2007-07-16 Agenda - Laserfiche WebLink

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INTRODUCED BY: DATE: BILL NO. ORDINANCE NO. AN ORDINANCE BY THE CITY OF UNIVERSITY CITY TERMINATING THE OLIVE BOULEVARD EAST TAX INCREMENT FINANCING DISTRICT; DISSOLVING THE OLIVE BOULEVARD EAST TAX INCREMENT FINANCING DISTRICT SPECIAL ALLOCATION FUND; AUTHORIZING OTHER ACTIONS NECESSARY AND INCIDENTAL TO THE FOREGOING; AND CONTAINING A SEVERABILITY CLAUSE WHEREAS, the City of University City (the “City”), pursuant to City Ordinances 6088 and 6089, dated December 16, 1996, established the Olive Boulevard East Tax Increment Financing District (the “District”) in accordance with Missouri’s Real Property Tax Increment Allocation Redevelopment Act (the “TIF Act”), Sections 99.800 through 99.865 of the Revised Statutes of Missouri; and WHEREAS, all Redevelopment Project Costs (as such term is defined in Ordinances 6088 and 6089), including, but not limited to, all obligations of the City regarding financing Redevelopment Project Costs have been paid; and WHEREAS, in accordance with Section 99.850 of the TIF Act, all surplus funds remaining in the Special Allocation Fund (as such term is defined in Ordinances 6088 and 6089) shall be distributed in accordance with such TIF Act. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF UNIVERSITY CITY AS FOLLOWS: Section 1: Actions in accordance with Section 99.850 of the TIF Act. (1) The City hereby terminates the Olive Boulevard East Tax Increment Financing District established December 16, 1996 under City Ordinances 6088 and 6089. (2) The City hereby dissolves the Special Allocation Fund of the City of University City as established by City Ordinance 6089 for the payment of Redevelopment Project Costs and all obligations issued by the City in accordance with the TIF Act. (3) The City hereby terminates the designation of the Olive Boulevard East Tax Increment Financing District Redevelopment Area, as designated in City Ordinance 6089, July 16, 2007 K-5-b