HomeMy WebLinkAboutOrd.5409.06-07-2021 BILL NO. 21-74 ORDINANCE NO. 5LID9
AN ORDINANCE APPROVING A REDEVELOPMENT AGREEMENT IN
CONNECTION WITH A PORTION OF THE RPA 2 REDEVELOPMENT
PROJECT DESCRIBED IN THE REDEVELOPMENT PLAN FOR THE
DOWNTOWN TAX INCREMENT FINANCING DISTRICT, CAPE
GIRARDEAU,MISSOURI,2015.
WHEREAS, the City Council has approved the "Redevelopment Plan for the Downtown Tax
Increment Financing District, Cape Girardeau, Missouri, 2015" and the "RPA 2 Redevelopment Project"
described therein; and
WHEREAS, the City desires to enter into a redevelopment agreement with Todt Roofing &
Construction, Inc. (the "Developer") with respect to the completion of a portion of the RPA 2
Redevelopment Project consisting of the redevelopment of the building located at 101 William Street to
accommodate up to six commercial retail spaces(the"Developer Project");
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE
GIRARDEAU,MISSOURI,AS FOLLOWS:
Section 1. The City Council hereby finds and determines that it is necessary and desirable to
enter into a redevelopment agreement with the Developer in substantially the form of Exhibit A attached
hereto in connection with the Developer Project (the "Redevelopment Agreement"). The Mayor or City
Manager is hereby authorized and directed to execute the Redevelopment Agreement on behalf of the
City. The City Clerk is hereby authorized and directed to attest to the Redevelopment Agreement and to
affix the seal of the City thereto. The Redevelopment Agreement shall be in substantially the form
attached to this Ordinance, which Redevelopment Agreement is hereby approved by the City Council
with such changes therein as shall be approved by the officers of the City executing the same.
Section 2. The officers, agents and employees of the City are hereby authorized and
directed to execute all documents and take such steps as they deem necessary and advisable in order to
carry out and perform the purpose of this Ordinance and the Redevelopment Agreement.
Section 3. The sections of this Ordinance shall be severable. If any section of this
Ordinance is found by a court of competent jurisdiction to be invalid, the remaining sections shall remain
valid, unless the court finds that: (a)the valid sections are so essential to and inseparably connected with
and dependent upon the void section that it cannot be presumed that the City Council has or would have
enacted the valid sections without the void one; and (b)the valid sections, standing alone, are incomplete
and are incapable of being executed in accordance with the legislative intent.
Section 4. This Ordinance shall take effect and be in full force 10 days after its passage by
the City Council.
PASSED AND APPROVED by the City Council of the City ' i apedardeau,Missouri,this
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REDEVELOPMENT AGREEMENT
[On file in the City Clerk's Office]
REDEVELOPMENT AGREEMENT
his REDEVELOPMENT AGREEMENT (this "Agreement") is made and entered into as of
June , 2021 (the "Effective Date") by and between the CITY OF CAPE GIRARDEAU,
MIS OURI, a home -rule city organized and existing under the laws of the State of Missouri (the "City"),
and TODT ROOFING & CONSTRUCTION, INC., a corporation organized and existing under the
laws of the State of Missouri (the "Developer").
RECITALS:
1. The Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to
99.865 of the Revised Statutes of Missouri (the "Act"), authorizes municipalities to undertake
redevelopment projects in blighted, conservation or economic development areas, as defined in the Act.
2. Pursuant to Ordinance No. 4803, adopted on January 4, 2016, the City Council approved
the "Redevelopment Plan for the Downtown Tax Increment Financing District, Cape Girardeau, Missouri,
2015" (the "Redevelopment Plan") and designated the redevelopment area described therein (the
"Redevelopment Area") as a "redevelopment area" pursuant to the Act.
3. Pursuant to Ordinance No. 5408, adopted on June 7, 2021, the City Council approved a
redevelopment project (the "RPA 2 Redevelopment Project") for the portion of the Redevelopment Area
described in the Redevelopment Plan as "RPA 2."
4. The Developer submitted a proposal (the "Proposal") to the City regarding a portion of
the RPA 2 Redevelopment Project, which Proposal includes the redevelopment of the building located at
101 William Street to accommodate up to six commercial retail spaces (the "Developer Project"). The
Proposal is attached as Exhibit A hereto.
5. The Developer has requested tax increment financing assistance to reimburse the
Developer for a portion of the costs of completing the Developer Project.
6. Pursuant to Ordinance No. 5409, adopted on June 7, 2021, the City Council has
authorized the City to enter into this Agreement to provide the terms and conditions upon which the
Developer will construct the Developer Project and be reimbursed for certain costs, as contemplated by
the Act and the Redevelopment Plan.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual promises contained herein
and other good and valuable consideration, the adequacy and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
Section 1. Development.
