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Section 2. Section 2.34-020 of the Municipal Code of the City of University City, Missouri is hereby amended to read as follows: 2.34-020 Terms of Office. Members appointed to the TIF Commission, except those six (6) members appointed by the St. Louis County Executive, shall serve on the TIF Commission for a term to coincide with the length of time a redevelopment project, redevelopment plan, designation of a redevelopment area, or any amendment thereto is considered for approval by the TIF Commission. The six (6) members appointed by the St. Louis County Executive shall serve on the TIF Commission until replaced. Section 3. Section 2.34-030 of the Municipal Code of the City of University City, Missouri is hereby amended to read as follows: 2.34-030 Duties. The TIF Commission shall have the following duties: A. To hold public hearings required by Sections 99.800 to 99.865, RSMo. (the "TIF Act") on any proposed redevelopment plan, redevelopment project, designation of a redevelopment area or any amendments thereto. The TIF Commission shall fix a time and place for such public hearing within fifteen (15) days from receipt of a redevelopment plan meeting the minimum requirements of Section 99.810 of the TIF Act, as determined by counsel to the City. Such public hearing shall take place no later than seventy-five (75) days from receipt of the redevelopment plan. B. Provide all notices as required by the TIF Act. C. Vote and make recommendations to the City Council on all proposed redevelopment plans, redevelopment projects, designations of redevelopment areas, and amendments thereto within thirty (30) days following the completion of the public hearing. If the TIF Commission fails to vote within thirty (30) days following the completion of the public hearing referred to in Section 99.825 of the TIF Act concerning the proposed redevelopment plan, redevelopment project, or designation of redevelopment area, or any amendments thereto, such plan, project, designation, or amendment thereto shall be deemed rejected by the TIF Commission. Section 4. Section 2.34-050 of the Municipal Code of the City of University City, Missouri is hereby amended to read as follows: 2.34-050 Transfer of Obligations. As of the effective date of the ordinance codified in this Section, the TIF Commission established pursuant to Section 2.34-010 shall assume all outstanding obligations of any previously established tax increment financing commission of the City and any such previously established tax increment financing commission shall cease to exist, except as may be necessary to complete a public hearing for which notice under Section 99.830 of the TIF Act has been provided prior to August 28, 2008 and to vote or make recommendations relating to the redevelopment plans, redevelopment projects, designation of redevelopment areas, or amendments thereto that are the subject of such public hearing.