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INTRODUCED BY: Mr. Price DATE: December 12, 2011 ' BILL NO 9144 ORDINANCE NO: 6877 AN ORDINANCE DISSOLVING THE OLIVE BOULEVARD CENTRAL TAX INCREMENT FINANCING DISTRICT'S SPECIAL ALLOCATION FUND AND TERMINATING THE DISTRICT'S DESIGNATION AS A TAX INCREMENT t FINANCING REDEVELOPMENT AREA; CONTAINING AN EMERGENCY CLAUSE. WHEREAS, in 1988, and through City Ordinance Nos. 5653, 5686, and 5687, the City Council of University City established the Tax Increment Financing ("TIF") Commission of University City, Missouri (the "Commission"), established the Olive Boulevard Central Tax Increment Financing District (the "District"), and adopted a redevelopment plan for the District known as the Olive Boulevard Central Tax Increment f Financing District Redevelopment Plan (the "Plan"); WHEREAS, Section 99.810.1(3) of Missouri's Tax Increment Financing Act (the "TIF Act"), and the express terms of the Plan itself, provide that the Plan shall expire as of November 20, 2011 and all business of the Commission and the District shall be concluded by that time; and WHEREAS, on June 27, 2011 the Council, having acknowledged the Commission's implementation of the Plan and in anticipation of the Plan's expiration on November 20, 2011, authorized the transfer of Commission assets to the City and the subsequent dissolution of the Commission; and WHEREAS, the Plan has now expired; and ? WHEREAS, Section 99.850 of the TIF Act further requires that the City adopt an ordinance dissolving the District's special allocation fund and terminating the District's designation as a TIF redevelopment area so that future taxes may be collected and distributed without being subject to any reallocation of funds under the TIF Act; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI AS FOLLOWS: i i Section 1. The special allocation fund for the Olive Boulevard Central Tax Increment Financing District is hereby, dissolved, and the District's designation as a TIF redevelopment area is hereby terminated, effective November 20, 2011. Section 2. A certified copy of this Ordinance shall be provided to the St. Louis County Collector immediately after its enactment so that the Collector may take such steps as are necessary to ensure that future taxes may be collected and distributed in light of the expiration of the Plan and the termination of the TIF District's designation as a TIF redevelopment area and without being subject to any reallocation of funds under the TIF Act. Page 1 of 2 I