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t~X~s, and payments in lieu of taxes, if any, arisin~ from the levies upon taxable real property in the Area 6y taxing districts and tax rates determined in the manner provided in subsection 2 of Section 99.855 RSMo each year after the effective date of this Ordinance until all redevelopment project costs (as that term is defined and used in Section 99.805(11) of the Act) have been paid shall be divided as follows: (a) That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the Area shall be allocated to and, when collected shall be paid by the County Collector to the respective effected taxing districts in the manner required by law in the absence o[ the adoption of this, Tax Increment Allocation Financing Ordinance| (b) Payments in lieu of taxes (as that term is used and defined in Section 99.805(7) RSMo attributable to the ~ncrease in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the Area over and above the initial equalized assessed value of each such unit of property in the Area shall be allocated to and, when collected, shall be paid to the Finance Director of the City of University City who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the City of University City for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof. Section 4. The Commission and the City are hereby authorized to enter into contracts and other agreements with private parties necessary or reasonably incidental to the implementation of this and all other ordinances relating to the Plan. Section 5. The acquisition of real and personal property necessary for the implementation of the Plan by negotiated purchase or eminent domain is hereby declared to be for a public use and public purpose and necessary for the purpose of carrying out the Plan. The City and the Commission are hereby authorized to so acquire property required to implement the Plan. Section 6. If any section, subsection, subdivision, paragraph, sentence or clause of this ordinance is for any reason held to be invalid or unconstitutional by any judgment or decree of a court of competent jurisdiction, such decision shall not effect the remaining portions, sections, paragraphs, sentences or clauses of this ordinance or a part thereof which can be given effect without the invalid provision. Section 7. This ordinance shall be in full force and effect from and after the date of its passage and approval as provided by law. -2-