2009-12-07 Regular Council Session

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“Special Allocation Fund” means the Kingsland Walk Special Allocation Fund, created by the TIF Ordinance, into which TIF Revenues are from time to time deposited in accordance with the TIF Act. “TIF Act” means the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended. “TIF Analyst” means a municipal bond underwriting firm or such other financial advisor as may be retained by the City from time to time. “TIF Bonds” means Tax Increment Revenue Bonds authorized and issued by the City in accordance with the TIF Act and this Agreement. “TIF Commission” means the Tax Increment Financing Commission of the City of University City, Missouri. “TIF Notes” means tax increment revenue notes issued by the City pursuant to and subject to this Exhibit G Agreement and the Note Ordinance in substantially the form as set forth in , to evidence the City’s limited obligation to repay Reimbursable Redevelopment Project Costs incurred by the Developer on behalf of the City in accordance with the TIF Act and this Agreement. “TIF Obligations” means TIF Bonds, TIF Notes or other obligations, singly or in series, issued by the City pursuant to the TIF Act and in accordance with this Agreement. “TIF Ordinance” means Ordinance No. _____ adopted by the City Council on ________ __, 2009, pursuant to which tax increment financing is adopted within RPA-1 and any such ordinance subsequently adopted by the City Council, pursuant to which tax increment financing is adopted within RPA-2. “TIF Revenues” means, collectively, Payments in Lieu of Taxes and 50% of the Economic Activity Taxes. “Work” means all work necessary to construct (1) the RPA-1 Redevelopment Project, including the construction of four buildings comprising approximately 51 residential units and 8,800 square feet of commercial space, (2) the RPA-2 Redevelopment Project, including the construction of five buildings comprising approximately 47 residential units and 11,000 square feet of commercial space (provided the RPA-2 Redevelopment Project is approved by the City) and (3) all other Work described in the Redevelopment Proposal and the Concept Site Plan, or reasonably necessary to effectuate the intent of this Agreement. ARTICLE II{ TC \n \l1 “ARTICLE II” } ACCEPTANCE OF PROPOSAL{ TC \n \l1 “ACCEPTANCE OF PROPOSAL” } 2.1 Developer Designation. {} TC \l2 “2.1 Developer Designation.” The City hereby selects the Developer to perform the Work in accordance with the Redevelopment Plan, the Concept Site Plan, the Redevelopment Proposal and this Agreement. To the extent of any inconsistency among the foregoing, the parties agree that the more restrictive document shall govern so long as the more restrictive document does not constitute a change to the Redevelopment Plan or Redevelopment Project as would require further hearing pursuant to the TIF Act.