(a) The Developer hereby agrees to complete the Developer Project at its own expense no
later than December 31, 2021. Completion of the Developer Project shall be deemed to have occurred
when the City issues the occupancy permit pursuant to its municipal code for the Developer Project.
Within 180 days after receipt of the final occupancy permit, the Developer may submit a Certificate of
Reimbursable Project Costs in substantially the form attached hereto as Exhibit B evidencing the costs of
the Developer Project for which the Developer requests reimbursement pursuant to Section 4 below.
(b) The City shall review the Certificate of Reimbursable Project Costs and provide written
objections, if any, to the Developer within 30 days from receipt thereof. If any objections are provided,
the Developer shall cure such objections and resubmit the Certificate of Reimbursable Project Costs. If
no objections are provided within 30 days of receipt, the Developer shall advise the City in writing that
the Developer has submitted a Certificate of Reimbursable Project Costs and that the City has not yet
approved or objected to the certificate. The City shall have an additional 15 days following receipt of the
Developer's written notice to provide its approval of or objections to the Certificate. The Certificate of
Reimbursable Project Costs shall be deemed approved by the City on the 16th day following receipt of
the Developer's written notice, unless affirmatively objected to or approved by the City prior to such date.
follows:
Section 2. Submission and Approval of Construction Plans; Construction Standards.
(a) The Developer shall submit construction plans for the Developer Project to the City as
(i) The Developer will submit construction plans for the Developer Project and the
City will review such plans for compliance with all applicable laws, statutes and ordinances, rules
and regulations, including but not limited to, the safety and zoning regulations of the City. The
Developer will not begin the Developer Project until it has received all requisite approvals from
the City and other applicable agencies as required by federal, state, and local law, in accordance
with a construction schedule agreed upon by the City and the Developer.
(ii) The Developer may make changes to the construction plans in accordance with
federal, state and local law.
(b) The Developer will complete the Developer Project according to all applicable federal,
state and local ordinances, laws, regulations and codes. The City may inspect the Developer Project in
accordance with the applicable federal, state and local ordinances, laws, regulations and codes to ensure
proper completion thereof.
Section 3. Release and Indemnification.
(a) Notwithstanding anything herein to the contrary, the City and its governing body,
officials, agents, employees and independent contractors shall not be liable to the Developer for damages
of any kind or nature whatsoever if any ordinance adopted by the City or transaction completed by the
City in connection with this Agreement is declared invalid or unconstitutional in whole or in part by the
final (as to which all rights of appeal have expired or have been exhausted) judgment of any court of
competent jurisdiction, and by reason thereof either the City is prevented from performing any of the
covenants and agreements herein or the Developer is prevented from enjoying the rights and privileges
hereof.
(b) The Developer releases from and covenants and agrees that the City and its governing
body, officials, agents, employees and independent contractors shall not be liable for, and agrees to
indemnify and hold harmless the governing body, officials, agents, employees and independent
contractors thereof against, any loss or damage to property or any injury to or death of any person
occurring at or about or resulting from any defect in the construction of the Developer Project, except as
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such may be caused by the willful misconduct or negligence of the City or its governing body, officials,
agents, employees or independent contractors.
(c) The Developer agrees to indemnify, defend and hold harmless the City and its governing
body, officials, agents, employees and independent contractors from and against any and all suits, claims
and attorneys' fees resulting from, arising out of, or in any way connected with (i) the construction of the
Developer Project or (ii) the negligence or willful misconduct of the Developer or its officers, managers,
agents, employees or independent contractors in connection with the management, development,
redevelopment and construction of the Developer Project, except as such may be caused by the willful
misconduct or negligence of the City or its governing body, officials, agents, employees or independent
contractors.
(d) The Developer agrees to indemnify, defend and hold harmless the City and its governing
body, officials, agents, employees and independent contractors from and against any and all claims,
demands, costs, liabilities, damages or expenses, including reasonable attorneys' and consultants' fees,
investigation and laboratory fees, court costs and litigation expenses, arising from: (i) any now -existing
or hereafter -arising violation, actual or alleged, or any other liability, under or in connection with any
environmental laws relating to any products or materials previously, now or hereafter located upon,
delivered to or in transit to or from the Developer Project in connection with the construction of the
Developer Project, regardless of whether such violation or alleged violation or other liability is asserted or
has occurred or arisen before the date hereof or hereafter is asserted or occurs or arises and regardless of
whether such violation or alleged violation or other liability occurs or arises as the result of any act,
omission, negligence or misconduct of the City or any third party or otherwise; or (ii) any breach, falsity
or failure of any of the representations, warranties, covenants and agreements of the like.
