HomeMy WebLinkAboutOrd.5535.05-02-2022 BILL NO. 22-64 ORDINANCE NO.
AN ORDINANCE APPROVING A PETITION FOR THE CREATION OF THE
SILVER SPRINGS COMMUNITY IMPROVEMENT DISTRICT;
ESTABLISHING THE DISTRICT AS A POLITICAL SUBDIVISION OF THE
STATE OF MISSOURI; APPROVING THE APPOINTMENT OF THE INITIAL
BOARD OF DIRECTORS OF THE DISTRICT; AND DIRECTING THE CITY
CLERK TO NOTIFY THE MISSOURI DEPARTMENT OF ECONOMIC
DEVELOPMENT AND THE STATE AUDITOR OF THE CREATION OF THE
DISTRICT
WHEREAS, the City of Cape Girardeau, Missouri (the "City's is authorized and empowered
pursuant to the Community Improvement District Act, Sections 67.1401 to 67.1571 of the Revised
Statutes of Missouri, as amended (the "Act"), to adopt an ordinance to establish a community
improvement district upon receipt of a proper petition requesting the formation of such district and after a
public hearing on such petition; and
WHEREAS, on or about March 22, 2022, a Petition for the Creation of a Community
Improvement District(the "Petition")was filed with the City Clerk of the City(the "City Clerk"), a copy
of which is set forth as Exhibit A, attached hereto and incorporated herein by reference, which requested
the formation of the District, the boundaries of which would include approximately 7.27 acres of
contiguous real property located within the City; and
WHEREAS, the Petition requests the District be authorized to impose a community
improvement district sales and use tax at a rate of up to one percent(1%) on all eligible retail sales made
in the District in accordance with Section 67.1545 of the Act, for the purpose of financing various public
improvements within the District's boundaries as set forth in the Petition(as further described and defined
in the Petition,the "CID Project"); and
WHEREAS, the Petition identified the individuals proposed to serve as the initial Board of
Directors of the District,which individuals shall be appointed by the City's Mayor with the consent of the
City Council in accordance with Section 67.1451.5 of the Act; and
WHEREAS, the City Clerk has verified that the Petition complied with the Act and set a public
hearing with all proper notice being given in accordance with the Act; and
WHEREAS, on April 18, 2022, the City Council held a public hearing at which all persons
interested in the formation of the District were allowed an opportunity to be heard and at which time the
City Council heard all reasonable protests, objections and endorsements; and
WHEREAS, the City Council finds that notice of the establishment of the District has been
properly given and the public hearing thereon has been held in which all reasonable protests, objections
and endorsements have been heard, all in accordance with Section 67.1431 of the Act; and
WHEREAS, the City Council finds that the Petition to establish the District is proper in that it
meets all the requirements of the Act and that the creation of the District is in the best interest of the City
and its citizens.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CAPE GIRARDEAU,MISSOURI,AS FOLLOWS:
SECTION 1. Establishment of District. Pursuant to Section 67.1411.3 of the Act, the Silver
Springs Community Improvement District is hereby established within the City as a political subdivision
of the State of Missouri having the powers and purposes set forth in the Petition. The District shall
include the contiguous real estate described in the Petition.
SECTION 2. Board of Directors. The District shall be governed by a Board of Directors
consisting of five individuals appointed by the Mayor of the City with the consent of the City Council.
Pursuant to Section 67.1451.5 of the Act, the Mayor hereby appoints and the City Council hereby
consents to the appointment of the below-listed individuals to the District's initial Board of Directors.
Name Initial Term
Harry Rediger 4 years from date of appointment
Janet Esicar 4 years from date of appointment
Kathy Bertrand 2 years from date of appointment
Marla Mills 2 years from date of appointment
Matt Hopkins 2 years from date of appointment
The date of appointment of each of the initial directors shall be the date of passage of this Ordinance. No
further action by the Mayor of the City or the City Council is required for the appointment of the
District's initial Board of Directors. The District's Board of Directors shall hold its initial meeting on
such date and at such time as a quorum of directors is available.
