[Ord. No. 858 §1, 6-19-2000]
It is hereby determined and declared by the Council that in certain portions of the City there are obsolete, decadent, substandard, unsanitary or blighted areas which because of age, obsolescence, inadequate or outmoded design or physical deterioration, as well as inadequate planning, lack of proper light, air or open space and defective building arrangements, have impaired economic value and that these areas have become economic and social liabilities to the City and its citizens. These areas are characterized by depreciated real property values with reduced or negligible income potential and consequent inability to pay reasonable taxes and are conducive to ill health, transmission of disease, infant mortality, juvenile delinquency and crime. Such obsolete, substandard, unsanitary and blighted areas constitute a menace to the health, safety, morals and welfare of the citizens of the City. These poor conditions occur frequently in areas which are subdivided into small parcels with multiple owners where there is frequent confusion as to who owns individual parcels. The Council further determines and declares that individuals would find it difficult and costly to assemble parcels of land for the purpose of clearing, replanning, rehabilitating, reconstructing and redeveloping these areas and that the failure to clear, replan, rehabilitate, reconstruct or redevelop these areas results in progressive deterioration of the City as a whole, continued decline in the City's population, and excessive and wasteful expenditures of public funds for policing and sanitation and other public services. The Council further determines and declares that such conditions can be improved but that improvement may require the investment of large amounts of capital so that adequate parcels of land can be acquired at fair prices, such areas can be cleared by demolishing existing old, obsolete, inadequate, unsafe or unsanitary buildings, and such areas can be redeveloped using appropriate land use planning under proper supervision. The large scale redevelopment of these areas is necessary for the public welfare and constitutes public uses and purposes for which the City may acquire private property by purchase or eminent domain. Therefore, the provisions hereby enacted are declared as a matter of legislative determination to be in the public interest.
[Ord. No. 858 §2, 6-19-2000]
The provisions of the "Urban Redevelopment Corporations Law", found at Chapter 353 of the Revised Statutes of Missouri, are hereby accepted and shall apply to all persons and corporations operating under this Chapter.
[Ord. No. 858 §3, 6-19-2000]
The following terms, whenever used or referred to in this Chapter, shall, unless a different intent clearly appears from the context, be construed to have the following meanings:
- That portion of the City which the Council has found or shall find to be blighted so that the clearance, replanning, rehabilitation or reconstruction thereof is necessary to effectuate the purposes of this Chapter. Any such area may include buildings or improvements not in themselves blighted, and any real property, whether improved or unimproved, the inclusion of which is deemed necessary for the effective clearance, replanning, reconstruction or rehabilitation of the area of which such buildings, improvements or real property form a part.
- BLIGHTED AREA
- That portion of the City which the Council determines that by reason of age, obsolescence, inadequate or outmoded design or physical deterioration have become economic and social liabilities and that the conditions of such localities are conducive to ill health, transmission of disease, crime or inability to pay reasonable taxes.
- The Planning and Zoning Commission of the City of Caruthersville.
- The City Council of the City of Caruthersville.
- DEVELOPMENT COST
- The amount determined by the Commission to be actual cost of redevelopment or of that part thereof for which such determination is made. The term shall include, among other costs, the reasonable expense of planning the redevelopment, including preliminary studies and surveys, neighborhood planning and architectural and engineering services, the reasonable value of the services performed in connection with the development plan, interest during construction, the actual cost of the real property or any part thereof where acquired partly or wholly in exchange for securities, the actual cost of demolishing existing structures, the actual cost of utilities, landscaping and roadways, the actual cost of constructing and furnishing buildings and improvements, including the costs of equipment and architectural, engineering and builder's fees, the actual cost of reconstruction, rehabilitation, redevelopment, remodeling or initial repair of existing buildings and improvements, reasonable management and operations costs until the redevelopment is ready for use and the actual cost of improving those portions of the area which are to remain open spaces; together with such additions to development costs as shall equal the actual cost of additions to or changes in the redevelopment in accordance with the original development plan or after approved changes therein or amendments thereto.
- DEVELOPMENT PLAN
- A plan, together with any amendments thereto, for the development of all or any part of a blighted area.
- A mortgage, trust indenture, deed of trust, building and loan contract or other instrument creating a lien on real property to secure the payment of an indebtedness, and the indebtedness secured by any of them.
