, MISSOURI
RESOLUTION RECOMMENDING APPROVAL BY THE
CITY COUNCIL OF JEFFERSON CITY, MISSOURI
OF THE HIGH STREET TAX INCREMENT FINANCING PLAN
WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment
Act, Sections 99.800, et seq., of the Revised Statutes of Missouri, as amended (the "TIF Act"),
the City Council of .Icfferson City, Missouri (the "City Council"), by Ordinance No. 11701,
adopted February 3, 1992, created the Tax Increment Financing Commission of Jefferson City,
Missouri (the "TIF Commission").
WHEREAS, on October 9, 2002, the TIF Commission, after providing all notices
required by applicable law, held a public hearing (the "Public Hearing") to receive comments on,
and to consider, the proposed High Street Tax Increment Financing Plan (the "TIF Plan"), a copy
of which is attached to this Resolution as Exhibit A, for the property which is described in the
TIF Plan as 900 and 902 East High Street in the Central East Side (the "Property"), and more
fully described in Attaclunent 1 of the TIF Plan.
WHEREAS, the TIP Commission has reviewed and considered the TIF Plan at length.
NOW, TI-IEREFORE, be it resolved by the Tat Increment Financing Conunission of
Jefferson City, Missouri, as follows:
Section 1: The TIF Commission recommends to the City Council that the City
Council find:
1
(a) The Property (as legally described in the TIF Plan) on the whole is a
"blighted area" as defined in the TIF Act based on the detailed description of the
Property as set forth in the TIF Plan cover letter and the introductory section of the TIF
Plan.
(b) The Property on the whole has not been subject to growth and
development through investment by private enterprise and would not reasonably be
anticipated to be developed without the adoption of tax increment financing due to the
substantial cost to enhance the condition of the Property as stated in the TIF Plan.
(c) The City's comprehensive plan indicates that the Property should be
developed as described in the TIF Plan, and therefore, the TIF Plan conforms to the
City's comprehensive plan.
(d) The ordinance approving the comprehensive redevelopment of the
® Property (the "Redevelopment Project"), as outlined in the TIF Plan, will not be adopted
later than ten years from the adoption of the TIF Plan.
(c) The estimated date to complete the Redevelopment Project has been stated
in the TIF Plan and Such date is not more than 23 years from the adoption of the
ordinance approving the Redevelopment Project.
(f) In the event obligations ("Obligations") are issued to finance the project
budget (the "Redevelopment Project Costs") as outlined in the TIP Plan, it is anticipated
that such Obligations will be retired in 2016, which is not more than 23 years from the
adoption of the ordinance approving the Redevelopment Project.
(g) No property for the Redevelopment Project will be acquired by eminent
domain later than five (5) years from the adoption of the ordinance approving the
Redevelopment Project.
(h) No Relocation Plan meeting the requirements of Section 523.205 of the
Revised Statutes of Missouri has been developed for relocation assistance for businesses
and residences, since no business or residences will be relocated due to the
implementation of the TIF Plan.
(i) The Cost-Benefit Analysis section of the TIF Plan fulfills the requirements
of the TIF Act. The Cost-Benefit Analysis Section in the TIF Plan: (l) shows the fiscal
impact of the TIF Plan on each Taxing District (as defined in the TIF Plan); (2) shows
the impact on the economy if the Redeveloprrient Project is built and if the
Redevelopment Project is not built pursuant to the TIF Plan; and (3) includes sufficient
information to evaluate whether the Redevelopment Project as proposed is financially
feasible.
(j) The TIF Plan does not include the initial development or redevelopment of
any "gambling establishment" (as defined in the TIF Act).
(k) The Property selected for the Redevelopment Project includes only those
parcels of real property and improvements directly and substantially benefited by the
proposed Redevelopment Project.
Section 2: If the TIF Plan is adopted by the City Council, the TLF Commission shall
report to the Director of the Department of Economic Development for the State of Missouri by
the last day of February of each year, the name, address, phone number and primary line of
business of any business which relocates to the Property.
i
Section 3: The TIF Commission recommends to the City Council that the City
Council approve and adopt the TIF Plan.
Section G: The TIF Commission recommends to the City Council that the
Redevelopment Project be approved by the City Council, that the Property be selected and
adopted by the City Council for the Redevelopment Project, and that tax increment financing for
the Property be adopted by the City Council.
Adopted this day of , 2002
Chairman
ATTEST:
Secretary .. .
