HomeMy Public PortalAboutORD13392 BILL NO. 2002-26
SPONSOR . Councilmen Vogel and Smith _
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH THE MISSOURI
DEVELOPMENT FINANCE BOARD FOR TAX CREDITS
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS
FOLLOWS:
Section 1. The Mayor and City Clerk are hereby authorized to execute an
agreement with the Missouri Development Finance Board for tax credits available for the
central business district streetscape improvements project.
Section 2, The agreement shall be substantially the same in form and content as
that agreement attached hereto Exhibit A.
Section 3. This Ordinance shall be in full force and effect from and after the date
® of its passage and approval.
Passed: . / �',�' Approved:__ __
9a,�C'j.
Presiding Officer � � Mayor ~
ATTEST: APPROVED AS TO FORM:
City Clerk City Counselor
` L��!�.r61..r L-fC-•1,� !,' .�l.` !� L Z.-L-'f,/t.(,� C.. (l � .���G :/(.` t/� r L.G, -� j(...i �+-" 2.,C r
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133 `i
TAX CREUI'f A(;rtl?1:`ll?N r
(City of'.11CITerson •- Downtown Revitalization Tax C_'retli( Col.Contribution 1't•o-rant)
'1 HIS TAX CR1?1)i'1' ACRI?hi11[:N'(', dated as ol'the Z, day of ,,]rr.!�.L�__..___.__._• 2tlf'� (tile
"Agreement"), by and arnong the MISSOURI UEVELOPINIENT FINANCE BOARD, a body
corporate and politic ol'the State of Nlissour•i (tile "Board"), and thy: (:'ify M'.lel7crson, a city organized
and existing under the laws oI'I h C State of Missouri ((lie "Public I;rltiIy"):
W ITN ESSETI1:
W11-1EREAS, Section I00?86.6 of the Revised Statutes uf' Missouri (the "'fax Credit Statute")
provides that any taxpayer shall he entitled to a lax credit against any tax otherwise due under the
provision.,; of Chapter• 1,13, R.S.Mo, excluding withholding tax imposed by Sections 113.191 to 143.261,
R.S.Mo, Chapter 1,17, R.S.Mo, or C'haptcr 141 , R.S,Mo, in the amount of lifty percent of any amount
contributed in money or property by the taxpayer to the development and reserve fund, the infrastructure
development fund or the export linancc fund during file taxpayer's tax year, provided, however, the total
tax credits awarded in any calendar year beginning alter January 1, 1994. shall not be the greater of ten
million dollars or five percent of the average growth in general revenue receipts in the preceding three
fiscal years;
® WHEREAS, the Public Entity has requested that the Board accept contributions front donors
and make the proceeds of such conU•ibutions available to the Public F.nlity for tic purpose of*paying 161•
the cost of a project described on Exhibit A hereto (file "Project"), all as more fully described in the
application fir assistance submitted to the Board (all as attached hereto as EAhibit R, collectively, the
"Project Application");
WHEREAS, at a meeting ol' the Board held on February 19, 2002, the Public I.ntity made
written presentations to the Board concerning the Project and the Project Application;
WHERE?AS, the Protect will siOnificanfly benefit the City of,leflcrson and the State of Missouri
by: (i) making public improvements; (ii) the creation of tempo rar) and permanent jobs; (iii) the creation
and development of tourism ol)poruulitics; and ('iv) increasing local and state tax revenues;
WHERE?AS, pursuant to a motion of' tile Board adopted at its meeting held February 19, 2002,
the Board approved the Project Application subject to certain limitations and considerations more fully
described herein and directed the Executive Director to work with the Public Entity in the preparation of
this Agreement for the purpose ol'setting 1`61-111 the terms and conditions upoll which contributions will he
accepted by the Board and how the proceeds ofsuch moneys will be applied:
WHEREAS, the Board and the Public F'Jitity desire to enter into this Agreement for the purpose
of setting lbrth the terms and conditions pursuant to which the Board will accept conlrihutions find
deposit such contributions into the In f"ra511'llelUre Development Fund Cor the purposes set I,61-th herein, all
subject to the terms ol'this Agreement.
NOW,TI-IERE ORE, ill consideration of the mutual covenants ;end agreements herein set forth,
the Board and the Public Entity hereby covenant and agree as Follows:
ARTICLE 1
DEFINITIONS
In addition to the terms defined ill the Recitals to this Agreement and elsewhere herein, as used
in this Agreement the 161lowing terms shall have the following meanings:
"Application" means file request file assistance presented to the Board on Febrlary 19, 2002 by
the Public Entity attached hereto as I?xhibit B. For the purposes of this Agreement, the parties
acknowledge that the Project shall consist ol'Ihc Project described in Exhibit A hereto.
"Contribution" means any contribution received by file Board pursuant to and in accordance
with this Agreement.
"Disbursement Request" means the Disbursement Rcqucst referred to in Section 4.3 hereof,
and the form o1'which is am-whed hereto as Exhibit C.
"Donor" means any person making a confribulion to the Board.
"Local Jurisdiction" means the C'ity ol'.Icflcrson, `'lissouri.
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Material" means a standard 1111' 111aICrialit`' pllr•SI1a111 to which any change OC amendment
W011ld, when added to all such other cham_,cs oi- amendments, result Ill it pI.1CICrlt 11e1'S011 COIISICIer•Illg SIICII
change or anlendnlent material or would impact any individual line item of the Project Budget by .5% or
afore. Any change shall he dcerlled tilaterial if the Board notifies the Public l.;ntity. prior to the el'Iective
date of such change, that the Board considers such change to be llaferial. Notwithstanding the
foregoing, no change to any line item shall lie deemed Material if the cost ol'such change (when added to
all similar changes Which were not Material) is less; Ilan 51)�, ol'such line item.
"Maximum Contributions" shall have the meaning set. lorth in Section 3.1 hereof.
"Maximum 'fax Credits" shall have the meaning set kwth in Section 3.1 hereof'.
"Project" means the projects described in the Application, including the streetscape
improvements described in Exhibit A. and arm' additions, nlodiliclltions, equipment. replacements,
repairs, reconstruction, restoration or substitutions thereto, approved by the Board.
"Project Budget" means the aggregate Project Budget described on 1?xhibit 1) het•cto, and any
amendments and additions thereto made in accordance with Section 5.8(a) of this Agreement.
"Project Costs" means all reasonable or necessary costs and expenses, as mare 11111), described
on Exhibit E, for the property described in F xhibit A.
"Tax Credits" means tax credits issued by the Board in accordance with the Tax Cre(lit Statute
and this Agreement in consideration of*('ontribmiolls.
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"Tar Credit Statutc" shall have the meaning set filrth in file Recitals.
ARTICL,1,. 11
FINDINGS AND I)E'1'EWMINATIONS;
REPREISENTATIONS AND NVARRANTIES
Section 2.1. Board's Determination of Project Benefit. The Board hereby finds and
determines as follows:
(a) The Project will signilicarilly benefit the City of .Ieffcrsorl and the State of
Missouri by: (i) Making pl►bllc improvements; (ii) tilt creation of terllporary and permanent jobs: (iii) the
creation and development oftolll'1SIll opportunities; and (iv) increasing local and state tax revenues;
(b) The benefits to be derived by the State of' I'lissouri arc expected to exceed the
benefits provided by the Board by this Agreement;
(c) The Board's participation is a material precondition to the completion of the
Project, and the Project would not proceed without the assistance provided by the hoard.
Section 2.2. Public Entity's Determination of Project Benclit and Representations and
Warranties. The Public Elitity hereby finds 111d determines as filllows:
(a) The Projeet will significantly benefit the C'il� of .lel'Icrson and the State of
Missouri by: (1) making public improvements; (ii) the creation ol'temporary and permanent jobs: (iii) the
creation and development of tourism opportunities: and (iv) increasing local and state tax revenues;
(b) The benefits to he derived by the State of Missom-i ire expected to exceed the
benefits provided by the Board by this Agreement;
(c) The Project would not proceed without the assistance provided by the Board.
(d) The Public Entity (1) is a city organized and existing under the laws of the State,
and (2) has lawfillly executed and delivered this .Agreement acting by and through its City Council.
(e) The execution and delivery of this Agreement by the Public I'',ntity will not result
in a breach ofany of the terms of', or constitute a default under, any indenture, mortgage, deed of trust,
lease or other agreement or instrument to MIMI the Public Entity is a party or by which it or ally of its
property is bound or its bylaws or any of the CollSttlltolli►I of Statutory rules or regulations applicable to
the Public Entity or its property.
Section 2.4. No Private Benefit. The Public C:ntity represents and warrants that no portion
of the Project or the proceeds of the Contributions shall benefit any private person, except. (br such
benefits as may be conferred to private persons through the orClinary course of business in the
development, construction and operation oflhc Project.
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ARTICLE 111
CONTRIBUTIONS AND TAX CRE'DIT'S
Section 3,1. Agreement to Accept Contributions and Issue Tax Credits, Subject to the
requirements set forth herein, the Board hereby agrees to accept Contributions from Donors in a
nuixiniturl aggregate amount of'$260,000. ("Maximum Contributions"), resulting in the potential issuance
of'I'ax Credits in the maximum anlrntnt of$130,000 (the "Maxinlunl Tax Credits") and to deposit such
Contributions into the Board's ill 1'r�lstructLire development fund, and to issue such honors' Tax Credits ill
an amount not to exceed the lesser ol'(i) 50% of the amount ol'such Contribution, or (ii) the then current
maximum amount authorized under the TlX Credit Statute. Such credits are only available in calendar
year 2002.
