HomeMy Public PortalAboutORD14607 BILL NO. 2009-94
COSPONSORS: Councilmen Rich Koon & Jim Penfold
ORDINANCE NO. / 4- "t 0
AN ORDINANCE OF THE CITY OF JEFFERSON CITY, MISSOURI TO ESTABLISH A
REDEVELOPMENT AREA,APPROVE THE SOUTHSIDE TAX INCREMENT FINANCING
PLAN, APPROVE THE E. DUNKLIN STREET REDEVELOPMENT PROJECT AND
ADOPT TAX INCREMENT FINANCING, AND DESIGNATE DUNKLIN STREET
PROPERTIES, LLC AS THE DEVELOPER.
WHEREAS, pursuantto 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 15, 2009, the TIF Commission, after providing all notices
required by applicable law, held a public hearing to receive comments 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 Southside Tax Increment Financing Plan
submitted to the City of Jefferson City, Missouri on September 17, 2009, and
the approval of the redevelopment project as described in the TIF Plan; and
WHEREAS, the City has received an application from , Dunklin Street Properties, LLC,
the developer, directly or indirectly, cooperating with all of the real property
owners within the E. Dunklin Street 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 OFTHE 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:
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(1) the map and description of the Redevelopment Area set forth
in the Introduction section of the TIF Plan; and
(2) the Southside Plan completed by Arcturis in July 2009
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,
as described in the TIF Plan, and therefore, the TIF Plan conforms to
the City's comprehensive plan.
D. 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.
E. In the event obligations are issued to finance Redevelopment Project
Costs, it is anticipated that such Obligations will be retired in 2033 as
stated in the TIF Plan, which is not more than 23 years from the
adoption of the ordinance approving the Redevelopment Project.
F. 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.
G. 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.
H. 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 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 TIF Commission
or the City for the purpose of financing a portion of the Redevelopment Project Costs.
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Section 5. That Dunklin Street Properties is selected as the developer to implement
the E. Dunklin Street Redevelopment Project.
Section 6. This Ordinance shall be in full force and effect from and after the date of
its passage and approval.
Passed: Approved:
Presjefing Officer �// Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Counselor
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