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NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />UNIVERSITY CITY, MISSOURI, AS FOLLOWS: <br /> <br /> Section 1. The City Council has reviewed the recommendation of the <br />City Plan Commission that the area described in Exhibit A attached hereto <br />(the "Project Area") is a blighted area, and the City Council hereby ratifies <br />and confirms the finding in Ordinance No. 5402 to the effect that the Project <br /> <br />Area is a blighted area as <br /> <br />Missouri, 1978, as amended. <br /> Section 2. It is <br /> <br />attached hereto as Exhibit B <br /> <br />defined by Chapter 353, Revised Statutes of <br /> <br />hereby declared that the Development Plan, <br />(the "Developmen~ Plan"), is approved and <br /> <br />adopted in accordance with the provisions of this Ordinance. <br /> <br /> Section 3. It has been determined tha there is no necessity to <br />grant the power of eminent domain to the Developer. <br /> <br /> Section 4. It has been determined that there will be no displace- <br />ment of persons or families by the Developer in connection with the <br />development described in the Development Plan. <br /> <br /> Section 5. The Land Clearance for Redevelopment Authority of the <br />City of University City (the "Authority") shall be and is hereby authorized <br />and directed to enter into and perform on behalf of the City a redevelopment <br />contract by and between the Authority and the Developer with respect to the <br />development of the Project Area in accordance with the Development Plan. <br /> <br /> Section 6. The City Council hereby authorizes the City Manager to <br />take any and all actions necessary to implement the provisions of Section <br />353.110, Revised Statutes of Missouri, 1978, as amended, after the effective <br />date of this Ordinance and upon acauisition of the aforedescribed real <br />property by the Developer, in order to zrant to the Developer such tax relief <br />as it may be entitled to under Chapter 353 during the twenty (20) year period <br />following acquisition by the Developer of the Project Area. <br /> <br /> Section 7. The Developer and its successors or assigns, shall file <br />annually, on or prior to March 31 of each calendar year, with the Director of <br />Finance financial statements audited by an Independent Certified ~blic <br />Accountant designated by the Developer, evidencing compliance with the <br />provisions of Chapter 353, Revised Statutes of Missouri, as amended. <br /> <br />2 <br /> <br /> <br />