Any portion 0f such Annual Maxinitim Amount For which the Public Entity has not received
written commitments For contributions for the current calendar year prior to December I, 2002, shall be
forfeited effective midnight on December 1. 2002. This paragraph shall not restrict the owner orally Tax
Credit from utilizing; the benellts of the carrylorwar•d provisions contained in the "fax Credit Statute.
Section 3.2. Submission of Forst 101). The Board shall process cacti C'ont•rbuton which is
accompanied by a properly completed form 100 and any other documents raluired by Missouri law.
Any Contribution which is received for which the Board does not have a properly completed Form 100
and any other documents required by Missouri law shall be held by the Board until such documents are
provided or, tit the option of'the Board, returned to the honor with a written notation stating why such
Contribution is being returned. A copy of each returned donation shall also be sent to the Public Entity.
The Board reserves the right to require any additional inllormation which the Board determines to be
necessary to comply with the Hoard's statutes, as they may be amended from time to time, including but
not limited to, the "Certificate of Reportable Contributions" from and Donor (which is not an indivi(Iual).
Section 3.3. Minimum Donation. The Board shall not accept any donation in an amount
less than $500.00. Any donation which is received Ibr less than such 11lininlunl amount shall be returned
to the Donor with a written notation stativa that donations must be made in the minimum amount of
$500.00. A copy ofeach returned donation shall also be sent to the Public i�lltity.
Section 3.4. Processing Donations. 'fhe Board shall promptly process all completed
donations. The Board expects that once a properly completed form 100 and all other required
documents are received by the Board, together with the Contribution, the Board \�ill issue or cause to be
issued the Tax Credits within 415 calendar days, but not more frequently than once a month.
Section 3.5. Determination of Amount of Coll I Him tion, The '1111011111. (or value) of each
Contribution shall be determined by the Board as 1611ows:
Cash, The a111Ot1111 (Or value) 01' Cash Contributions shall be the fince 11110111lt of such
Contribution.
Marketable Securities. 'l he amount (or value) of marketable securities shall be the procceds
received by the Board from the liquidation 01'suc11 marketable securities in accordance with the Donor's
instructions approved and accepted by the Board, less the Board's costs ol'sellilIg suc:h securities.
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Unmarketable Securities and Other_Prol erty. No contributions 01' Lill iu"lrketable Securities or
other property shall be permitted under this Agreement,
All such determinations by the Board shall, absent manifest error, be conclusive and binding upon the
Donors and the Public Entity, The Board reserves the right to reject any Contribution.
Section 3.6. Public Entity Notice of Estimated Usable T.-IN C*IY'di1S. Oil or before
November 1, 2002, the Public Frltity shall notify the Board in writing of that portion elf' the 1 lIXin1t1111
'fax Credits the Public Entity intends to utilize (the "C:stimated Usable Tax Credits") prior to December
1, 2002. In the event such amount is less than the Maxinlunl Tax Credits for such year, the Board shall
be entitled to use the difference between the Maximum Tax Credits and the Fstillmlcd Usable Tax
Credits for any other project of'the Board. The Public L ntity underSmIlds mid agrees that the nlaxinlurn
amount of tax credits the Board may issue in a calendar year is linlited by the Tax Credit Statute. The
Public Entity agrees to fully cooperate with the Board's efforts to use any tax credits provided hereunder
which are not expected to be used by the 1'uhlic [?
(h) In no event shall the Pl►l)liC Entity Suhmit More than one Disbursement Regnst
to the Board each month, unless approved by the Board's I:xeculive Director,
Section 4.4. Processing; of Disbursement Requests. Within tell (10) business days alter the
submission ol'a fully completed Disbursement Request to the Board, the Executive Director shall process
stteh request lily payment or immediately nolik, the Public Entity of any in Formation needed to process
such Disbursement Request.
Section 4.5, Deduction of Boal-d lees and Expenses. Concurrently tipon the receipt of each
Contribution the Board shall deduct nn administrative fee in an ,uuount equal to 2'No of,the amount of all
Contributions and its actual out-of=pocket expenses (including! the Iecs and expenses of the hoar(I's
counsel) incurred by the Board in the execution and administration oI'this Agreement and shall furnish
the Public L?ntity a detailed description of such deductions at least gllartcrly. Such lees shrill he in
addition to any interest earned oil moneys invested in the Board Proicct Accomil.
Section 4.6. Return of Contributions. In the event the Public Entity shall nolifv the Board
that the Project has been abandoned tier any reason or upon all event ol`default under Section 6.1 hereof,
then all Contributions held by the Board pursuant to Section 4,1 hereof or held by the Public Entity
pursuant to Section 4.2 hcreol'shall be applied as follows: (i) gird. to reinlhtlrse the State lbr the cost of
Tax Credits issued hereunder and actually used by the Donor with respect to such Contributions (net of
fees and expenses) and (ii) second, used by the Board to pay liar in1rastruchire projects.
AR`T'ICLE V
THE 11110111,CT; RECORDS AND REPORTS
Section 5.1. Access to the Project and Inspection; Operation of the Prujcct. '1`hc Board
and the duly authorized agents of the Board shall have the right. at all reasonable tilrtes upon the
Furnishing of reasonable advance notice under the circumstances, to enter tlpoll the Project and to
examine and inspect the Project. The Board and rile duly authorized a,.pellk of the hoard shall also be
permitted, at all reasonable tinleS upon reasonable advance notice under the circumstances. to examine
the hooks and records of the Public Entity with respect to the Project and the Contributions and the
obligations of the Public l_ntity' hcrclrndcr.
Section 5.2. Reports and Financial Statements by file Public l?ntity. heg!,inning; on the
date of the execution of this Agreement and ending one year 1011owing the later ol'tile final disbursement
ofany Contributions held by the Board and payrr►ent of all costs of the Public Emily in connection will
the Proieet, the Public Entity shall cause to be furnished to the Board:
(a) All audit and compliance reports prepared for submission to any federal or state
agency Or atilhorify as Sooll its pr'ac(icabb: after they the available.
(b) Any other reports and any and all Financial statements prepared by employees ire
agents of' the Public Entity (including; the Public Entity's accountants) relating, to the financial condition
of the Public Entity and the status of (lie Project for distribution to (he Public Filtity or ntenlhers of the
project's governing board as soon as practicable after they are available.
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(c) As soon as practicable alter they are available hilt in no event more than 60 days
titter the end of each quarterly fiscal period of each fiscal year, the unaudited financial statements of the
Public Entity For such period.
(d) As soon as practicable after they arc ay;tilahlc hilt in no event more than 150 Mays
after the last day ofeach fiscal year, the audit report and audited financial statements of the Public Entity (br
such fiscal year certified by the Public E.ntity's indCpen(Ient certillC(.I puhlic accountants.
(c) Such additional information as the Board may reasonably request concerning the
Public I ntity, including such statistical and other operating, information requested on a periodic hasis.
Section 5.3. Reports by (fie Board to Ibc Public 1?ndty. I1pon the written request of the
Public Entity, the Board shall furnish such information concerning the Boal'cl's receipt and disbursement
ofC'ontributions as the Public Entity nlav rcr.t:,onahly I'Cqucst, but not more frCgllefilk than monthly.
Section 5.4. Reports by the Public E'liti(y (u the Board. The Public I.ntity shrill furnish the
Board with any reports relating to the Prcijecl prepared by it for disu•ibution to ik Board nlcnlhers.
Section 5.5. Indemnification.
(a) The Public f.:ntity release, the Board 1'rom. and agrees that the Board shall not be
liable for, and indemnifies the Board against, any liabilities, losses, danmgCs (including attorneys' fins),
causes of action, suits, claims, costs and expenses, demands and Judgments of line nature imposed upon
or asserted against the Board (except to (he eN:tcnt that an'\of(lie l'oregoing arise,, n, a result of*the gross
negligence or willrul misconduct of the Board, as applicable• or any of their officials. Commissioners,
directors, officers, attorneys, accountants, employees or agents) on account of: (i) anN loss or (liuuuge to
property or injury to or de"'Ith of,or loss by any person that may be occasioned by any cause whatsoever
pertaining to the aC(I►liring, constructing. demolishing, renovating. improving and operation of the
Project; (ii) any breach or defiant on the part of'tile Public Entity in the perfcn-11lartce of'ally covenant or
agreement of the Public Entity under this Agreement or an\ related document, or any of its agents,
coil I.ractors, Servants, employees of licensees. (III) violation ofally law. Ordinance or regulation allecting
the ownership, occupancy ( r use of the Proicct; (iy) any los, sutler-cd h\ art) Donor as a result of, the
inability 01'(Ile DOIlOr to Ilse a11y Tax C 'Cdit issued by the Board, other than as a result of the lililure of
the Board to issue such "fax C'I'cdit upon receipt by tile; Board of'the necessary information. (v) ;►ny loss
resulting from any Crlvironnle►ltal violation at the Project. and (yi) any claim or action or proceeding with
respect to tilt matter, set Forth in subsections (i), (ii). (iii), (iy) an(I (y) above brought thereon.
(b) In case any action or proceeding is brought against the Board in respect of which
in(lemnity Illily be sollght llel'ell11del', the Buiu(I shall promptly gi%c notice ol'Ihat action or proceeding to
the Public f;ntity, and the Public I1111tity upon receipt ol'that uotiee shall have the ohligaiion and the right
to assume the defense of the action or proceeding; provided, that litilurc of a party to give that notice
Shall not relieve the PIlhlir. f;ntity froill any of its obligations under this Section unless that linilure
prejudices (he dclense ol' the action or proceeding by the Public l:.ntity. Ally one or Illore of' the
indcmnilied parties shall have file right to employ separate counsel with respect to any such claim or in
any such action and to participate in (Ile dclense thereof: hilt the IeCS 111d CApeIISCS 01'such counsel shall
be at the expense of such indemnified party or indemnified pill-tics unless the elliployllwnt of such
counsel has been specifically authorized, ill writing, by the Public I'llti(y or the indentllified parties
reasonably conclude that there is n conflict of interest that would prevent Counsel li)r the Public I ntily
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from at cquately representing both life Public I"ntity lulu the indenufiffed parties. 'I he Public FAntity shall
not be liable for any settlement without its consent.
