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BILL NO. <br /> <br />8308 <br /> <br />Introduced by Councilmember Munkel <br /> <br /> ORDINANCE NO. <br /> <br />6090 <br /> <br />AN ORDINANCE DISSOLVING THE SPECIAL ALLOCATION FUND FOR <br />THE OLIVE EAST TAX INCREMENT FINANCING DISTRICT AND <br />PROJECT AND TERMINATING THE DESIGNATION OF THE OLIVE <br />EAST TAX INCREMENT FINANCING DISTRICT AS A <br />REDEVELOPMENT AREA PURSUANT TO THE REAL PROPERTY TAX <br />INCREMENT ALLOCATION REDEVELOPMENT ACT. <br /> <br /> WHEREAS, The Tax Increment Financing Commission of the City of University <br />City, Missouri (the 'TIF Commission') recommended and the City Council of the City <br />of University City approved under the Real Property Tax Increment Allocation <br />Redevelopment Act, Sections 99.800 through 99.865 R.S.Mo. (the 'TIF Act') a <br />redevelopment plan and project for an area known as the Olive East Tax Increment <br />Financing District (the 'Area') pursuant to Ordinance Numbers 5779 and 5780 (the <br />'Approving Ordinances'); and <br /> <br /> WHEREAS, since the adoption of the Approving Ordinances, no redevelopment <br />projects have been completed within the Area, there are no outstanding <br />redevelopment project costs and no outstanding obligations have been entered into in <br />connection with the Area; and <br /> <br /> WHEREAS, the TIF Commission, after careful and due deliberation, has <br />recommended that the City Council dissolve the special allocation fund for the Area <br />and terminate the designation of the Area and the Project as a redevelopment area <br />and a redevelopment project under the TIF Act; and <br /> <br /> WHEREAS, the City Council, after careful and due deliberation, has determined <br />that such dissolution and terminations are in the interest of the public health, safety, <br />welfare, and morals of the City of University City. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />UNIVERSITY CITY, ST. LOUIS COUNTY, MISSOURI, as follows: <br /> <br />Section 1: The City Council hereby finds and determines as follows: <br /> <br />(a) All redevelopment project costs to be paid for out of the Special <br /> <br />Allocation Fund of the Olive East Tax Increment Financing District and Project <br /> <br />have been paid. <br /> <br />(b) There are no outstanding obligations issued under the TIF Act with <br /> <br />respect to the Olive East Tax Increment Financing District or Project. <br /> <br />(c) Any excess funds remaining in the Special Allocation Fund of the <br /> <br />Olive East Tax Increment Financing District and Project will be paid to the <br /> <br />$TL-528677 <br /> <br /> <br />