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HomeMy WebLinkAboutOrd.5685.10-02-2023 BILL NO. 23-138 ORDINANCE NO. a '�1 AN ORDINANCE DESIGNATING A PORTION OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS A REDEVELOPMENT AREA; APPROVING THE RCC TAX INCREMENT FINANCING REDEVELOPMENT PLAN; AND MAKING FINDINGS RELATED THERETO. WHEREAS, 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 approve redevelopment projects pursuant to the Act; and WHEREAS, the City of Cape Girardeau, Missouri (the "City"), duly created the Tax Increment Financing Commission of the City of Cape Girardeau, Missouri (the "TIF Commission"), pursuant to the Act;and WHEREAS, the Act authorizes the TIF Commission to hold hearings with respect to proposed redevelopment areas, plans and projects and to make recommendations thereon to the City Council;and WHEREAS, the TIF Commission has reviewed a plan for redevelopment known as the RCC Tax Increment Financing Redevelopment Plan, attached as Exhibit A hereto and incorporated herein by this reference (the "Redevelopment Plan"), concerning the redevelopment of the property located at 3049 William Street in the City, commonly known as the West Park Mall (as further described on Exhibit 1 of the Redevelopment Plan,the"Redevelopment Area"); and WHEREAS, the Redevelopment Plan divides the Redevelopment Area into six redevelopment project areas (each, an "RPA") and describes a redevelopment project for each RPA (collectively, the "Redevelopment Projects"); and WHEREAS, in response to a solicitation of proposals by the City, River City Centre, LLC (the "Developer")submitted a proposal for the redevelopment of the Redevelopment Area; and WHEREAS, after all proper notice was given, the TIF Commission held a public hearing on June 21, 2023, at which all interested parties had the opportunity to be heard and at which the TIF Commission heard and considered all protests, objections, comments and other evidence presented at the hearing concerning the Redevelopment Plan, the Redevelopment Area and the Redevelopment Projects; and • WHEREAS, after conclusion of the public hearing and after due deliberation, the TIF Commission passed a resolution (attached as Exhibit B hereto) recommending, among other matters, that the City Council (1) approve the Redevelopment Plan, (2) designate the Redevelopment Area as a "redevelopment area," as defined by the Act, (3) approve the Redevelopment Projects and (4) adopt tax increment financing within each RPA; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,MISSOURI,AS FOLLOWS: Section 1. The City Council hereby makes the following findings: A. The Redevelopment Area on the whole is a"blighted area,"as defined in Section 99.805(1) of the Act, and 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. This finding includes, and the Redevelopment Plan sets forth and the City Council hereby finds and adopts by reference: (i) a study prepared by an urban planner which includes a detailed description of the factors that qualify the Redevelopment Area as a "blighted area" and qualify the Redevelopment Projects pursuant to the provisions of Section 99.810.1(1) of the Act and (ii) an affidavit, signed on behalf of the Developer, attesting that the provisions of Section 99.810.1(1) of the Act have been met. B. The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole. C. The estimated dates of completion of the Redevelopment Projects and the retirement of obligations incurred to finance redevelopment project costs have been stated in the Redevelopment Plan, and these dates are no more than 23 years from the date of adoption of the ordinances approving the respective Redevelopment Projects. Moreover, no ordinance approving a Redevelopment Project will be adopted later than 10 years from the adoption of this Ordinance. D. The City has developed a plan for relocation assistance for businesses and residences in conformity with the requirements of Sections 523.200 through 523.215 of the Revised Statutes of Missouri. E. A cost-benefit analysis showing the economic impact of the Redevelopment Plan on each taxing district which is at least partially within the boundaries of the Redevelopment Area is attached as Exhibit C hereto and is incorporated herein as if fully set forth herein. The cost-benefit analysis shows the impact on the economy if the Redevelopment Projects are not built and if the Redevelopment Projects are built pursuant to the Redevelopment Plan. The cost- benefit analysis also includes a fiscal impact study on every affected political subdivision and sufficient information from the Developer for the TIF Commission to evaluate whether the Redevelopment Projects as proposed are financially feasible, and the TIF Commission has found that the Redevelopment Projects as proposed are financially feasible. F. The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment. Section 2. The Redevelopment Area is hereby designated as a "redevelopment area" as defined in Section 99.805(13) of the Act. Section 3. The Redevelopment Plan is hereby adopted and approved. Section 4. 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 5. This Ordinance shall take effect and be in full force 10 days after its passage by the City Council. PASSED AND APPROVED THIS I DAY OF (!�C', b¢r , 2023. r II Stacy Kinder, aylr ATTEST: eruce Taylor, De ty City Clerk 4� file'.. e l fil)4 v , k 014 cn= I O< e711E UNION Ari ,Zr .,,WAS. 41, EXHIBIT A REDEVELOPMENT PLAN [On file in the City Clerk's Office] EXHIBIT B TIF COMMISSION RESOLUTION [On file in the City Clerk's Office] EXHIBIT C COST-BENEFIT ANALYSIS [On file in the City Clerk's Office]