SECTION 3. Term. Pursuant to Section 67.1481 of the Act, the District's Board of Directors
shall commence the procedures provided in the Act for the termination of the proposed District upon the
earlier to occur of(i) all of the proposed District's obligations used to finance and reimburse all of the
eligible CID Project costs incurred within the boundaries of the proposed District having been fully
redeemed in accordance with the terms of the Act, or (b) 27 years from the effective date of this
Ordinance.
SECTION 4. Report to Missouri Department of Economic Development. The City Clerk is
hereby directed to prepare and file with the Missouri Department of Economic Development and the State
Auditor the report specified in Section 67.1421.6 of the Act.
SECTION 5. Further Actions Authorized. The City shall and the officials, officers, agents and
employees of the City are hereby authorized and directed to take such further action and execute such
other documents, certificates and instruments as may be necessary or desirable to carry out and comply
with the intent of this Ordinance.
SECTION 6. Severability Clause. It is hereby declared to be the intention of the City Council
that each and every part, section and subsection of this Ordinance shall be separate and severable from
each and every other part, section and subsection hereof and that the City Council intends to adopt each
said part, section and subsection separately and independently of any other part, section and subsection.
In the event that any part, section or subsection of this Ordinance shall be determined to be or to have
been unlawful or unconstitutional, the remaining parts, sections and subsections shall be and remain in
full force and effect, unless the court making such finding shall determine that the valid portions standing
alone are incomplete and are incapable of being executed in accord with the legislative intent.
SECTION 7. Effective Date. This Ordinance shall be in full force and effect ten days after its
passage and approval.
-2 -
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CAPE
GIRARDEAU,MISSOURI,THIS 2"d
DAY OF _Mav 2022.
Stacy Kinder,Mayor
(Seal)
ATTEST:
eruceWTaylor puty City Clerk
C,1RAp
to
rJ
THE xx
SEAL
-3 -
EXHIBIT A
PETITION
(Attached hereto.)
PETITION FOR THE CREATION OF A
COMMUNITY IMPROVEMENT DISTRICT
To the City of Cape Girardeau,Missouri:
The undersigned petitioner("Petitioner's is the owner or representative of the owner of record of
more than fifty percent (50%) (a)by assessed value of all real property within the hereinafter described
community improvement district, and (b)per capita of all owners of real property within the hereinafter
described community improvement district. Petitioner hereby petitions and requests that the City of Cape
Girardeau, Missouri (the "City', create a community improvement district as described herein, to be
known as the SILVER SPRINGS COMMUNITY IMPROVEMENT DISTRICT (the "District',
pursuant to the authority of the Community Improvement District Act, Sections 67.1401 to 67.1571 of the
Revised Statutes of Missouri, as amended(the "CID Act").
1. The proposed District is contiguous and located entirely within the City.
2. A legal description of the proposed District is set forth as Exhibit A, attached hereto and
incorporated herein by reference. A map illustrating the boundaries of the proposed District is set
forth as Exhibit 13,attached hereto and incorporated herein by reference.
3. The name of the proposed District is the Silver Springs Community Improvement District.
4. The proposed District consists of approximately 7.27 acres and all real property located within
the proposed District has a total current assessed value of approximately$854,950.00.
5. Petitioner represents 100% per capita of all owners of record of the real property located within
the boundaries of the proposed District, and 100% by assessed value of all real property within
the boundaries of the proposed District, as more particularly described in the Petitioner's
signature block to this Petition for the Creation of a Community Improvement District (this
"Petition's and as set forth in the table below.
