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<br />INTRODUCED BY: Mr. Wagner <br /> <br />DATE: July 16, 2007 <br /> <br />BILL NO. <br /> <br />8942 <br /> <br />ORDINANCE NO. <br /> <br />6697 <br /> <br />AN ORDINANCE BY THE CITY OF UNIVERSITY CITY TERMINATING <br />THE OLIVE BOULEVARD EAST TAX INCREMENT FINANCING <br />DISTRICT; DISSOLVING THE OLIVE BOULEVARD EAST TAX <br />INCREMENT FINANCING DISTRICT SPECIAL ALLOCATION FUND; <br />AUTHORIZING OTHER ACTIONS NECESSARY AND INCIDENTAL TO <br />THE FOREGOING; AND CONTAINING A SEVERABILITY CLAUSE <br /> <br />WHEREAS, the City of University City (the "City"), pursuant to City Ordinances <br />6088 and 6089, dated December 16, 1996, established the Olive Boulevard East Tax <br />Increment Financing District (the "District") in accordance with Missouri's Real Property <br />Tax Increment Allocation Redevelopment Act (the "TIF Act"), Sections 99.800 through <br />99.865 of the Revised Statutes of Missouri; and <br /> <br />WHEREAS, all Redevelopment Project Costs (as such term is defined in <br />Ordinances 6088 and 6089), including, but not limited to, all obligations of the City <br />regarding financing Redevelopment Project Costs have been paid; and <br /> <br />WHEREAS, in accordance with Section 99.850 of the TIF Act, all surplus funds <br />remaining in the Special Allocation Fund (as such term is defined in Ordinances 6088 <br />and 6089) shall be distributed in accordance with such TIF Act. <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF UNIVERSITY CITY <br />AS FOLLOWS: <br /> <br />Section 1: Actions in accordance with Section 99.850 of the TIF Act. <br /> <br />(1) The City hereby terminates the Olive Boulevard East Tax Increment <br />Financing District established December 16, 1996 under City Ordinances 6088 and <br />6089. <br /> <br />(2) The City hereby dissolves the Special Allocation Fund of the City of <br />University City as established by City Ordinance 6089 for the payment of <br />Redevelopment Project Costs and all obligations issued by the City in accordance with <br />the TIF Act. <br /> <br />(3) The City hereby terminates the designation of the Olive Boulevard East <br />Tax Increment Financing District Redevelopment Area, as designated in City Ordinance <br />6089, as a Redevelopment Area (pursuant to the TIF Act). <br /> <br />(4) In accordance with Section 99.850 of the TIF Act, the tax rates of all <br />affected taxing district shall be extended and taxes levied, collected and distributed in <br />the manner applicable in the absence of the establishment of the Olive Boulevard East <br />