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Session 1683, Minutes <br />November 18, 1996 <br /> <br />Page 9 <br /> <br />"AN ORDINANCE APPROVING A REDEVELOPMENT AGREEMENT; AUTHORIZING THE <br />CITY MANAGER TO EXECUTE SAME ON BEHALF OF THE CITY; AND AUTHORIZING THE <br />ISSUANCE OF TAX INCREMENT FINANCING OBLIGATIONS, ALL IN FURTHERANCE OF <br />A REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT." <br /> <br />The bill was assigned No. 8306 and given its first reading. <br /> <br />Mr. Ollendorffsaid Bills 8306, 8307, and 8308 put into place the tax increment finance program for the <br />redevelopment of the old Mercy High School property by Schnuck Markets. He noted that when a <br />dollar amount is mentioned in the bill, it should be $2,551,500; the term of the TIF is 10 years following <br />issuance of an occupancy permit; and the interest rate is 8.375%. These correct figures will be put into <br />the bills prior to their adoption by Council, he said. Also, it was expected that it will not actually take <br />that long to pay off the TIF. <br /> <br />BILL NO. 8307 - DESIGNATING A PORTION OF UNIVERSITY CITY A REDEVELOPMENT <br />AREA; APPROVING A REDEVELOPMENT PLAN, AND REDEVELOPMENT PROJECTS <br />UNDER THE REAL PROPERTY TAX INCREMENT ALLOCATION REDEVELOPMENT ACT; <br />ADOPTING TAX INCREMENT ALLOCATION FINANCING; ESTABLISHING THE SPECIAL <br />ALLOCATION FUND; AUTHORIZING THE CITY MANAGER TO ENTER INTO CONTRACTS <br />TO FACILITATE REVENUE ALLOCATION AND COLLECTION; AND MAKING FINDINGS <br />RELATED THERETO. <br />A bill was introduced by Councilmember Munkel, entitled: <br /> <br />"AN ORDINANCE DESIGNATING A PORTION OF THE CITY OF UNIVERSITY CITY A REDE- <br />VELOPMENT AREA:, APPROVING A REDEVELOPMENT PLAN; APPROVING REDEVELOP- <br />MENT PROJECTS UNDER THE REAL PROPERTY TAX INCREMENT ALLOCATION REDE- <br />VELOPMENT ACT; ADOPTING TAX INCREMENT ALLOCATION FINANCING; ESTABLISH- <br />ING THE SPECIAL ALLOCATION FUND; AUTHORIZING THE CITY MANAGER TO ENTER <br />INTO CONTRACTS TO FACILITATE REVENUE ALLOCATION AND COLLECTION; AND <br />MAKING FINDINGS RELATED THERETO." <br /> <br />The bill was assigned No. 8307 and given its first reading. <br /> <br />BILL NO. 8308 - DISSOLVING THE SPECIAL ALLOCATION FUND FOR THE OLIVE EAST <br />TAX INCREMENT FINANCING DISTRICT AND PROJECT AND TERMINATING THE OLIVE <br />EAST TAX INCREMENT FINANCING DISTRICT AS A REDEVELOPMENT AREA PURSUANT <br />TO THE REAL PROPERTY TAX INCREMENT ALLOCATION DEVELOPMENT ACT. <br />A bill was introduced by Councilmember Munkel, entitled: <br /> <br />"AN ORDINANCE DISSOLVING THE SPECIAL ALLOCATION FUND FOR THE OLIVE EAST <br />TAX INCREMENT FINANCING DISTRICT AND PROJECT AND TERMINATING THE <br />DESIGNATION OF THE OLIVE EAST TAX INCREMENT FINANCING DISTRICT AS A REDE- <br /> <br /> <br />