(e) The City and its governing body, officials, agents, employees and independent
contractors shall not be liable for any damage or injury to the persons or property of the Developer or its
officers, managers, agents, employees or independent contractors or any other person who may be about
the Redevelopment Area or the Developer Project due to any act of negligence of any person, except as
such may be caused by the willful misconduct or negligence of the City or its governing body, officials,
agents, employees or independent contractors.
(f) No member of the governing body, officials, agents, employees or independent
contractors of the City shall be personally liable to the Developer in the event of a default or breach by
any party under this Agreement.
(g) All covenants, stipulations, promises, agreements and obligations of the City contained
herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the City
and not of its governing body, officials, agents, employees or independent contractors in their individual
capacities.
Section 4. Installment Payments by the City.
(a) For purposes of Sections 4 and 5 of this Agreement, the following terms shall have the
following meanings:
"Available TIF Revenues" means all 95% of the Payments in Lieu of Taxes and 50% of
the Economic Activity Taxes (as defined in the Act) generated from the Developer Project and
deposited in the Special Allocation Fund. Notwithstanding the foregoing, Available TIF
Revenues will not include (i) incremental utility tax revenues (if any) unless the Developer
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provides the City with copies of utility bills from businesses located in the Developer Project
prior to the end of the applicable Calculation Period, (ii) any Economic Activity Taxes that the
City Council determines, in its sole discretion, are attributable to businesses that relocate into the
Developer Project from elsewhere in the City, and (iii) any revenues that are subject to a pending
challenge or protest.
"Calculation Period" means initially, the period from June 8, 2021 to the last day of the
second month preceding the first Payment Date (e.g., if the first Payment Date is January 1, 2022,
the initial Calculation Period runs through November 30, 2021); and thereafter, each period from
the end of the previous Calculation Period to the last day of the second month preceding the next
Payment Date, except that the Calculation Period for the April 1, 2044 Payment Date will be from
the end of the penultimate Calculation Period to May 31, 2044.
"Payment Date" means every January 1, April 1, July 1 and October 1 following the
City's approval or deemed approval of a Certificate of Reimbursable Project Costs pursuant to
Section 1 and also June 6, 2044 (i.e., the last business day before the 23rd anniversary of the
approval of the ordinance approving the Developer Project).
"Reimbursable Redevelopment Project Costs" means the costs of the Developer Project
identified on the Certificate of Reimbursable Project Costs approved by the City in accordance
with this Section in the maximum amount of $1,190,000.
"Special Allocation Fund" means the fund created by Ordinance No. 5408, pursuant to
which certain Payments in Lieu of Taxes and Economic Activity Taxes are deposited by
operation of the Act.
(b) On each Payment Date, the City shall apply the Available TIF Revenues during the
preceding Calculation Period as follows:
(i) the sum of $500 shall be retained by the City as an administrative fee; and
(ii) the remaining Available TIF Revenues shall be paid to the Developer or its
designee for the reimbursement of the Reimbursable Redevelopment Project Costs.
(c) On each Payment Date, the City shall provide the Developer with a written accounting
showing the amount of Available TIF Revenues collected during the Calculation Period, the application
of the Available TIF Revenues pursuant to this Section and the outstanding balance of the Reimbursable
Redevelopment Project Costs (including accrued but unpaid interest) not yet reimbursed.
(d) Notwithstanding anything to the contrary contained herein, in lieu of the payments
described in (b), the City may issue bonds, notes or other obligations secured by Available TIF Revenues
and use the sale proceeds of the bonds, notes or other obligations to pay the Reimbursable Redevelopment
Project Costs due to the Developer. The Developer shall cooperate in good faith if the City decides to
pursue any such issuance of bonds, notes or other obligations.
(e) The Developer shall cause all businesses generating taxable retail sales located in the
Developer Project to provide a consent to the release of confidential sales tax information to the City, in
substantially the form of Exhibit C hereto, for the limited purpose of preparing and approving budgets,
appropriation requests and other actions contemplated by this Agreement. The Developer shall also
require each "seller" (as that term is defined in Section 144.010(10) of the Revised Statutes of Missouri)
located in the Developer Project to supply or cause to be promptly supplied to the City's Finance
Director, its monthly or quarterly sales tax information in a form substantially similar to the sales tax
returns filed by such seller with the Missouri Department of Revenue.
Section 5. Annual Appropriation of Economic Activity Taxes.
(a) The City's obligation to pay Economic Activity Taxes pursuant to this Section is limited
to those funds budgeted and appropriated for that purpose during the City's then -current fiscal year. The
City agrees to cause the officials and employees in charge of drafting a budget to include the
appropriations contemplated by this Agreement in the annual budgets presented to the City Council for its
consideration.
