AMENDED REDEVELOPMENT PLAN
11/24/02 MOPR NOTES: Below is a retype of VP'S ARP (Amended Redev Plan), pages 2 thru 24. There was no Page 1 & I submitted a written request to the city for it on 6/4/02, but have yet to receive it. Page #'s are at the bottom of each. Click here to see Exhibit 1 B, letter from the COE per Page 13; altho it was not so-labeled, it was attached. Page 15 references Exhibit B, but the only B Exhibit was 1 B.
Plate 5, entitled Existing & Proposed Zoning, & Plate 6, Property Acquisition/Disposition Plan, have been scanned to show what they look like. All 7 Plates, & Exhibit A, a 4-page TIF District boundary description, can be obtained from VP City Hall.
Ref MOPR's Initials & Abbrevs Page since they are used in this retype, except that "R" is used here for "redevelopment".
((There is no date or title))
The Valley Park Redevelopment Project Area (the "Redevelopment Area") or Tax Increment Financing District, illustrated on Plate 1, whose legal description follows as Exhibit "A", qualifies to be designated as a "blighted area". By statutory definition, a blighted area under Missouri Revised Statutes, sections 99.800 through 99.8865 is "an area which, by reason of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire & other causes, or any combination of such factors, retards the provision of housing accommodations or constitutes an economic or social liability or a menace to the public health, safety, morals, or welfare in its present condition & use."
FINDINGS OF BLIGHT
In July of 1988, Campbell Design Group staff conducted a windshield survey of the R area & reviewed existing engineering & flood control studies as well as other data they deemed necessary to determine the level of blight in a preliminary blight study. The survey revealed that the R area exhibits several characteristics indicative of blight, as defined by statute. The existing land uses in the R area are illustrated on Plate 2.
Age & Obsolescence:
The commercial structures in the R area exhibit specific
characteristics of age & obsolescence. Largely due to age, a significant number of these buildings display functional obsolescence for commercial structures, severely limiting their continued viability. Many of these older structures are constructed at the street frontage, with parking in the rear, therefore undesirable in terms of modern merchandising techniques. Several other buildings display excessive building coverage, taking up almost their entire lots & providing little or no associated parking. The area located southwest of Highway 141 & south of the Missouri Pacific Railroad has commercial establishments which do not accommodate parking, loading & circulation requirements necessary for an efficient & modern commercial use. Bills Glass Service, Lamps For Less & the Environmental Landscaping Garden Center are examples of businesses which do not provide parking in front of their buildings. This results in a front yard setback which does not meet present code requirements & a vehicular & pedestrian circulation pattern which is not conducive to modern business operations.
Several factors discourage the establishment of well planned commercial, industrial, & residential devs in the R area. These factors include the inadequate & outmoded design of the structures, as well as the physical configuration of the area. The majority of the Study Area was originally platted for residential dev. The residential lots are, for the most part, 50 feet wide & range in depth from 130 to 150 feet. The small size of the lots limits the type of residential dev which can occur, & is not typical of lots platted in modern residential subdivisions.
Furthermore the majority of the structures in the R area were built prior to the adoption of Federal Emergency Management Agency (FEMA) Flood Regulations. Although these structures are within a flood prone area they are allowed to exist by means of the "grandfather clause" under the Federal Flood Insurance Act & remain insured only because they are classified as legal nonconforming structures. The structures are outmoded in design, as they do not meet present code requirements.
Conditions Which Endanger Life or Property
In 1982, FEMA published a National Flood Insurance Rate Map which designates various zones of food prone areas for insurance purposes. Of the total 743 acres of land within the R area, 676 acres or 91% of the land is located within a 100-Year Flood Boundary & Undevelopable/Floodway Area. The northeast corner of the R area has a flood rating of A4 whereas the southern area is rated as an A15 zone. Ratings designate high risk flood prone area, the higher the rating the lower the land elevation. Therefore, the area located in the A15 zone will flood to a greater extent than the area rated as A4.
This flood prone area is hazardous to the health & well being of the people residing in this area & has contributed to the deterioration of the structures. Flood insurance rates & the high expectation of damage or destruction area significant economic restrictions to investment, improvement, rehabilitation or new dev. Until the flood prone areas can be protected it is nearly impossible to accomplish rehabilitation, make public improvements, or attract new dev.
