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1.0 Introduction The Delmar/Delcrest Redevelopment Project Area, as legally described in Section 4.0 hereof ("Area") encompasses approximately 4.4 acres located at the southwest corner of Delmar Boulevard and Delcrest Drive in the City of University City, Missouri l"City"). Prior to the commencement of the Project (defined herein) the Area contained seven (7) obsolete, ran-down, multifamily rental properties dating back to the 1940's through the 1960's (the "Obsolete Buildings"). See Sections 5.15 through 5.18 hereof. Mansions on the Plaza, L.P., f/k/a DuPont Gardens Associates Limited Partnership (the "Company") had a vision to improve the Area by demolishing the Obsolete Buildings, re-platting the Area, and constructing a state-of-the-art residential facility complete with indoor parking, pool and recreational facilities (the "Project"). The Company commenced the Project without any economic assistance from the City. The demolition of the Obsolete Buildings was completed in April, 1999, and the Company began construction of a large parking structure designed to serve the Proiect in late 1999. In September of 2000 it became apparent that due to labor shortages, materials shortages, and other market forces beyond the control of the Company, that the Project could not be built at a cost which could make the Project financially feasible in the long term. At the end of September, 2000, the Company concluded that the Project could not be built without pubhc economic assistance in the form of tax abatement, and the work on the Project ceased October 3, 2000. The Area is dominated by the large partially-completed two-story parking structure, covering approximately 74,749 sq. ft., or approximately 39% of the Area ("Incomplete Facility"). See 5.1. The Incomplete Facility, in its current condition, lacks electric power services, poses life safety hazards, is a prominent eyesore visible to adjacent properties, and serves no reasonable present use. Sections 99.300 to 99.715 RSMo (collectively, the "Statute") permit the Land Clearance Authority for the City of University City, Missouri (the "LCRA'1 to undertake redevelopment of areas which are found by the City Council of the City to be "blighted" within the meaning of the Statute. This Blighting Study was prepared for use by the LCRA, the Plan Commission of the City ("Plan Commission'1 and the City Council of the City in their determination of whether the Area is "blighted area." This Blighting Study concludes that according to the standards of blight under the Statute, the Area is, on the whole, a "blighted area." 3 1527131