(b) The obligation of the City to pay Economic Activity Taxes hereunder constitutes a
current expense of the City, is from year-to-year, and does not constitute a mandatory payment obligation
of the City in any fiscal year beyond the then -current fiscal year of the City. The City's obligation to pay
Economic Activity Taxes hereunder shall not in any way be construed to be a debt of the City in
contravention of any applicable constitutional, charter or statutory limitation or requirement concerning
the creation of indebtedness by the City, nor shall anything contained herein constitute a pledge of the
general credit, tax revenues, funds or moneys of the City.
Section 6. Representations, Warranties and Covenants.
(a) By the City. The City represents, warrants, covenants and agrees as the basis for the
undertakings on its part herein contained that:
(i) The City is a home -rule city organized and existing under the laws of the State of
Missouri and its charter, and by proper action has been duly authorized to execute, deliver and
perform this Agreement.
(ii) To the best of the City's knowledge, there are no lawsuits either pending or
threatened that would affect the ability of the City to perform this Agreement.
(b) By the Developer. The Developer represents, warrants, covenants and agrees as the basis
for the undertakings on its part herein contained that:
(i) The Developer is a corporation duly organized and existing under the laws of the
State of Missouri and has power to enter into, and by proper action has been duly authorized to
execute, deliver and perform, this Agreement.
(ii) Neither the execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, nor the fulfillment of or compliance with the terms and
conditions of this Agreement, conflicts with or results in a breach of any of the terms, conditions
or provisions of any restriction, agreement or instrument to which the Developer is now a party or
by which the Developer is bound.
(iii) There are no lawsuits either pending or threatened that would affect the ability of
the Developer to proceed with the completion or operation of the Developer Project.
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(iv) The Developer agrees to maintain commercial general liability insurance for the
Developer Project in a policy amount of not less than the then -current absolute statutory waivers
of sovereign immunity in Sections 537.600 and 537.610 of the Revised Statutes of Missouri, as
may be revised annually by the Missouri Department of Insurance. The Developer further agrees
to name the City as an additional insured with respect to such insurance policy and to annually
provide evidence of such insurance policy to the City.
(v) The Developer agrees to annually provide evidence of contractual liability
insurance (in form and substance reasonably acceptable to the City's legal counsel) that insures
the Developer's obligations to indemnify the City, as provided in this Agreement.
Section 7. Termination. This Agreement shall terminate upon the earliest of any of the
following:
(a) written notice is provided by the aggrieved party to the defaulting party to
terminate this Agreement pursuant to Section 8(b);
(b) the satisfaction of all payments due under Section 4(b); or
(c) June 6, 2044.
Section 8. Default and Remedies.
(a) Events of Default. The following shall be events of default (each, an "Event of Default")
with respect to this Agreement:
(i) If any material representation made by a party in this Agreement, or in any
certificate, notice, demand or request made by a party, in writing and delivered to the other party
pursuant to or in connection with this Agreement, proves to be untrue or incorrect in any material
respect as of the date made; or
(ii) Breach by a party of any material covenant, warranty or obligation set forth in
this Agreement.
(b) Remedies on Default. In the case of an Event of Default by a party hereto or any
successor to such party, such party or successor shall, upon written notice from the other party, take
immediate action to cure or remedy such Event of Default within 60 days after receipt of such notice. If
the Event of Default is not cured or remedied within such 60 day period (or, in the case of an Event of
Default that cannot be cured within a 60 day period, the defaulting party does not make reasonable
progress toward curing the default and/or does not notify the aggrieved party of when such default will be
cured), then the aggrieved party may terminate this Agreement or institute such proceedings as may be
necessary or desirable in its opinion to cure or remedy such default, including but not limited to,
proceeding to compel specific performance by the party in default of its obligations.
(c) Other Rights and Remedies of Parties; Delay in Performance Waiver.
(i) Any delay by a party in instituting or prosecuting any actions or proceedings or
otherwise asserting its rights under this Agreement shall not operate to act as a waiver of such
rights or to deprive it of or limit such rights in any way (it being the intent of this provision that
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the parties should not be constrained so as to avoid the risk of being deprived of or limited in the
exercise of the remedies provided in this Agreement because of concepts of waiver, laches or
otherwise); nor shall any waiver in fact made by a party with respect to any specific Event of
Default by a party under this Agreement be considered or treated as a waiver of the rights of a
party under this Section or with respect to the particular Event of Default, except to the extent
specifically waived in writing by the other party.
(ii) The rights and remedies of the parties to this Agreement (or their successors in
interest) whether provided by law or by this Agreement, shall be cumulative, and the exercise by
any party of any one or more of such remedies shall not preclude the exercise by it, at the time or
different times, of any other such remedies for the same Event of Default by another party. No
waiver made by any party with respect to the performance, nor the manner of time thereof, or any
obligation of another party or any condition to its own obligation under this Agreement shall be
considered a waiver of any rights of the party malting the waiver with respect to the particular
obligation of another party or condition to its own obligation beyond those expressly waived in
writing and to the extent thereof, or a waiver in any respect to regard to any other rights of the
party making the waiver or any other obligations of another party.