IROUST NG AUTHORITY
he City of Jefferson, Missouri
1010 Myrtle Ave Past Office Box 1029 ?
FAX 573-635-9680 • /_its Code 65102-1029 Allen Pollock, P.C, John S. Pletz
573-635-6163/Voice/TDD L.xccutive Director General Counsel
November 14, 2002
Mayor Tom Rackers
Members of the City Council
City of Jefferson
320 E. McCarty St.
Jefferson City, MO 65101
Re: Draft Ordinance
TIF Commission Approval
Juanita Donohue Request
900-902 East High Street
Dear Mayor and Council Members:
As mentioned in my letter of November 11, 2002, 1 mentioned our office supplying; a draft ordinance
concerning the above referenced proposed TIF plan.
A copy of draft ordinance is enclosed for your review and use. "phis draft can be considered as a part of
the packet submitted with my letter of 1 1.11.02. This draft `vas prepared by the law firm King Hershey
of Kansas City, one of the leading firms in the State of Missouri regarding economic development
issues, including; tax increment financing.
Should you have any questions or require additional information, please feel free to contact my office.
Sincerely,
Allen Pollock, PE
Executive Director
Enc.
COMMISSIONERS .�.�,.
i
Jack Oink homes Cox lira Jordan Saundra Align Evelyn Weibel) Dora Washington
Chairman Vice Chairman EQUAL.
HOUSING
OPPORTUNITY
gnanK
tM snr Srrvla
1408 Forum Soulevard
Columbla,,MO 66203
673 446-NW
57$446 1011 fax
March 5, 2002
Mrs.Juanita Donthue
1707 Englewood Drive
Jefferson City, MO 65101
RE: Mullen Mercantile Company
Dear Mrs. Donohue,
o
I am plkasW to Infonn you that a loan has been approved to fund the improvements planned ,
900 and 902 E"I High, Jefterson City, Missouri. The constru:tion loan has been approved for
s4Q0,0o0. The permanent ban amount will be det*rrnlned at the end of the construction period.
The loan Is subject to receipt of all documentation deemed necessary by US Bank.
I look forward to working with you on this project, Please contact me at(573)446-6600 if you
should have any questbns.
y
Sincerely,
TirnotI4 E. Ferguson
Vic*President
,
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D►EP R`I`MEN"f OF NATURAL RESOLTRCES
i.,
February 26, 2002
Ms. Junita Donehue
1707 Englewood Drive
Jefferson City, MO 65101
Re: Kaullen Mercantile Company, 900.902 East High Street,Jefferson City, Cole County
Dear Ms, Donohue:
The Missouri Advisory Council on Historic Preservation considered the proposed nomination of the Kaullen
Mercantile Company, 500-902 East High Street,Jefferson City, Cole County, Missouri to the National
Register of Historic Places at their February 8, 2002 meeting, We are pleased to inform you that the
council recommended approval of this nomination upon satisfaction of the conditions detailed on the
enclosed summary sheet.
After the requested revisions have been completed, the nomination will be forwarded to the Missouri
Deputy State Historic Preservation Officer for her approval and then to the Keeper of the National
Register. Please feel free to contact Tiffany Patterson of my staff at 5731751-7800 if you have any
questions about the council's comments.
Sincerely,
T ' STORIC P SERVATION OFFICE
Steve Mitchell
Assistant Director
SEM:pgc
Enclosure: as stated
Attachment 4
t�MISSOURI
UEPARTMENT OF ECONOMIC DEV13LOPMENT
Bob Holden )oseph L. Driskill
Governor HISTORIC PRESERVATION TA`: CREDIT PROCR.Ahi nirtctor
Cornrnunity Development Dianna P. Moore
301 W. Nigh Street Director
P.O. Box 118
Jefferson City, MO 65102
573-751-5981
573-526.8999(FAX)
December 18, 2001
Mrs. Juanita Donohue
1707 Engelwood
Jefferson City, MO 65101
Log #A98
Naallen Mercantile Company
Dear Mrs. Donohue:
Your application for requesting state historic tax credits has received preliminary approval by the
Department of Natural,Resource's State Historic Preservation Office. This certification grants
preliminary approval authorizing the owner to proceed with the rehabilitation.
The rehabilitation must meet the design tandards consistent with the standards of the Secretary
rotary
of the United States Department of Interior.
Tax credits may be carried back to any of the three preceding years and carried forward for the
succeeding ten years. The credit is to be claimed against the taxes imposed pursuant to chapter
. 143, RSMo and chapter 148, RSMo, except for sections 143.191 to 143.265, RSMo.
Should you have any questions, I can be reached at (573)-522-8004. If you would like to talk
with the State Historic Preservation Office, their phone number is (573)-751-7858.
