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I INTRODUCED BY: Mr. Glickert 'DATE: June 27, 2011 BILL NO.: 9119 ORDINANCE NO: 6857 AN ORDINANCE CLARIFYING AND AMENDING CERTAIN CITY ORDINANCES RELATING TO THE OLIVE BOULEVARD CENTRAL TAX INCREMENT FINANCING COMMISSION, DISTRICT, AND REDEVELOPMENT PLAN; RATIFYING THE ACTIONS OF THE COMMISSION WITH REGARD TO THE PLAN; AND ACCEPTING THE TRANSFER OF ASSETS FROM AND DISSOLVING THE COMMISSION. WHEREAS, on April 18, 1988 and through City Ordinance No. 5653, the City Council of University City established the Tax Increment Financing Commission of University City, Missouri (the "Commission"); WHEREAS, on November 21, 1988 the Council, after holding a public hearing on October 17, 1988 and otherwise conforming to all requirements of law, enacted City Ordinance No. 5686 which: (a) found and declared as blighted certain land known and designated as the Olive Boulevard Central Tax Increment Financing District (the "District"), and (b) adopted and approved a redevelopment plan for the District known as the Olive Boulevard Central Tax Increment Financing District Redevelopment Plan (the "Plan"); and WHEREAS, on November 21, 1988 the Council, after holding a public hearing on October 17, 1988 and otherwise conforming to all requirements of law, enacted City Ordinance No. 5687 which: (a) designated the District as a redevelopment project area, (b) authorized the use of tax increment financing in the District, and (c) authorized the Commission to acquire property and to enter into contracts for the purpose of Plan implementation in the District; WHEREAS, since 1988, the Commission has implemented the Plan in conjunction and cooperation with and on behalf of the City and its Land Clearance for Redevelopment Authority, and as authorized by Ordinances No. 5653, 5686, and 5687, by acquiring, clearing, marketing, and selling several parcels of property in the District; and WHEREAS, as a result of these efforts the Commission now either holds in its name, or will shortly receive from the Land Clearance for Redevelopment Authority pursuant to and consistent with the latter's resolution dated November 29, 2010, those certain parcels identified in the attached Exhibit A (the "Parcels"); and WHEREAS, in 2008, Section 99.820 of the Revised Statutes of Missouri, being part of Missouri's Tax Increment Financing Act, was amended to require the Page 1 of 3 ff x {