2009-12-07 Regular Council Session

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Exhibit A resolution (attached as hereto) recommending that the City Council approve the Redevelopment Plan, designate the Redevelopment Area as a “redevelopment area” pursuant to the Act, approve the Redevelopment Project (including both the RPA-1 Redevelopment Project and the RPA-2 Redevelopment Project) and adopt tax increment financing within the Redevelopment Area; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1 : The City Council hereby makes the following findings: A. The Redevelopment Area on the whole is a “conservation area”, as defined in Section 99.805(3) of the Act, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of tax increment financing and the Redevelopment Plan. This finding includes, and the Redevelopment Plan sets forth and the City Council hereby finds and adopts by reference: (i) a detailed description of the factors that qualify the Redevelopment Area as a “conservation area” and qualify the Redevelopment Project as a “redevelopment project” and (ii) an affidavit, signed on behalf of the Developer and submitted with the Redevelopment Plan, attesting that the provisions of subdivision (1) of Section 99.810 have been met. B. The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole. C. The estimated dates of completion of the Redevelopment Project and retirement of obligations incurred to finance redevelopment project costs have been stated in the Redevelopment Plan and these dates are no more than 23 years from the date of adoption of the ordinance approving the Redevelopment Project. D. The City has developed a plan for relocation assistance for businesses and residences in conformity with the requirements of Sections 523.200 through 523.215 of the Revised Statutes of Missouri, as amended. E. A cost-benefit analysis showing the economic impact of the Redevelopment Plan on each taxing district which is at least partially within the boundaries of the Redevelopment Exhibit B Area is attached as hereto and is incorporated herein as if fully set forth herein, which cost-benefit analysis shows the impact on the economy if the project is not built and is built pursuant to the Redevelopment Plan. The cost-benefit analysis also includes a fiscal impact study on every affected political subdivision, and sufficient information from the Developer for the TIF Commission to evaluate whether the Redevelopment Project as proposed is financially feasible, and the TIF Commission found that the Redevelopment Project as proposed is financially feasible. F. The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment. Section 2 : The Redevelopment Area is hereby designated as a “redevelopment area” as defined in Section 99.805(11) of the Act. Section 3 :Exhibit C The Redevelopment Plan, a copy of which is attached hereto as and incorporated herein by reference, is hereby adopted and approved.