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* ROD CE Bv co ci MEMBER <br /> <br />BILLN0. ~d(~ ORDINANCENO. <br /> <br />AN ORDINANCE APPROVING THE ISSUANCE OF AN AMENDED AND <br />RESTATED TAX INCREMENT REVENUE ANTICIPATION NOTE, <br />SERIES 1999-01 OF THE CITY IN THE PRINCIPAL AMOUNT OF <br />$2,467,278.00; AUTHORIZING THE CITY MANAGER TO EXECUTE <br />AND THE CITY FINANCE DIRECTOR TO AUTHENTICATE SAME ON <br />BEHALF OF THE CITY; AND CONTAINING AN EMERGENCY <br />CLAUSE. <br /> <br /> WHEREAS, the City of University City (the "City") pursuant to sections 99.800 through <br />99.865 of the Revised Statutes of Missouri 1994, as amended, the Real Property Tax Increment <br />Allocation Redevelopment Act (the "TIF Act") established a redevelopment area known as the <br />New Olive East Tax Increment Financing District (the "Area") and approved a redevelopment <br />plan for the Area by Ordinance No. 6089; and <br /> <br /> WHEREAS, the City pursuant to Ordinance No. 6088 entered into a certain <br />Redevelopment Agreement (the "Redevelopment Agreement") with Schnuck Markets, Inc. (the <br />"Developer") dated December 20, 1996 for the redevelopment of a portion of the Area (the <br />"Redevelopment Project"); and <br /> <br /> WHEREAS, by Ordinance No. 6209 and pursuant to the terms of the Redevelopment <br />Agreement, the City approved the issuance of and authorized the City Manager to execute and <br />deliver to the Developer a Tax Increment Revenue Anticipation Note, Series 1999-01 (the "TIF <br />Note") in the principal amount of $2,467,278.00 for the reimbursement of Eligible <br />Redevelopment Project Costs (as defined in the Redevelopment Agreement) incurred by the <br />Developer; and <br /> <br /> WHEREAS, the City Manager executed the TIF Note on July 28, 1999, but the TIF Note <br />has not been delivered to the Developer; and <br /> <br />WHEREAS, the TIF Note as executed matures on June 1, 2007 (the "Maturity Date"); <br /> <br />and <br /> <br /> WHEREAS, it is in the best interests of the City to amend and restate the TIF Note in the <br />form attached hereto as Exhibit A and incorporated herein by this reference (the "Restated TIF <br />Note") to extend the Maturity Date to March 1, 2009 and to amend other terms of the TIF Note. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />UNIVERSITY CITY, MISSOURI AS FOLLOWS: <br /> <br />::ODMA\PCDOCS\ST_LOUIS\603320\l <br /> <br /> <br />