The Lower Meramec River Flood Damage Reduction Project, published by the U.S. Army Corps of Engineers, St. Louis District, Lower Mississippi Valley Division in March of 1987 studied the lower 51 miles of the Meramec River. The study area included twenty-one incorporated & unincorporated communities. The report states that:
"The city of VP sustains flood damages significantly higher than those of any other community within the study area. In fact, its total average annual flood damage of $1,496,300 represents over 55 percent of total flood damage within the study area. The reason for the anomaly is simple. The city has the great majority of its dev within fairly low zones of the flood plain. A total of 679 structures (510 residential, 169 non-residential) are located within the Standard Project Flood Plain. Roughly, half of these structures, including 293 residential buildings, are also damaged by the (ten) 10-year flood. Included within the 100-year flood plain are all of the city's essential facilities including, its city hall, the police station, the fire station, its library, the post office & all of its primary & secondary school buildings. The majority of these facilities are rendered inaccessible by a (ten) 10-year flood."
Of the 679 structures within the Standard Project Flood Plain, 302 or 44% are within the R area. In 1983, National Flood Insurance Program data indicated that the floods of 1982 & 1983 caused $1,377,000 worth of damage to insured properties within the R area. The flood of 1983 accounted for only $299,000, which is largely explained by the fact that much of the damage caused in 1982 had not been repaired by the time the 1983 flood
occurred. While these damage figures appear high, they are only a conservative estimate of the total damage, as they reflect only the property damage incurred by insured properties. These figures do not include uninsured properties or losses caused by production stoppages or employee layoffs.
It is unlikely that businesses can afford to absorb similar loses in the future. The result will be that the businesses will relocate & the city will suffer a loss in tax revenue. The R area will not generate sufficient tax dollars to pay for the required services provided by the city, thus worsening the existing blighted condition of the area & creating an economic liability for the entire city.
Moreover, the recurrent flooding is a menace to the public health of the residents of flood prone areas putting them at direct risk of personal injury & drowning, as well as being associated with the disruption of public health & sanitary sewers associated with floods.
Another problem in the R area is the existing layout of commercial & residential land use abutting a primary arterial road. The Average Daily Traffic on Highway 141 is 16,410 & increases to 17,130 on the north side of Big Bend Road. Along Highway 141 north of Forest Avenue & south of VP High School there is a concentration of establishments that create multiple curb cuts. Two residential units, seven commercial units, a church & the VP School District make up eleven curb cuts in a concentrated area. This is a potentially dangerous situation in that the numerous curb cuts create a traffic hazard with cars entering & leaving the highway.
Deterioration & Dilapidation
Deterioration & dilapidation is most evident when considering the infrastructure of the R area. Street widening & the installation of storm sewers, curbs & sidewalks in many areas are essential to the sanitary maintenance of the city of VP. In many locations, inadequate drainage causes water to collect resulting in erosion & the eventual deterioration of the road surface & its subgrade material. Therefore, many roads are in poor condition. Residential areas on Marshall Road have no storm sewers. West on Vance Road, one lot east of the Water Bed Store is a junk site that presents a sanitary hazard to the city. The site has rusted trucks, coiled pipes, boards, windows, rugs, cement slabs, a sink & other debris left from the demolition of former structures.
Physical deterioration of buildings exists throughout the R area. As illustrated on Plate 3, 21 buildings need minor repair, 30 buildings require major repair, 12 buildings are classified as dilapidated, & 6 have been abandoned or are vacant.
Specific examples of deteriorated buildings within the R area include:
Joyce Automotive, on Vance Road: This building has windows which are either broken or boarded up, siding comprised of a variety of materials, & appears to be in need of major structural repair.
Fine Foods, on Vance Road: This building is divided into seven individual
commercial units. The building requires minor rehabilitation, including the replacement of downspouts & gutters, the repair of the roof overhang & painting. Two of the seven units are vacant & of the two vacant outbuildings on the site, one is dilapidated & the other requires major rehabilitation.
On the north side of Marshall Road in the eastern portion of the R area: There are four residential structures that have deteriorated beyond repair & are classified as dilapidated. 10 residences are in need of major repair, the foundations are cracked, windows have been boarded up & gutters are broken. 6 residential units are in need of minor repairs, including painting & the replacement of broken windows. 5 of the buildings are vacant.