- Includes any natural person, firm, partnership, joint venture, association, corporation (except a redevelopment corporation), whether organized for profit or not, estate, trust, business trust, receiver or trustee appointed by any State or Federal court, syndicate or any other group or combination acting as a unit.
- REAL PROPERTY
- Includes lands, buildings, improvements, land under water, waterfront property and any and all easements, franchises and hereditaments, corporeal and incorporeal, and every estate, interest, privilege, easements, franchise and right therein, or appurtenant thereto, legal or equitable, including restrictions of record, created by plat, covenants or otherwise, rights-of-way and terms for years.
- The clearance, replanning, reconstruction or rehabilitation of any blighted area and the provision for such industrial, commercial, residential or public structures and spaces as may be appropriate, including recreational and other facilities incident or appurtenant thereto.
- REDEVELOPMENT CORPORATION
- An urban redevelopment corporation organized under and pursuant to the provisions of the Urban Redevelopment Corporations Law and shall include any life insurance company organized under the laws of or admitted to do business in the State of Missouri which shall undertake a redevelopment project under the provisions of this Chapter.
- REDEVELOPMENT PROJECT
- A specific work or improvement to effectuate all or any part of a development plan.
- URBAN REDEVELOPMENT CORPORATIONS LAW
- Chapter 353 of the Revised Statutes of Missouri as it may be amended from time to time hereafter.
Words used but not otherwise defined herein shall have their common meanings. Words used in the present tense include the future, the singular number includes the plural and plural includes the singular, unless the context clearly implies otherwise.
[Ord. No. 858 §4, 6-19-2000]
Submission Of Application Form. Any redevelopment corporation proposing to file a development plan for the approval of the Commission and the Council must first file the development plan with the City Clerk. Immediately after receipt of the filing of the development plan, the City Clerk shall forward the development plan to the Code Enforcement Officer. The Council shall not act on a development plan until the Commission has submitted a report on such plan to the Council.
[Ord. No. 858 §5, 6-19-2000]
Blight Study. Any application for approval of a development plan shall include evidence that the area is a blighted area as defined by Section 353.020(2), RSMo., and Section 160.030 of this Chapter, which evidence shall include the following:
Identification of facts which demonstrate that by reason of age, obsolescence, inadequate or outmoded design or physical deterioration the area as a whole has become an economic and social liability and is conducive to ill health, transmission of disease, crime or inability to pay reasonable taxes.
The existence of those conditions set out in Section 160.010 upon which the redevelopment corporation relies.
Identification and a factual description of each parcel within the area, including the nature and age of any improvements on the parcel and the physical condition of the parcel and any improvements thereon.
Cause Of Blight. No condition caused by the redevelopment corporation shall be considered evidence of blight.
Review By City Planning And Zoning Commission. The Commission shall review the blight study along with other evidence submitted to it.
Review By City Council. The Council shall analyze the blight study along with other evidence and determine if the area is a blighted area. The Council may, at its discretion, request an additional study of the area.
[Ord. No. 858 §6, 6-19-2000]
Notification. Prior to the public hearing before the Council, the redevelopment corporation shall provide the Council a form of written notice for the Council to furnish to each political subdivision whose boundaries for ad valorem real estate taxation purposes include any portion of the real property to be affected within the area which is the subject of the development plan.
Method Of Notice. Any notice required by this Section shall be in writing and mailed by certified or registered mail, return receipt requested, postage prepaid.
Contents Of Notice. Any notice required by this Section shall state the reason for the notice and, if the notice is a notice of a public hearing, the time, date and place of the hearing. The notice shall include:
A general boundary description of the area within the development plan;
The nature of the development;
A tax impact analysis indicating the actual and current ad valorem real estate taxes on the property proposed for redevelopment by parcel paid to each political subdivision and the estimated effect the development plan would have on such taxes if it is approved; and
An estimate of the amount of ad valorem real estate tax revenues of each political subdivision which would be affected by the proposed tax abatemert, based on the estimated assessed valuation of the real property involved as such property would exist before and after it is redeveloped.
Comments From Taxing Authorities. Any affected political subdivision may comment on the proposed development plan either in writing to the Commission or the Council or through a representative who appears at any hearing before the Council.
