2009-12-07 Regular Council Session

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I. The City Council hereby determines that the acceptance of the Redevelopment Proposal, the implementation of the Redevelopment Project and the fulfillment generally of this Agreement are in the best interests of the City, and the health, safety, morals and welfare of its residents, and in accord with the public purposes specified in the Redevelopment Plan. J. Pursuant to provisions of the TIF Act, the TIF Ordinance and Ordinance No. ____, the City is authorized to enter into this Agreement, to issue TIF Obligations as evidence of the City’s obligation to pay certain Redevelopment Project Costs incurred in furtherance of the Redevelopment Plan and the Redevelopment Project, and to pledge TIF Revenues to the payment of the TIF Obligations. AGREEMENT Now, therefore, in consideration of the premises and promises contained herein and other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I{ TC \n \l1 “ARTICLE I” } DEFINITIONS{ TC \n \l1 “DEFINITIONS” } 1.1 Definitions. {} TC \l2 “1.1 Definitions.” As used in this Agreement, the following words and terms shall have the following meanings: “Agreement” means this Redevelopment Agreement, as the same may be from time to time modified, amended or supplemented in writing by the parties hereto. “Bond Counsel” means Gilmore & Bell, P.C., St. Louis, Missouri, or an attorney at law or a firm of attorneys acceptable to the City of nationally recognized standing in matters pertaining to the tax- exempt nature of interest on obligations issued by states and their political subdivisions duly admitted to the practice of law before the highest court of any state of the United States of America or the District of Columbia. “Bond Proceeds” means the gross cash proceeds from the sale of TIF Bonds before payment of Issuance Costs, together with any interest earned thereon. Exhibit “Certificate of Substantial Completion” means a document, substantially in the form of E attached hereto, provided by the Developer to the City evidencing the Developer’s satisfaction of all obligations and covenants to complete the Work associated with either the RPA-1 Redevelopment Project or the RPA-2 Redevelopment Project. The Certificate of Substantial Completion does not constitute a final occupancy certificate, final inspection certificate, or other documentation required by the City’s municipal code to occupy any portion of the Redevelopment Project. “Certification of Reimbursable Redevelopment Project Costs” means a document, substantially Exhibit F in the form of attached hereto,provided by the Developer to the City evidencing Reimbursable Redevelopment Project Costs incurred by the Developer. “City” means the City of University City, Missouri, an incorporated political subdivision of the State of Missouri. “City Council” means the City Council of the City.