A group of residential units on River Drive that runs parallel to the Meramec River: These units are for the most part in need of major rehabilitation. Because of their location in a flood prone area, structures are on stilts to protect them from the flooding of the Meramec River. Most of the structures have cracks in their foundation, siding & gutters need to be replaced & broken windows have been boarded up. There is also a junk site located on the furthest northeast portion of River Drive which has rusted trucks, boards, tires & other debris.
These examples serve to indicate that the R area is blighted. Therefore, if existing conditions are allowed to continue unchecked, the level of blight will increase at an exponential rate.
Findings for the R area or TIF District are set forth as follows:
The R area is a blighted area & meets the definition of "Blighted Area" under section 99.805 of the Real Property Tax Increment Allocation Redevelopment Act, Missouri Revised Statutes 1986, as amended to the date of adoption of this ARP (the "TIF Act").
Lack of Growth & Redevelopment:
The R Area, on the whole, has not experienced economic growth in the past 5 years particularly in the CBD where much deterioration has taken place. Manufacturing, wholesale trade, service industries & retail trade have all decreased in number of establishments located in the area. The flood of December 1982 had a significant impact on the number of establishments relocating to other parts of the city or outside of the city. Because of the current threat of subsequent flooding, there is no economic incentive to develop or rehabilitate existing structures in the Study Area.
Therefore, the R area, on the whole, has not been subject to growth & development through investment by private enterprise & would not reasonably be anticipated to be developed without adoption of this ARP.
Conformance With The Comprehensive Plan:
A Comprehensive Plan for the city of VP was adopted on February 2,
1988. This ARP is in complete compliance with the goals & objectives & future land use plan of the 1988 Comprehensive Plan. This ARP does not propose to change any land use from those identified in the Future Land Use Plan component of the Comprehensive Plan.
Estimated Dates for Implementation:
The estimated date for complete implementation of this ARP is December 2011, constituting a total time frame of 20 years. Obligations incurred to finance redevelopment project costs will be retired on or prior to that date. The project time schedule for full implementation of this ARP is as follows:
04/16/01 Notify taxing districts to appoint members by certified mail.
02/04/02 City passes Ordinance Amending Settlement &
Intergovernmental Cooperation Agreement
02/20/02 Certified Notice to taxing districts for hearing April 11, 2002
03/15/02 Letter to TIF Commission outlining proposed changes.
03/15/02 Publish Notice Public Hearing (not more than 30 days).
03/29/02 Public inspection of proposed amendments.
04/01/02 Hearing Notice by certified mail to "persons in whose name
taxes were paid" for April 11, 2002, hearing (not less than 10-
04/03/02 Publish Notice (not more than 10 days).
04/11/02 Public Hearing on Amendment, TIF Committee meeting.
04/29/02 Adopt Amended Plan by Ordinance (Special Meeting, not less
than 14 days after hearing).
Bond sale, after April 29, 2002
Relocation Assistance Plan
The city will provide relocation assistance as may be required to property-owners whose property it acquires &/or who are displaced as a result of R projects in conformance with standards set forth by the federal Uniform Relocation & Real Property Acquisition Policies Act of 1970 & in conformance with a Relocation Policy to be adopted by the city in accordance with sections 523.200 & 523.205 of Missouri Revised Statutes.
A relocation plan has been included & budgeted in the land acquisition costs part of the city's contribution to the construction of the Levee project.
The following are the main objectives for the proposed R Area.
1. Eliminate &/or reduce the substandard conditions & under-utilization which quality the R area as "blighted area" under the terms of the TIF Act;
2. Prevent the recurrence & expansion of these blighting condition;
3. Enhance the tax base of the city of VP;
4. Enhance the tax base of other taxing districts whose jurisdictions include the R area;
5. Stimulate rehabilitation & R of R Area & environs through investment of the private investment;
6. Provide an implementation mechanism which will accelerate the achievement of these objectives & complement other community & economic dev programs.
LAND USE PLAN
Plate 4 depicts the Land Use Plan for the city of VP as well as the proposed projects in this ARP. The northern portion of the R area between Dougherty Ferry Road & Grand Glaize Creek is proposed as Planned Dev Commercial & Planned Dev Residential. Part 1 of this area is a planned mixed use dev called "the Lakes at Big Bend". This dev will include commercial, residential, including a skilled nursing facility, open space & recreation land. The site will include several lakes which are located in the floodway & will be designed to alleviate flooding in the R area.
Also protected by the proposed Levee project are areas planned for both future residential & commercial devs.
It is proposed that the area unprotected by the Levee project & which remains in the 100-Year flood prone area be designated for park & recreational use.