[Ord. No. 858 §7, 6-19-2000]
A development plan shall contain the following:
Legal description. A legal description of the proposed development area by metes and bounds or other definite designation.
Description of the redevelopment project. A description of the redevelopment project, including various stages of development, if any, and the approximate time each stage would begin and be completed, together with a description of the real property to be included in each stage so that each stage can be reasonably identified. The description shall include a time schedule for the commencement and completion of:
Property to be demolished immediately. A list of existing buildings or improvements in the development area which would be demolished immediately, if any, and the approximate period of time during which such demolition would take place.
Property not to be demolished immediately. A list of existing buildings or improvements in the development area which would not be demolished immediately, if any, and the approximate period of time during which demolition, if any, would take place.
Building renovation. A description of the proposed improvements, if any, to each building not to be demolished immediately, any proposed repairs or alterations to such buildings and the approximate period of time during which such improvements, repairs or alterations are to be made.
New construction. A description of the type, number and character of each new residential, commercial and industrial building or other type of improvement to be erected or made in the proposed development area.
Amenities. A description of those portions of the blighted area, if any, which shall be determined to be amenities to the redevelopment project including, but not limited to, any permanent residential open space for recreation, streetscape, plaza areas and other similar amenities.
Property for public agencies. A description of those portions of the blighted area, if any, which are proposed to be sold, donated, exchanged or leased to the Board of Education, Public Library Board, Art Commission or other public agency and an outline of the terms of such proposed sale, donation, exchange or lease.
Zoning changes. A description of the proposed changes, if any, in zoning ordinances or maps, necessary or desirable for the redevelopment, and protection against blighting influences of these proposed changes.
Street changes. A description of the proposed changes, if any, in streets or street levels, alleys, any proposed street closings and any changes which would have to be made to streets or alleys adjoining or near the redevelopment project including the plan for financing these changes.
Financing. A description of the estimated costs and the proposed method of financing the costs of the development plan including:
An estimate of the approximate costs of acquisition, demolition, construction and rehabilitation, if any; and
The amount of capital required. Evidence shall also be submitted that sufficient funds are available, or will be available upon approval of the development plan, for the acquisition of property within the area, completion of all planned demolition, construction and/or rehabilitation activities of the redevelopment project, and that those funds shall remain available until the redevelopment project is completed.
Management. The names of the individuals who are expected to be active in or associated with the management of the redevelopment project during the first (1st) year following the date the development plan is approved and the name and address of the registered agent in the State of Missouri for the redevelopment corporation.
Eminent domain. A legal description of the real property owned or proposed to be purchased or acquired by eminent domain by the redevelopment corporation, if any, and the reasons why this property must be acquired by condemnation.
Eminent domain on behalf of proponents of plan. The legal description of the real property, if any, proposed to be purchased or acquired by eminent domain by the City on behalf of the proponents of the development plan or by any other body authorized to acquire by eminent domain and the reasons why the aid of the City or other body is sought for that purpose.
Assignment of plan. The development plan shall provide appropriate restrictions on the right of assignment of the redevelopment project to any other entity to ensure that the intention and purpose of the redevelopment project will be carried out, provided that the redevelopment corporation may be permitted to assign the redevelopment project in the event such restrictions are available.
Certificate of incorporation. The redevelopment corporation shall include a copy of the certificate of incorporation from the Secretary of State in its plan.
Other information. The development plan and any application amendment thereto shall contain such other descriptions or exhibits as may be deemed relevant.
[Ord. No. 858 §8, 6-19-2000]
Payments In Lieu Of Taxes. In the course of considering any development plan for approval, the Commission and the Council shall consider any agreement in writing on behalf of the redevelopment corporation that, notwithstanding the provisions of the Missouri Redevelopment Corporations Law, it will make payments in lieu of real property taxes to the appropriate political subdivisions in such amounts which, together with the real property taxes to be paid on the land for the first (1st) ten (10) years shall, at minimum, equal the total real property taxes on the land and improvements during the tax year immediately preceding purchase of the property by the redevelopment corporation.
Distribution. Payments in lieu of taxes shall be distributed to all political subdivisions levying taxes on the area to be redeveloped on the same pro rata basis and in the same manner as the ad valorem real property tax revenues received by each taxing authority from such property in the year such payments are due.
