Board Bill Number 59 In Session 2009-2010

Summary

BOARD BILL NO. 59 INTRODUCED BY ALDERWOMAN PHYLLIS YOUNG, PRESIDENT LEWIS REED, ALDERMAN ALFRED WESSELS, JR. An ordinance approving a blighting study and redevelopment plan dated April 21, 2009 for the 1400 Market St. Redevelopment Area (as further defined herein, the "Plan") after finding that said Redevelopment Area ("Area") is blighted as defined in Section 99.320 of the Revised Statutes of Missouri, as amended (the "Statute" being Sections 99.300 to 99.715 RSMo, inclusive, as amended); containing a description of the boundaries of the Area in The City of St. Louis, Missouri ("City"), attached hereto and incorporated herein as Attachment "A," finding that redevelopment and rehabilitation of the Area is in the interest of the public health, safety, morals and general welfare of the people of the City; approving the Plan attached hereto and incorporated herein as Attachment "B," pursuant to Section 99.430 RSMo, as amended; finding that there is a feasible financial plan for the development of the Area which affords maximum opportunity for development of the Area by private enterprise; finding that no property in the Area may be acquired by the Land Clearance for Redevelopment Authority of the City of St. Louis ("LCRA"), a public body corporate and politic created under Missouri law, through the exercise of eminent domain; finding that none of the property within the Area is occupied, but if it should become occupied the Redeveloper(s) (as defined herein) shall be responsible at its sole costs for relocating any eligible occupants displaced as a result of implementation of the Plan; finding that financial aid may be necessary to enable the Area to be redeveloped in accordance with the Plan; finding that Redeveloper may seek real estate tax abatement pursuant to Sections 99.700 to 99.715 RSMo, upon application as provided therein, or alternatively up to a twenty-five year real estate tax abatement provided that Redeveloper fully complies with all separate approvals and conditions under Chapter 11.06 of the City Code and Chapter 353 RSMo; and pledging cooperation of this St. Louis Board of Aldermen ("Board") and requesting various officials, departments, boards and agencies of the City to cooperate and to exercise their respective powers in a manner consistent with the Plan; and containing a severability clause.

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