1
Sincerely,
Rosalie Clu-uma i
Incentive Specialist II
i
4
4
Attachment 5
1Llib/J4`lO lYJl1
� J r V
�AC.SCIf.SChk1'IiWL'tb1Mt��R� ' ,
1408 Forum Boulevard
Columbia, MO 65203
573 446.66U0 .
673 446.1011 fax
June 3, 2002
Mrs. Juanita Donehue
1707 Englewood Drive
Jefferson City, MO 65101
RE; C & H Tavem &Restaurant, Inr..
Dear Mrs. Donehue;
As we have previously discussed, US Bank purchases tax credits and would purchase the tax
credits you receive associated with the completion of this project. US Bank Is not able to
guarantee the purchase price but will quote a price when the tax credits have been granted and
all necessary documentation is received to establish the tax credits and their availability to be
offLTed for sale.
Please contact me at 573-44e;-6600 if you should have any questions.
Sincerely,
Timothy E. Ferguson
Vice President
i
i
i
Attachment 6
Estimated Construction Costs
Restaurant and Lounge— O'Donoghue's on High (New Name)
Four Residential Units—900& 902 E. High
Heating and Cooling(2 tons per unit - $2,000 per ton) 4 units
Lounge— 3 tons, kitchen and restaurant—4 tons $16,000
14,000
Plumbing (Hot water Heaters, Bathroom fixtures, piping, etc.)
Environmental Engineering 102,000
Electrical - $5,000 per unit, $15,000 Restaurant, Lounge, Kitchen
46,500
Windows—American Builders (Includes installation)
62 Windows 95,000
Roof—Ken Griesing Company-(Already completed and paid for)
16,010
Dry Wall —Castrop Drywall
34,000
Parking Lot, Retaining Wall, Lighting, Sidewalks, Landscaping
100,000
Flooring, repair, sand, and finish—Estimated
® 30,000
Carpenter Work on Interior—Ken Giesing
50,000
Exterior—Trim, gutters
20,000
Tuck point, clean brick—J C. Tuckpointing
4,700
Cabinets for bathrooms and kitchens Wayne Eynard
Cabinet Shop 15,000
Gallery Porch and deck—Repair
15,000
Painting
Appliances ($2,000 per unit)
10,000
TOTAL ,
$578,210
i
t.
i .
i
4
Attachment 7 '
i
i
REDEVELOPMENT COSTS REIMBURSED'BY TIF FUNDS
Demolition
$5,000
Site Excavation and Grading $5,000
Sidewalks/Concrete Paving $7,500
Concrete Parking Lot—Retaining'Wall $61,500
Storm Drainage Pipe, Structures, etc, $8,000
Lighting $31000
Landscaping $3;000
Parking Lot Striping
$1,000
Engineering and Architectural Fees
$6,000
TOTAL
$100,000
Attachment 8'
a,
Or
1403 Forum Boulevard
Columbia,MO 65203
573 446-6500 .
573 446.1011 fox
June 3, 2002
Mrs. Juanita bpnehuc
1707 Englewood Drive
Jefferson City, MO 65101
RE: C&I••I Tavern & Restaurant, Inc,
Dear Mrs. Donehue:
As we have previously discussed, US Bank will finance the appropriate entity for the TIF district
created for this project up to a rnaximum of$100,000. The financing is subject to receipt of all
necessary documentation required by US Bank.
Please contact me at 573-446-66001f you should have any questions,
Sincerely.
Timothy E. Fete n
Vice President
Attachment 9
DEVELOPER AFFIDAVIT
STATE OF MISSOURI )
ss.
COUNTY OF COLE )
COMES NOW, JUANITA DONEHUE, and being first duly sworn, on her oath states:
1. I am over the age of eighteen (18) and competent to testify to the following matters of
my own knowledge.
2. I am proposed developer for the High Street Tax Increment Financing Plan (the "TIF
Plan") as designated in the TIF Plan.
3. The Redevelopment Area on the whole is a "blighted area" as that term is defined in
the TIF Plan, and has not been subject to growth and development through investment by private
enterprise.
4. The Redevelopment Area would not reasonably be anticipated to be developed
without the adoption of tax increment financing.
5. I will not, and could not be reasonably expected to, develop the Redevelopment Area
without the adoption of the proposed TIF Plan.
P ONEHUE
Subscribed and sworn to before me, a Notary Public, in and for said County and State,
this 6-t'i` day of
Notai},Publ c
My Commission Expires: --�5-�d J Printed Name iv c/; ",,,,
t4 TARY
PUBLIC
NOTARY
SEAL
5
r O
OF M\S-
Attachment 10