2010-05-17 Regular City Council Agenda

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INTRODUCED BY; DATE: May 17, 2010 9075 BILL NO. ORDINANCE NO. AN ORDINANCE REPEALING ORDINANCE NO. 6810, AND APPROVING THE FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE KINGSLAND WALK REDEVELOPMENT AREA, AND AUTHORIZING CERTAIN ACTIONS BY CITY OFFICIALS. WHEREAS , the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”) authorizes cities to undertake redevelopment projects in blighted, conservation or economic development areas, as defined in the Act; and WHEREAS ,on December 7, 2009, the City Council adopted Ordinance No. 6798 approving the Kingsland Walk Redevelopment Plan & Project (the “Plan”) pursuant to the Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended; and WHEREAS , the Plan describes a redevelopment program for an area described therein (the “Redevelopment Area”) through the implementation of redevelopment projects described therein (the “Redevelopment Projects”); and WHEREAS , on December 7, 2009, the City Council adopted Ordinance No. 6800 approving a Redevelopment Agreement (the “Redevelopment Agreement”) with Metropolitan Development- Kingsland Walk, LLC (the “Developer”), which agreement provided the terms and conditions upon which tax increment financing will be available to assist the Developer in the completion of the Redevelopment Projects; and WHEREAS, since December 7, 2009, the City Council has been made aware of (a) the need to adjust the approved project construction schedule and (b) the Developer’s difficulty in acquiring certain real property located in Redevelopment Project Area 1, which such property is known as 844 Kingsland and is occupied by King’s Day Care; and WHEREAS, on May 3, 2010, the City Council adopted Ordinance No. 6810 approving an amendment to the Redevelopment Agreement, which such amendment the City Council has now determined is not adequate to facilitate the redevelopment of the Redevelopment Area; and WHEREAS, to further facilitate the redevelopment of the Redevelopment Area, the City Council now desires to approve the First Amendment to Redevelopment Agreement (the “First Amendment”) Exhibit A attached hereto as , including a revised project construction schedule and the authorization to acquire 844 Kingsland by eminent domain, if necessary, as provided therein. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Ordinance No. 6810 is hereby repealed in its entirety.