This land use plan is identical to that which was included with the 1988 Comprehensive Plan for the city of VP.
Existing & Proposed Zoning
Plate 5 depicts the existing zoning for the R area & the city. This ARP does not propose any changes to existing zoning.
REDEVELOPMENT PROJECT DESCRIPTIONS
The stabilization & improvement of the entire R area will be facilitated by 3 public improvement projects. The projects include construction of a levee designed to protect anticipated private dev activities & to encourage additional private investment. Anticipated private dev & investment is described in the section below. The public improvement projects are described in the sections following.
Public Redevelopment Projects:
The following indicates the public improvement projects to be undertaken by the city to implement this ARP & achieve its objectives.
1. Levee. Build a levee to protect a large portion of the city, currently located in an A15 flood prone zone, from flooding of the Meramec River. The Army Corps of Engineers has completed preliminary plans for a levee in VP. The city would be responsible for acquiring rights-of-way (R.O.W.) for the levee as well as other contributions. The city is responsible for a total of an estimated $11,666,000 of the total project cost, $10,625,000 of which may be funded through the Special Allocation Fund. This levee would protect portions of the city currently in the 100-Year Flood Plain. The city will enter into a "Local Cooperation Agreement" with the Federal Government to secure the federal funding related to completion of this flood control project. See Exhibit 1 B, letter from Corps of Engineers.
2. School District Capital Costs. The city has reimbursed the VP School District for capital costs in the amount of $600,000. The city agrees to reimburse the school for additional capital costs in an amount of
$100,000 annually for 10 consecutive years, aggregating $1,000,000 for the following:
Land Acquisition Costs & Construction of an Early Child Development Center on the school district campus.
3. Fire District Capital Costs. The city shall continue reimbursing the VP Fire District for capital costs in an amount not to exceed $250,000.
The combination of these activities will greatly enhance existing dev & will allow the city to make changes which will encourage new dev.
Plate 6 identifies properties which may be acquired &/or assembled to carry out projects described in this ARP. The city may assist private individuals & developers in the acquisition & assembly of these & other properties needed to carry out redevelopment projects which are consistent with this ARP. The city may also acquire & assemble properties & sell, lease or dedicate those properties to private individuals or developers for redevelopment projects which are consistent with this ARP.
The city may also acquire & assemble properties for the construction of public improvements needed to implement this ARP. The city may exercise the power of eminent domain to acquire these properties. Plate 7 indicates the location of public improvements planned within the redevelopment area.
For residents or occupants of properties which it acquires, the city will provide relocation assistance based on regulations set forth by the federal Uniform Relocation & Real Property Acquisition Policies Act of 1970 & with the city's Relocation Policy adopted in accordance with sections 523.200 & 523.205 of Missouri Revised Statutes. Relocations such as utilities & sewers & associated engineering costs for the levee are estimated as shown on Exhibit B.
REDEVELOPMENT PROJECT COSTS
The TIF Act allows the city to incur R project costs defined as "the sum total all reasonable or necessary costs to a R plan or R project, as applicable. Such costs include, but are not limited to the following:
a) Costs of studies, surveys, plans, & specifications;
b) Professional service costs, including, but not limited to, architectural, engineering, legal, marketing, financial, planning or special services;
c) Property assembly costs, including, but not limited to acquisition of land & other property, real or personal, or rights or interests therein, demolition of buildings, & the clearing & grading of land;
d) Costs of rehabilitation, reconstruction, or repair or remodeling of existing buildings & fixtures;
e) Initial costs for an economic dev area;
f) Costs of construction of public works or improvements;
g) Financing costs, including, but not limited to, all necessary & incidental expenses related to the issuance of obligations, & which may include payment of interest on any obligations issued hereunder accruing during
the estimated period of construction of any R project for which such obligations are issued & for not more than eighteen months thereafter, & including reasonable reserves related thereto;
h) All or a portion of a taxing district's capital costs resulting from the R project necessarily incurred or to be incurred in furtherance of the objectives of the R plan & project, to the extent the municipality by written agreement accepts & approves such costs;
i) Relocation costs to the extent that a municipality determines that relocation costs shall be paid or are required to be paid by federal or state law;
j) Payments in lieu of taxes".
Summary of Estimated Redevelopment Project Costs:
Table 1, below is a summary of current estimated costs for activities, public improvements, & individual projects specifically described in this ARP.
