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<br />F. Duration and termination of agreement <br /> <br /> 50 year term <br /> <br /> Conditions and process for termination specified <br />G. Funding and revenues for JDC (consisting of ten members-five from each <br />City) <br /> <br /> Initial appropriation with execution of ICA $75,000 by each City for <br />formation of JDC and 353 Corp <br /> <br /> Interim appropriation-30 days following formation of JDC and 353 <br />Corp; $25,000 by each City for formation of a TDD <br /> <br /> Annual appropriation (first 5 year)-up to $75,000 by each City <br /> <br /> Long term appropriation-JDC to be self-sustaining after the initial 5- <br />year period or sooner <br /> <br />Ms. Carr asked to verify all the costs that would be needed from both Cities <br /> <br />Mr. Jacob stated both Cities would put in $75,000 initially; then when a TDD would be <br />established each City would contribute $25,000 towards its formation; the annual fee from <br />each City would be $75,000 for approximately a five-year period, which by then the project <br />should be self-sustaining. <br /> <br />Mr. Crow had questions concerning the initial $75,000 cost. He asked how that money was <br />to be appropriated; when did Task Force decide on this number; and who and how did was <br />this number decided and when was it decided on. <br /> <br />Mr. Jacob noted that the $75,000 was an estimated ballpark number, without line item <br />allocations. He noted that the Task Force provided this number approximately three <br />months previously. Mr. Jacob said Attorney John Mello from Armstrong Teasdale who <br />represents the JRIC was familiar with the process and he supplied the estimated dollar <br />number. Mr. Jacob said University City could use money from the Economic Retail <br />Development Retail Sales Tax for the project if they wanted to. <br /> <br />Ms. Carr noted that money for Olive under the Economic Retail Development Retail Sales <br />Tax was already designated for other areas along the three and one-half mile of Olive Blvd <br />in U City. <br /> <br />Mr. Jacob noted the JRIC was formed to come up with a plan for the Redevelopment of I- <br />170 and Olive Blvd area and it would be up to the Councils of both Cities to decide how they <br />could fund it. He noted that if one of the Cities could not fund the development they would <br />be in breach of the agreement and the project would end. <br /> <br />Mr. Crow stated the U City Council would need to discuss in more detail so as to be more <br />comfortable with the investment. <br /> <br />Ms. Antione of Olivette stated that the Design was difficult to get into and therefore it would <br />be even more difficult to get out of the Intergovernmental Cooperation Agreement <br /> <br />There was a discussion as to how taxes would be divided between the two Cities. It was <br />stated that a City’s base tax would remain with each City but any Incremental Tax would be <br />used for the joint development. <br /> <br />3 <br /> <br /> <br />