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a INTRODUCED BY Mr. Glickert DATE March 24, 2008 3 BILL NO. 8985 ORDINANCE NO. 6738 AN ORDINANCE FINDING THAT A CERTAIN BLIGHTED AREA AS DEFINED IN SECTION 99.320 RSMO, (THE 'STATUTE' BEING SECTIONS 99.300 TO 99.715 INCLUSIVE), EXISTS IN THE CITY OF UNIVERSITY CITY ("CITY") AND CONTAINING A DESCRIPTION OF THE BOUNDARIES OF SAID BLIGHTED AREA, ATTACHED HERETO AND INCORPORATED HEREIN AS "EXHIBIT 1" KNOWN AS THE OLIVE BOULEVARD AND MIDLAND BOULEVARD REDEVELOPMENT AREA ("AREA'); FINDING THAT REDEVELOPMENT AND REHABILITATION OF THE AREA IS IN THE INTEREST OF THE PUBLIC HEALTH, SAFETY, MORALS AND GENERAL WELFARE OF THE PEOPLE OF THE CITY; APPROVING THE I ' REDEVELOPMENT PLAN FOR THE OLIVE BOULEVARD AND MIDLAND BOULEVARD REDEVELOPMENT AREA, DATED JANUARY 8, 2008, FOR THE AREA ("PLAN") INCORPORATED HEREIN BY ATTACHED "EXHIBIT 2", PURSUANT TO SECTION 99.430 OF THE STATUTE; 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 THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY("LCRA") MAY ACQUIRE PROPERTIES WITHIN THE AREA; FINDING THAT THE REDEVELOPER SHALL BE RESPONSIBLE FOR RELOCATING ANY ELIGIBLE OCCUPANTS DISPLACED AS A RESULT OF IMPLEMENTATION OF THE PLAN; 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 AN EIGHT (8) YEAR TAX ABATEMENT; FINDING THAT THE REDEVELOPER SHALL MAKE CERTAIN PAYMENTS IN LIEU OF TAXES; AND PLEDGING COOPERATION OF THE CITY COUNCIL AND REQUESTING VARIOUS CITY OFFICIALS, DEPARTMENTS, BOARDS AND AGENCIES OF THE CITY TO COOPERATE AND TO EXERCISE THEIR RESPECTIVE POWERS IN A MANNER CONSISTENT WITH THE PLAN. WHEREAS, as described in the Blighting Study attached as Exhibit D to the Plan (the "Blighting Study"), the Area meets the requirement of a "blighted area" as that term is defined in Section 99.320(3) of the Statute by reason of predominance of defective or inadequate street i layout, insanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, there exist conditions which endanger life or property by fire or other causes and constitutes an economic or social liability or a menace to the public health, safety, morals or welfare in the present condition and use of the Area; and WHEREAS, such conditions are beyond remedy and control solely by the regulatory process and the exercise of the police power and cannot be dealt with effectively by ordinary private enterprise without the aids provided in the Statute; and WHEREAS, there is a need for the LCRA, a public body corporate and politic created under Missouri law, to undertake the development of the Area as a land clearance project under said Statute, pursuant to plans by or presented to the LCRA under Section 99.430.1(4) of the , Statute; and E