Assessed
Owner Situs Address PIN Acres Value
AJM,LLC Cape 210 Silver Springs Rd., 20-310-00-09- 7.27 $853,410.00
Girardeau MO Cape Girardeau,MO 002.00-0000
Totals: 7.27 Acres $853,410.00
6. The proposed District shall be formed as a political subdivision governed by a board of directors
composed of five (5) directors appointed by the Mayor of the City, with the consent of the City's
City Council. Each director shall, during his or her term, meet the qualifications of
Section 67.1451.2(1)-(2) of the CID Act and shall be an authorized representative of an owner of
property in the proposed District. Successor directors shall be appointed in the same manner.
Successor directors shall serve for a term of four years.
7. The initial directors and their respective terms of office shall be as set forth in the following table.
1
Name Initial Term
-Harry Redi er 4 years
Janet Esicar 4 years
Kathy Bertrand 2 years
Marla Mills 2 years
Matt Hopkins 2 years
8. Petitioner is not seeking a determination that the proposed District, or any legally described
portion thereof, is a blighted area.
9. The proposed District shall not be permitted to issue any tax-exempt debt obligations without the
prior written consent of the City. Petitioner does not seek any other limitations on the borrowing
capacity of the proposed District. Notwithstanding anything in this Petition to the contrary,
obligations issued by or on behalf of the proposed District to finance the costs of the CID Project
(as defined herein) may be issued in one or more phases.
10. Petitioner does not seek limitations on the revenue generation of the proposed District, except as
otherwise provided in this Petition.
11. The proposed District shall have all powers provided in the CID Act, except as otherwise
provided in this Petition.
12. The proposed District shall be authorized, upon approval by the qualified voters of the proposed
District, to impose a sales and use tax(the "CID Sales Tax") at a rate of up to one percent (1%)
on all eligible retail sales made in the proposed District in accordance with Section 67.1545 of the
CID Act, for the duration permitted by the CID Act.
13. Notwithstanding anything in the CID Act or this Petition to the contrary, the proposed District
shall have no power to levy special assessments and, therefore, the maximum rates of special
assessments proposed in this Petition are zero.
14. Notwithstanding anything in the CID Act or this Petition to the contrary, the proposed District
shall have no power to levy real property taxes or business license taxes and, therefore, the
maximum rates of real property taxes and business license taxes proposed in this Petition are
zero.
15. A five-year plan stating a description of the purposes of the proposed District, the services it will
provide, the improvements it will make and an estimate of costs of these services and
improvements to be incurred (collectively, the "CID Project's is set forth in Exhibit C, attached
hereto and incorporated herein by reference. It is anticipated that the proposed District will use
the moneys received from the imposition of the CID Sales Tax to finance and reimburse those
eligible CID Project costs incurred on its behalf.
16. The estimated cost of the CID Project is $2,174,816.17 (excluding Costs of Issuancel, if any, and
the proposed District's administrative fees and expenses including, but not limited to, fees and
1 "Costs of Issuance"shall mean all costs reasonably incurred by the proposed District in furtherance
of the issuance of any bonds or notes, singly or in series, issued by or on behalf of the proposed
District pursuant to the CID Act, if any, including but not limited to the fees and expenses of financial
2
costs related to the proposed District's formation, planning consultants, advisors, auditors and
legal counsel), as more particularly described in Exhibit C, attached hereto and incorporated
herein by reference.
17. The proposed District's Board of Directors shall commence the procedures provided in the CID
Act for the termination of the proposed District upon the earlier to occur of(i) all of the proposed
District's obligations used to finance and reimburse all of the eligible CID Project costs incurred
within the boundaries of the proposed District having been fully redeemed in accordance with the
terms of the CID Act, or (b) 27 years from the effective date of the City's ordinance approving
the creation of the proposed District. For the purposes of the CID Act, this paragraph constitutes
the proposed length or time for the existence of the proposed District.
18. The signature of the signer of this Petition may not be withdrawn later than seven days after this
Petition is filed with the City Clerk of the City.
19. Petitioner respectfully requests that the proposed District be established pursuant to the CID Act.
Dated this 21 st day of March, 2022.
advisors, municipal advisors and consultants, the proposed District's attorneys (including issuer's
counsel and special tax counsel), underwriters' discounts and fees, the costs of printing any
obligations of the proposed District and any official statements relating thereto, the costs, if any, of
credit enhancement, capitalized interest, debt service reserves and the fees of any rating agency rating
any obligations of the proposed District.
