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RESOLUTION 2009 - 5 A Resolution Designating Metropolitan Development-Kingsland Walk Group, LLC as the Preferred Developer in Connection with the Redevelopment of an Area Bounded on the North by Vernon Street, on the West by Kingsland Avenue, on the South by Metcalfe Park and on the East by the Western Lot Line of 6646 Vernon Avenue. WHEREAS, the City of University City (the City) previously solicited proposals for the redevelopment of a multi-parcel area bounded on the north by Vernon Street, on the west by Kingsland Avenue, on the south by Metcalfe Park and on the east by the western lot line of 6646 Vernon Avenue in the City (the "Proposed Redevelopment Area"); and WHEREAS, on November 7, 2008, Metropolitan Development-Kingsland Walk Group, LLC (the "Developer") submitted a proposal to the City, attached hereto as Exhibit A, for the redevelopment of the Proposed Redevelopment Area into an urban, mixed-use development (the "Redevelopment Proposal"); and WHEREAS, the City Council finds that the redevelopment of the Proposed Redevelopment Area as detailed in the Redevelopment Proposal is in the best interest of the City; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. The City Council hereby accepts the Redevelopment Proposal and designates the Developer as the preferred developer for the Proposed Redevelopment Area. The City Council, in its sole discretion, may rescind this designation at any time. Section 2. The appropriate officials of the City are hereby directed to to ke such prerequisite actions as may be necessary for the City Council's consideration of tax increment financing, as requested in the Redevelopment Proposal. PASSED and RESOLVED this 6th day of April, 2009. AYO ATTEST: I