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5446
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5446
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Last modified
12/29/2011 4:26:06 PM
Creation date
11/5/2014 12:17:14 PM
Metadata
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Template:
City Ordinances
Passed
8/20/1984
Ordinance Number
5446
Bill Number
7650
Description
dONALDSON rEDEVELOPMENT AREA IS A GLIGHTED AREA; PROVEDED TAX ABATEMENT ACCORDING TO Chapter 353 Revised Statutes of Missouri 1978
Introduced By
Councilmember Adams
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5. <br /> Y. Transfers <br /> Donaldson •Redevelopment Corporation, may sell , assign, transfer , <br /> lease, mortgage, convey, submit to condominium ownership, or otherwise <br /> dispose of any property or part thereof or interest therein which it may <br /> acquire within the development area, to any person , corporation, part- <br /> nership, joint venture or other entity, including without- limitation, <br /> any affiliate of the Donaldson Redevelopment Corporation , either before <br /> or after the completion of rehabilitation as provided herein. All <br /> such transfers prior to completion of rehabilitation , however , shall <br /> be subject to the requirements of this Development Plan and the agree- <br /> went between the City of University City and Donaldson Redevelopment Cor- <br /> poration, authorized by the ordinance approving this plan to complete <br /> such rehabilitation. Any -transferee or successor in interest in the <br /> property of the Donaldson Redevelopment Corporation within the Devel- <br /> opment area, prior to completion of rehabilitation , will agree in writing <br /> to assume such obligations of the contract between the City of Univer- <br /> sity City and the Donaldson Redevelopment Corporation , authorized by <br /> the ordinance approving this plan with respect to the property or <br /> interest so transferred . All such transfers, before or after comple- <br /> tion of construction, shall be subject to the land use requirements <br /> of. this development plan. No such transfers shall relieve the Donald- <br /> son Redevelopment Corporation of its obligations hereunder. The <br /> developer may divide interest or estates in the project . <br /> Any transferee or successor in interest to the property, or any <br /> part thereof, in the development area acquired by Donaldson Redevelop- <br /> ment Corporation pursuant to this Development Plan and the contract <br /> authorized by the ordinance approving this Plan, shall be entitled to <br /> the partial tax relief of section 353 .110 R. S .MO. 1978 without further <br /> action from the Mayor and City Council of• the City of University City so <br /> long as its transferee or successor in interest continues to use, <br /> operate and maintain the property for the land uses provided in the <br /> Development Plan. <br /> Z. Minor Modifications to the Development Plan <br /> The Developer may make minor departures from the Development Plan <br /> without amendment and without approval of the City Council . <br /> AA. Surplus Earnings of the Redevelopment Corporation <br /> Any surplus earnings of the Donaldson Redevelopment Corporation , <br /> in excess of the rate of earnings as provided in 353.030(11) and the <br /> Articles of Incorporation of the Donaldson Redevelopment Corporation , may <br /> be held by such corporation as a reserve or maintenance of such rate <br /> of return in the future and may be used by such corporation to offset <br /> any deficiency in such rate of return which may have occured in prior <br /> years; or maybe used to accellerate the amortization payments of the <br /> enlargement of the project or for reduction in rental or sales price <br /> therein; provided. that, any access of such surplus earnings of Donaldson <br /> Redevelopment Corporation remaining 'at the end of the tax relief granted <br /> -and pursuant to chapter 353 .110 R. S.MO. , 1978 shall �be turned over by such <br />
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