(c) The indcmnificmion set Forth above is inttndel to and shall Include the
indemtli(irUion o1'1111 affected officials, directors, officers, attorneys, accountantS, financial advisers and
employees of the Board. That indenfnitication is intended to and shall he cidorccable by life Board to the
Rill extent permitted by law,
(d) The Public Entity releases the hoard I'rom. and agrees 111111 life hoard shall not he
liable far, any liabilities, losses, damages (including attorneys' fees), catlws of action, suits, claims, costs
and expenses, dc.liarlds and judgments ol'any nature on account o1': (i) any Ios; or darllagc to propel IV ter'
injury to ()r death of'of- loss by any person that play he occasioned In' am cat1w lthal;ocvcr pertaining to
the acquiring. constructing, demolishing„ renovating„ infprowing and operation of the Project; (ii) any
breach or' dc(ilult on the part ol'the Pllhlir I::nlily in the perfornu►nce of,Illy coVcaant or agrcert►crlt of Ilse
Public f",ntity under this Agreement or ally related document, or ar1'i,inl: Proof ally act or lililnrc to act by
the Public Entity, or lufy of its lag cIIIS, contralctors, servants, cnfployecs or licensees: (iii) violation of any
law, ordinance or regulation affecting life ownership, occnpanc ,r use of the Project: (iv) any loss
suffered by any Donor as a result ol'thc inability of the I)onor to Ilse ally "fax ( rcdit issued by life Board,
other than as if result of the (ifilure of,file Board to issue Stich Tax ('relit upon receipt by the Board of ille
necessary in(brnlation, (v) any loss resldfing Cronl ally environufental violation at life Project, and (vi) any
Claim or action or proccedilly with respect to the nfallas SO forth in subsectionS (i). (ii). (iii), (iw) alnd (v)
above brought thereon.
Section 5.6. Further Assurances and Corrective l list rtlnlents. 'I lie Board and the Public
Entity from time to tilllc will execute, acknowledge and tluliwcr, or cause 10 he executed, acknowledged
sad delivered, such further instruments as III'm reasonably he required for corl'ccting any inaulequalte or.
incorrect description of' the Project and for carrying! out tlfc intention or 1'acilit sling, the performance of
this Agreement.
Section 5.7, Litigation Notice. 'I'hc Public I:ntit\ shall gi\c the Board prompt notice ofany
action, suit ill' proceeding; bl it of against It at law of 111 ctltlllw, of hclowe ally governmental
instrumentality or agency, \Oich. il'adversely dClel'111111et1. %\olild malteriallk infpair the right ol'the Public
I?ntity to carry on the business which is contcnfplaled in connection \\ith lift: Projcel, or woldd rnateri"Ills
and adversely affect its business, operalionS. properties, assets or condition.
Section 5.11. Al'firmative Covenants of*tile Public Entity. 'I he Public I:utilw cowenaults and
agrees that so long! as this Agrcenfcnt is ill effect, the Public FAItitw will strictly complN with each ol'the
Collowing requirements:
(a) All C'ontribntions shall he expended strictly in accordance with the Project
13LI(Iget. The Project Budget play he unIcndCd li'om time to lilac by the I'ublic Entity: provided. however,
that Changes to the Project Budget which ::re Material will he made only with life m1tten consent of the
Board. The Public Entity will llotifv the Board at least (1tllu•terly of 1111) non-NIatterial changes to the
Project Budget.
(b) The Board shall be named as an additional insured on 'III policies insuring the
I'ublic Entity against liability claims in connection with the Public Fmity's ownership or operation ol`the
Project.
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(d) The Public f:ntity shall not transfer, pledge:, lease or permit any assignment or
lien to exist ur in any other manner dispow of the Public Entity's ownership interest in the Project
without the prior written i onsent of the Hoard.
A17'1'IC:LE VI
M11SCELLANFOUS PROVISIONS
Section 6.1. Default. In the event the Public Entity shall fail to perfi►rm any material
covellant, condition or other provision ot'this Agreemem and such failure shrill continue f61, 30 clays after
written notice thereof by the Board, the Board shall be entilled to retain r►li Contributions ill the hoard
Project Account; provided, however, if such Iidlure is correctable but k such that it cannot he corrected
within such 30-day period, such failure shrill not constitute a lirilure %%ithirn the meaning of this Section
6,1 if the Public I:nlity is diligently pursuing such corrective action and such fidlure is corrected within
120 days. Amounts retained by the Board pursuant to this Section Shalt he applied in accordance with
Section 4.6 hereof.
Section 6.2. Notices. Any nrlice, request, con►plaint, demand or other communication
required or desired to be given or lined under this Agreement shall he in writing and Shull be dCCllled duty
given or filed if'the same shall lie delivered by courier or overnight delivery service or duly mailed by
first-class nail, postage prepaid, addressed as fi)llo\\s:
(11) To the Board:
Missouri Oevelopment Finance Board
Harry S. Truman Bidg.
301 W. I figll Street, Room 680
Jet erson City, Missouri 65 10 1
Attcntion: C.owrolier
'telephone No. (573) 7`51-8.17')
Telecopy No. (573) 526-•1 118
(b) To the Public I.:utity:
Cite ol'.Icffcrson
320 East McCarty Street
Jefferson City, Missouri 65101
Attention: Assistant to City ,Administrator
'telephone No. (.573) 631-6358
Telecopy No. (573) 63.1.632()
The Board and the Public. Fi►tity nluy fmr►► tine to time designate. by notice given hereunder to
the others of such parties, such other 'midrvss to which subsequent notices, certilicales or other
communications Shall he sent.
Section 6.3, Severability. Wally provision of this Agreement shall he held or decreed to be
invalid, inoperative or unenforceable as applied in any particular case: in any.jurisdiclion or,jurisdictions
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or in all jurisdictions, or in all cases because it conflicts with any otflcr provision or provisions hereof or
filly constitution or statute or rule of public policy, or for any other reason, such circumstances shall not
have the cffcct of rendering the provision in question inoperative or unenforceable in any other case or
circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or
unenforceable to any extent whatsoever,
Section 6.4. Execution in Counterpart. This Agreement may be executed in several
counterparts, each of which shall be tun original and all of which shall constitute but one and the same
instrument.
Section 6.5. Governing Law. This Agreement shall be governed exclusively by and be
construed in accordance with the applicable (a%Vs of'the State of'Missouri.
Section 6,6 Supremacy of Agreement. This Agreement Constitutes the only written
agreement among the parties relating to the Project and the Contribution, and in the event of any conflict
between any other oral or other written infornlntion, the terms of this Agreement shall supersede such
conflicting information and shall control.
j.T'he remainder of this page intentionally left blank.]
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IN tiVI'CNESS WIII:R3"OF, cash of flu: pnrt.ics 11eCCtQ has Cnl1SL`d this Agreement t0 be
signed in its respective name and behalf and its ofticial seal to be hereunto affixed and attested by
its duly authorized officers, all ns of the elate first above written.
MISSOURI 1)EVELOPMENT FINANCE
130A.RD
N
fey;_ �1�,�>_.•_7 , .
Robert V. Nliscrex, ISyy tive Director
CITY nF JP,FFEItS0N, M I S S 0 U R I
fay. ,
T.
'l:lian7a�:-1?,_Kac;kcrr,,-l�layo r
PK llis Powell, City Clerk
APPRO-VI;:) AS '1'O IV" m'
Allen caarnee, City d6unselor
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DESCRIPTION OF TIM, PROJECT
I3ofu-d contributions will be used to purchase and install strectscape improvements to cnnipliment
city-fiminced sidewalk improvements in the central business district. The streetscape improvenients will
include the following: tree wells, mid-block pedestrian crossings, benches, trash receptacles, planters;
and trees.
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AP,LIC rio wro i,44 r, HOARD
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RECEIVED
MISSOURI DEVELOPMENT' FINANCE BOARD JAN 2 8 2002
Missourl UevelopmaM
Flnanoe Board
DOWNTOWN REVITALIZATION
TAX CREDIT FOR. CONTRIBUTION PROORikM
The undersigned Applicant hereby submits this Application and requests the
Missouri Development Finance Board (the ".Board") accept a Contribution, and, to the
extent described herein, apply the proceCds of such Contribution for the purpose of
financing the Project described below (the "Project") pursuant. to the Board's Tax Credit
for Contribution Program.
Date: 12103101 Total Amount of Proposed Contribution (eligime fortax credits): x'260,000.
Name:_Cit), of.feferson
Address: 320 East llll'cCartit Sheet
City: Jef wwolr City County: Cole Zip Code: 65101
Contact: ]Melva Fast Telephone: Lj7R 634-6355 Fax: (57.3) 634-6.329
Title: Assistant to C(til A(Iministratol•
A. THE APPLICANT
1. O_r Tanization :
What type of uoovernmental entity is the Applicant?
