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tax abatement and all those affected were given a reasonable opportunity to comment and to be heard; and WHEREAS, upon due consideration of the testimony presented at the public hearing, the City Council has determined that it is necessary and in the interest of the public health, safety, morals and general welfare of the people of the City that the City Council take appropriate official action respecting the approval of the Development Plan and the grant of the proposed tax abatement. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY CITY, ST. LOUIS COUNTY, MISSOURI AS FOLLOWS: "blighted amended. Section 1. It is hereby found, determined and declared that the Area is a area" as defined by Section 353.020(2) Missouri Revised Statutes 1994, as Section 2. It is hereby further found, determined and declared that the redevelopment of the Area, pursuant to Chapter 353, is necessary and in the interest of the public health, safety, morals and general welfare of the people of the City. Section 3. The Development Plan, having been duly reviewed and considered, is hereby approved and incorporated in this Ordinance by this reference. Section 4. Any urban redevelopment corporation acquiring real property within the Phase One Area shall be entitled to abatement of ad valorem taxes on such real property in accordance with the following schedule: Commencing at the time such urban redevelopment corporation acquires title to the real property, for the frrst six (6) years following, such property shall not be subject to assessment or payment of general ad valorem taxes imposed by the City or by the state or any political subdivision thereof, except to the extent and in such amount as may be imposed upon such real property during such period measured solely by the amount of the assessed valuation of the land, exclusive of improvements, as was determined by the St. Louis County Assessor for taxes due and payable thereon during the calendar year preceding the calendar year during which such urban redevelopment corporation acquired title to such real property; and the amounts of STL-520858 - 2 -