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5990
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5990
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Last modified
12/6/2004 2:48:16 PM
Creation date
11/5/2014 12:20:51 PM
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Template:
City Ordinances
Passed
12/12/1994
Ordinance Number
5990
Bill Number
8205
Introdate
11/21/1994
Description
Approving a redevelopement agreement and authorizing tax abatement for the Tivoli Building redevelopment corporation
Introduced By
Schuman
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and the Parcel Development Agreement to be entered into between <br />the Authority and the Developer shall govern the implementation <br />of this Redevelopment Proposal. In order to implement the Parcel <br />Development Agreement, title to the Site will be transferred from <br />Tivoli Building, L.L.C. to the Authority, and then from the <br />Authority to the Developer, subject to the Parcel Development <br />Agreement. <br /> <br /> The total cost for the project including acquisition <br />and construction but exclusive of the phase two apartment <br />renovations is presently estimated to be $2,800,000. In addition <br />to the funds being provided by the I.D.A. and, if this Proposal <br />is approved, by the Authority, the $2,600,000 balance of the <br />project cost will be financed by Lindell Bank and Trust <br />($1,600,000) and Allegiant Bank ($900,000). Joe and Linda <br />Edwards will be responsible for payment of the balance of the <br />project costs and will personally certify to the Authority and <br />the I.D.A. that all funds loaned by the Authority and the I.D.A. <br /> <br />will be utilized solely for payment of project costs. <br /> C. Partial Tax Abatement. <br /> <br /> The Developer hereby requests that the Authority <br />recommend that the City grant the Developer the following real <br />estate tax abatement as an incentive to undertake the renovation <br />of the Building: <br /> <br /> (i) Upon compliance with Section 353.110 R.S. Mo. <br /> and the terms and conditions of the Parcel Development <br /> Agreement to be entered into by the Developer and the <br /> <br />SL02 239182.8 6 <br /> <br /> <br />
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