2007-09-04 Agenda - Laserfiche WebLink

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3. AN ORDINANCE APPROVING THE PETITION OF THE CLEMENS GROUP, LLC AS OWNER OF CERTAIN REAL PROPERTY, TO ESTABLISH A COMMUNITY IMPROVEMENT DISTRICT, ESTABLISHING THE CATES AVENUE COMMUNITY IMPROVEMENT DISTRICT, FINDING A PUBLIC PURPOSE FOR THE ESTABLISHMENT OF THE CATES AVENUE COMMUNITY IMPROVEMENT DISTRICT, AND CONTAINING A SEVERABILITY CLAUSE. AGENDA SECTION: New Business CAN THIS ITEM BE RESCHEDULED? : YES BACKGROUND REVIEW: As you know, during the May 21, 2007 executive session on the matter, the City Council indicated approval of settlement with Highland Homes on the purported sale of 722 Limit on the terms outlined in the January 5, 2007 settlement proposal from Highland Homes. The approval was subject to an agreement from Highland Homes to complete the Cates Avenue Community Improvement District Project within two years and the receipt of investment return information from Highland Homes. Highland Homes has agreed to both conditions. Attached is a copy of the June 13, 2007 letter I received from Bill Kuehling, attorney for Highland Homes, in response to the City Council's request for investment return information. The letter and the three ordinances attached hereto may be provided to the City Council for its consideration. As to the three ordinances, they are necessary to accept Highland Homes' January 5, 2007 settlement proposal. Highland Homes, through its redevelopment corporation, is requesting tax abatement for 10 years under the Missouri Urban Redevelopment Corporations Law, Chapter 353 RSMo, for a condominium project at 6327, 6401 and 6405 Cates. Before there can be tax abatement the project property must be found to be a blighted area within the meaning of Section 353.020(2) RSMo. ? The first ordinance to be introduced finds and declares the project property, which is unimproved, blighted and in need of redevelopment. Exhibit A is the legal description of the project property and Exhibit B is the blighting study. ? The second ordinance to be introduced approves the development plan for the redevelopment of the blighted area. Exhibit A is the legal description of the project property; Exhibit B is the Development Plan; and Exhibit C is the Development Agreement which grants tax abatement to Cates Avenue Redevelopment Corporation for 10 years pursuant to Section 353.110 RSMo. The third ordinance to be introduced establishes the Cates Avenue Community Improvement District ("District"). Exhibit A is the Cates Avenue Community Improvement District Petition, which is necessary to establish the District. See Section 67.1421 RSMo. September 4, 2007