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6088
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Last modified
12/6/2004 2:47:24 PM
Creation date
11/5/2014 12:21:22 PM
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Template:
City Ordinances
Passed
12/16/1996
Ordinance Number
6088
Bill Number
8306
Introdate
11/18/1996
Description
Approving redevelopment agreement & issuance of T.I.F. (Scnucks)
Introduced By
Munkel
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necessary to cause the TIF Revenues to be paid into the Special <br />Allocation Fund including the City's enforcement and collection <br />of all such payments through all reasonable and ordinary legal <br />means of enforcement. To assist the City in calculating TIF <br />Revenues, Developer shall use all reasonable efforts to supply or <br />cause to be supplied to the City, copies of the following: <br /> <br />(i) <br /> <br />State sales tax returns filed with the Missouri <br />Department of Revenue promptly after filing by <br />"sellers" (as that term is defined in Section <br />144.010(9) Missouri Revised Statutes 1994, as amended <br />located on the Property following completion of the <br />Work; and <br /> <br />(ii) Monthly invoices received for the provision of electric <br /> power and light, natural gas, telephone service, and <br /> other utility services to the Property. <br /> <br /> Additionally, for so long as any TIF Notes remain <br />outstanding, Developer shall cause to be included in all leases <br />and purchase agreements for the Property which are executed <br />subsequent to the date of execution of this Agreement a covenant <br />running with the land that any such purchaser or lessee required <br />to pay TIF Revenues shall furnish to the City the documentation <br />required in this paragraph 6.3. Developer shall use reasonable <br />efforts to cause a similar covenant to be included in any lease <br />or purchase agreement executed prior to the date of this <br />Agreement. <br /> <br />ARTICLE VII. GENERAL PROVISIONS <br /> <br /> 7.1 Developer's Right of Termination. At any time prior to <br />the issuance of the Certificate of Substantial Completion, <br />Developer may, by giving written notice to the City, abandon the <br />Redevelopment Project and terminate this Agreement and <br />Developer's obligations hereunder, if Developer, in Developer's <br />sole discretion, determines that the Redevelopment Project is no <br />longer economically feasible. Upon such termination, the City <br />shall have no obligation to reimburse Developer for any amounts <br />advanced under this Agreement and any TIF Notes issued pursuant <br />to this Agreement shall be deemed canceled. <br /> <br /> 7.2 City's Right of Termination. In the event Developer <br />fails to substantially complete the Work, including site <br />preparation of the entire Property, within thirty (30) months of <br />the date of this Agreement, the City may, by giving written <br />notice to Developer, terminate this Agreement. Upon such <br />termination, the City shall have no obligation to reimburse <br />Developer for any amounts advanced under this Agreement and any <br />TIF Notes issued pursuant to this Agreement shall be deemed <br /> <br />- 12 - <br /> <br />STL-535046 <br /> <br /> <br />
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