3
PETITIONER:
NAME OF OWNER: AJM,LLC CAPE GIRARDEAU MO
TELEPHONE NUMBER: 2/7—Z 3 6-- 7/62
MAILING ADDRESS: 4216 Dewitt Avenue,Mattoon,Illinois 61938
NAME OF SIGNER AND BASIS OF
LEGAL AUTHORITY TO SIGN: Aw DQIir,S' 127,41.1-4 6 d5e
SIGNER'S TELEPHONE NUMBER: 217-Z3.S-71.6 L:
SIGNER'S MAILING ADDRESS: 4421& ®eAuo rr ,4va, 1n,,77`tg6,y z=L
TYPE OF ENTITY: an Illinois series limited liability company
MAP: See Exhibit B
PARCEL NUMBERS: 20-310-00-09-002.00-0000
ASSESSED VALUE: $853,410.00
[SIGNATURE PAGE OF PETITIONER FOLLOWS]
1
By executing this Petition on this 244A day of�p�/cc•A�y 2022, the undersigned
represents and warrants that she or he is authorized to execute this Petition on behalf of the property
owner named immediately above. The undersigned also acknowledges that her or his signature may not
be withdrawn later than seven( )days after this Petition is filed with the City Clerk of the City.
AJM, LLC CAPE GIRARDEAU MO, an
Illinois series limited liability company
By: AJM, LLC, an Illinois limited liability
company its sole member
Name: AIVA!
Title: 1"A.y,46 E�
STATE OF
SS.
COUNTY OF C oc-ES' )
On this 24A day of AANAAAj/ in the year 2022 before me,
54 w AtzZete44 a Notary Public in and for said state, personally appeared
Doa/ oAvrS the MAA14&44 , of AJM, LLC,
known to me to be the person who executed the within Petition in behalf of said limited liability company
and acknowledged to me she or he executed the same for the purposes therein stated.
Subscribed and affirmed before me this day of 92022.
off.
Notary Public
.�H�,B�/ �¢GD.e<cL,F O FIC AL SEAL
Printed Name: SherriShl L. Aldrich
[NOTARY PUBLIC,STATE OF ILLINOIS
My Commission Expires: /2�.Z Q�zo1.�f @ommisslon Expires 12/29/2024
[SIGNATURE PAGE OF PETITIONER]
Exhibit A
Legal Description of Proposed District
TRACT 1:
A PART OF LOT 2 OF THE RODNEY 400-ARPEN TRACT AND TART OF OUTLOT NO.84, BOTH LYING
EAST OF SILVER SPRINGS ROAD AND SOUTH OF STATE ROUTE K IN THE CITY AND COUNTY OF
CAPE GIRARDEAU, MISSOURI, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF OUTLOT 84;THENCE NORTH 08 DEGREES 45 53"
EAST,845.62 FEET TO AN IRON ROD,SAID POINT BEING THE SOUTHWEST CORNER OF THE
TALBERT PROPERTY AND THE POINT OF BEGINNING;THENCE SOUTH 81 DEGREES 28'EAST
ALONG THE SOUTH LINE OF THE TALBERT PROPERTY 150.00 FEET TO AN IRON ROD;THENCE
CONTINUE ALONG SAID PROPERTY, NORTH 62 DEGREES 02' EAST,62.11 FEET TO AN IRON ROD
ON THE WESTERLY LINE OF THE JERRY LIPPS PROPERTY;THENCE SOUTH 03 DEGREES 33'EAST,
475.8886 FEET ALONG SAID WESTERLY LINE TO AN IRON ROD;THENCE SOUTH 86 DEGREES 29'
WEST,378.08 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF SILVER SPRINGS ROAD,(Trip
FOLLOWING 3 CALLS ARE ALONG THE SAID EASTERLY RIGHT-OF-WAY LINE);THENCE ON A CURVE
CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 485 FEET,AN ARC LENGTH OF 251.88 FEET,
CHORD BEARING OF NORTH 40 DEGREES 00'WEST,DISTANCE OF 249.06 FEET TO AN IRON ROD
AND POINT OF TANGENCY;THENCE NOR T H S4 DEGREES S2'WEST, 100.00 FEET TO A CHISELED
'XX"AND THE BEGINNING OF A CURVE CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 365
