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BILL NO. <br /> <br />INTRODUCED BY COUNCILMEMBRR <br /> <br />ORDINANCE NO.3 <br /> <br />AN ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FUNDING <br />FOR THE PURPOSE OF FINANCING CERTAIN REDEVELOPMENT <br />ACTIVITIES WITHIN THE OLIVE BOULEVARD CENTRAL TAX <br />INCREMENT FINANCE DISTRICT; APPROVING THE SAID <br />FINANCING THEREFOR; PROVIDING FOR A SUBACCOUNT TO <br />FINANCE CERTAIN IMPROVEMENTS IN THE AREA; AUTHORIZING <br />THE CITY TO ENTER INTO A LOAN AGREEMENT, A NON- <br />ARBITRAGE CERTIFICATE, AND A PLEDGE AGREEMENT AND TO <br />ISSUE A TAX-EXEMPT TAX INCREMENT ANTICIPATION NOTE. <br /> <br /> WHEREAS, pursuant to and in accordance with the provisions <br />of the Missouri Real Property Tax Increment Allocation <br />Redevelopment Act, Sections 99,800 - 99,865 R.S.Mo. 1986 (the <br />"Act"), the City of University City (the "City") desires to <br />proceed with implementation of a plan for development and <br />redevelopment of a portion of the City as set forth in the Olive <br />Boulevard Central Tax Increment Finance ("TIF") District <br />Redevelopment Plan incorporated in Ordinance No. 5686 approved <br />November 21, 1988 (the "Plan") the Plan being incorporated herein <br />by reference as if fully set out heroin by this reference; and <br /> <br /> WHEREAS, the City, by Ordinance No. 5687, approved November <br />21, 1988, incorporated herein by reference as if fully set forth <br />heroin, has designated a redevelopment project area legally <br />described on Exhibit a hereto (the "Area") in which the Plan will <br />be implemented; <br /> <br /> WHEREAS, to implement and carry out the Plan for the Area, <br />the Tax Increment Finance Commission of the City (the <br />"Commission") has considered a proposal by the City wherein the <br />City would borrow certain funds to be evidenced by a tax exempt <br />Tax Increment Anticipation Note (as hereinafter defined) and the <br />Commission would receive the proceeds of such Note to fund <br />certain redevelopment activities in the Area and has found the <br />City's proposal compatible with the Plan for the Area and has <br />approved the City's proposal pursuant to Resolution 32 dated <br />December 17, 1991; and <br /> <br /> WHEREAS, the City is authorized under the provisions of the <br />Act to issue such a Note to provide funds for such redevelopment <br />activities in the Area, said Note to be payable solely from the <br />Acquisition Loan Subaccount of the Special Allocation Fund which <br />shall be created pursuant to this Ordinance. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF UNIVERSITY CITY, MISSOURI AS FOLLOWS: <br /> <br />STL-7~015 <br /> <br /> <br />