1lfirnicipal
2. Le sal Counsel to the Applicant: M Ifouse
Firm Name: City of.Ie/Jer•son
Address: 320 Fast Vk.ca1't),Street
City: Je fersolr Citv Stater 5110 Zip Code: 6510.1
Contact: Allen Garner Telephone: (573) (,34-6313 Fax: 573) 634-6329
3. What is the total population of the Applicant? 39.636 _
4. In which state legislative District(s) is the Project located,
House: 113 Senate: 6
U.S. Congressional District:, 0
Page 1 of 12 of Application
AADownlown Revitalization Appllcatlon.doc
B. TEHL PROJECT
1, Proiect Descri,t ion:
Location of Project Site: - Downtown Jqf fer.son City
Hich-Ma dison Cole
_�_�,.___ _�
(Street) (C hy) (Colmly)
Provide a description of the Project, including land, buildings (type and sire),
improvements, machinery and equipment to be acC uired or constructed, the principal use
Of the flClhtiCS O11CC aCClllired or C011SIRICt, and (lie address of the proposed Project
(attach Exhibits if necessary):
1'lie project is within the core downtown area in Jefferson Cit►'. Four hlocks/rare been
included in this proPert. 1'!rc description of the ure is':
3 blacks fofHigh Streett front .leffe/•.so/r Street to.Ada/m Street.
1 black n Allrrdi.cntl ,S'trcel from High .S'ti-eet to C apilal Avenue.
A /nrl) that identifies this project area is hic'ludeel on the newt prr,,e. Exhibit
This downtown beautification proleet encompasses the complele renovation of the our block .
area of historical dou"rrtown Jefferson Cilia. The renovation (funded bi,city's ha f sales tax)
includes the replacement of the ccristing sidewalk with decorative brick-like pavers accenti.11`;
the sidewalk lrealtnent. The new sirlew(Ilk will he wirier and better race/ADA standards for
pedestrians.
As Part of 1/1 is project, the eit.v would lire to incorporate/tew sYrcetscape: (not funded hip the
half cent sales tax)
new tree wells- inctal look, grale appecu'an:e
new mid-hlock pedestrian erossinq.s - decorative brick1flashing lights
new benches - metal, blend with historic light
— new trash receptacles- metal/rueful look
— planters and r'elVacement trees
The concept is to accentuate the ea .still" historic bui/dims and li"111 fixtures by
refurbishing/beautifj'dnr;!hc street scolrc as detad/�fl chore curd hris h' en developed as a overall
beautification plan•fcrnderl throtrglr the n'.•111llrr�;rom.
\Vhat is the expected date of"C011111 ICCnlent of Construction of'the Project? April 2002
What is the date the Project is expected to he completr_V ,April 2003
2. Project Costs;
State the costs reasonably necessary for the aCllliiSitiOrl of the site and/or construction of
the proposed Project together with any machinery and equiprllcnt in connection therewith,
including any utilities hook-up, access roads, or appurtenant structures.
The costs for the 4 block proposed sidewalk re rlacemcnt of the central business district is ,fit.S
mil. It has been estimated bp the consultant, l arsorts-Brinckerhoff, another $300,000. is
necessary to replace the streetscape. Currently, the citi, is looking for additional funds to fired
this portion.
Page 2 of 12 of Application
A)D wmoent RevitAi attnn Apphcanan Aoc
a AjdewalksTage2ofl IApp
Description of latimatecl P t_Costs Cost
Non- Financed with
Contribution Contribution
Amount Proceeds
A.. Acquisition of Land.......................................
Acquisition of Existing Buildings...................
B. Infrastructure Costs: �-
1. Filling, grading and provision of drainage_
2. Storm water retention...............................
3. Installation and extension of utilities (off=site)
a. water........................I.......,....I............
b, sewer..................................................
c. sewage treatment................................
d. gas .....................................................
e. electricity ...........................................
f communications and similar facilities ...
4. Installation and extension of utilities (on-site):
a. water.............................................
b. sewer..................................................
c. sewage treatment................................
d. gas ...............................
e. electricity............................................
f, communications and similar facilities ... _
S. ConSt1'uCtion, Extension or .improvement
of Roads and/or Rail Lines
6. Extension of sidewalks and curbinc; ........
7. Elimination of Blight (please describe)..•.
S. Other (please describe)...........................
C. Facility ConStrUCtioll Costs (exclude inventory and working capital).
I. Architectural and Engineering_..............
2, Site Preparation................................ .
3. Materials..,.....,.., ,..
4. Labor ........................... ......................... _-
5. Construction Contracts............... ...........
6. Utilities Connection...... .........................
7. Paving and Landscaping.........................
D.Renovation Costs ........................................ . 1. 743.000. 260,000.
E. Machinery and Equipment
F. Furniture and Fixtures..... _
G. Interest During Construction
(From To _)............... ... I... w__
1-I. Accounting, Legal, Nfiscellaneous..................
I. Contint ertcy .....:................... ................
Total Project Costs....... S 1.743'.000. , 260.000.
Page 3 of 12 of Application
A IDownlown Revitalization Aophcatlon.doc
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EQt,rce of FuI ds,
State amount and sources of financing for all the Protect costs listed above.
Sources AxnQ(In_t
Contribution Proceeds (eligible for 50% tax credits) S .260.000.
Applicant's Funds 51.643,000•
Federal Funds _
State Funds
Private Funds (non-tax credit contribution proceeds) S 700.000.
Other (Please Describe)
Total S;2,00.i,000•
3. Ownership
Present legal owner of Project site: City o Je ersou
If presently owned by Applicant, indicate date of purchase, reason for purchase,
and current use of site: Part of OrhJinal Plat deeded to the C in,
Is there a relationship legally or by virtue. of common control between either the
current Project user or owner or the proposed Project owner and user or seller of
the Project: Not applicahle
YES = NO If yes, please give details.
C. RNANCIAL INFORMA1 JON
I, Financial Statements:
Attach audited financial statements for at least the last three (3) Fiscal years,
including the most recent interim statement (not more than 90 days old),
See attached - Exhibit H an r_lk, a-/nof--o mr-ILC
2. Financial Difficulties:
Has the Applicant, or any corporation formed by or on behalf of the Applicant,
ever defaulted on its debt obligations, been involved in bankruptcy, creditor's
rights, or receivership proceedings, or been involved in criminal proceedings
bearing on the handling of financial matters?
Yes = ArO If yes, please give details,
Paste 4 of 12 of Application
AADowntown Revitalization Applicatlon,doc
3. �.iti ati n;
Is the Applicant presently involved in any litigation which could have a material
effect on its financial solvency?
m Yes = NO If yes, please give details.
4. Please list the Applicant's general fund and other key fund surpluses (or deficits)
for the last four years.
Capital Improv,
General Fungi Fund Parking,Fund
Year O for deficits O for deficits O for deficits
1998 $.1,362,415 $1,878,724 $1,157,621
1999 $5,118.291 53,002,487 $1,146,085
2000 $5,126,902 S1,618,162 ,X'2.405,413
2001 $4.8.17.621 S2,967,728 $2.593,76
5. Has the Applicant ever defaulted on any obligation or failed to appropriate for any
lease or any other annual appropriation obligation during the last 20 years?
Yes = NO If yes, please give details.
D. PROJECT REVF'NUES
Attach a cost benefit analysis showing; the total revenues generated as a result of
the Project and the cost of all governmental assistance provided by the Project.
Revenues and costs should be identified by each recipient or payee (private and
governmental). See Project Description
E. 1 DENTITICATION OF CONTRIBUTORS
Has the Applicant identified who the contributors would be?
YE'S _ No
If Yes, please attach a list of names of potential contributors: .See attached Exhibit III
If No, please explain why the Applicant believes such Contributions are likely to be
obtained.
When does the Applicant expect the Contributions to be ready to be made? Please
be as specific as possible. Before end of 2002
Page 5 of 12 of Application
k0owntown novitallzatlon Application.doc
F. CERTIFICATION OF APPLICANT
The undersigned hereby represents and certifies that, to the best knowledge and
belief of the undersigned, this Application contains no information or data,
contained herein or in the exhibits or attachments, that is false or incorrect.
Dated this 4t:hday of December; 2001 /
SIGNATURE: t--
NANIE: ' / Thomas P. Rackers
TITI,E: Mayor
.Administrative Fees Due Upon Execution of Tax Credit Agreement:
2% of the amount of all authorized Contributions of$1,000,000 or less;
1% of the amount of all authorized Contributions in excess of$1,000,000
Other Fees:
Actual out-of-pocket expenses (including the fees and expenses of the Board's
counsel) incurred by the Board in the execution and administration of a Tax Credit
Agreement
Page 6 of 12 of Application
AADownlown Revitallutlon Application.doc
EXHIBIT C
DORM OF DJSBURSEMENT RI?QUI?ST
Disbursement Request No.
To: Missouri Development Finance Board
Harry S. Truman Bldg.
301 W. High Street, Room 680
Jefferson City, Missouri 65101
Attn: Controller
Telecopy No. (314) 526-4418
ftc: City of Jefl'wsan Downtown (Zevitalization Project - Disbursement Request from the Board
Project Account
You are hereby requested pursuant to Section 4.3 of the Tax Credit Agreement dated as of the
_clay of , 200__ (the "Agreement"), to issue a check to the City of Jefferson (tile "Public
Entity") to permit it to issue checks to the following named payee to provide for the payment or
reimbursement of the following Project Costs (as defined in the Agreement):
Description
Pavee/Addressanx ID No. Amount L)f Project Costs
'the undersigned hereby states and certifies that:
I. Each item listed above is a proper Project Cast (as defined in the Agreement).
Attached hereto tire invoices, statements, bills or other documents evidencing the (act that such payment
is duc.
2. These Project Costs have been incurred and are presently clue and payable or
have been paid by tale Public Entity in connection with the Project.
3. No item listed above has previously been included in any other Disbursement
Request previously approved by the Board under the provisions of the Agreement.
4. All necessary permits and approvals required fir the portion of'tile wort: on the
Project for which this withdrawal is to be made have been issued and are in full force and effect.