FEET,AN ARC LENGTH OF 236.26 FEET,CHORD BEARING OF NORTH 36 DEGREES 23'WEST,
DISTANCE OF 232.18 FEET TO A RIGHT-OF-WAY MARKER ON THE SOUTHERLY RIGHT-OF-WAY
LINE OF STATE ROUTE K,(THE FOLLOWING 3 CALLS ARE ALONG SAID SOUTHERLY RIGHT-OF-WAY
LINE);THENCE NORTH 41 DEGREES 38'EAST 102.86 FEET TO A RIGHT-OF-WAY MARKER;THENCE
NORTH 77 DEGREES 25'EAST, 105.12 FEET TO AN IRON ROD;THENCE NORTH 83 DEGREES 26'
EAST,95.36 FEET TO AN IRON ROD;THENCE LEAVING SAID RIGHT-OF-WAY LINE,SOUTH 21
DEGREES 03' EAST,60.00 FEET;THENCE NORTH 68 DEGREES 57'EAST,50.00 FEET;THENCE
NORTH 21 DEGREES 03'WEST,60.00 FEETTO AN IRON ROD ON SAID SOUTHERLY RIGHT-OF-WAY
LINE OF STATE ROUTE K(THE FOLLOWING 2 CALLS ARE ALONG SAID SOUTHERLY RIGHT-OF-VVIAY
LINE);THENCE NORTH 68 DEGREES 54'EAST, 226.51 FEET TO A RIGHT-OF-WAY MARKER;THENCE
NORTH 76 DEGREES 31'EAST,26.27 FEET TO AN IRON ROD ON THE EAST'LINE OF OU710T 84;
THENCE SOUTH 08 DEGREES 49'WEST ALONG THE EAST LINE OF OUTLOT 84,162.22 FEET TO
THE POINT OF BEGINNING.
Exhibit B
Boundary Map of the Proposed District
The boundaries of the proposed District are outlined as shown on the map below,and as further shown on
the following page.
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Exhibit C
FIVE-YEAR PLAN
SILVER SPRINGS COMMUNITY IMPROVEMENT DISTRICT
DATED: March 21,2022
Introduction
AJM, LLC CAPE GIRARDEAU MO (the "Petitioner's proposes to create the Silver Springs
Community Improvement District (the "District's pursuant to the Community Improvement District Act,
Sections 67.1401 to 67.1571 of the Revised Statutes of Missouri, as amended, (the "CIDAct").
Section 67.1421 of the CID Act requires that the petition for the creation of the proposed District be
accompanied by a five-year plan, which includes a description of the purposes of the proposed District,
the services it will provide, the improvements it will make and an estimate of the costs of these services
and improvements to be incurred. This Five-Year Plan(the "Plan") is presented in order to comply with
the statutory requirement referenced above.
Generally, a community improvement district is a statutory tool a municipality may implement in
order to allow a specific area or section of the municipality to fund (either in part or in whole) certain
improvements and services within certain defined boundaries by securing a portion of the area's own
economic activity.
This Plan contains the following: (A)a description of the location and formation of the proposed
District; (B)a description of the anticipated proposed District revenues over a five-year period; (C)a
summary of the improvements and services to be provided by the proposed District over a five-year
period; (D) an estimate of costs of the services and improvements to be incurred over a five-year period;
and (E) an anticipated schedule for the proposed District's improvements, activities and services over a
five-year period. This Plan is an integral and composite part of the Petition for the Creation of a
Community Improvement District (the "Petition's to which it is attached and incorporated therein by
reference.