Hearing And Report. As part of the consideration of any development plan, there shall be a full report on any agreement for payments in lieu of taxes.
[Ord. No. 858 §9, 6-19-2000]
Certification To Be Made With Application And Prior To Approval. At the time a development plan which provides for the acquisition of property by eminent domain is filed, the redevelopment corporation shall certify, as a consideration for approval of the development plan, that after the plan is approved:
It shall make a good faith attempt to purchase such property within sixty (60) days if the owner of the property indicates in writing to the redevelopment corporation that he desires to proceed with the sale of the property; and
It will, if a sale of the property cannot be consummated within such period, proceed forthwith to file a proceeding in condemnation after sixty (60) days have elapsed. This certification shall be filed with the City Clerk. Failure to abide by the terms of the certification shall be grounds for finding of a breach as hereinafter provided.
Certifications To Be Filed After Approval. After the Council has approved a development plan, the redevelopment corporation shall file an annual report which provides the following information:
The availability of equity financing as provided for in Section 160.070(11) hereof or some other acceptable alternative financing.
A legal description of any property acquired and the name in which such property was acquired as required pursuant to Section 160.120.
The addresses of all occupied residential buildings and structures owned or under the control of the redevelopment corporation and the status of compliance of such buildings and structures with the provisions of the City's Building Codes.
The status of the redevelopment project as to any permits applied for or issued, and any certificates of occupancy issued and any other appropriate documentation relevant to the information as part of Section 160.070(2) through (6).
Additional Certifications. The redevelopment corporation shall certify that the notices required by Section 160.060 have been given as there provided.
[Ord. No. 858 §10, 6-19-2000]
Determination Of Blighted Area. As part of its review of an application for approval of a development plan, the Commission shall review the evidence provided pursuant to Section 160.050(A) concerning the designation of the area as a blighted area and determine whether the declaration of blight is necessary and advisable to effectuate the public purposes set forth in Section 160.010 hereof.
Determination As To Development Plan. Regardless of the recommendation of the Commission on a determination of blight, the Commission shall review the development plan submitted and forward a recommendation on the development plan to the Council concerning the following:
Compliance with the City's development plan;
Necessity of the power of eminent domain to carry out the redevelopment project and to effectuate the purposes set forth in Section 160.010 without creating a negative effect on adjacent properties;
Sufficiency of size to allow redevelopment of the area in an efficient and economically satisfactory manner;
Practicality of the development plan;
Adequacy of public facilities for services to be provided concurrent with the redevelopment project including, but not limited to, school, fire, water, sewer, Police, transportation, park, playground and recreation, considering current facilities and any proposed facilities;
Appropriateness of any changes to zoning ordinances or maps, vacating or closing streets and alleys or the construction of streets and alleys; and
Determination As To Financing. The Commission shall review the description of financing provided pursuant to Section 160.070(11) and forward a recommendation on the adequacy of the financing based upon the costs proposed in the development plan to the Council.
Determination As To Tax Abatement. The Commission shall review the proposed redevelopment project and forward a recommendation as to the need for tax abatement considering the estimated cost of the redevelopment project and assessment of the effect of such tax abatement on the political subdivision affected by such abatement to the Council.
[Ord. No. 858 §11, 6-19-2000]
The Commission shall review the development plan and make a recommendation to the Council. In arriving at its recommendation, the Commission shall consider the blight studies, the development plan and whether the type of development is desirable for the area concerned. After fully considering each development plan, the Commission shall forthwith transmit its recommendation thereon to the Council.
[Ord. No. 858 §12, 6-19-2000]
Sunset Provision. After a development plan has been approved by the Council, the redevelopment corporation shall expeditiously acquire ownership of the property within the blighted area and commence the clearance of blight. Failure to acquire the fee interest and any lesser interest in the name of the redevelopment corporation or on behalf of the redevelopment corporation by a designated person within three (3) years after the date specified in the contract between the City and the redevelopment corporation for phase I and each phase thereafter shall result in an automatic loss of the development rights, including the rights of eminent domain and tax abatement, and the development plan and contract shall become null and void as to the respective and all subsequent phases; provided however, that if such failure is not a result of any fault on the part of the redevelopment corporation, a time extension may be granted pursuant to Section 160.140(C) hereof.
