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REDEVELOPMENT AGREEMENT THIS REDEVELOPMENT AGREEMENT (this "Agreement") is made and entered into as of this ~O~ day of ~c-v~.,W, 1996 by and between the CITY OF UNIVERSITY CITY, a constitutional charter city located in St. Louis County, Missouri, and SCHNUCK MARKETS, INC., a Missouri Corporation having a principal office at 1420 Lackland Road, St. Louis, Missouri 63143. (All capitalized terms used herein shall have the meanings ascribed in Paragraph 1 of this Agreement). RECITALS A. There exists a redevelopment area established within the City of University City pursuant to the provisions of the TIF Act and known as the Olive East Tax Increment Financing District. B. Pursuant to the provisions of the TIF Act, the City Council directed the preparation of a new redevelopment plan and blight study and, by Ordinance No. (~O~G~ dated August 12, 1996, requested that the TIF Commission hold a public hearing to consider the redevelopment plan and the designation of a new "redevelopment area" to be known as the New Olive East Tax Increment Financing District and to vote and make recommendations to the City Council. C. On August 15, 1996 and August 16, 1996, the City published in two newspapers of general circulation within the City a request for proposals from redevelopers interested in implementing the Redevelopment Plan which was prepared pursuant to the City Council's direction and has provided reasonable opportunity for the submittal of alternative proposals, all in accordance with the TIF Act, and Developer has submitted the Redevelopment Proposal in response to the City's request. D. On October 29, 1996, the TIF Commission, after giving all notices required by the TIF Act, held a public hearing at which all interested parties had the opportunity to be heard and at which the TIF Commission heard and considered all protests and objections concerning the Redevelopment Plan, the TIF District, and the Redevelopment Proposal and at the conclusion of which, the TIF Commission voted to recommend to the City Council that the Olive East Tax Increment Financing District be terminated, the special allocation fund for said area be dissolved, the new TIF District be designated a "redevelopment area", that the Redevelopment Plan and the redevelopment projects set forth therein be approved, and that the Redevelopment Proposal be accepted and Developer be selected to implement the Redevelopment Project. STL-535046