(iii) Neither the City nor the Developer, nor any successor in interest, as the case may
be, shall be considered in breach of, or in default of, any of its obligations under this Agreement
or otherwise with respect to the Developer Project, or progress in respect thereto, in the event of
delay in the performance of any such obligations due to unforeseeable causes beyond its control
and without its fault or negligence, including but not restricted to, acts of God, acts of a public
enemy, acts of federal, state or local government (other than the City), litigation instituted by
third parties, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes,
embargoes, acts of nature, unusually severe weather or delays of subcontractors due to such
causes; it being the purpose and intent of this provision that in the event of the occurrence of any
such delay, the time or times for performance of such obligations by the City or the Developer
shall be extended for the period of the enforced delay; provided, that the party seeking the benefit
of the provisions of this Section, shall within 30 days after the beginning of any such enforced
delay, have first notified the other party thereof in writing, of the cause or causes thereof, and
requested an extension of the period of delay.
Section 9. Amendment or Modification. The parties to this Agreement may amend or
modify this Agreement only by written instrument duly executed by the parties hereto.
Section 10. Third Party Rights. No person or entity who or which is not a party to this
Agreement will have any right of action under this Agreement.
Section 11. Scope. This Agreement constitutes the entire Agreement between the parties,
and no statements, promises or inducements that are not contained in this Agreement will be binding on
the parties.
Section 12. Severability. If any part, term or provision of this Agreement is held by a court
of law to be illegal or otherwise unenforceable, such illegality or unenforceability will not affect the
validity of any other part, term or provision, and the rights of the parties will be construed as if the part,
term or provision was never part of this Agreement.
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Section 13. Transferability. This Agreement may not be assigned by the Developer without
the express written approval of the City unless such assignment is to an entity succeeding to all or
substantially all of the business of the Developer or to an entity controlled by the Developer or under
common control with the Developer (in which case the Developer shall provide notice to the City of such
assignment within ten days from the date of such assignment).
Section 14. Notice. Any notice required or permitted by this Agreement will be deemed
effective when personally delivered in writing or three days after notice is deposited with the U.S. Postal
Service, postage prepaid, certified, return receipt requested, and addressed as follows:
To the City:
City of Cape Girardeau
401 Independence Street
Cape Girardeau, Missouri 63702
Attn: City Manager
With copies to:
City of Cape Girardeau
401 Independence Street
Cape Girardeau, Missouri 63702
Attn: City Attorney
And:
Gilmore & Bell, P.C.
One Metropolitan Square
211 North Broadway, Suite 2000
St. Louis, Missouri 63102
Attn: Mark D. Grimm, Esq.
To the Developer:
Todt Roofing & Construction, Inc.
301 Broadway
Cape Girardeau, Missouri 63701
Attn: Brennon Todt
Section 15. Immunity. Nothing contained in this Agreement constitutes a waiver of the
City's sovereign immunity under any applicable state law.
Section 16. Jurisdiction and Venue. Personal jurisdiction and venue for any civil action
commenced by either party to this Agreement shall be deemed to be proper only if such action is
commenced in the Circuit Court of Cape Girardeau County, Missouri. The Developer expressly waives
its rights to bring such action in or to remove such action to any other court whether state or federal.
Section 17. Missouri Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Missouri.
Section 18. Federal Work Authorization Program. Simultaneously with the execution of
this Agreement, the Developer will provide the City with an affidavit and documentation meeting the
requirements of Section 285.530 of the Revised Statutes of Missouri.
Section 19. Counterparts. This Agreement may be executed in several counterparts, each of
which shall constitute one and the same instrument.
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Section 20. City Fees. Simultaneously with the execution of this Agreement, the Developer
shall pay the City the sum of $500 for legal and other fees and expenses incurred in connection with the
preparation, negotiation and approval of this Agreement and the Redevelopment Plan.
Section 21. Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the
Revised Statutes of Missouri, the Developer certifies it is not currently engaged in and will not, for the
duration of this Agreement, engage in a boycott of goods or services from (a) the State of Israel,
(b) companies doing business in or with the State of Israel or authorized by, licensed by, or organized
under the laws of the State of Israel, or (c) persons or entities doing business in the State of Israel.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WIIEREOF, the parties have caused this Agreement to be executed and the City
has caused its seal to be affixed hereto and attested as of the date first written above.
CITY OF CAPEPI]� AU, MISSOURI
f f - By:
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Title: City Manal
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By: ( "
Name: Gayl . Conrad
Title: City erk
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TORT ROOFING & CONSTRUCTION,
INC.
