Ordinance 68384

Summary

BOARD BILL # 71 INTRODUCED BY ALDERWOMAN PHYLLIS YOUNG PRESIDENT LEWIS REED, AND ALDERMAN ALFRED WESSELS, JR. An ordinance recommended by the Board of Estimate and Apportionment authorizing and approving all of the following agreements and actions relating to the redevelopment and financing of the Kiel Opera House: (1) a Master Lease between The City of St. Louis, Missouri (“City”) and the Land Clearance for Redevelopment Authority of the City of St. Louis (“Authority”) pursuant to which the City is leasing the real property on which the Kiel Opera House is located to the Authority, (2) an Agreement for Payment in Lieu of Taxes between the City and Opera House Redevelopment Company, LLC (“Redeveloper”) pursuant to which the Redeveloper has agreed to make certain payments in lieu of taxes, (3) a Non-Disturbance and Attornment Agreement among the City, the Authority and Redeveloper pursuant to which the City and the Authority agree to take and to forbear from taking certain actions relating to the leasing of said real property; (4) the Cooperation Agreement among the City, the Authority, the Redeveloper, St. Louis Blues Hockey Club, L.P. (“Club”) and 14th and Market Community Improvement District (“District”) pursuant to which the parties agree upon procedures for the collection and allocation of certain funds, and (5) the designation of the Redevelopment Area to be a “recovery zone” and designating up to $21,000,000 aggregate face amount of bonds to be issued by the Authority as “recovery zone facility bonds”; authorizing certain other actions; and containing a severability clause.

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