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54 [No material change in the Project Budget,is'necessary as a result of the Payment
of this request;] [As a result of this request we are hereby requesting that the Board approve a
modification of the Project Budget as follows:
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Dated this_ day of , 200
CITY OF JEFFERSON, MISSOURI
By:
Authorizes! Representative
Approved for Payment on ,,200__
MISSOURI DEVELOPMENT FINANCE BOARD
By:
Controller
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EXHIBIT D
PROJECT BUDGET .
** Soard Infrastructure Tax Credit Portion **
Sources:
Contributions $ 26,0,000
Total sources $ 260,000
Uses;
Streetseape improvements $ 260,000
Total Board portion of project costs $260,000
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EXHIBIT r
CONDITIONS RELA'T'ING TO
DISBURSEMENTS FROM THE BOARD PROJECT ACCOUNT
Only actual hard costs (bricks and mortar)of constructing and equipping the Project are eligible for
reimbursei»ent with the proceeds of contributions relating to Tax Credits. Eligible costs include costs for
material and labor, architectural and engineering costs,and environmental assessments. Reimbursable costs
must be properly documented by acceptable accounting practices.
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TAX C'RED1'I' AGRL;hiVlh,N'I'
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(City of Jefferson— Downtown Revitalization Tax Credit for Contribution Pi,ograni)
THIS TAX CREDIT AGREEINIENT, dated as ofthe �_ day ol' _ 20_ (the
"Agreement"), by and among the MISSOUM DEVI?LOP LENT FINANCE. 130;1.111), a body
corporate and politic of the State of MISSOUri (the "Board"), and the City of Jefferson, a city organized
and existing under the laws of the State of Missouri (the "I'ublic Entity"):
WITNESSETI-I:
WHEREAS, Section 100.286.6 of the Revised Statutes of Nlissuur•i (the "Tax Credit Statute")
provides that any taxpayer shall be entitled to a tax credit against any tax otherwise due, under the
provisions of Chapter 1113, IU.iVlo, excluding withholding tax imposed by Sections 143.191 to 143.261,
R.S.Mo, Chapter 147, R.S.Ev1o, or Chapter 1118, R.S.Nlo, in the amount of fifty percent of any amount
contributed in money or property by the taxpayer to the development and reserve fined, the infrastl uCure
development fund or the export finance fund during the taxpayer's tax year, provided, however, the total
tax credits awarded in any calendar year beginning after January I, 1994, shall not be the greater of ten
million dollars or five percent of the average growth in general revenue receipts in the preceding three
fiscal years;
• WHEREAS, the Public Entity has regUested that the Board accept contributions from donors
and make the proceeds of such contributions available to the Public Entity liar the purpose of paying fur
the cost of a project described on Exhibit A hereto (the "Project"), all as more fully described in the
application for assistance subrnitted to the Board (all as attached hereto as h:xhibit B, collectively, the
"Project. Application"),
WHEREAS, at a niecting of the L3u:ud held un February 19, 2002, the Public I:ntily made
written presentations to the Board concerning the Project and the 111.0jec�t e\pl lication:
WHEREAS, the Project will significantly benefit the Citv of*M'I'er•son and the State of Missouri
by: (i) making public improvements; (ii) the creation oI ternporary and permanent .jobs; (iii) the creation
and development of tourism oppOrtUnities; and (iv) increasing local and state tax revenues;
WHEREAS, pursuant to a motion of the Board adopted at its nlecting held February 19, 2002,
the Board approved the Project Application subject to certain limitations and considerations more fully
described herein and directed the ExeeULive Director to work with the Public Entity in the preparation of
this Agreement For the purpose of setting forth the terms and conditions Upon which contributions will be
accepted by the Board and 11ow the proceeds of such moneys will be applied;
WHEREAS, the Board and the Public Entity desire to enter into this Agreement fir the purpose
of setting Forth the terms and conditions pursuant to which the Board will accept contributions and
deposit such contributions into the InfrastruCture Development Fund for the purposes set forth herein, all
subject to the terms of this Agreement.
NOW,THEREFORE, in consideration of the mutual covenants and agreements herein set forth,
the Board and the I ublic Entity hereby covenant and agree as follows:
ARTICLE I
DEFINI'T'IONS
In addition to the terms defined in the Recitals to this Agreement and elsewhere herein, as used
in this Agreement the following terms shall have the 161lowing meanings:
"Application" means the request Ior assistance presented to the Hoard on F-cbruary 19, 2002 by
the Public Entity attached hereto as Exhibit I3. For the purposes of this Agreement, the parties
acknowledge that the Project shall consist of the Project described in Exhibit A hereto,
"Contribution" means lily eontrlbution received by the Board prlrsrlallt tO and ill aCCol'danCe
with this Agreement,
"Disbursement Request" means the Disbursement Request referred to in Section 4.3 hereof
and the Corm of which is attached hereto as Exhibit C.
"Donor" means any person making i contribution to the Board,
"Local Jurisdiction" means the City of'Jefferson, (Missouri.
"Material" means a standard [or materiality pursuant to which any chance or amendment
would, when added to all such other changes or amendments, result in a prudent person Considering such
change or amendment material or would impact any individual I ne item of the Project Budget by 5% or
more. Any change shall be deemed Material if the Board notifies the l'uhlie Entity. prior to the r.ff'ective
date of such change. that the Board considers such change to be i\'laterial. Notwithstanding the
foregoing, no change to any Ilse iterll shall be deenled r\'lateri 11 if the cuss of such change (when acl(lecl to
all similar changes which were not iMaterial) is less than i% of such line item.
"Maximum Contributions" shall have the meaning set Iorth in Section 3..1 hereof.
"Maximum Tax Credits" shall have the nleaning, set forth in Section 3.1 hereof.
"Project" means the projects described in the Application, including the streetscape
improvements described in Exhibit A, and any addit.ions, modifications, equipment, replacements,
repairs, reconstruction, restoration or substitutions thereto, approved by the Board.
"Project Budget" nleans the aggregate Project Budget described on Exhibit D hereto, and any
amendments and additions thereto made in necordance with Section 5.8(a) of this Agreement.
"Project Costs" means all reasonable or necessary costs and expenses, as more fully described
oil Exhibit E, for the property described in Exhibit A,
"Tax Credits" means tax credits issued by the Board in accordance with the 'fax Credit Statute
and this Agreement in emisideration of Contributions.
"Tax Credit Statute" shall have the meaning set forth in the Recitals.
ARTICLE 11
FINDINGS AND DETERMINATIONS;
REPRESENTA'T'IONS AND WARR)1NTIES
Section 2.1. Board's Determination of Project Benefit. The Board hereby finds and
determines as follows:
(a) The Project will significantly benefit the City of Jefferson and the State of
Missouri by: (i) making public improvements; (ii) the creation of temporary sand permanent jobs; (iii) the
creation and development of tourism opportunities; and (iv) increasing local and state tax revenues;
(b) The benefits to be derived by the State of Missouri are expected to exceed tite
benefits provided by the Board by this Agreement;
(c) The Board's participation is :I material precondition to the completion oP the
Project, and the Project would not proceed without the assistance provided by the Board.
Section 2.2. Public Entity's Determination of Project Benefit and Representations and
Warranties. The Public Entity hereby finds and determines as follows:
(a) The Project will significantly benefit the City of Jefferson ;Ind the State of
Missouri by: (i) making public improvements; (ii) the creation of temporary and permanent jobs; (iii) the
creation and development of tourism oPPortunitics; and (iv) increasing local and state tax revenues;
(b) The benefits to be derived by the State of il9issouri IN expected to exceed the
benefits provided by the Board by this Agreement;
(c) The Project would not proceed without the assistculce provided by the Board.
(d) The Public Entity (1) is a City organized and existing under the laws of'the State,
and (2) has lawfully executed and delivered this Agreement acting by ►uul through its City Council.
(e) The execution and delivery of this Agreement by the Public Entity will not result
in a breach of any of the terms of, or constitute a default Under, any indenture, mortgage, deed of trust,
lease or other agreement or instrument to which the Public Entity is a party or by which it or any of its
property is bound or its bylaws or any of the constitutional or statutory rules or regulations applicable to
the Public Entity or its properly.
Section 2.4. No Private Benefit. The Public Entity represents and warrants that no portion
of the Project or the proceeds of the Contributions shall benefit any privrlte person, except far s►ach
benefits as may be conferred to private Persons through the ordinary course of bu:;inCS5 in the
development, construction and operation of the Project.
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ARTICLE UI
CONTRIBUTIONS AND TAX CREI)ITS
Section 3.1. Agreentent to Accept Contributions and Issuc Tax Credits. Subject to the
requirements set forth herein, the Board hereby agrees to accept Contributions from Donors in a
tnaxinlunl aggregate amount of`5260,000. ("ivla\illllltll Contributions"), resulting in the potential issuance
of Fax Credits in the nulxilllunl amount of 15130.000 (tile "Maxinlunl Tax Credits") and to deposit such
Contributions into the Board's infrastructure devcloprnent ftuld, and to issue such Donors' `fax Credits in
an tullount not to exceed the lesser of(i) 50'N ol'the amount of such Contribution, or (ii) the then current
nlrtxinlunl an10t►nt aUtliori/.cd Linder the Tax Credit Statute. Such credits are only available in calendar
year 2002.
Any portion of such Annual Maxinlunl Amount for which the Public Entity has not received
written cornmitnlents for contributions for the current ccllcndar year prior to December 1, 2002. shall be
forfeited effective midnight on December 1, 200"2. This paragraph shall not restrict the owner of any Tax
Credit Iron utilizing the benefits of,the carryforwarcl provisions container] in the Tax Credit Statute.
Section 3.2. Submission of Farm 100. The Board shall process each Contribution which is
accompanied by n properly completed Form 100 and ally other cloctinlents required by Missouri law.