By:
Name-ennon Todt
Title: President
EXHIBIT A
PROPOSAL OF DEVELOPER
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CITYOfCAPE
R
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APPLICATION FOR TAX INCREMENT FINANCING OR OTHER PUBLIC INCENTIVES
Applicant's Name:
Todt Roofing & Construction
Brennon Todt
Street Address City/State/ Zip:
2905 Valley Creek Rd.
Cape Girardeau, MO
63701
Applicants' Federal Tax Identification Number (FEIN):
815425649
MITS/Missouri ID No:
23400269
Name and Title of Responsible Officer Telephone/FAX/E-mail:
Brennon Todt, Owner/President
573-382-9636
Brennon.doran@gmail.com
Attorney for or Authorized Representative of Applicant Telephone/FAX/E-mail:
Layton & Southard
573-335-3359
laytonsouthardlaw.com
Street Address City/State/Zip:
1650 N Kingshighway
St. #302
Cape Girardeau, MO
63701
T.I.F. APPLICATION
RIVER & RAILS BLDG
101 William St Cape Girardeau, MO 63703
12/18/2020
By: Brennon Todt; Owner of SEMO Cardinal Group and Todt Roofing & Construction Inc.
DEVELOPMENT TEAM:
1- Applicants Background
Brennon Todt founded Todt Roofing & Construction in 2005. His company has been voted as the best
roofing company in Southeast Missouri for the last 9 years. He has experience in large scale commercial
projects and understands the means & methods necessary to complete such projects. He attended the
Cape Girardeau Vocational School for classes in Building Trades for 2 years. Brennon has also overseen
large scale construction projects in the New York City area. For three years living there, he completed
major renovations of historic buildings in Brooklyn, Manhattan, and the Bronx. Additionally, he has
extensive work background in large scale construction related to Disaster Relief efforts, completing
major renovation projects in the British Virgin Islands, Bahamas, and Carolinas following Hurricane
Events. In 2018 he founded a real estate management company, Semo Cardinal Group. This company
oversees over 50 rental units in the southeast Missouri area. Brennon has the skills and experience to
make this project a success. He has a passion for restoration and a tremendous love for downtown Cape
Girardeau. Please see attached Resume.
2- Applicants Consultants
Architect- Phillip Smith Architect, LLC. 423 Themis St. Cape Girardeau, MO 63701. P:573-651-9001
Civil Engineer- Koehler Engineering & Land. 194 Coker Ln. Cape Girardeau, MO 63701. P: 573-335-3026
Mechanical Engineer- Strickland Engineering. 113 W. Main St. Jackson, MO 63755. P: 573-243-4080
Tax Accountant- Debra G. Smith. 1427 Thomas Dr #103. Cape Girardeau, MO 63701. P: 573-225-4866
Contractor-Todt Construction. 2905 Valley Creek Rd. Cape Girardeau, MO 63701. P: 573-275-3168
PROJECT DESCRIPTION:
3- Property Location
101-111 William St. Cape Girardeau, MO 63701. Parcel Number: 21-111-00-01-001
4- Description of Project
The William Street Warehouse was built in 1910. It has served a variety of businesses over the years,
from an HVAC company, to a storage depot for coin machines, and even an office during the planning
phases of the Bill Emerson Memorial Bridge construction. It has a unique charm to it, showcasing
exposed wooden beams and rafters. The building has fallen into disrepair and will require extensive
renovations, including framing, roofing, tuckpointing, electrical, plumbing, and mechanical work. The
construction will be completed in one phase. When completed, the building will house 6 commercial
retail spaces available to tenants. These spaces will have all new infrastructure while maintaining the
look and appeal of the "warehouse" style that the original building had. Please see the attached plans
for your review.
5- Current Owner
Brennon Todt DBA SEMO Cardinal Group. 573-382-9636
6- Zoning
The building is currently zoned for commercial use. No zoning changes will be requested.
STATUTORY ELIGIBILITY REQUIREMENTS:
7- Need & Justification of Proiect
The building at 101 William Street is in dire need of TIF assistance. The building has fallen into disrepair
and will require extensive renovations to be usable again. This building is 12,000+ sqft and the entire
roof is compromised. The walls are falling in and need to be completely redone. All the mechanical
systems in the entire building will have to be replaced. Unfortunately, the building is in an unsafe
condition. Without the funds generated from sales tax as well as the savings on property taxes, the
owner will struggle to make enough income to cover the renovation costs. Therefore, without TIF
assistance we will not be able to take on this project. The building was built in 1910 and is one of the
oldest warehouses in Cape Girardeau. The vision for this property, while filled with historic value, is just
as much about future aspirations. Anchoring the south end of Main Street, this warehouse is in a prime
location for retail spaces to bring tourist and consumers to a currently blighted area.
