Missouri Development Finance Board

Transcription

1 CHAIR: Marie J. MEMBERS: Larry D. Neff John E. Mehner Kelley M. Martin Reuben A. Shelton Patrick J. Lamping Bradley G. Gregory Matthew L. Dameron EXECUTIVE DIRECTOR: Robert V. Miserez Missouri Development Finance Board EX-OFFICIO MEMBERS: Peter D. Kinder Lieutenant Governor Chris Pieper Acting Director, Economic Development Dr. Jon Hagler Director, Agriculture Sara Pauley Director, Natural Resources MEETING MINUTES MISSOURI DEVELOPMENT FINANCE BOARD Governor Office Building 200 Madison Street, Room 1010 Jefferson City, Missouri NOVEMBER 27, 2012 The Missouri Development Finance Board met in regular session on Tuesday, November 27, 2012, beginning at 9:00 a.m. The meeting was conducted via telephone conference call. Notice of the meeting was duly posted as required by RSMo Section at the MDFB principal office. The following members and officers of the Board were present or absent at the meeting as follows: Marie J. Chair Present Larry D. Neff Secretary and Member Present John E. Mehner Treasurer and Member Present Kelley M. Martin Member Present Reuben A. Shelton Member Absent Patrick J. Lamping Member Present Bradley G. Gregory Member Present Matthew L. Dameron Member Present Peter D. Kinder Lieutenant Governor and Member Absent Chris Pieper Acting Dir., Dept. of Economic Development and Member Present Jon Hagler Director, Dept. of Agriculture and Member Absent Sara Pauley Director, Dept. of Natural Resources and Member Present Robert V. Miserez Executive Director and Assistant Secretary Present Chair called the meeting to order and declared a quorum was present. In addition to the above, those in attendance included: Board Staff: Board Counsel: Others Present: Kathleen Barney, Krystal Davis, Kim Martin and Valerie Haller David Queen Pam Dixon, Lieutenant Governor s Office The agenda was rearranged as follows: 200 Madison Street, Suite 1000 P.O. Box 567 Jefferson City, Missouri Telephone: (573) Fax: (573) Visit our Web site at

2 I. Secretary s Report Secretary Neff Secretary Neff presented for approval the minutes from the October 16, 2012 meeting. The minutes were included in the Board materials distributed in advance of the meeting. There being no questions, corrections or additions, Secretary Neff made a motion to approve the minutes as presented. Member Gregory seconded the motion. The following roll call vote was recorded: Neff, Martin, Lamping, Gregory, Dameron, Pieper, Pauley and Mehner, Shelton, Kinder and Hagler III. Department of Economic Development Report Director Pieper Director Pieper deferred his report. IV. Department of Agriculture Report Director Hagler This report was deferred. V. Department of Natural Resources Director Pauley Director Pauley deferred her report. VI. Lieutenant Governor s Report Lt. Governor Kinder This report was deferred. Treasurer Mehner joined the meeting. II. Treasurer s Report Treasurer Mehner Treasurer Mehner presented for approval the Treasurer s Report as of and for the three months ended September 30, The Treasurer s Report was included in the Board materials distributed in advance of the meeting. There being no questions, corrections or additions, Treasurer Mehner made a motion to approve the Treasurer s Reports as submitted. Secretary Neff seconded the motion. The following roll call vote was recorded: 2