Any Contribution which is received for which the Board does not have a properly completed Fornl 100
and any other dOClllllelltS required by Missouri law shall be held by the Board until such documents are
provided or, at the Option of the Bonrcl, returned to the Donor with a written notation stating why such
Contribution is being returned. A copy of each returned donation shall also be sent to the Public Entity.
Tile Board reserves the right to require clay additional information which the Board determines to be
necessary to cOnlply with the Board's statutes, as they may be amended From time to time, includin`, but
not limited to, the "Certificate Of Reportable Contributions" from arty D01101'(which is not an in(lividual).
Section 3.3. iNiinimunt Donation. The 13Oarcf shall not accept ;1I1V donation in an amount
less than $500.00. Any donation which is received for less than such minimum amount shall he returned
to the Donor with n written notation stating that donations must be made in t.hu IlllllllTllllll 11110LIllt Of
$500.00. A copy of each returned donation shall ;IISO he sent tO the Public Flltily.
Section 3A. Processin(l Donations. The l3oard shall promptly process till completed
donations. The Board expects that once ;l properly completed Form 100 and all other required
doctinicllts are received by the Board, together with the Contribution. the 130clyd will issue or cause to be
issued the Tax Credits within 45 Calendar d;lvs. but not 1110re I VLlllCntly thcul Once a 111011th.
Section 3.5. Determination of Amount of COntributiou. "file 1 111 0 11 11 1 (or value) of cash
Contribution shall be (fete rill illelf by till: Board as follows;
Cash. The amount (or v;tluc) Of ca;h C0111rIbIItiMIS s11a11 be the lace anluunt of such
Contribution.
Marketable Securities. The amount (or value) of nlarkumble securities shall be the proceeds
received by the Board from the liquidation ol'such marketable securities in ticcordance with the Donor's
instructions approved and accepted by the Board, less the Bom-d's costs ol'selling Stich securities.
Unmarketable Securities and Other Pro erty. No contributions of unmarketable securities or
other property shall be permitted under this Agreement.
All such determinations by the Board shall, absent manifest error, be conclusive and binding upon the
Donors and the Public Entity, The Board reserves the right to reject any Contribution,
Section 3,6. Public Entity Notice of Estimated Usable Tax Credits. On or before
November 1, 2002, tine Public Entity shall notify the Board in writing of that portion of the Maximum
Tax Credits the Public Entity intends to utilize (tile "Estimated Usable Tax Credits") prior to December
1, 2002. In the event such amount is less than the Maximum Tax Credits I'or such year, the Board shall
be entitled to use the difference between the MaXimunl Tax CreClits and the Estimated Usable Tax
Credits for any other project of the Board. ThC Public Entity understands and agrees that the maximum
amount of tax credits the Board nraV issue ill a calendar year is limited by the Tax Credit Statute. The
Public Entity agrees to fully cooperate with the Board's efforts to use any tax credits provided hereunder
which are not expected to be used by the Public Entity.
Section 3.7. Donations in Excess of Maximum Contributions. The Board and the Public
Entity agree that in the event the Board receives in any year Contributions in excess of the Maxinuull
Contribution set forth in Section 3.1 hereof, the Board shall return such donation to the Donor thereof
with a statement that Tax Credits arc no longer available 1101-such d0llatiOnS.
ARTICLE 1V
APPLICATION OF CONTRIBUTIONS
Section 4.1. Board's Application of Contributions. All Contributions received by the
Board shall be deposited in the same manner as other allun►ntS received by the Board, and the amount of
such Contributions shall be maintained by the Board on its books and records (the "Board Project
Account"). All moneys on deposit in the Board Project Account shall be invested by the Board in
accordance with its investment guidelines, All interest earnings on such amounts shall accrue to the
Board and shall not be credited to the Board Project Account.
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Section 4.2. Disbursements front the Board .Project Account. 7 he Board shall disburse
amounts from the Board Project Account upon receipt of fully executed disbursement requests in the
form attached hereto as Exhibit C (each a "DisburSenlent RCgUCSt."). The Board shall be entitled to rely
upon each Disbursement Request in disbursing a1110LIIItS frorll the Board Project Account and it shall have
no duty to conduct any investigation into the authenticity of"tile signatures on such Disbursement Request
or the accuracy of the information ,ct forth therein.
Section 4.3. Procedures for Disbursements. The Board and the Public Entity hereby
agrees to the following procedures in connection with diSbUl•SCll1CntS from the Board Project Account:
(a) All Disbursement Requests shall be submitted to the Board for approval as
provided in Section 4.4 hereof. All payments from the Board Project Account shall be made payable to
the Public Entity for further disbur•Senlent to the Public Entity or as the payees set forth in the
Disbursement Request,
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(b) in no event shall the Public Entity submit more than one Disbursement Request
to the Board each month, unless approved by the Board's Executive Director.
Section 4.4. Processing of Disbursement Requests. Within ten (10) business days :after the
submission of it fully completed Disbursement Request to the Board, the Executive Director shall process
such request for payment or immediately notify the Public Entity of any information needed to process
such Disbursement Request.
Section 4.5. Deduction of Board fees and Expenses. Concurrently upon the receipt of each
Contribution the Board shall deduct an administrative fee in an amount equal to 2% of the amount of all
Contributions and its actual out-of-pocket expenses (including the fees and expenses of the Board's
counsel) incurred by the Board in the execution and administration of this Agreement and shall furnish
the Public Entity a detailed description of such deductions at least quarterly. Such fees shall be in
addition to any interest earned On moneys invested in the Board Project .Account.
Section 4.6. Return of Contributions. In the event the Public Entity shall notify the Board
that the Project has been abandoned for any reason or upon an event of default under Section 6.1 hereof,
then all Contributions held by the Board pursuant to Section 4.1 hereof or held by the Public Entity
pursuant to Section 4.2 hereof shall be applied as follows: (i) first, to reimburse the State for the cost of
Tax Credits issued hereunder and actually used by the Donor With respect to such Contributions (net of
fees and expenses) and (ii) second, used by the Board to pay for infrastructure projects.
ARTICLE V
THE PROJECT; RECORDS AND REPORTS
Section 5.1. Access to the Project and inspection; Operation of the Project. The Board
and the duly authorized agents of the Board shall have the right, at all reasonable tinles upon the
furnishing of reasonable advance notice under the circumstances, to enter upon the Project and to
examine and inspect the Project. The Board and the duly authorised agents Of the 13oa,•cl shall also be
permitted, at all reasonable times upon reasonable advance notice under the circumstances, to examine
the books and records of the Public Entity with respect to the Project and the Contributions and the
obligations of the Public Entity hereunder.
Section 5.2. Reports and Financial Statements by the Public Entity. Beginning on the
date of the execution of this Agreement and ending one year following the later of the final disbursement
of any Contributions held by the Board and payment of all costs of the Public Entity in connection with
the Project, the Public Entity shall cause to be furnished to the Board:
(a) All audit: and compliance reports prepared fur suhnlission to any federal or state
agency or authority as soon as practicable after tile), are available.
(b) Any other reports and any and al financial statements prepared by employees or
agents of the Public Entity (including the Public Entity's accountants) relating to the financial condition
of the Public Entity and the status of the Project for distribution to the Public Entity or members of the
project's governing board as soon as practicable after they are available.
-6-
(c) As soon as practicable after they are available but in no event more than 60 days
after the end of each quarterly fiscal period of each fiscal year, the unaudited f inanciai statements of the
Public Entity Far•such period.
(d) As soon as practicable after they are available but in no event more than 150 days
after the last day of each fiscal year, the audit report and audited financial statements of the Public Entity for
such fiscal year certified by the Public Entity's independent certified public accountants.
(c) Such additional information as the Board nlay reasonably request concerning the
Public Entity, including such statistical and other-operating information requested on a periodic basis,
Section 5.3. Reports by the Iioartl to the Public Entity. Upon the written request of the
Public Entity, the Board shall furnish such information concerning the Board's receipt and disbursement
of Contributions as the Public Entity may reasonably request, but not more frequently than monthly.
Section 5.4. Reports by the Public Entity to the Board. 1'11e Public Entity shall furnish the
Board with any reports relating to the Project prepared by it for distribution to its Board members.
Section 5.5. Indenuliffcation.
(a) The Public Entity releases the Board from, and agrees that the Board shall riot be
liable for, and indemnifies the Board against, any liabilities, losses, damages (including attorneys' fees),
causes of action, suits, claims, costs and expenses, demands and judenlents Of any nature imposed upon
or asserted against the Board (except to the extent that any of the fbreioing arises as a result of the gross
negligence or willful misconduct of the Board, as applicable. or any of their officials, commissioners,
directors, officers, attorneys, accountants, employees or agents) on account Of: (r) any loss or damage to
property or injury to or death of or loss by any person that may be occasioned by any cause whatsoever
pertaining to the acquiring, constructing, demolishing, renovating, improving and operation of the
Project; (ii) any breach or clefhult On the part of the Public Entity in the performance of any covenant or
agreement of the Public Entity under this Agreement or any related document, or any of its agents,
contractors, servants, employees or licensees; (iii) violation of any law, ordinance Or regulation affecting
the ownership, occupancy or use of the Project: (iv) any loss Suffered by any Donor as a result Of the
inability of the Donor to use any Tax Credit issued by the Board, Other than as it result of the failure of
the Board to issue such Tax Credit upon receipt by the Board of the necessary information, (v) any loss
resulting from any environmental violation at the Project, and (vi) any claim Or action or proceeding with
respect to the matters set forth in Subsections (i), (ii), (iii), (iv) and (v) above brought thereon.
