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BILL NO. 8291 INTRODUCED BY COUNCILMEMBER SCHOOMER ORDINANCE NO. AN ORDINANCE CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR TAX ABATEMENT; AUTHORIZING PREPARATION AND FURNISHING OF A WRrI-[EN STATEMENT OF THE IMPACT OF TAX ABATEMENT ON AFFECTED POLITICAL SUBDIVISIONS; AND AUTHORIZING FURNISHING OF WRI'I-I'EN NOTICE OF THE HEARING TO AFFECTED POLITICAL SUBDIVISIONS, ALL PURSUANT TO REQUIREMENTS OF THE URBAN REDEVELOPMENT CORPORATIONS LAW. 6073 WHEREAS, the City of University City (the 'City") has received from Precision Tool Company (the ' Redeveloper") a proposal for redevelopment of property located at the southwest corner of Kingsland and Vernon Avenues within the City including a grant of red property tax abatement pursuant to the Missouri Urban Redevelopment Corporations Low, Ch. 353 R.S.Mo., os amended ('Chapter 353'); and WHEREAS, Chapter 353 requires that prior to approving any redevelopment project the City shall hold a public hearing thereon and further requires that the City prior to any grant of tax abatement shall authorize by ordinance the furnishing of a written statement of the impact on ad valorem taxes such tax abatement will have on each affected political subdivision and the furnishing to each such political subdivision of written notice of the public hearing; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI os follows: Section 1: A public hearing shall be held by the Council of the City of University City, Missouri on October 7, 1996 at 5:15 p.m. in the Council Chambers at City Hall, 6801 Delmar Boulevard, University City, Missouri 63130 to consider a proposal for redevelopment of property located at the southwest comer of Kingsland and Vernon Avenues within the City (the 'Public Hearing"). Written notice of the Public Hearing shall be furnished to oll affected political subdivisions by first class United States Moil to be deposited in the mail not less than seven (7) days prior to the date of the Public Hearing and by publication once in a newspaper of general circulation within the City, all in accordance with requirements of Chapter 353. The written notice shall generally describe the affected area and shall give the date, time, and place of the Public Headng, and shall state that all affected political subdivisions shall have the right to be heard on the proposed grant of tax abatement or exception. Section ?: Prior to the Public Hearing, a written statement of the impact on ad valorem taxes of the fox abatement requested by the Redeveloper containing, at minimum, an estimate of the amount of od valorem tax revenues of each political subdivision which will be affected by the proposed fox abatement or exemption, based_ on the estimated assessed valuation of the red property involved os such