A. District Location and Formation
The proposed District totals approximately 7.27 acres and is generally bounded by and adjacent
to State Highway K to the north, Silver Springs Road to the west in the City of Cape Girardeau,Missouri
(the "City'. The proposed District is contiguous.
The District is proposed to be a political subdivision of the State of Missouri. The proposed
District, pursuant to the CID Act, is empowered to provide a variety of public services and to finance a
number of different public improvements within its boundaries, which services and improvements will be
paid for from revenues from taxes imposed within its boundaries.
B. District Revenues
The proposed District is being formed to raise revenues by imposing an additional community
improvement district sales and use tax(the "CID Sales Tax's at the rate of up to one percent(1%) on all
taxable retail sales within its boundaries which are subject to taxation pursuant to Sections 144.010 to
144.525 of the Revised Statutes of Missouri, as amended, except sales of motor vehicles,trailers, boats or
outboard motors and sales to or by public utilities and providers of communications, cable or video
services.
The imposition of the CID Sales Tax is subject to approval by the qualified voters within the
proposed District. To the extent that there are no registered voters within the proposed District, the CID
Act provides that the qualified voters are the owners of one or more parcels of real property located
within the proposed District per the tax records of Cape Girardeau County, Missouri ("County's as of the
thirtieth day before the date of the applicable election. Once the proposed District is established by
ordinance of the City, the proposed District's Board of Directors will submit the question of whether it
shall be authorized to impose the CID Sales Tax to the qualified voters for approval in accordance with
this Plan.
Notwithstanding anything in the CID Act or the Petition to the contrary, the proposed District
shall have no power to levy real property taxes or business license taxes.
C. Summary of Improvements and Services to be Provided
The purpose of the proposed District is to provide assistance to or to construct, reconstruct,
install, repair, maintain, and equip certain public improvements within its boundaries, and to support
business activity and economic development in the proposed District and to provide services and
activities as allowed under Section 67.1461 of the CID Act. The proposed District will impose the CID
Sales Tax to finance and administer these improvements and services as provided under the CID Act.
In general, the proposed District may undertake any of the public improvements or provide for
any of the activities or services set forth in the CID Act. Pursuant to Section 67.1461 of the CID Act the
proposed District may acquire by purchase, lease, gift, grant, bequest, devise or otherwise, any real
property within its boundaries, personal property, or any interest in such property. The proposed District
may also sell, lease, exchange, transfer, assign, mortgage, pledge, hypothecate, or otherwise encumber or
dispose of any real or personal property or any interest in such property. The proposed District may
dedicate to the City, with the City's consent, streets, sidewalks, parks, and other real property and
improvements located within its boundaries for public use. In addition, the proposed District may enter
into one or more agreements with the City for the purpose of abating any public nuisance within the
boundaries of the proposed District including, but not limited to, the stabilization, repair or maintenance
or demolition and removal of buildings or structures, provided that the City has declared the existence of
a public nuisance.
To fund any or all of its activities in connection with the exercise of any of the above or any other
powers of the proposed District under Section 67.1461 of the CID Act, the proposed District may borrow
money from any public or private source and issue obligations or cause obligations to be issued on its
behalf, in one or more phases, and provide security for repayment of the same as provided in the CID Act.
Specifically, the District is proposed to provide funding for those powers of a district provided
under Section 67.1461.1 of the CID Act and various public improvements (as further described below)
within the proposed District's boundaries, which public improvements are anticipated to be made in
connection with the development, operation and maintenance of a new commercial retail development of
a farm and home store within the proposed District (together with any public improvements, activities or
services outlined in this Section C, the "CID Project's as allowed under the CID Act. The estimated cost
of the CID Project is$2,174,816.17, as described in the chart on the following page.
