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s <br /> i <br /> i <br /> f <br /> INTRODUCED BY COUNCILMEMBER SCHOOMER <br /> } <br /> BILL NO. 7704 ORDINANCE NO. 5500 <br /> AN ORDINANCE PROVIDING THAT THE ABATEMENT OF GENERAL AD VALOREM TAXES ON <br /> PROPERTIES LOCATED IN THE PARKVIEW GARDENS REDEVELOPMENT AREA SHALL BE IN <br /> EFFECT SO LONG AS THE PROPERTY IS USED IN CONFORMANCE WITH THE PARKVIEW <br /> GARDENS REDEVELOPMENT PLAN AND THE PARCEL DEVELOPMENT AGREEMENT AFFECTING <br /> SAID PROPERTY REGARDLESS OF SALE, TRANSFER, OR OTHER CONVEYANCE DURING THE <br /> PERIOD OF ABATEMENT. <br /> WHEREAS, by Ordinance No. 5450 the City of University City did <br /> approve the Parkview Gardens Redevelopment Plan (hereafter the "Plan") for <br /> the development of properties located in the Parkview Gardens <br /> Rehabilitation Area (hereafter "Redevelopment Area") ; and <br /> WHEREAS, the properties listed on Exhibit A are located in the Area <br /> (the "Properties") and have been subjected to the Plan and Parcel <br /> Development Agreements by and between the University City Redevelopment <br /> Corporation and the respective developers of the individual Properties; <br /> and <br /> WHEREAS, by the respective Parcel Development Agreement and the Plan <br /> the developers are receiving partial abatement of general ad valorem taxes <br /> for a period of years (the "Abatement Period") ; and <br /> WHEREAS, it is the intent of the City of University City that the tax <br /> abatement provided for in the Parcel Development Agreements remain in <br /> effect for the "Abatement Period" in accordance with the terms set forth <br /> In the Parcel Development Agreements so long as the Property is developed, <br /> occupied, and operated in conformance with the Plan and the Parcel <br /> Development Agreement; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br /> UNIVERSITY CITY AS FOLLOWS: <br /> Section 1. The partial abatement of ad valorem taxes as set forth <br /> in the respective Parcel Development Agreements for the properties <br /> identified in Exhibit A hereto shall be available to the original <br /> developer of the Property and to any subsequent owner of the Property so <br /> long as the Property is developed, occupied and operated in conformance <br /> with the Parcel Development Agreement and the Plan. <br /> { <br /> r <br /> G <br />