PROJECT COSTS/FINANCING:
8- Bank Letter
Please see attached
9- Source of Fundi
Bank: 1st Missouri State Bank, Jay Knutson, 2 S. Mount Auburn Rd. Cape Girardeau, MO 63703.
573-334-9000.80% of Project Financing.
Brennon Todt: Owner. 20% of Project Financing.
10) Identify sources, amount, and status of all debt financing and/or equity funding
available to complete the project. With respect to each source of funds, identify a
contact person who can verify such source.
11) Provide and outline the costs associated with the development of the proposed
project(s).
12) List other public incentives, if any, which are being sought by the Applicant in
furtherance of this project.
13) Provide a pro forma financial statement, showing the projected return on
investment if the project is built without TIF assistance, and the projected return on
investment if the project is built with TIF assistance.
14) Provide an estimate of the market value of all taxable personal property to be
located at the project site following completion of the project.
l hereby certify all the information in this application is true and complete to the best of
my knowledge.
1 acknowledge submitting this application is not a guarantee of public assistance. Each
proposal will be evaluated to determine how well it supports the City's objectives for the
Redevelopment Area and if public incentives are warranted. The City may reject all or
part of any redevelopment proposal. Approval of the redevelopment proposal or any
part thereof will be made in the sole discretion of City.
1 also acknowledge the public assistance through the use of Tax Increment Financing will
be on a `pay as you go" basis.
pplicant`s Signat e Date
Title
�Lf ,r//l .r�Gox/S7'R.-G�CTar✓
Company
10- Costs of Proiect
Item
Cost Notes
Square Footage
-- 12,735
Building Acquisition
$252,776
Design Architect
$18,230
Mechanical & Engineering
$12,852
Business Formation
$5,895
Construction
$993,095
Construction Interest
$39,192
Legal Fees & Professional Fees
$35,129
Environmental & Demo Remediation
$18,537
Insurance/Real Estate Taxes
$10,220
$44,851.00
TOTAL:
$1,385,926
11- Other Public Incentives
We will be applying for Federal Historic tax credits if applicable.
12- Proforma Financial Statement
101, WILLIAM•':
'Construction Costs
Masonry
$59,718.00
Concrete
$49,775.00
Framing
$24,112.00
Exterior Cladding
$44,453.00
Insulation
$29,415.00
Roofing
$72,550.00
Doors/Windows
$44,851.00
Plumbing
$71,524.00
Electrical
$78,563.00
HVAC
$61,213.00
A/V & Security
$34,367.00
Finishes
$78,125.00
.......................... .
Design Plans
$17,550.00
Flooring
$65,520.00
Landscaping
$9,695.00
Total Income
Demo
$16,836.00
Expenses
Awnings
$44,256.00
Garage Doors
$18,980.00
M isc
$12,000.00
Railings
$17,000.00
Total Hard Costs
Debt Service 3.9%, 25 year amort
$ 850,503.00
Soft Costs
$ 87,600.00
Real Estate Taxes
Professional Fees
$ 35,129.00
Builders Risk Insurance
$ 1,200.00
Construction Period interest
$ 39,192.00
Building Permit
$ 2,400.00
Total Soft Costs
Percent of Increment Requested
$77,9 21.00
.Total Development Costs
$1,240,892.00
Income
Annual Ext. Avg $10.00/ft
$ 126,400.00
Expected Occupancy (70%)
$ 88,480.00
Total Income
$ 88,480.00
Expenses
Insurance
$ 9,000.00
Maintenance
$ 9,000.00
Utilities Paid by Owner
$ 3,000.00
Debt Service 3.9%, 25 year amort
$ 66,600.00
Total Expenses
$ 87,600.00
Real Estate Taxes
Real Estate Taxes (TIF)
$ 850.00
Real Estate Taxes (No TIF)
$ 17,000.00
Tax Increment
$ 16,150.00
Percent of Increment Requested
95%
RE Tax TIF Amount Requested
$15,342.50
Economic Activity Taxes
Building Square Footage
12,640
Retail Sales Calculator
$ 300.00
Expected Occupancy
70%
Cash Flow
City Sale Tax
2.75%
Total TIF Amount Requested
Percent of Increment Requested
50%
EA Tax TIF Amount Requested
$ 36,498.00
Cash Flow
Total TIF Amount Requested
$ 51,840.50
Total Expenses (TIF)
$ 52,759.50
Total Expenses (No TIF)
$104,600.00
Before Tax Cash Flow (TIF)
$ 35,720.50
Before Tax Cash Flow (No TIF)
$ (16,120.00)
Return on Investment (TIF)-'-
$ 0,68
Return on Investment (No TIF)
$ (0.31)
13- Estimate of Market Value of Taxable Personal Property
There will be no taxable personal property.
