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rehabilitation and improvement of the Property, which plans and specifications are hereby incorporated by reference (the "Plans and Specifications "); and WHEREAS, the Developer or its related entities are proposing to transfer title to the Property to the UCRC who in turn is proposing to transfer title to the Property to the Developer, subject to a Parcel Development Agreement with the UCRC in the form attached hereto as Exhibit B; and WHEREAS, in connection with the proposed redevelopment, the Developer has requested a grant of tax abatement under Chapter 353 R.S.Mo. 1986, as amended, for a term of 15 years, said abatement being more particularly described in the Parcel Development Agreement; and WHEREAS, the Authority has reviewed the Plans and Specifications and has found them to be in conformance with the Redevelopment Plan and with the City of University City's need for coordinated, adjusted and harmonious community development and has found that the Plans and Specifications will promote the general welfare of the City in accordance with the purposes of Chapter 353 and has recommended a grant of tax abatement to the Developer, and its successors in title who continue to use the Property pursuant hereto; and WHEREAS, pursuant to notice duly published and written notice duly mailed to all political subdivisions affected by the proposed tax abatement providing them with an estimate of the effect the abatement will have on the estimated tax revenues of each such political subdivision and of the time and place of the public hearing, the City Council held a public hearing at 7:30 p.m on the 3rd day of June, 1996, and all parties were duly heard and considered by the City Council of University City; and WHEREAS, the Plans and Specifications are found to be in full compliance with Chapter 353 R.S.Mo. 1986, as amended, the Redevelopment Plan, and are in the public interest and serve the public purpose. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF ~HE CITY OF UNIVERSITY CITY as follows: Section 1. The City Council for the City of University City hereby finds and determines that the Plans and Specifications for the Property are in compliance with the provisions of Chapter 353 R.S.Mo. (1986), as amended, and the Redevelopment Plan, and that such redevelopment is necessary for the preservation of the health, safety, morals and general welfare of the people of the City of University City. STL-415954 2