Certification. Prior to the expiration of time provided in Section 160.120(A), the redevelopment corporation shall notify the Mayor of all interest acquired by the redevelopment corporation or on behalf of the redevelopment corporation and identify any person acquiring such interests on behalf of the redevelopment corporation.
Condemnation. For purposes of this Section, the initiation of condemnation proceedings by the filing of a petition in the appropriate court and the continued pursuance thereof shall be deemed acquisition of the parcels of land under condemnation, provided that the redevelopment corporation has notified the Mayor of the condemnation action.
Contract Provisions. Any contract approved hereafter pursuant to Section 160.160(A) shall identify the provisions of this Section.
Applicability. The provisions set forth in this Section shall not apply to contractual arrangements entered into now or hereafter concerning termination of an approved redevelopment project, and any amendment thereto shall not be affected by this Section.
[Ord. No. 858 §13, 6-19-2000]
The Commission shall review any amendments to a development plan previously approved by ordinance and make its recommendation accordingly to the Council. No amendment shall be reviewed by the Commission unless and until an application for amendment has been filed with the City Clerk by the redevelopment corporation or its assigns which contains any information relevant to the proposed amendment which is required by Section 160.070, and unless and until the Commission has made all determinations required by Section 160.100 which are relevant to the proposed amendment. The notice and hearing requirements of Section 160.060 shall also apply.
[Ord. No. 858 §14, 6-19-2000]
Investigation. It shall be the duty of the Commission, after a development plan has been approved by the Council, to investigate and determine from time to time during construction of the redevelopment project whether the redevelopment corporation undertaking such development plan is fully complying with the provisions thereof, in the manner and at the times fixed therein for the performance of the various stages thereof, if any.
Reports. It shall also be the duty of the Commission to make reports on each redevelopment project from time to time during the construction of the redevelopment project, and at least once a year to the Council, about the performance or compliance with the development plan and the compliance with the provisions of this Chapter by any corporation operating thereunder; provided however, that no report is required if the plan has been amended within the preceding twelve (12) months.
Time Extension. The Council may, upon the recommendation of the Commission and for good cause shown, grant a redevelopment corporation which is operating under an approved development plan an extension of time in which to complete the redevelopment project or any stage thereof.
Recommendation Of Certification. When a redevelopment corporation operating under an approved development plan has completed the redevelopment project in accordance with the provisions of the development plan in the manner and at the time fixed therein for the performance of the various stages thereof, the Commission, upon the written request of such redevelopment corporation, shall conduct an investigation, and if the Commission determines that the redevelopment project has been so completed, it shall recommend to the Council that a certification of full compliance be issued to the redevelopment corporation for each stage, and the Council may authorize the Code Enforcement Officer to issue a certificate of compliance which shall be conclusive evidence of such compliance, except upon proof of fraud. The investigation and reports of the Commission required by Subsections (A) and (B) of this Section shall not be required or made subsequent to the date of issuance of such certificate; provided however, that every redevelopment corporation shall render annually to the Mayor during the existence of the tax relief period provided in Section 160.230 three (3) copies of its financial report for the preceding year, which report shall disclose the earnings of the redevelopment corporation and the disposition of any net earnings in excess of those provided for under Section 160.190 and the interest rate on income debentures, bonds, notes or other evidences of debt of the redevelopment corporation. The Code Enforcement Officer shall review the financial report of the redevelopment corporation and thereafter file the financial report, accompanied by his opinion as to compliance by the redevelopment corporation with Section 160.190, with the City Clerk and the Commission.
Assistance For Commission. The economic developer of the City of Caruthersville shall provide such assistance as requested by the Commission in making the investigations and preparing the reports required by this Chapter.
Rules And Regulations. The Commission shall have power to make and adopt the rules and regulations necessary and proper to effectuate the purposes of this Chapter.
[Ord. No. 858 §15, 6-19-2000]
The Commission may adopt a schedule of fees to be paid by the proponents of any development plan by filing its report on each development plan, any amendments thereto and other instruments in connection therewith, with the Council. The amount of these fees shall not exceed the reasonable cost of the examination, inspection and supervisory services required under this Chapter and shall be subject to the approval of the Council.