CATEGORY ESTIMATED COST*
Land Acquisition
Land $ 1,282,432.17
Sub Total—Land Acquisition $ 1,282,432.17
Site Preparation and Improvements
Landscaping $ 2,000.00
Sidewalks $ 45,000.00
Streets $ -
Traffic signs $ -
Domestic/Fire Water $ 80,500.00
Gas $ -
Electric $ 215,050.00
Cable $ 122,500.00
Phone $ -
Storm water system $ 35,000.00
Sanitary system $ 49,000.00
Parking lots $ 173,334.00
Lighting $ 95,000.00
Benches $ -
Trash receptacles $ 4,500.00
Grading $ 65,000.00
Environmental cleanup $ 5,500.00
Sub Total—Site Preparation and Improvements $ 892,384.00
TOTAL** $ 2,174,816.17
* The amount in each budget category is an estimate. Savings in one budget category may be
applied to additional costs incurred in other budget categories.
** Excludes Costs of Issuance as defined in the Petition, if any, the proposed District's
administrative fees and expenses including, but not limited to, fees and costs related to the
proposed District's formation, planning consultants, advisors, auditors and legal counsel, and
reimbursement to the City for the City's third-party professional costs directly related to the
City's consideration of the proposed District including, without limitation, legal and planning
expenses incurred in relation to the City's establishment of the proposed District, and the City's
participation and responsibilities with regard to the ongoing operation, functions and
administration of the proposed District.
The proposed District may fund any portion of the costs of acquisition, design, construction,
operation and maintenance of the CID Project. CID Sales Tax revenues may be used to fund in part either
direct costs of the CID Project or financing costs of the CID Project, or both.
On an annual basis, the CID Sales Tax revenues and will be applied as follows: (a) first, to fund
the on-going administrative costs of the proposed District,the amount of which will be determined by the
proposed District's Board of Directors in connection with the adoption of the annual budget of the
proposed District, and (b)second, to fund the costs of the CID Project or any obligations issued by or on
behalf of the proposed District to finance the costs of the CID Project. This formula will be applied
throughout the term of the proposed District.
The CID Act mandates that existing City services will continue to be provided within a proposed
district at the same level as before the proposed district was created (unless services are decreased
throughout the City) and that any proposed district services shall be in addition to existing City services.
The Petitioner anticipates that City services will continue to be provided within the proposed District at
the same level as before the proposed District was created, and the proposed District will not cause the
level of City services within the proposed District to diminish. Without the additional funding provided
by the proposed District, the Petitioner would not be able to adequately develop, operate and maintain the
CID Project.
D. Estimate of Costs of Services and Improvements to he Incurred
The total.estimated cost of the CID Project over the initial five-year period is approximately
$2,174,816.17. As stated above, CID Sales Tax revenues and may be used to fund in part either direct
costs of the CID Project or financing costs of the CID Project, or both.
E. Anticipated Schedule
On the next page is a summary of the improvements, activities and services anticipated to be
provided by the proposed District over the initial five-year period.
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Year Improvements,Activities and Services
2022 • Establish District
i District's Board of Directors authorizes imposition of CID Sales Tax
• District holds mail-in election to impose CID Sales Tax
• Phase one of CID Project commences and is completed
• Issuance of District obligations, if any,related to phase one of CID Project
• Provide financing for a portion of the costs of the CID Project
• Provide for collection of CID Sales Tax
• District provides for its on-going administration
2023 • Phase two of CID Project commences and is completed
• Issuance of District obligations, if any,related to phase two of CID Project
• Provide financing for a portion of the costs of the CID Project
• Provide for collection of CID Sales Tax
• District provides for its on-going administration
2024 • Provide financing for a portion of the costs of the CID Project
• Provide for collection of CID Sales Tax
• District provides for its on-going administration
2025 • Provide financing for a portion of the costs of the CID Project
• Provide for collection of CID Sales Tax
• District provides for its on-going administration
2026 • Provide financing for a portion of the costs of the CID Project
• Provide for collection of CID Sales Tax
0 District provides for its on-going administration