HomeMy Public PortalAboutORD16059BILL NO. 2020-010
SPONSORED BY Councilmember Hensley
ORDINANCE NO. 1&05GI
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, TERMINATING AND
DISSOLVING THE HIGH STREET TAX INCREMENT FINANCING DISTRICT,
SPECIAL ALLOCATION FUND AND THE TAX INCREMENT ALLOCATION
FINANCING ASSOCIATED THEREWITH; ALLOCATING AND AUTHORIZING THE
TRANSFER OF SAID MONEYS IN THE SPECIAL ALLOCATION FUND, IF ANY, TO
THE COLE COUNTY COLLECTOR FOR DISTRIBUTION IN ACCORDANCE WITH
THE ACT; AND AUTHORIZING CERTAIN FUTURE ACTIONS.
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the
"Act"), authorizes the City of Jefferson, Missouri (the "City") to provide for
the redevelopment of certain areas through the mechanism of tax
increment financing; and
WHEREAS, the Tax Increment Financing Commission of the City of Jefferson, Missouri
(the "Commission") is duly constituted under the Act, and
WHEREAS, the City prepared for consideration by the Commission a plan for
redevelopment titled "High Street Tax Increment Financing Plan" (the "TIF
Plan") for redevelopment of the property which is described in the TIF Plan
as 900 and 902 East High Street in the Central East Side (the
"Redevelopment Area"); and
WHEREAS, after a public hearing and full evaluation, the Commission recommended to
the Council of the City of Jefferson that the TIF Plan be approved; and
WHEREAS, pursuant to the Act and in accordance with the recommendation made by
the Commission, the Council of the City of Jefferson by Ordinance No.
13476, passed and approved on December 2, 2002 (the "Approving
Ordinance"), (a) approving the TIF Plan, (b) designating the
Redevelopment Area as a "redevelopment area," as defined in the Act, (c)
approving the construction of the Redevelopment Project in accordance
with the TIF Plan, (d) adopting tax increment financing with respect to the
Redevelopment Area and establishing a special allocation fund (the
"Special Allocation Fund") and (e) approving the execution of a
redevelopment agreement to carry out the TIF Plan; and
WHEREAS, the High Street TIF District and the Redevelopment Projects undertaken
have been note -worthy for the dramatic economic development,
revitalization, and the job creation and investment brought about in the
Central East Side area of the City; and
WHEREAS, the Redevelopment Projects have been successfully completed and the
Redevelopment Project Costs have been repaid; and
WHEREAS, the Council of the City of Jefferson finds it desirable and in the best
interests of the City, the other affected taxing jurisdictions, and its
inhabitants to terminate and dissolve the High Street Tax Increment
Financing District, the Special Allocation Fund and the tax increment
financing associated therewith, and to authorize the allocation and transfer
of moneys in said Special Allocation Fund to the Cole County Collector for
distribution in accordance with Section 99.850 of the Act.
NOW BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON,
MISSOURI, AS FOLLOWS:
Section 1. The City hereby finds that the Redevelopment Project has been
successfully completed and the Redevelopment Project Costs have been paid and that
the dissolution and termination of the High Street Tax Increment Financing District as of
the effective date of this ordinance, and the Special Allocation Fund, as appropriate, as
being in the best interests of the City, all other affected taxing jurisdictions and the
inhabitants thereof.
Section 2. The City Council hereby declares the balance of any moneys
remaining on deposit in the Special Allocation Fund, if any, as of the termination of the
High Street TIF District as surplus and shall be distributed to the Cole County Collector
who shall immediately thereafter pay such funds to the taxing district in the High Street
TIF District in the same manner and proportion as the most recent distribution by the
Collector to the affected districts of real property taxes from real property in the High
Street TIF District.
Section 3. The City Council hereby declares the High Street TIF District dissolved
and hereby terminates its designation as a "Redevelopment Area" within the meaning of
the TIF Act. Effective as of the calendar year 2020, the rates of the taxing districts
having jurisdiction within the High Street TIF District shall be extended and all taxes
levied within the High Street TIF District shall be levied, collected, and distributed in the
manner required by applicable law in the absence of the adoption of tax increment
financing within the High Street TIF District.
Section 4. Upon the fulfillment of the provisions of Sections 2 and 3 hereof, the
Special Allocation Fund is hereby declared to be, and shall for all purposes be
considered, dissolved and terminated.
Section 5. The City Clerk is hereby authorized and directed to provide notice to
all affected taxing jurisdictions, including the Cole County Assessor and the Cole
County Collector, regarding the dissolution and termination of the High Street TIF
District and the Special Allocation Fund in accordance with this Ordinance.
Section 6. This Ordinance shall be in full force and effect from and after the date
of its passage and approval.
Passed: �p� U
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Presiding Officer
ATTEST:
//. !. • L . �� ..�L�_City Clerk
Approved-AJZ�Z�tti?v "R
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Mayor Carrie Tergin
APPROVED AS TO FORM:
City At ey