[Ord. No. 858 §16, 6-19-2000]
The Commission's report on each development plan shall be filed with the City Clerk along with a copy of the ordinance providing for the approval, disapproval or other action on such plan. If the ordinance provides for the approval of the plan, the Council may, if it so desires, authorize the Mayor to enter into a contract on behalf of the City with the proposer or proposers of the plan, such contract to contain the provision that the applicable provisions of this Chapter shall be incorporated by reference into such contract, and a provision that the terms, conditions or provisions of the contract can be neither modified nor eliminated except by mutual agreement between the City and the proposer or proposers of the plan; provided however, that no such contract shall be construed as an enlargement of the authority conferred upon the City by the Urban Redevelopment Law. The City Clerk shall submit such ordinance, together with such report and plan, to the Council at its next regular or special meeting thereafter. At such meeting a date shall be set for a public hearing thereon.
After a public hearing has been held upon development plan, and after the Commission has submitted its report thereon, the Council shall:
[Ord. No. 858 §17, 6-19-2000]
In any ordinance approving a development plan, the Council shall make the following findings and declarations:
That the area included within a development plan is a blighted area and that the clearance, redevelopment, replanning, rehabilitation or reconstruction thereof is necessary for the public convenience and necessity.
That if a redevelopment corporation seeks to acquire all or any part of the real property within a blighted area by exercise of the power of eminent domain, such acquisition by the power of the eminent domain is for the public convenience and necessity.
That approval of the development plan and construction of the redevelopment project are necessary for the preservation of the public peace, property, health, safety, morals and welfare.
[Ord. No. 858 §18, 6-19-2000]
If the redevelopment corporation proposing a development plan seeks to acquire by eminent domain in its own name all or any part of the real property described in the development plan, the Council shall, by ordinance, determine that the public convenience and necessity will be served by the development plan and redevelopment project, and grant to such redevelopment corporation a certificate of public convenience and necessity authorizing and empowering the redevelopment corporation to acquire by the exercise of eminent domain such real property in fee simple or other estate, provided that such real property shall be devoted to the purposes and used subject to the conditions described in the development plan. Such redevelopment corporation may thereafter exercise the power of eminent domain in the manner provided by any other applicable statutory provision. Property already devoted to a public use may be acquired in like manner, provided that no real property belonging to the City or to the State or any political subdivision thereof may be acquired without its consent.
[Ord. No. 858 §19, 6-19-2000]
Obligations, Interest Thereon. No redevelopment corporation whose development plan has been approved by the Council shall:
Issue income debentures, bonds, notes or other evidences of debt bearing or paying an interest rate in excess of that permitted by State law.
Pay any interest on its income debentures or dividends on its stock, regardless of class or preference, during any dividend year unless there shall exist at the time of such payment no default under any amortization requirements with respect to its indebtedness, nor unless all accrued interest, taxes and other public charges shall have been duly paid or reserves set up for the payment thereof, and adequate reserves provided for depreciation, obsolescence and other proper reserves.
Net Earnings. The net earnings of a redevelopment corporation whose development plan has been approved by the Council shall be limited to an amount not to exceed eight percent (8%) per annum of the cost to the redevelopment corporation of the redevelopment project including the cost of the land or the balance of the total cost of the project as reduced by amortization payments; provided that the net earnings derived from any redevelopment project shall in no event exceed a sum equal to eight percent (8%) per annum upon the entire cost thereof. Such net earnings shall be computed by deducting the following from gross earnings:
All reasonable costs and expenses of maintenance and operation;
All amounts paid for taxes, assessments, insurance premiums and other similar charges; and
An annual amount sufficient to amortize the cost of the entire project at the end of the period which shall not be more than sixty (60) years from date of completion of the redevelopment project.
[Ord. No. 858 §20, 6-19-2000]
The development plan may, upon approval of the Council, contain provisions that the surplus earnings provided under Section 160.190:
May be held by the redevelopment corporation as a reserve for maintenance at such rate of return in the future and may be used in such rate of return which may have occurred in prior years;
May be used to accelerate the amortization payments;
May be used for the enlargement of the redevelopment project; or
May be used for reduction in rentals therein; provided, that at the termination of the tax relief granted pursuant to Section 160.230, the redevelopment corporation shall make a strict accounting of surplus earnings and shall turn over to the City any excess of such surplus earnings not previously used as provided in (1), (2), (3) or (4) of this Section.