REDEVELOPMENT PROJECT ACTIVITY
|1.||School District Capital Costs||$ 1,600,000|
|2.||Fire District Capital Costs||$ 250,000|
|3.||City's portion of cost to construct flood|
|control levee within the R area||$11,666,000|
|Total R Project Costs||$13,516,000|
The above expenditures represent the maximum expenditures payable from the Special Allocation Fund & authorized by this ARP.
The city's portion of cost to construct the flood control levee, which as shown above may not exceed $10,625,000 payable from the Special Allocation fund, may consist only of costs of issuance of the TIF Obligations (defined below), debt service reserves, prepaid interest & actual expenditures to third parties paid by the city & qualifying for inclusion in the city's local matching levee costs & qualifying under the TIF Act for payment out of TIF revenues, but exclusive of any legal fees or other costs of litigation leading to or arising out of The School District of VP V. city of VP, Cause No. 588648, St. Louis County Circuit Court, which shall not be paid for with TIF revenues or be reimbursable to the city out of TIF revenues, other than those reimbursed prior to October 23, 1991 & which have been disclosed to the School District in a communication dated October 22, 1991.
City-issued obligations are the principal source of funds used to pay R project costs. Tax increment revenue used to retire the obligations & pay such costs will be derived from increases in equalized assessed valuation & from one hundred percent (100%) of total additional revenues from taxes which are imposed by the city (as described below) & fifty percent (50%) from taxes which are imposed by other taxing districts & which are generated by economic activities within the area of the R project, over the amount of such taxes generated by economic activities (within the area of the R project in the calendar year prior to the adoption of Ordinance #1062 approving the R Projects so long as Ordinance #1062 remains in effect, including without limitation retail sales taxes, transportation taxes, utility taxes, but excluding: (i) taxes imposed on
sales or charges for sleeping rooms paid by transient guests of hotels & motels; (ii) licenses; (iii) fees; (iv) special assessments other than Payments in Lieu of Taxes & (v) personal property taxes. (mopr note: there was no ) symbol)
Approximately $10,625,000 of TIF Revenue is expected to be needed to provide sufficient funds for initial land acquisition, relocation, & construction costs as outlined in this ARP. A bond or note ("TIF Obligations") will be issued by the City of VP to finance no more than $10,625,000 of these activities. The TIF Obligations will be repaid from the "Special Allocation Fund" established under City Ordinance #949, as amended.
Equalized Assessed Valuation Before Dev:
The total 1988 equalized assessed value (EAV) for the R Project Area, as certified by the St. Louis County Assessor, was $2,969,650.
Equalized Assessed Valuation After Dev:
The EAV has increased to $15,971,950 for 2001. The increase of $13,002,350 should generate $930,522 based on 2001 tax rates in the TIF District.
The School District Capital Costs shall be paid by the city out of the Special Allocation Fund in annual installments of $100,000.
Additional Sources of Revenue:
The redevelopment of & general strengthening of the tax base within the R area & surrounding areas of the city as a result of
improvements in the blighted area of the city offer obvious but at this point non-specific opportunities for the application of additional revenues to reduce the dependence of this ARP on tax increment revenue & thus accelerate & dramatically increase the long term tax revenue to affected taxing districts.
1. Further Growth of Property Tax Base As the existence & benefit of the flood protection provided by the levee is anticipated by private devs & land owners within the R area, more long term private dev would not occur but for the R project & as it further adds to the R area, the payment of obligations & R costs will be significantly accelerated. This will reduce dependence on long term tax increment revenues & increase tax revenues to all taxing districts.
2. Additional Tax Revenue Implementation of this ARP will produce additional tax revenue to the City of VP generated by economic activities within the R area. The TIF Act allows the city to pledge any part or combination of net new revenues of any R project to secure its obligations or to pay R project costs. Accordingly, by ordinance, the city will pledge to pay into the Special Allocation Fund, subject to annual appropriation, 100% of the total additional revenues from taxes imposed by the city, and which are generated by economic activities within the R area over the amount of such taxes generated by economic activities within the R area in the calendar year prior to the adoption of this ARP by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or charges for sleeping rooms paid
by transient guests of hotels or motels, licenses, fees, special assessments & personal property taxes, other than payments in lieu of taxes (the "Municipal Revenues").
The taxes imposed by the city, the additional revenues from which will constitute the Municipal Revenues, including without limitation retail sales tax, utility taxes (gas, water & electric), & any tax not currently in existence that may be imposed by the City of VP affected economic activities in the city.
