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AN ORDINANCE FINDING THAT A CERTAIN FIRST AMENDMENT TO REDEVELOPMENT PLAN, DATED AS OF OCTOBER 10, 2002, INCORPORATED HEREIN BY ATTACHED EXHIBIT "2" ("AMENDMENT") FOR THE DELMAR/DELCREST REDEVELOPMENT PROJECT AREA (AS FURTHER DESCRIBED IN ATTACHED EXHIBIT "1" THE "AREA"); FINDING THAT THERE IS A FEASIBLE FINANCIAL PLAN FOR THE DEVELOPMENT OF THE AREA WHICH AFFORDS MAXIMUM OPPORTUNITY FOR DEVELOPMENT OF THE AREA BY PRIVATE ENTERPRISE; FINDING THAT NO PROPERTY IN THE AREA MAY BE ACQUIRED BY THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY OF THE CITY OF UNIVERSITY CITY ("LCRA") THROUGH THE EXERCISE OF EMINENT DOMAIN; FINDING THAT THE PROPERTY WITHIN THE AREA IS UNOCCUPIED, BUT IF IT SHOULD BECOME OCCUPIED, THE REDEVELOPER SHALL BE RESPONSIBLE FOR RELOCATING ANY ELIGIBLE OCCUPANTS DISPLACED AS A RESULT OF IMPLEMENTATION OF THE PLAN AND AMENDMENT; FINDING THAT FINANCIAL AID MAY BE NECESSARY TO ENABLE THE AREA TO BE REDEVELOPED IN ACCORDANCE WITH THE PLAN; FINDING THAT THERE SHALL BE AVAILABLE TEN (10) YEAR TAX ABATEMENT; PLEDGING COOPERATION OF THE CITY COUNCIL AND REQUESTING VARIOUS OFFICIALS, DEPARTMENTS, BOARDS AND AGENCIES OF THE CITY TO COOPERATE AND TO EXERCISE THEIR RESPECTIVE POWERS IN A MANNER CONSISTENT WITH THE PLAN AND AMENDMENT; AND CONFIRMING AND READOPTING THE PREVIOUSLY ADOPTED PLAN AND ORDINANCE NO. 6283. WHEREAS, pursuant to Sections 99.300 through 99.715 of the Revised Statutes of Missouri (the "Act"), the Land Clearance for Redevelopment Authority of University City, Missouri ("Authority" or "LCRA") has adopted a Redevelopment Plan for the Delmar/Delcrest Redevelopment Project Area dated December 8, 2000, recorded on ~t~,k' ~, 2002, daily no //~Ta~ of the County of St. Louis, State of Missouri Records ("Plan") for approximately 4.4 acres of real estate located generally at the southwest corner of Delmar Boulevard and the eastern extension of Delcrest Drive in the City of University City, Missouri (the "City"), as described in Exhibit "1" attached hereto and incorporated herein ("Area"); and WHEREAS, the City has adopted the Plan by Ordinance No. 6283, approved January 8, 2001 (the "Ordinance"), authorizing the redevelopment of the Area, and authorizing the City through the Authority to offer certain incentives for the redevelopment of the Area, including tax abatement; and WHEREAS, Mansions on the Plaza, L.P. ("Redeveloper") has requested certain changes to the Plan, which substantially change the Plan, and which are set forth in the attached First Amendment to Redevelopment Plan ("Amendment"), attached hereto and incorporated herein; and CADocuments and Settings\lforsythe.000kMy DocumentskLeisha's Files\ORDINANCSOrdinance Approving Amendments to Redevelopment Plan- Mansions on the Plaza_v3.DOC