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the accumulation.-. of__s.ur.plus......net-earnings., as......defined. by law, if any, is being
<br /> handled as provided by law.-
<br /> 1._...Zn..the. event..-such_.net_in,come...of.,the_,TDRC,._its successors or assigns
<br /> is not_ moxe..than..the_maximum.,_all.owed..by....law,. or..in_the event such net income dur-
<br /> ing the year. ..is..mor.e than .the...maximum....allawed -by . -law., and the accumulation of
<br /> surplus.net.._.earning..4s...hei..ng.:handl.ed_.as,'..provided. by . ,law, then the Director of
<br /> Finance..shall-certi.fy,.on ..or...before.April._1.,.- .of. each year following the year for
<br /> which. the .statement..,ryas..req:uired,:ta.be..submitt.ed .under__Section 8, that the TDRC,
<br /> its successors._or,,.as,S,ig.ns...is.•eligib l.e..f:or-:.the...tax-exem tion
<br /> p provisions contained
<br /> in the,-"Urban_...Redeu e,l•opment_Corpdrati.on_Law:';..,and found in Section 353.110 Revised
<br /> Statutes..of_11issour.i, 19.69, as atiended.
<br /> 2. In.,the. event...
<br /> the--net,.,income_of the TDRC, its successors or assigns
<br /> is more. than_the._.maximum._aliowed;:by..1aw,...and_.the..surpIus is not being handled as
<br /> - provided....hy...l.aw,..then,,the_Di.rector:.of._:.Finance.,shall..certify on or before April 1,
<br /> of the year following_ they ear. Eos:.which. ..the.statement was required to be sub-
<br /> mitted . .under._Secti.on, .8,.,that,..such._.,corpoxation.is.. _not. eligible under the tax
<br /> exemption prrovisi.ons:,cnntai,ned :-:-in':.gection-...353- 1.10,of.,., the "Urban Redevelopment
<br /> Corporations-Law-"-.. ..._.._
<br /> -Sect ion,.10... ...In.the.,.._.event_that..__,the..cert1f.ication continues the tax
<br /> exemption...status...wlth,.segaBd:;,,,ta--.lie'afor.edescribed- real property owned by TDRC,
<br /> its successors, . .or. assigns.,. . under ".-Section.353,.110, . .the Assessor of St. Louis
<br /> County shall._.be-.so-notified,
<br /> Section_ 1.1.. ..:. In._.the_.event-t.hat-:cer-t1fication. states that tax exemption
<br /> status cannot.he...coUtinu,ed.with, tegard_to_.the. aforedescribed real property of the
<br /> TDRC,..-its. successo.rs.._;or. asslgns7::-then. the. ._Assessor of St. Louis County shall be
<br /> notified. for. purposes_.of..- as•s.s.ssment. .of.. the. property of the TDRC, its successors
<br /> or ass.igns.,-..at its _true,.ualue as provided by law.
<br /> Section..12.... .. ..It. __.is...,,intended ..and.. -hereby_expressly granted that the
<br /> partial....tax._reli.ef._and tax.-exemption, . provisions .contained in Section 353.110,
<br /> R.S. Mo., 1.969,. .and_ authorized..by-this-,:_ordinance,are not only applicable to the
<br /> TDRC during.. the_.fi.fteen._<-15:): year period.. .after._the. ,date upon which the TDRC
<br /> acquires ...the_.aforementioned..real.:_..property.,- ...but._ also are applicable to the
<br /> successors .and/..ox__assi.gns.-.of:_the_TDIi.C.,..-provided- such..successors and/or assigns of
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