[Ord. No. 858 §21, 6-19-2000]
Any life insurance company operating under this Chapter shall be limited in its net earnings derived exclusively from the ownership and operation of any redevelopment project constructed pursuant to a development plan to an amount not to exceed eight percent (8%) per annum upon any sums actually invested in or devoted to such redevelopment project after setting aside the reserves required by Section 160.220; provided however, that any surplus earnings in excess of such rate shall, in the discretion of the Council, be held either:
As a reserve for future eight percent (8%) per annum returns upon its investments;
For use in the maintenance or enlargement of the redevelopment project; or
For reduction in rentals charged tenants thereof. In each case, such net earnings shall be computed according to standard accounting practices.
[Ord. No. 858 §22, 6-19-2000]
Acquisition Of Property. A redevelopment corporation may acquire real property or secure options in its own name or in the name of nominees, and it may acquire real property by gift, grant, lease, purchase or otherwise.
Encumbrance Of Property. A redevelopment corporation may borrow funds and secure the repayment thereof by mortgage which shall contain reasonable amortization provisions and shall be a lien upon no other real property except property forming the whole or a part of a single development area, or any part thereof, may create a first (1st) lien, or a second (2nd) or junior lien, upon such real property.
Disposal Of Property. A redevelopment corporation may sell or otherwise dispose of any or all of the real property acquired by it for the purpose of a redevelopment project. The ordinance approving any development plan and any contract entered into pursuant thereto may provide that in the event of the sale or other disposition of real property of any redevelopment corporation by reason of the foreclosure on any mortgage or other lien through insolvency or bankruptcy proceedings, or by order of any court of competent jurisdiction, or by voluntary transfer or otherwise, the tax relief provided under Section 160.230 of this Chapter shall inure to any purchaser of such real property so long as such purchaser shall continue to use, operate and maintain such real property in accordance with the provisions of the development plan. If such ordinance and contract do not so provide and the purchaser of such real property shall continue to use, operate and maintain such real property in accordance with the provisions of the redevelopment plan, the Council may grant the tax relief provided in Section 160.230. If such real property shall be used for a purpose different than that described in the redevelopment plan, or if the purchaser does not desire the property to continue under the redevelopment plan, or if the ordinance approving the plan does not provide for continuing tax relief and the Council shall refuse to grant the purchaser continuing tax relief, the real property shall be assessed for ad valorem taxes upon the full true value of the real property and may be owned and operated free from any of the conditions, restrictions or provisions of this Chapter and the Urban Redevelopment Corporations Law.
[Ord. No. 858 §23, 6-19-2000]
In any ordinance approving a development plan, after public hearing, the Council shall set the level of any tax relief to be provided pursuant to the Urban Redevelopment Corporations Law. Such relief shall be set as follows:
Full exemption. The real property of a redevelopment corporation which is acquired pursuant to this Chapter and in compliance with the Urban Redevelopment Corporations Law shall not be subject to assessment or payment of general and valorem taxes imposed by the City or by the State or any political subdivision thereof for a period set by the Council by ordinance, not in excess of ten (10) years after the date upon which such redevelopment corporation became owner of such real property, except to the extent and in such amount as may be imposed upon such real property during such period measured solely by the amount of the assessed valuation of the land, exclusive of improvements, acquired pursuant to this Chapter and owned by such redevelopment corporation, as was determined by the Assessor of Pemiscot County, for taxes due and payable thereon during the calendar year during which the redevelopment corporation acquired title to such real property; and the amounts of such tax assessments shall not be increased by the City or by the State or by any political subdivision thereof during such period so long as the real property is owned by a redevelopment corporation or its permitted successors and assigns pursuant to Section 353.150.4, RSMo., 1994, and used in accordance with a development plan authorized by the Council.
Property already exempt. In the event, however, that any such real property was tax exempt immediately prior to ownership by any such redevelopment corporation, the Commission shall immediately request such County Assessor to promptly assess such land, exclusive of improvements, in accordance with the provisions of Section 353.110, RSMo. The amount of such assessed valuation so fixed by the County Assessor shall not be increased by the City or by the State or by any political subdivision thereof during set pursuant to subparagraph (1) above, so long as such real property is owned by the redevelopment corporation and used in accordance with the development plan authorized and approved by the Council.
