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S s Section 1. The City Council has reviewed the recom- mendation of the City Plan Commission that the area described in Exhibit A attached hereto (the "Project Area") is a blighted area and the City Council hereby ratifies and confirms the finding in Ordinance No. 5419 to the effect that the Project Area is a blighted area as defined by Chapter 353, Revised Statutes of Missouri, 1978, as amended, and Ordinance No. 5085 of the City of University City as amended by Ordinance No. 5165. Section 2. It is hereby declared that the Development Plan attached hereto as Exhibit B (the "Development Plan") is approved and adopted in accordance with the provisions of this Ordinance and that approval of the Development Plan and its implementation is necessary for the preservation of the health, safety, morals and welfare of the public. Section 3. It has been determined that there is no necessity to grant the power of eminent domain to the Developer. r Section 4. It has been determined that there will be no displacement of persons or families by the Developer in connection with the development described in the Development Plan. Section 5. The City Manager and the Land Clearance for Redevelopment Authority of the City of University City (the "Authority") shall be and are hereby authorized and directed to y enter into and perform on behalf of the City a redevelopment contract in substantially the form of Exhibit C hereto, among the City, the Authority and the Developer with respect to the development of the Project Area in accordance with the Development Plan. Section 6. The City Council hereby authorizes the City Manager to take any and all actions necessary to implement the provisions of Section 353.110, Revised Statutes of Missouri, 1978, as amended, after the effective date of this Ordinance and upon acquisition of the aforedescribed real property by the Developer, in order to grant to the Developer the tax relief described in the Development Plan and authorized under Chapter 353 during the fifteen (15) year period following acquisition by the Developer of the Project Area. i Section 7. The Developer and its successors or assigns, shall file annually, on or prior to March 31 of each calendar year, with the Director of Finance financial statements audited by an Independent Certified Public Accountant designated by the Developer, evidencing compliance with the provisions of Chapter 353, Revised Statutes of Missouri, as amended. Section 8. It is intended and hereby expressly granted that the partial tax relief and tax exemption provisions contained in the Development Plan, provided in Section 353. 110, Revised Statutes of Missouri, 1978 , as amended, and authorized by this Ordinance are not only applicable to the Developer during -2-