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INTRODUCED BY COUNCILMEMBER SCHOOMER <br /> BILL NO. 7706 ORDINANCE NO. 5502 <br /> E <br /> AN ORDINANCE PROVIDING THAT THE ABATEMENT OF GENERAL AD VALOREM TAXES ON <br /> PROPERTIES LOCATED IN THE UNIVERSITY COURT URBAN RENEWAL AREA SHALL BE IN <br /> EFFECT SO LONG AS THE PROPERTY IS USED IN CONFORMANCE WITH THE UNIVERSITY <br /> COURT URBAN RENEWAL 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. 4782, as amended by Ordinance No. 5266 the <br /> City of University City did approve the University Court Urban Renewal <br /> f <br /> Plan (hereafter the "Plan") for the development of properties located in <br /> the University Court Urban Renewal Area (hereafter "Redevelopment Area") ; <br /> 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 Land Clearance for Redevelopment <br /> Authority of University City and University City Redevelopment <br /> } <br /> Corporation; and <br /> WHEREAS, subsequent owners of parcels in the Redevelopment Area <br /> 'r <br /> acquired their respective parcels subject to Parcel Development <br /> Agreements; and <br /> WHEREAS, by the respective Parcel Development Agreements and the Plan <br /> z <br /> the developers are receiving partial abatement of general ad valorem taxes <br /> for a period of years (the "Abatement Period") ; and <br /> F <br /> WHEREAS, it is the intent of the City of University City that the tax <br /> i <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 in <br /> the respective Parcel Development Agreements for the properties identified <br /> In Exhibit A hereto shall be available to the original developer of the <br /> Property and to any subsequent owner of the Property so long as the <br /> Property is developed, occupied and operated in conformance with the <br /> Parcel Development Agreement and the Plan. <br /> f <br />