3. The growth of commerce & industry in VP encouraged by the implementation of the R plan may justify a reformation of the taxing & licensing policy of the City of VP. Establishment of new taxes or licenses fees may produce new revenues to the city. These new revenues can represent a significant source of funds that will accelerate completion & closing out of the R projects.
4. Donation of Land & the Properties & Services: The dev of a large public works project offers the opportunity for civic minded individuals & business to encourage & accelerate the dev of the levee by donating the land required to the city. This may also offer the possibility of a charitable deduction from taxable net income for both the individual & corporate contributor & significantly reduce the cost of this ARP; subject to the limitations on the deductibility of charitable contributions provided in the Internal Revenue Code. Such contributions, although not a form of revenue, reduce the total R costs necessary to be financed & thus shorten & reduce the dependence of the R project on tax increment revenues. The reduction in flood insurance costs & charitable deductions may be equal in value to the land or
The majority of the construction cost of the levee is to be provided by federal funding contracts between the City of VP & the Army Corps of Engineers. It is anticipated that annual appropriations will be made to complete the federal funding obligation under the contract to be entered into as authorized by this ARP.
Evidence of Commitment to Finance Project Costs:
It is anticipated that the first year of operation of this ARP will be funded by tax increment revenues placed annually in the Special Allocation Fund. Thereafter, TIF obligations should be issued as has been done in 1993, 1995 & 1998.
TIF District Accounting
An audit conducted in accordance with generally accepted accounting principles of all revenues & expenses of the TIF District may be prepared each year by an independent certified public accounting firm, & a copy of such audit shall be given to the VP School District within 45 days after the end of the applicable fiscal year for the TIF District. All books & records of the TIF District shall be subject to audit by the School District & shall be fully open to copying, inspection & examination by the School District & its auditors, accountants or legal representatives; provided that before any such representative of the School District shall inspect records of the TIF Commission which are "closed records" within the meaning of § 610.010 R.S.Mo., such representative shall
execute a standard & customary form of confidentiality agreement in a form reasonably acceptable to the Commission's & the School District's legal counsel, provided that the confidentiality agreement shall not apply to any communication, statement or disclosure reasonably determined by the School District to be necessary to enforce its rights or the City's or Commission's obligations under the Amended Settlement Agreement dated October 23, 1991 made between the City & the School Intergovernmental Cooperation Agreement between the City & the School-District described below, or under any document or agreement arising from any of the foregoing.
Effect of House Bill 502
All provisions of House Bill 502 as passed by the Missouri General Assembly in its amended form on May 17, 1991 are hereby adopted & the terms thereof shall be fully applicable to this ARP & the TIF District operated pursuant hereto as of the date of this Plan's adoption Plan's adoption by ordinance. [sic]
PRIORITIES FOR PUBLIC ACTION
Tax increment revenues generated from anticipated private dev will support other public & private R projects within the R area. In turn, the success of private R is contingent upon the success of coordinated efforts between the various public sector participants. As integral elements of this ARP the requirements of the particpants are as follows:
1. The City of VP - The City of Valley Park will:
A. Establish a TIF Commission as required by law. The TIF Commission will hold the public hearing following notifications as required by law & vote on this ARP.
B. Pass ordinances adopting a Relocation Policy pursuant to sections 529.200 & 529.205 of Missouri Revised Statutes & adopting this ARP.
C. Execute an Intergovernmental Cooperation Agreement with VP School District.
D. Issue tax increment notes or bonds to provide financing for Levee R project costs.
E. Utilize the monies deposited in the Special Allocation Fund for retirement of the tax increment note or bond & the payment of R costs.
F. Accept in writing the School District Capital Costs Public R project costs identified above, pursuant to Section 99.805(11) (h) of the TIF Act.
2. Valley Park School District
A. Execute an Intergovernmental Cooperation Agreement with the City of VP.
3. St. Louis County
A. Immediately following passage of the ordinance providing for tax increment allocation financing, the St. Louis County Assessor shall determine the total equalized assessed value of each parcel of property in the R area & shall in every year that the tax increment allocation financing is in effect, determine the assessed value of each taxable property upon which the payment in lieu of the taxes shall be assessed.
AMENDING THE REDEVELOPMENT PLAN
Procedures for further amending this ARP are set forth in the TIF Act as amended, Section 99.800 et seq.