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INTRODUCED BY COUNCILMEMBER MAJERUS BILL NO. 7705 ORDINANCE NO. 5501 AN ORDINANCE PROVIDING THAT THE ABATEMENT OF GENERAL AD VALOREM TAXES ON PROPERTIES LOCATED IN THE EASTGATE/WESTGATE URBAN RENEWAL AREA SHALL BE IN EFFECT SO LONG AS THE PROPERTY IS USED IN CONFORMANCE WITH THE EESTGATE/ WESTGATE URBAN RENEWAL PLAN AND THE PARCEL DEVELOPMENT AGREEMENT AFFECTING SAID PROPERTY REGARDLESS OF SALE, TRANSFER, OR OTHER CONVEYANCE DURING THE PERIOD OF ABATEMENT. WHEREAS, by Ordinance No. 4043, as amended by Ordinance No. 5268 the City of University City did approve the Eastgate/Westgate Urban Renewal Plan (hereafter the "Plan") for the development of properties located in s the Eastgate/Westgate Urban Renewal Area (hereafter "Redevelopment Area") ; and WHEREAS, the properties listed on Exhibit A are located in the Area (the "Properties") and have been subjected to the Plan and Parcel Development Agreements by and between the Land Clearance for Redevelopment Authority of University City and University City Redevelopment Corporation; and WHEREAS, subsequent owners of parcels in the Redevelopment Area acquired their respective parcels subject to Parcel Development Agreements; and WHEREAS, by the respective Parcel Development Agreements and the Plan the developers are receiving partial abatement of general ad valorem taxes for a period of years (the "Abatement Period"); and WHEREAS, it is the intent of the City of University City that the tax abatement provided for in the Parcel Development Agreements remain in effect for the "Abatement Period" in accordance with the terms set forth in the Parcel Development Agreements so long as the Property is developed, occupied, and operated in conformance with the Plan and the Parcel Development Agreement; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY AS FOLLOWS: Section 1 . The partial abatement of ad valorem taxes as set forth in the respective Parcel Development Agreements for the properties identified in Exhibit A hereto shall be available to the original developer of the Property and to any subsequent owner of the Property so long as the Property is developed, occupied and operated in conformance with the Parcel Development Agreement and the Plan.