Partial exemption. For the next ensuing period set by the Council by ordinance, not in excess of fifteen (15) years, ad valorem taxes upon such real property shall be measured by the assessed valuation thereof as determined by the County Assessor upon the basis set by the Council by ordinance, not to exceed fifty percent (50%) of the true value of such real property, including any improvements thereon, nor shall such valuations be increased over fifty percent (50%) of the true value of such real property from year to year during such ensuing period, so long as such real property is owned by redevelopment corporation or permitted successors and assigns pursuant to Section 353.150.4, RSMo., and used in accordance with an authorized development plan. Notwithstanding the provisions of the Missouri Redevelopment Corporation Law, the redevelopment corporation and the Council may agree that such real property may be fully assessed for all or part of the term of partial exemption.
For projects related to any riverfront development designed to enhance the location of an excursion gambling boat licensed under the provisions of Sections 313.800 to 313.850, RSMo., real property tax abatement under Chapter 353, RSMo., shall not apply for each year of the redevelopment project to the assessed value of the real property for taxes due and payable during the calendar year preceding the calendar year during which a redevelopment corporation acquires title to such real property, but shall apply to any increase in the assessed value of such property after the acquisition of the real property by a redevelopment corporation.
Full assessment. After such periods, not in excess of twenty-five (25) years, such real property shall be subject to assessment by the City, State and County, and payment of all ad valorem taxes based on the full true value of the real property, and shall be owned and operated by the redevelopment corporation free from the conditions, restrictions and provisions of this Chapter, the approving ordinance and any rule or regulation adopted pursuant to this Chapter; provided that at any time after the completion of the redevelopment project, as authorized by ordinance, the redevelopment corporation may elect to pay to the City a sum equivalent to the amount of the general ad valorem taxes, not including interest or penalties, which would have been levied on the full value of the property from the date of the completion of the project, and from that date such real property shall be owned and operated by the redevelopment corporation free from the conditions, restrictions and provisions of this Chapter, the approving ordinance and any rule or regulation adopted pursuant to this Chapter.
[Ord. No. 858 §24, 6-19-2000]
Proceedings. Whenever any person or redevelopment corporation operating under an approved development plan does not substantially comply with the development plan or any contract entered into pursuant thereto within the time limits and in the manner for the completion of each stage thereof as therein stated (reasonable delays caused by unforeseen circumstances beyond their control excepted), or shall do, permit to be done or fail or omit to do anything contrary to or required of it by this Chapter or shall be about so to do, permit to do done, or fail or omit to have, then any such fact shall immediately be certified by the Commission to the Council, who may authorize the City Attorney to commence a proceeding in the Circuit Court in the name of the City to have such action, failure or omission or threatened action or omission stopped, prevented or rectified by injunction or otherwise, or in the name of the City to bring an action for damages against the redevelopment corporation for breach of any of the provisions of the redevelopment plan, provided that in the event the Commission determines that a redevelopment corporation has abandoned construction before completion of the project in accordance with the terms of an approved development plan and the Council accepts such determination, a declaration of abandonment shall be filed with the Recorder's office in Pemiscot County and the real property thereafter included in the plan shall be subject that date to assessment and payment of all ad valorem taxes based on the true full value of such real property.
Exception. If any person or redevelopment corporation shall propose more than one (1) redevelopment plan and such plans are approved as provided in this Chapter, the failure to comply with one (1) or more such plans within the time limits and in the manner for the completion of each stage thereof is therein stated shall not give the City any right of action with respect to plans which have been fully complied with within the time limits and in the manner for the completion of each stage thereof as therein stated, and the real property included in such plans which have been fully complied with shall be entitled to the tax relief provided for in this Chapter.
[Ord. No. 858 §25, 6-19-2000]
The City may:
Acquire by exercise of the power of eminent domain or otherwise an area designated as a redevelopment area;
Clear any such real property and install, construct and reconstruct street, utilities and any and all other City improvements necessary for the preparation of such area for use in accordance with the provisions of this Chapter and the Urban Redevelopment Corporations Law; and
Sell such real property for use in accordance with the provisions of this Chapter.
[Ord. No. 858 §26, 6-19-2000]
The City or any person or redevelopment corporation may accept grants or loans of money from the Government of the United States or the State of Missouri or any department or agency thereof to effectuate the purposes of this Chapter.