(b) In case ally action or proceeding is brought against the Board in respect of which
indemnity may be sought hereunder, the Board shall promptly give notice of that action or proceeding to
the Public Entity, and the Public I'ntity upon receipt of'that notice shall have the obligation and the right
to assume the defense of the action or proceeding; provided, that flilUre of a party to give that notice
shall not relieve the Public Entity from any of its obliLatiOns under this Section unless that failure
prejudices the defense of the action or proceeding by the Public E:ntily. Any one or more of the
indemnified parties shall have the right to employ separate counsel with respect to any such claim or in
any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such indemnified party or indenlllilicd ptll•ties unless the enlploynlent of such
counsel has been specifically authorized, in writing. by the Public I:.ntity or the indemnified parties
reasonably conclude that there is a conflict of interest that would prevent counsel for the Public Entity
-7-
from adequately representing both the Public Entity and the indemnified parties. The Public Entity shall
not be liable for any settlement without its consent.
(c) The indemnification set forth above is intended to and shall include the
indemnification of all affected officials, directors, officers, attorneys, accountants, financial advisors and
employees of the Board. That indemnification is intended to and shall be enforceable by the Board to the
full extent permitted by law.
(d) The Public Entity releases the Board from, and agrees that the Board shall not be
liable for, any liabilities, losses, damages (including attorneys' fees), causes of action, suits, claims, costs
and expenses, demands and judgments of any nature on account of: (i) any loss or damage to property or
injury to or death of or loss by any person that may be occasioned by any cause whatsoever pertaining to
the acquiring, constructing, demolishing, renovating, improving and operation of the Project; (ii) any
breach or default on the part of the Public Entity in the performance of any covenant or agreement of the
Public Entity under this Agreement or any related document, or arising from any act or failure to act by
the Public Entity, or any of its agents, contractors, servants, employees or licensees; (iii) violation of any
law, ordinance or regulation affecting the Ownership, occupancy or use of the Project; (iv) any loss
suffered by any Donor as a result of the inability of the Donor to use any Tax Credit issued by the Board,
other than as a result of the failure of the Board to issue such Tax Credit upon receipt by the Board of the
necessary information, (v) any loss resulting from any environmental violation at the Project, and (vi) any
claim or action or proceeding with respect to the matters set forth in subsections (i), (ii), (iii), (iv) and (v)
above brought thereon.
Section 5.6. Further Assurances and Corrective instruments. Tile Board and the Public
Entity from time to time will execute, acknowledge and deliver, or cause to be exeC,uted, acknowledged
and delivered, such further instruments as may reasonably be required for correcting any inadequate or
incorrect description of the Project and for carrying out the intention or facilitating the performance of
this Agreement.
Section 5.7. Litigation Notice. The Public Entity shrill give the Board prompt notice of any
action, suit or proceeding by it or against it at law or in equity, or before any governmental
instrumentality or agency, which, if adversely determined, would materially Impair the right of the Public
Entity to carry on the business which is contemplated in connection with the Project, or would materially
and adversely affect its business, operations, properties, assets or condition.
Section 5.8. Affirmative Covenants of the Public Entity. The Public Entity covenants and
agrees that so long as this Agreement is in effect, the Public Entity will strictly comply with each of the
following requirements:
(a) All Contributions shall be expended strictly in accordance with the Project
Budget, The Project Budget may be amended from time to time by the Public Entity; provided, however,
that changes to the Project Budget which are Material will be made only with the written consent of the
Board. The Public Entity will notify the Board at least quarterly of any non-Material changes to the
Project Budget.
(b) The Board shall be named as an additional insurer) on all policies insuring the
Public Entity against liability claims in Connection with the Public Entity's ownership or operation of the
Project.
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(d) The Public Entity shall not transfer, pledge, lease or permit any assignment or
lien to exist or in any other manner dispose of the Public Entity's ownership interest in the Project
without the prior written consent of the Board.
ARTICLE VI
MISCELLANEOUS PROVISIONS
Section 6.1. Default. In the event the Public Entity shall fail to perform any material
covenant, condition or other provision of this Agreement and such failure shall continue for 30 days after
written notice thereof by the Board, the Board shall be entitled to retain all Contributions in the Board
Project Account; provided, however, if such failure is correctable but is such that it cannot be corrected
within such 30-day period, such failure shall not constitute a failure within the meaning of this Section
6.1 if the Public Entity is diligently pursuing such corrective action and such failure is corrected within
120 days. Amounts retained by the Board pursuant to this Section shall be applied in accordance with
Section 4.6 hereof.
Section 6.2. Notices. Any notice, request, complaint, demand or other communication
required or desired to be given or filed under this Agreement shall be in writing and shall be deemed duly
given or filed if the same shall be delivered by courier or overnight delivery set-vice or duly mailed by
first-class mail, postage prepaid, addressed as follows:
(a) To the Board:
Missouri Development Finance Board
Harry S. Truman Bldg.
301 W. High Street, Room 680
Jefferson City, Missouri 65 10 1
Attention: Controller
Telephone No. (573) 751-3179
Telecopy No. (573) 526-4418
(b) To the Public Entity:
City of.lefl'erson
320 East McCarty Street
Jefferson City, Nlissouri 65101
Attention: Assistant to City Administrator
Telephone No. (573) 634-6355
Telecopy No. (573) 634-6329
The Board and the Public Entity nlav from time to time designate, by notice given hereunder to
the others of such parties, such other address to which subsequent notices. certificates or- other
communications shall be sent.
Section 6.3. Severability. If any provision of this Agreement shall be held or deemed to be
invalid, inoperative or unenforceable as applied in any particular case in ally Jur►sdictia►l Or jurisdictions
_9_
or in all jurisdictions, or in all cases because it conflicts with any other provision or provisions hereof or
any constitution or statute or rule of public policy, or for any other reason, such circumstances shall not
have the effect of rendering the provision in question inoperative or unenforceable in any other case or
circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or,
unenforceable to any extent whatsoever.
Section 6.4. Execution in Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument.
Section 6.5. Governing Law. This Agreement shall be governed exclusively by and be
construed in accordance with the applicable laws of the State of Missouri.
Section 6.6 Supremacy of Agreement. This Agreement constitutes the only written
agreement among the parties relating to the Project and the Contribution, and in the event of any conflict
between any other oral or other written information, the terms of this Agreement shall supersede such
conflicting information and shall control.
[The remainder of this page intentionally left blank.]
-10-
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
signed in its respective name and behalf and its official seal to be hereunto affixed and attested by
its duly authorized officers, all as of the date first.above written.
MISSOURI DEVELOPMENT FINANCE
BOARD
By:
Robert V. Miserez, Executive Director
CITY OF JEFFERSON,MISSOURI
By:
r `�
—
xorrtas-P 11.achc rs;Mayo �rp
ATF" T:
rPh,' lis Powell,City Clerk
APP 11 D AS TO F j
Allen Garner, ity Counselor
„ 11
EXHIBIT A ,
DESCRIPTION OF THE'PROJECT `
..Board contributions will be used to purchase and install streetscape'improvements.to compliment
city-financed sidewalk improvements in the central business district, The streetscape improvements will
include the following: tree wells, mid-block pedestrian crossings, benches, trash receptacles, planters,
and trees
a.
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EXHITJIT B
API'L[CATION'CO TILT 13()ATLD.
See attached application,
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RECEIVED
MISSOURI DEVELOPMENT FINANCE BOARD JAN 2 s 2002
Missouri gaystopman
FInanoo Board
DOWNTOWN REVITALIZATION
TAB. CREDIT FOR CONTRIBUTION PROGRAM
The undersigned Applicant hereby submits this Application and requests the
Missouri Development Finance Board (the "Board") accept a Contribution, and, to the
extent described herein, apply the proceeds of such Contribution for the purpose of
financing the Project described below (the "Project") pursuant to the Board's Tax Credit
for Contribution Program.
Date: 1210.3101 Total .Amount of Proposed Contribution (eligible for tax credits): S260.000.
Name: ON of Jefferson
Address: 320 Fast McCarty Street
City; Jeffelson ON County: Cole `Lip Code; 6110.1
Contact: Melva Fast Telephone: f573) 63.1-6335 Fax: f i 73) 634-6329
Title: Assistant to City Administrator
A. THE APPLICANT
1. Oreanization:
What type of governmetital entity is the Applicant?
3funicipal
2. Lea-al Counsel to the Applicant: In IJorese
Firm Name: ON of.fefferson
Address: 320 East AkCm'ty Street
City: Jefferson City State: Atn Zip Code: 65101
Contact: Allen Garner Telephone:.(5 73) 634-6313 Fax: 573) 634-6329
3. What is the total population of the Applicant?_39.636
4. In which state legislative District(s) is the Project located.
House: 113 _ Senate: 6
U.S. Congressional District: 9
Page 1 of 12 of Application
MDowntown Ravitallxation Appllubon.doc
B. THE PROJECT
1. Pro*ect Description:
Location of Project Site; - Downtown Jefferson: City
Ili,h-Madison Jefferson Gila, Cole
(Street) (City) (County)
Provide a description of the Project, including land, buildings (type and size),
improvements, machinery and equipment to be acquired or constructed, the principal use
of the facilities once acquired or constructed and the address of the proposed Project
(attach Exhibits if necessary):
The project is within the core downtoiwn area in Jefferson City. Four blocks have beet?
included in this pro ect. The description the area is:
3
blocks n?ocks n ITiuh Street ft-on?.Ieffe-son Street to Adams!dams Street.
— 1 block of 3.1adison Street froni fli,h Street to Capital Avenue.
A Harp that identifies this project area is included on the neat page. Exhibit I
This downtown beautification project encompasses the complete renovation of the our block
area of historical downtown Jefferson City. Tire renovation (funded by city's half sales tax)
includes the replacement of the ewisting sidewalk wwith decorative brick-like pavers accenting
the sidewwalk treatment. The new sidewalk Twill be wider and Better meet ADA standards for
pedestrians.
