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Introduced by Councilmember Munkel BILL NO. 8307 ORDINANCE NO. 6089 AN ORDINANCE DESIGNATING A PORTION OF THE CITY OF UNIVERSITY CITY A REDEVELOPMENT AREA; APPROVING A REDEVELOPMENT PLAN; APPROVING REDEVELOPMENT PROJECTS UNDER THE REAL PROPERTY TAX INCREMENT ALLOCATION REDEVELOPMENT ACT; ADOPTING TAX INCREMENT ALLOCATION FINANCING; ESTABLISHING THE SPECIAL ALLOCATION FUND; AND AUTHORIZING THE CITY MANAGER TO ENTER INTO CONTRACTS TO FACILITATE REVENUE ALLOCATION AND COLLECTION; AND THE MAKING FINDINGS RELATED THERETO. WHEREAS, Sections 99.800 through 99.865 of Missouri Revised Statutes 1994, as amended, the Real Property Tax Increment Allocation Redevelopment Act, (the "rlF Act") authorize municipahties to provide for the redevelopment of certain areas through the mechanism of tax increment allocation financing ("rlF"), and it is desirable and in the best interests of the City of University City {the "City") for the City to implement the TIF Act and to encourage and facilitate redevelopment of a portion of the City described herein; and WHEREAS, the City, by Ordinance No. 6066, has established a nine member Tax Increment Financing Commission (the "I'IF Commission") and the TIF Commission fixed a time and place for a public hearing (the "Hearing") to consider the designation of an area located generally along the eastern portion of Olive Boulevard between Pennsylvania Avenue and Sutter Avenue and more particularly described in Exhibit A, attached hereto and incorporated herein by reference (the "Area"), as a redevelopment area and to consider the approval of a redevelopment plan and Project # 1 for the Area and has caused notice of the Hearing to be given by publication and mailing in accordance with Section 99.830 of the TIF Act; and WHEREAS, on October 29, 1996 the TIF Commission held the Hearing at which was presented a draft redevelopment plan for the Area entitled anew Olive Boulevard East Tax Increment Financing (TIF) Redevelopment Plan", dated October 1996 (the "Redevelopment Plan"), which proposed the designation of the Area as a redevelopment area and proposed redevelopment Project #1 for the Area, and at which time any interested person or affected taxing district was permitted to file written objections and was permitted to be heard orally in respect to any issues embodied in the notice of the Hearing, and all protests and objections were heard and considered; and WHEREAS, the TIF Commission at the conclusion of the Hearing voted to approve the designation of the Area as a redevelopment area, the Redevelopment Plan, and the redevelopment Project # 1 for the Area as set forth in the Redevelopment Plan (collectively, the "Redevelopment Projects") which includes the redevelopment of a portion of the Area more particularly described in Exhibit B, attached hereto and incorporated hereha by reference, for planned commercial development in accordance with a proposal dated September 3, 1996 submitted by Schnuck Markets, Inc { the 0TL-5292§1