Magnolia Community Improvement District
Details about the Magnolia Community Improvement District
A community improvement district, to be known as the “Magnolia Community Improvement District” (hereinafter referred to as the “CID”), is hereby established pursuant to the CID Act on certain real property described below to contract with a private property owner to demolish, remove, renovate, reconstruct, rehabilitate, repair and/or equip the existing building within the CID, impose a sales and use tax and carry out other functions as set forth in the Petition, which is attached hereto as Appendix A and incorporated herein by this reference.
The CID boundaries are set forth in the Petition and are generally described as follows: generally bounded by Mayfair Plaza/St. Charles Street to the north, 8th Street to the 2 east, the property commonly known as 411-5 N. 8th Street to the south and the property 3 commonly known as 412-6 N. 9th Street to the west.
Apply to Serve (3 openings)
Openings include appointments labeled "Serving Beyond Term."
Serving Beyond Term
Ordinance. 69699; Mo. Rev. Stat. Sections 67.1401 through 67.1571.
Board Duties and Purpose
The CID is authorized by the Petition, in accordance with the CID Act, to impose a tax upon retail sales within the CID to provide funds to accomplish any power, duty or purpose of the CID.
The CID is authorized by the CID Act, at any time, to issue obligations, or to enter into agreements with other entities with the authority to issue obligations, for the purpose of carrying out any of its powers, duties, or purposes. Such obligations shall be payable out of all, part or any combination of the revenues of the CID and may be further secured by all or any part of any property or any interest in any property by mortgage or any other security interest granted. Such obligations shall be authorized by resolution of the CID, and if issued by the CID, shall bear such date or dates, and shall mature at such time or times, but not more than twenty (20) years from the date of issuance, as the resolution shall specify. Such obligations shall be in such denomination, bear interest at such rate or rates, be in such form, be payable in such place or places, be subject to redemption as such resolution may provide and be sold at either public or private sale at such prices as the CID shall determine subject to the provisions of Section 108.170, RSMo.
The CID is also authorized to issue such obligations to refund, in whole or part, obligations previously issued by the CID.
Member RequirementsAppointments require Board of Aldermen approval.
In accordance with Ordinance 69699, the District shall be governed by a board of five (5) individual directors to be appointed by the mayor with the consent of the Board of Aldermen. Each member of the board, during his or her term, shall meet the following requirements:
(a) be a citizen of the United States of America;
(b) be a Missouri resident for at least one year prior to appointment to the Board;
(c) be at least 18 years of age; and
(d) be an owner of District Property or its legally authorized representative ("Owner").
Upon expiration of the terms of the initial directors, successor Directors shall be appointed from a slate approved by the Directors and by the Mayor with the consent of the Board of Aldermen in accordance with the ACT.
Successor directors will serve four (4) year terms on the board and shall be appointed by the Mayor with the consent of the Board of Aldermen according to a slate submitted to the Mayor by the Board. Following submission of the slate to the Mayor"
(a) the Mayor shall appoint the successor Directors according to the slate submitted and the Board of Aldermen shall consent to the appointment; or
(b) the Mayor or the Board of Aldermen may reject the slate submitted and request in writing that the Board submit an alternate slate.
If an alternate slate is requested, the Board shall within 60 days following the receipt of the written request submit an alternate slate to the Mayor. Following submission of the slate to the Mayor:
(a) the Mayor shall appoint the successor Directors according to the alternate slate submitted and the Board of Aldermen shall consent to the appointment; or
(b) the Mayor or the Board of Aldermen may reject the alternate slate submitted and request in writing that the Board submit an alternate slate.
The procedure described above shall continue until the successor Directors are appointed by the Mayor with the consent of the Board of Aldermen.