Board Bill Number 271 In Session 2006-2007

Summary

BOARD BILL NO. 271 INTRODUCED BY ALDERMAN FRED WESSELS An ordinance authorizing the Mayor, on behalf of the City of St. Louis (the "City"), to take all steps reasonably necessary to apply to the State of Missouri for designation of an Enhanced Enterprise Zone ("EEZ") under the provisions of Sections 135.950 through 135.973, inclusive, R.S.Mo. (2000), as amended, (the "Statute") for a certain area of the City, said area being further described in attached Exhibit A (the "EEZ Area") and providing for the exemption from, or abatement of, general ad valorem taxes with respect to certain improvements on real property in the EEZ Area; finding that the EEA Area of the City, by reason of pervasive poverty, unemployment and general distress, is a blighted area unlikely to support reasonable tax assessment or to experience reasonable economic growth without the tax incentives provided in the Statute; and finding that the EEZ Area is in need of enhanced enterprise zone designation; and

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