6097 (EXHIBIT A - E) (2) - Laserfiche WebLink

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Economic Development Activities The City has placed a great deal of emphasis on improving and maintaining its public buildings, streets and sidewalks. During the fiscal year ended June 30, 1996, the City spent approximately $176,261 for building improvements and street and sidewalk repairs. The City has become very active in providing tax incentives to restore multifamily buildings and to attract business. The City of University City has three economic development entities: the Industrial Development Authority (IDA), the Tax Increment Financing Commission (TIF) and the Land Clearance Redevelopment Authority (LCRA). Each entity's board members are appointed by the Mayor. The comprehensive financial report disclosed the TIF as a special revenue fund and the LCRA and IDA as discretely presented component units. The Industrial Development Authority (IDA) was incorporated in 1979 as a non-profit organization. The purpose for which this corporation was organized are to develop, encourage and promote commercial, industrial and manufacturing facilities. The IDA has the power to issue industrial development revenue bonds in order to help finance projects. During the fiscal year ended June 30, 1996, the IDA loaned the LCRA an additional $50,000 for acquisition of properties acquired through eminent domain in the Parkview Gardens area. The IDA has granted $10,000 in matching funds each year for five years, beginning in __, to the University City Loop Business District for the purposes of completing capital improvements along Delmar Boulevard. Additionally, the IDA and the City have entered into an agreement under which the IDA will loan the City $100,000 to pay a portion of the costs of the retail space portion of the Project. The Tax Increment Financing Commission (TIF) was established in 1990 to stimulate and guide the economic growth of the City. Its functions include the preparation and recommendation to the City Council concerning the adoption of redevelopment plans, redevelopment projects, and the designation of redevelopment project areas. There are two TIF districts operating in University City. The commission is assembling property in an existing district for a new development. The Land Clearance Redevelopment Authority (LCRA) was established in 1959 to counteract the existence of blighting conditions in certain areas of University City. The basic function of this organization is to clear land for redevelopment purposes. Under the redevelopment laws of the State of Missouri, the LCRA has the power to purchase and dispose of property. The LCRA encourages the development and redevelopment of commercial, industrial and apartment projects and offers tax incentives for project owners. Developments are reviewed by the LCRA which then makes recommendations to the City Council. During the fiscal year ended June 30, 1996, the LCRA initiated tax abatement for the construction of the Lewis London building on Delmar Boulevard (within the Loop Business District). In 1996, the LCRA also provided staff and financial resources for the Parkview Gardens project, phases 1 and 2, totaling 114 multifamily units being completely rehabilitated and rented as reasonable rates. Tax abatement has also been initiated for this project. -21-