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B~ No. 8298 Introduced by Councilmember Wagner Ordinance No. 6080 AN ORDINANCE FINDING THAT A CERTAIN BLIGHTED AREA AS DEFINED IN CHAPTER 353 OF MISSOURI REVISED STATUTES, THE URBAN REDEVELOPMENT CORPORATIONS LAW, EXISTS IN THE CITY OF UNIVERSITY CITY AND THAT THE REDEVELOPMENT OF SUCH AREA IS NEC~ARY AND IN THE PUBLIC INTEREST; APPROVING A DEVELOPMENT PLAN FOR THE AREA; AND APPROVING A GRANT OF TAX ABATEMENT. WHEREAS, by reason of age, obsolescence, inadequate or outmoded design or physical deterioration, a certain area situated within the City of University City, Missouri (the "City") and legally described in Exhibit "A", attached to and incorporated in this Ordinance by reference (the "Area") has become an economic and social liability, and that such conditions are conducive to ill health, transmission of disease, crime or inability to pay reasonable taxes; and WHEREAS, the clearance, replanning, rehabilitation or reconstruction of the Area, and the provision for such industrial, commercial, or public structures and spaces as may be appropriate, including the granting of ad valorem tax abatement pursuant to Chapter 353 of Missouri Revised Statutes, The Urban Redevelopment Corporations Law, ("Chapter 353") is necessary to and in the interest of the public health, safety, morals and general welfare of the people of the City; and WHEREAS, a development plan for the Area entitled "Blighting Analysis and Development Plan For Precision Tool Site," prepared by University City Department of Planing and Development and dated October 3, 1996, attached to this Ordinance as Exhibit "B", (the "Development Plan") has been prepared in accordance with the requirements of Chapter 353 and has been submitted to the City Council for consideration; and WHEREAS, the University City Redevelopment Corporation, a Missouri Urban Redevelopment Corporation has proposed the redevelopment of that portion of the Area designated and legally described in the Development Plan as the Phase One - Redevelopment Project Area (the "Phase One Area") which redevelopment includes a grant of tax abatement as authorized in Chapter 353; and WHEREAS, written notice of a public hearing to be held to consider the redevelopment of the Area in accordance with the Development Plan and a written statement of the impact on ad valorem taxes the proposed tax abatement would have on political subdivisions whose boundaries for ad valorem taxation purposes include any portion of the real property within the Phase One Area was furnished to each such political subdivision before the hearing; and WHEREAS, in accordance with the requirements of Chapter 353, a public hearing was duly advertised and held on October 7, 1996 at 5:15 p.m. in the Council Chambers at City Hall, 6801 Delmar Boulevard, University City, Missouri 63130 for the stimulation of comment concerning the redevelopment of the Area and the proposed grant of STL-520858