3 Neff, Mehner, Martin, Lamping, Gregory, Dameron, Pieper, Pauley and Shelton, Kinder and Hagler VII. New Business A. Seventh Street Garage Community Improvement and Kathleen Barney Transportation Development Districts Authorizing Resolution Ms. Barney reported that the Board had been asked for its cooperation in the formation of a Community Improvement District (CID) and Transportation Development District (TDD) for the retail portion of the former St. Louis Centre which was redeveloped with two components, the Seventh Street Garage (SSG) and 115,103 square feet of retail space. The Board is fee simple owner of the entire property. Ms. Barney reported that the proposed Districts would each impose a 1% sales tax resulting in a total sales tax rate within the Districts of %, which the Developer reports is similar to improved properties on Washington Street in downtown St. Louis. Ms. Barney reported that the St. Louis Development Corporation would be responsible for the Districts administration, operation, revenues, and oversight of expenditures. Ms. Barney noted that the Term Sheet attached to the Authorizing Resolution describes the parameters of the Districts and are acceptable to Board staff and legal counsel. Staff recommended adoption of the Authorizing Resolution and Term Sheet authorizing Board staff and legal counsel to work with the Developer in forming the CID and TDD for the retail portion of the property in accordance with the terms contained in the Term Sheet. Member Martin questioned the use of funds for the CID. Ms. Barney responded the funds were to be used mainly for public purpose and noted that the entire use of funds was reported in Exhibit C of the Term Sheet. Chair also noted it would be used to support business activity and economic development in the District. Member Martin made a motion to adopt the following Authorizing Resolution: RESOLUTION OF THE MISSOURI DEVELOPMENT FINANCE BOARD APPROVING A TERM SHEET RELATED TO THE FORMATION OF A COMMUNITY IMPROVEMENT DISTRICT AND A TRANSPORTATION 3

4 DEVELOPMENT DISTRICT FOR THE SEVENTH STREET GARAGE PROJECT IN THE CITY OF ST. LOUIS, MISSOURI. Member Lamping seconded the motion. The following roll call vote was recorded: Neff, Mehner, Martin, Lamping, Gregory, Dameron, Pieper, Pauley and Shelton, Kinder and Hagler VIII. Executive Director s Report Robert V. Miserez Mr. Miserez noted that the next Board meeting would be December 18, Mr. Miserez reported on the following preliminary and potential tax credit projects: City of Kansas City/UMKC Student Housing & Garage Project Staff has been working with the City of Kansas City on the application they presented in August 2012 with the Land Clearance for Redevelopment Authority for the blight remediation efforts in the Beacon Hill District. The project is in partnership with the University of Missouri-Kansas City. Mr. Miserez reported staff intends to bring a recommendation to the Board at the December 18th meeting for the project. City of St. Louis/Forest Park Forever Project Mr. Miserez noted that in the 1990s the Board participated and partnered with the City and Forest Park Forever to accomplish major capital improvements in the district. The City is continuing that effort by submitting an application seeking tax credits for additional infrastructure improvements throughout Forest Park, and the application is expected to be presented at the December 18th Board meeting. City of Kansas City/Union Station Project Staff anticipates receiving an application from the City for additional renovations and improvements to the Union Station project. Mr. Miserez noted the City approved an application to be submitted to the Board, although staff had not received an application to date. City of Cape Girardeau/Children s Museum Project Mr. Miserez reported the project consists of two phases and the first phase has been completed. The second phase is substantial and the City is working on a tax credit application. Staff anticipates receiving the application in the first quarter of

5 City of Boonville Project Mr. Miserez reported the City is working towards converting the old Union Pacific Railroad to make it an integral link and part of the Katy Trail. The project consists of multiple phases and the City is working on a tax credit application for the first phase of the project. Member Martin questioned the amount remaining in the Small Business Loan fund. Ms. Davis responded that as of September 30, 2012, the SBL fund had approximately $760,000 remaining, although some businesses had not drawn down their full amount. Mr. Miserez reported that he and Member Martin toured a North Jackson County project near Liberty that would consist of constructing a new library and headquarters, as well as renovating a historic home. IX. Adjournment There being no further business before the Board, Secretary Neff made a motion to adjourn the meeting. Member Martin seconded the motion. The following roll call voted was recorded: Neff, Mehner, Martin, Lamping, Gregory, Dameron, Pieper and Shelton, Kinder, Hagler and Pauley Chair declared the motion passed and the meeting adjourned. [Secretary Neff s Signature] 5