6320 - Laserfiche WebLink

Home Browse Search

BILL NO. ORDINANCE NO. ~ AN ORDINANCE APPROVING THE ISSUANCE OF A SECOND AMENDED AND RESTATED TAX INCREMENT REVENUE ANTICIPATION NOTE, SERIES 1999-01 OF THE CITY IN THE PRINCIPAL AMOUNT OF $2,509,187.97; 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") established a redevelopment area known as the New Olive East Tax Increment Financing District (the "Area") and approved a redevelopment plan for the Area by Ordinance No. 6089; and WHEREAS, the City pursuant to Ordinance No. 6088 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, by Ordinance No. 6209 and pursuant to the terms of the Redevelopment Agreement, the City approved the issuance of and authorized the City Manager to execute and deliver to the Developer a Tax Increment Revenue Anticipation Note, Series 1999-01 (the "TIF Note") in the principal amount of $2,467,278.00 for the reimbursement of Eligible Redevelopment Project Costs (as defined in the Redevelopment Agreement) incurred by the Developer; and WHEREAS, by Ordinance No. 6226, the City approved the issuance of and authorized the City Manager to execute and deliver to the Developer an Amended and Restated Tax Increment Revenue Anticipation Note, Series 1999-01 (the "Restated TIF Note") to extend the maturity date to March 1, 2009; and WHEREAS, the City Manager executed the Restated TIF Note on January 26, 2000, and the delivered the same to Developer; and WHEREAS, it is in the best interests of the City to further amend and restate the Restated TIF Note in the form attached hereto as Exhibit A and incorporated herein by this reference (the "Second Amended and Restated TIF Note") to increase the principal amount by Forty-One Thousand Nine Hundred Nine Dollars and Ninety Cents to Two Million Five Hundred Nine Thousand, One Hundred Eighty-Seven and Ninety-Seven Cents, to reimburse the Developer for the Additional Eligible Redevelopment Project Cost and to amend other terms of the TIF Note; and ::ODMA\PCDOCS\Ci&YTON\204191\I