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Bill No. 89.99 Introduced by Councilmember Schoomer Ordinance No. 6081 ORDINANCE APPROVING A REDEVELOPMENT AGREEMENT FOR THE REDEVELOPMENT PROJECT PHASE ONE (PRECISION TOOL SITE); AND AUTHORIZING THE CITY MAI~IAGER TO EXECUTE SAME ON BEHALF OF THE CITY OF UNIVEI~ITY CITY. WHEREAS, the City Council of University City (the "City Council") by Ordinance No. 6080 {the "Approv/ng Ordinance"} has approved a certain development plan entitled "BlightLug Analysis and Development Plan For Precision Tool Site", prepared by the University City Department of Planning and Development and dated October 3, 1996 {the "Plan") which Plan provides for the redevelopment for commercial and industrial use of the area described in the Plan {the "Area"); and WHEREAS, the City Council has found, determined and declared that the Area is a Blighted Area; and WHEREAS, the University City Redevelopment Corporation {the "Developer"), a Missouri urban redevelopment corporation established and existing pursuant to Chapter 353 of Missouri Revised Statutes 1994, as amended ("Chapter 353"), wishes to undertake redevelopment of that portion of the Area legally described in Exhibit A, attached to and incorporated in this Ordinance by reference, as set forth in the Plan (the "Redevelopment Project-Phase One") and to facilitate implementation of the Redevelopment Project-Phase One, and the City wishes to make available to the Developer the grant of tax abatement contained in the Approving Ordinance and further provided in a certain redevelopment agreement between the City and the Developer attached to this Ordinance as Exhibit "B" and incorporated by reference (the "Agreement"). NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY CITY, ST. LOUIS COUNTY, MISSOURI AS FOLLOWS: Section 1. The Agreement, having been duly reviewed and considered is hereby approved and the City Manager is hereby authorized and directed to execute the Agreement on behalf of the City of University City. Section 2. It is hereby found and determined that the approval of the Agreement is necessary and in the interest of the public health, safety, morals and general welfare of the people of the City of University City. Section 3. The portions of this Ordinance shall be severable. In the event that any portion of this Ordinance is found by a court of competent jurisdiction to be invalid, the remaining portions are valid, unless the court finds the valid portions of STL-520865