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INTRODUCED BY COUNCILMEMBER ~(~~ BILL NO. ~q .__ ORDINANCE NO. b~,Oq AN ORDINANCE APPROVING ISSUANCE OF A TAX INCREMENT REVENUE ANTICIPATION NOTE, SERIES 1999-01 OF THE CITY IN THE PRINCIPAL AMOUNT OF $2,467,278.00, PURSUANT TO A REDEVELOPMENT AGREEMENT WITH SCHNUCK MARKETS, INC.; AUTHORIZING THE CITY MANAGER TO EXECUTE AND THE CITY FINANCE DIRECTOR TO AUTHENTICATE SAME ON BEHALF OF THE CITY; AND CONTAINING AN EMERGENCY CLAUSE. WHEREAS, the City of University City (the "City") pursuant to sections 99.800 through 99.865 of the Revised Statutes of Missouri 1994, as amended, the Real Property Tax Increment Allocation Redevelopment Act (the "TIF Act") has established a redevelopment area known as the New Olive East Tax Increment Financing District (the "Area"); and WHEREAS, the City has entered into a certain Redevelopment Agreement (the "Redevelopment Agreement") with Schnuck Markets, Inc. (the "Developer") dated December 20 1996 for the redevelopment of a portion of the Area (the "Redevelopment Project"); and WHEREAS, pursuant to the terms of the Redevelopment Agreement, the City has agreed to issue TIF notes for the reimbursement of Eligible Redevelopment Project Costs (as defined in the Redevelopment Agreement) incurred by the Developer; and WHEREAS, Developer has delivered to the City a certain Certificate of Substantial Completion for the Redevelopment Project and has additionally provided itemized invoices, receipts, and other information as requested by the City evidencing the Developer's incurring of certain Eligible Redevelopment Project Costs (as that term is used and defined in the Redevelopment Agreement) in connection with the implementation of the Redevelopment Project in the total amount of Two Million Four Hundred Sixty-Seven Thousand Two Hundred Seventy-Eight Dollars ($2,467,278.00); and WHEREAS, the City desires provide for the reimbursement of the Developer for the Eligible Redevelopment Project Costs from the Special Allocation Fund and to issue, pursuant to the terms of the Redevelopment Agreement, the City's Tax Increment Revenue Anticipation Note, Series 1999-01 in the principal amount of $2,467,278.00 and in the form attached hereto as Exhibit A incorporated herein by this reference (the "TIF Note"). NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI AS FOLLOWS: -' Section 1: Issuance of TIF Note. The City Council hereby approves the issuance of the TIF Note in the principal amount of $2,467,278.00 and subject to the terms specified thereon. ::ODMA~PCDOCS\ST_LOUIS~380340~l