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BILL NO. <br /> <br />Introduced by Councilmember Munkel <br /> <br />8306 <br /> <br />ORDINANCE NO. 6088 <br /> <br /> ORDINANCE APPROVING A REDEVELOPMENT AGREEMENT; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE SAME ON BEHALF <br />OF THE CITY; AND AUTHORIZING THE ISSUANCE OF TAX <br />INCREMENT FINANCING OBLIGATIONS, ALL IN FURTHERANCE OF A <br />REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT. <br /> <br /> WHEREAS, the City of University City (the "City") pursuant to sections 99.800 <br />through 99.865 of Missouri Revised Statutes 1986, as amended, the Real Property <br />Tax Increment Allocation Redevelopment Act (the "rlF Act") intends to proceed with <br />the redevelopment of an area designated in Ordinance No. 6089 as a "redevelopment <br />area" and more particularly described in Exhibit A attached to this Ordinance and <br />incorporated by reference {the "Area"); and <br /> <br /> WHEREAS, the City Council has determined that it is in the best interests of <br />the City and the health, safety, morals, and welfare of its residents that a <br />redevelopment proposal dated September 3, 1996 submitted by Schnuck Markets, <br />Inc. (the "Developer") for the redevelopment of that portion of the Area more <br />particularly described in Exhibit B, attached to this Ordinance and incorporated by <br />reference (the "Project Area"), be accepted and that a certain redevelopment agreement <br />between the City and the Developer attached as Exhibit C and incorporated in this <br />Ordinance by reference (the "Redevelopment Agreement") be approved and executed <br />on behalf of the City; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF UNIVERSITY CITY, ST. LOUIS COUNTY, MISSOURI AS FOLLOWS: <br /> <br /> Section 1: Designation of Develover. The City Council <br /> <br />designates the Developer as developer for the Project Area in furtherance <br /> <br />hereby <br />of the <br /> <br />City enter into the Redevelopment Agreement with the Developer, which <br />Redevelopment Agreement is hereby approved. The City Manager is hereby <br /> <br />authorized and directed to execute the Redevelopment Agreement on behalf of the City <br /> <br />and is further authorized to take any and all actions as may be deemed necessary or <br />STL529333 <br /> <br />redevelopment plan adopted and approved in Ordinance No. 6089, and as from time <br />to time amended (the "Plan"). <br /> <br /> Section 2: Approval of RedevelopmentAgreement. The City Council hereby <br />further finds and determines that implementation of the Plan necessitates that the <br /> <br /> <br />