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INTRODUCED BY COUNCILMEMBER SCHOOMER BILL NO. 7991 ORDINANCE NO. 5781 AN ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FUNDING FOR THE PURPOSE OF FINANCING CERTAIN IMPROVEMENTS WITHIN THE OLIVE BOULEVARD CENTRAL TAX INCREMENT FINANCE DISTRICT; APPROVING THE SAID FINANCING THEREFORE; PROVIDING FOR A SUB- ACCOUNT TO FINANCE CERTAIN IMPROVEMENTS IN THE AREA DESIGNATED HEREIN AS THE WESTOVER AREA; APPROVING THE SELECTION OF A DEVELOPER AND AUTHORIZING THE CITY TO ENTER INTO A DEVELOP- MENT AGREEMENT AND A PLEDGE AGREEMENT AND TO ISSUE A NOTE. WHEREAS, pursuant'to and in accordance with the provisions of the Missouri Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 - 99.865 R.S.Mo. 1986 (the "Act"), the City of University City (the "City") desires to proceed with implementation of a plan for development and redevelopment of a portion of the City as set forth in the Olive Boulevard Central Tax Increment Finance District Redevelopment Plan incorporated in Ordinance No. 5686 approved November 21, 1988 (the "Plan") the Plan being incorprated herein by reference as if fully set out herein by this reference; and WHEREAS, the City, by Ordinance No. 5687, approved November 21, 1988, incorporated herein by reference as if fully set forth herein, has designated a redevelopment project area legally described on Exhibit ~ hereto (the "Area") in which the Plan will be implemented; and WHEREAS, to implement and carry out the Plan for the Area, the Tax Increment Finance Commission of the City (the "Commission") has considered a proposal by Westover Center Partnership ("Developer") and has found it compatible with the Plan for the Area and has approved the Developer's proposal pursuant to Resolution 10 dated May 29, 1990. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE'CITY OF UNIVERSITY CITY, MISSOURI AS FOLLOWS: Section 1. The City Council hereby affirms the approval of the Plan, the Developer's proposed development, and the designation of the Area as set forth in Ordinance No. 5886 and Ordinance No. 5687 and Resolution No. 10 of the Commission. SeCtion Z. The creation by the Finance Director of the City a special allocation fund (the "Special Allocation Fund") which shall be held separate and apart from the City's other funds and administered by the Finance Director in -1-