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BILL NO. INTRODUCED BY COUNCILMEMBER PRICE 7890 ORDINANCE NO. 5686 AN ORDINANCE APPROVING A REDEVELOPMENT PLAN AND PROJECTS FOR A CERTAIN AREA DESCRIBED HEREIN AND MAKING FINDINGS RELATED THERETO; WHEREAS, Sections 99.800 to 99.865.RSMo. 1986, otherwise known as "The Real Property Tax Allocation Redevelopment Act" (the "Act") authorizes the City of University City, Missouri (the "City") to provide for the redevelopment of certain areas hereinafter described, and it is desirable and in the best interest of the City for the City to implement the Act; and WHE~S, th~ City Council hu causad Notice of a Public He&£~I~ ~_e. given with regard to the consideration of a proposed Redevelopment Plan and projects for a certain area described on Exhibit A hereto, incorporated herein by this reference as if set out in full herein and is hereafter referred to as the "Area," to be published and mailed as required by Section 99.830 of the Act, and such hearing was held on October 17, 1988 (the "Public Hearing") at which time all interested parties and affected taxing districts were permitted to be heard; and WHEREAS, there was presented at the aforesaid public hearing on October 17, 1988 the Olive Boulevard Central Tax Increment Finance District Redevelopment Plan dated August 29, 1988 prepared for the City by staff and approved by the Tax Increment Financing Commission of University City, Missouri, and said plan is attached hereto as Exhibit B and incorporated herein by reference as if fully set out herein and is hereafter referred to as the "Plan"; and WHEREAS, the Plan and Project set forth the factors which Caused the area described on Exhibit A to be or to become blighted; and WHEREAS, the City Council has reviewed information concerning the blighting conditions set forth in the Plan and has considered further information presented at the Public Hearing and is generally informed of the condl~l~..~ ~h~.Area which could cause the Area to be_ ab!lght?~ A_~ea_~e such term is used in the Act; and WHEREAS, the City Council has reviewed conditions creating a lack of private investment in the proposed area to determine whether private development could take place~in the proposed area as a whole without the adoption of the proposed Plan; and WHEREAS, the City Council has reviewed the proposed Plan and Projects and also the Comprehensive Plan for the development of the City as a whole ~o determine whether the proposed Plan and Projects conform to the City's Comprehensive Plan and the recommendation of the Plan Commission at their September 28, 1988 meeting; and