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU
I, the undersigned, am over the age of 18 years and have personal knowledge of the
matters stated herein.
1. lam Che Q�,� C�p r of (name of Company), and am authorized to
attest to the matters set forth herein.
nn c)jC1 7-oA (Name of Company) owns the property located at
y,p-e± in Cape Girardeau, Missouri. The property 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.
Printed Namea,-t
Subscribed and sworn to before me this day of r 4!2 L ,-2eZ'8: D'c ,
11��RY ANN STONECIPHER
Notary Public, Notary Seel
State of Missouri
Cape Girardeau County
Commission # 21726268
mv Commision Expires 01/25/2025 a t_ nn
Notary Public
My commission ex/pires o(
n:
{I c"if -
TO: City of Cape Girardeau
FROM: Jay B. Knudtson
Executive Vice President
DATE: February 5, 2021
RE: Brennan Todt —TIF Application
Dear Sir or Madam:
WFIEP,E FIRST MEANS MORE
www.wherefirstmeansmore.com
Please be advised that First Missouri State Bank of Cape Girardeau has approved construction financing
for Mr. Brennon Todt on the project located at 101 William Street in Cape Girardeau.
Mr. Todt has a seasoned relationship with our Bank, and we look forward to supporting him with this
exciting project.
Our financial support is largely dependent on this project being approved as a T.I.F. project and we are
excited to partner with Mr. Todt on the redevelopment of the decaying property located at 101 William
Street. It is our hope that Mr. Todt's construction expertise along with his passion to redevelop old
buildings in South Cape will result in a new and vibrant development to "Bookend" the south side of
Cape's historic downtown.
Should you have any questions or concerns, please don't hesitate to reach out to me personally.
Very truly yours,
Ja B. udtson
cutive Vice President
-41,
2 South MountAuhurn Rd. , Cape Girardeau, Missouri 6:3703 s 57.3-334-9000
800 North Kingshighway s Cape Girardeau, Missouri 63.701 s 573-3:35-9000
1846 East Jackson Blvd. *Jackson, Missouri 6.3755 0 5'3-243-9000
Member FDIC FirsT vi�55±wri State Bank of Cabe County . ,r .
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10.14
FORM OF CERTIFICATE OF REIMBURSABLE PROJECT COSTS
Certificate of Reimbursable Project Costs
TO: City of Cape Girardeau, Missouri
401 Independence Street
P.O. Box 617
Cape Girardeau, Missouri 63702
Attention: City Manager
Re: The North Middle/Broadway Redevelopment Project
Terms not otherwise defined herein shall have the meaning ascribed to such terms in the
Redevelopment Agreement dated as of June _, 2021 (the "Agreement") between the City of Cape
Girardeau, Missouri (the "City") and Todt Roofing & Construction, Inc. (the "Developer"). In connection
with said Agreement, the undersigned hereby states and certifies that:
1. Each item listed on Schedule 1 hereto is a Reimbursable Redevelopment Project Cost
that was incurred in connection with the completion of the Developer Project.
2. These Reimbursable Redevelopment Project Costs have been paid by the Developer and
are reimbursable under the Act and the Agreement.
3. There has not been filed with or served upon the Developer any notice of any lien, right
of lien or attachment upon or claim affecting the right of any person, firm or corporation to receive
payment of the amounts stated in this request, except to the extent any such lien is being contested in
good faith.
4. All necessary permits and approvals required for the Developer Project are in full force
and effect.
5. If any cost item to be reimbursed under this Certificate is deemed not to constitute a
"redevelopment project cost" within the meaning of the Act, the Developer shall have the right to
substitute other eligible Reimbursable Redevelopment Project Costs for payment hereunder.
6. The Developer is not in default or breach of any term or condition of the Agreement.
Dated this day of , 20
TORT ROOFING & CONSTRUCTION,
INC.
Brennon Todt, President
Approved for Payment this day of , 20_
CITY OF CAPE GIRARI)EAU, MISSOURI
LOIN
[Name], [Title]
MN
Schedule 1
To Certificate of Reimbursable Project Costs
EXHIBIT C
CONSENT TO RELEASE OF CONFIDENTIAL SALES TAX INFORMATION
To facilitate the reporting requirements that are applicable to The North Middle/Broadway Tax
Increment Financing Redevelopment Plan (the "Redevelopment Plan") pursuant to the Real Property Tax
Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, RSMo., as amended (the "Act"),
[Seller] hereby consents to the inclusion, within any reports required by the Act, of the sales tax revenue
data for its operations within the Redevelopment Area described in the Redevelopment Plan.
Dated: 2020
[Seller]
By:_
Name
Title:
C-1