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BILL NO. 7891 INTRODUCED BY COUNCILMEMBER SCHUMAN ORDINANCE N0. 5687 AN ORDINANCE DESIGNATING A PORTION OF THE CITY OF UNIVERSITY CITY A REDEVELOPMENT PROJECT AREA PURSUANT TO THE MISSOURI TAX INCREMENT ALLOCATION FINANCING ACT AND MAKING FINDINGS RELATED THERETO, ADOPTING TAX INCREMENT ALLOCATION FINANCING AND AUTHORIZING THE TAX INCREMENT FINANCING COMMISSION OF UNIVERSITY CITY, MISSOURI TO ENTER INTO CONTRACTS WHEREAS, the City of University City by Ordinance No. 5686 , passed and'approved the a day of November , 1988, approved the Olive Bpulevard Central Tax Id~re~'~'n~ Financd"}f~Eric~'Redevelopment Plan and the Redevelopment Projects thereunder, which are hereafter collectively referred to as "the Plan" for a certain area in the City of University City, which. Area is fully described in said Ordinance and Plan and is more particularly set out on Exhibit A hereto, which is incorporated herein fully by this reference (hereafter ~he "Area"); and WHEREAS, said Ordinance and Plan were approved after a public hearing on said Plan duly advertised prior to said hearing; and WHEREAS, by Ordinance No. 5653, dated April 18, 1988, this City Council did create a Tax Increment Financing Commission of University City, Missouri ("Commission") and did authorize said Commission to carry out the powers enumerated in Section 99.820 of the Real Property Tax Increment Allocation Redevelopment Act (the "Act"); and WHEREAS, it is for the benefit of the City and its inhabitants that the City and the Commission proceed to carry out and implement the actions provided and permitted pursuant to the Act in connection with the Plan and' Area. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI AS FOLLOWS: Section 1. The City Council hereby finds that the Plan has previously been approved by Ordinance No. 5686 and that the Area includes only those parcels of real property and improvements thereon which will be substantially benefited by the proposed Redevelopment Project Activities called for by the Plan. Section 2. The Area is hereby designated as a Redevelopment Project Area as that phrase is defined and used in Section 99.805(10) of the Act. This designation shall apply to the entire Area, including all phases or portions of the Area which may be developed at various times during the time the Area shall remain designated as a Redevelopment Project Area. Section 3. After the total equalized assessed valuation of the taxable real property in the Area exceeds the certified total initial equalized assessed value of all taxable real property in such Area, the ad valorem