As part of this project, the cite would like to incorporate netiv streetscape: (not funded by the
half emit sales tax)
netiv tree swells -metal look, grate appearance
0 _ new rrlid-block pedestrian crossings- decorative brick1flashin, lights
neu,benches - metal, bland with historic light
new trash receptacles- metallmetal look
— planters and replacement trees
The concept is to accentuate the cttisting historic buildings and light fixtures by
reftirbisluttg/beautifi?ing the street scope as detailed above and has been developed cis a overall
beautification plan fiinded through the MPF'ro,raln.
What is the expected date of commencement of construction of the Project? April 2002
What is the date the Project is expected to be compieted? April 2003
2. Proiect Costs:
State the costs reasonably necessary for the acquisition of the site and/or construction of
the proposed Project together with any machinery and equipment in connection therewith,
including any utilities hook-up, access roads, or appurtenant structures.
Rie costs for the 4 block proposed sidewalk replacement of the central business district is $1.3
miG It has been estimated by the consultant, arsons-Brinckerhoff, another $500,000. is
necessary to replace the streetscape. Currently the city is looking for additional funds to fund
this portion.
Page ? of 12 of Application
AADowntown Re4iL'amdoti Applicathon.doc
c!/S id ewaI"-/Page 2osl 2.App
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed in
its respective name and behalf and its official seal to be hereunto affixed and, attested by its duly, ;
authorized officers, all as of the date first above written,
MISSOURI DEVELOPMENT FINANCE BOARD
By;
Robert V. Miserez, Executive Director
CITY OE JTCFERSOV, MISSOURI
-�By;
'I"itle: IJY'�'�i%LiC,9'1=-��ilrll'�✓'_�Q
r11♦
Description �f Estimated Project Costs Cost
Non- Financed with
Contribution Contribution
Amount Proceeds
A. Acquisition of Land.......................................
Acquisition of Existing Buildings................... _
B. Infrastructure Costs:
L Filling, grading and provision of drainage..
2. Storm water retention...............................
3. Installation and extension of utilities (oft-site)
a. water..................................................
b. sewer................................
c, sewage treatment................................
d. gas ..................................................... _
e. electricity..—......... .............................
f: communications and similar facilities ...
4. Installation and extension of utilities (on-site):
a. water..................................................
b. sewer..................................................
C. sewage treatment—............I................
d. gas ..................................................... -
e. electricity............................................
f. communications and similar facilities ... _
5. Construction, l xtension or Improvement
of Roads and/or Rail Lines
6. Extension of sidewalks and curbinu ........
7. Elimination of 1:31iglit (please describe)....
S. Other (please describe)
C. Facility Construction Cost. (exclude inventory and �vorkinyg capital):
1. Architectural and Engineering.................
1) Site Preparation....,
3. Materials ...................... .........................
4. Labor.....................................................
5. Construction Conti-acts
6. Utilities Connection................................
7. Paving and Landscaping ...........
D.'Renovation Costs .......................................... 1. 743.000. 260,000.
E. ivfachinery and Equipment
F. Furniture and Fixtures....................................
G.Interest During Constriction
(From --To___)........................
1-I. Accounting, Legal, Nfiscellar.euus..................
1. Contingency ...............
Total Project Costs........ S'7.743.000.. S260,000,
Page 3 of 12 of Application
AADownlown Revitalization Application Coe
Source of Funds:
State amount and sources of financing for all the Project costs listed above.
Sources Amount
Contribution Proceeds (eligible for 5001'0 tax credits) S 260.000.
Applicant's Funds $7.643,000.
Federal Funds
State Funds _
Private Funds (non-tax credit contribution proceeds) S 100.000.
Other (Please Describe)
Total ,2.003,OlIO.
3. Ownership'
Present legal owner of Project site: Citv of.lefferson
If presently owned by Applicant, indicate date of purchase, reason for purchase,
and current use of site: Purl of Original Plat deeded to the City
Is there a relai.ionship legally or by virtue of common control between either the
current Project user or owner or the proposed Project owner and user or seller of
the Project: Not applicable
=YES - NO If yes, please give details.
C. MANCIAL I.1\'FORIViA11ON'
1. Financial Statements:
Attach audited financial statements for at least the last three (3) fiscal years,
including the most recent interim statement (not more than 90 days old).
See attached - Rvhihit H 0n (Ili m7',.- ov: J3 p-FLc,.
2. Financial Difficulties;
Has the Applicant, or any corporation formed by or on behalf of the Applicant,
ever defaulted on its debt obligations, been involved in bank=ruptcy, creditor's
rights, or receivership proceedings, or been involved in criminal proceedings
bearing on the handling of financial matters'
Yes NO If yes, please give details.
Page 4 of 12 of Application
A"Downtown Revltailzntion Appkatlon.dcc
i
3. Litigation;
Is the Applicant presently involved in any litigation which could have a material
effect on its financial solvency?
- Yes = NO If yes, please give details.
4. Please list the Applicant's general fund and other key fiend surpluses (or deficits)
for the last four year s,
Capital Improv.
Creneral Fund Fund Parking Fund
Year O for deficits ( ) for deficits ( ) for deficits
1998 ,S3,362.415 .51.378.724 x1,157,621.
1999 S5.118.291 S3,002.487 $1.,146,0$5
2000 SS..126,902 ,51.6114.162 ,52405.413
2001 uS4,817.621 92.967.728 $2.593. 766
S. Has the Applicant ever defaulted on any obligation or failed to appropriate for any
lease or any other annual appropriation obligation during the last 20 years?
Yes ^ NO If yes, please give details.
® D. PROJECT RCVENU1:S
Attach a cost benefit analysis showing the total revenues generated as a result of
the Project and the cost of all governmental assistance provided by the Project.
Revenues and costs should be identified by each recipient or payee (private and
governmental). Sege 1'-q eet De eril►jinn
E. ID ENTI F1 C,V1'1 ON O it COrNTR.UB UTO R5
Has the Applicant identified who the contributors would be'?
No
If Yes, please attach a list of names of potential contributors: Sce attached Ft/tibir Ill
If No, please explain why the Applicant believes such Contributions are likely to be
obtained.
When does the Applicant expect the Contributions to be ready to be inade? Please
be as specific as possible. Before end of 2002
Page S of 12 ofApplic tion
AADowntown Revitalization Application doc
F, CERTL UCATION OF APPJACANT
The undersigned hereby represents and certifies that, to the best knowledge and
belief of the undersigned, this Application contains no information or data,
contained herein or in the exhibits or attachments, that is false or incorrect.
Dated this 4 thday of_December, 2001 /
,� r
SIGNATURE: '
NAME: ' / Thomas P. Rackers
TITLE: Mavor
Administrative Fees Due Upon >rxccution of Tax Credit Agreement:
2% of the amount of all authorized Contributions of$1,000,000 or less;
1% of the amount of all authorized Contributions in excess of$1,000,000
Other Fees:
Actual out-of-pocket expenses (including the fees and expenses ofthe Board's
counsel) incurred by the Board in the execution and administration of a Tax Credit
Agreement
Page 6 of 12 of Application
AADowntown Rovitalizatlon Applieatlon.doo
EXII113IT c
DORM O IMS13URSENTENT REQUEST
Disbursement Request No.
To: Missouri Development Finance Board
Harry S. Truman Bldg.
301 W. High Street, Room 680
Jefferson City, NliSSOLiri 65101
Attn: Controller
Telecopy No. (314) 5264418
Re: City of Jefferson Downtown Revitalization Project - Disbursement Request from the Board
Project Account
You are hereby requested pursuant to Section 4.3 of the 'rax Credit Agreement dated as of the
_day of 200_ (the "Agreement"), to issue a check to the City of Jefferson (the "Public
Entity") to permit it to issue checks to the following named payee to provide for the payment or
reimbursement of the following Project Costs (as defined in the Agreement):
Description
Pavee/Addres /Tax 1D_N, Amount of Prolect_Cgsts
The Undersigned hereby states and certifies that:
1. Each item listed above is a proper Project Cost (as defined in the Agreement).
Attached hereto are invoices, statements, bills or other documents evidencing the fact that such pa)'ITIent
is due.
2. These Project Costs have been incurred and are presently due and payable or
have been paid by the Public Entity in connection with the Project.
3, No item listed above has previously been included in any other Disbursement
Request previously approved by the Board under the provisions of the Agreement.
4. All necessary permits and approvals required for the portion of the wort: on the.
Project for which this withdrawal is to be made have been issued and are in full force and effect.
C-1
5. [No material change in the Project Budget ig necessary as a result of the payment
of this request,] [As a result of this request we are hereby requesting that the Board approve a
modification of.the Project Budget as follows;
Dated this clay of ; 200__
CITY OF JEFFERSON, MISSOURI
Authorized Represent. ve
Approved for Payment on 200__
MISSOURI U1;VELOPNICNT FINANCE BOARD
By:
Controller
C-2
EXHIBIT D
f
PROJECT BUDGET.
** Board Infrastructure Tax Credit Portion **
SOUrees:
Contributions $ 260,000
Total sources $ 260,000
Uses:
Streetscape improvements $ 260,000
Total Board portion of project costs $ 260,000
D-1
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EXHIBIT E '
CONDITIONS RELATING TO
DISBURSEMENTS FROM THE BOARD PROJECT ACCOUNT
Only actual hard costs (bricks and mortar) of constructing and equipping the Project are.eligible for
reimbursement with the proceeds of contributions relating to Tax Credits. Eligible costs include costs for
material and labor, architectural and engineering costs, and environmental assessments, Reimbursable costs
must be properly documented by acceptable accounting practices.
rt
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