Ordinance 68537

Summary

BOARD BILL # 246 INTRODUCED BY ALDERWOMAN PHYLLIS YOUNG an ordinance recommended by the board of estimate and apportionment authorizing the termination of the redevelopment agreement dated as of January 8, 2007 between the city and the original developer (as defined herein); authorizing the execution of a financing agreement by and among the city, the land clearance for redevelopment authority of the city of St. Louis, Missouri and the new developer (as defined herein); authorizing the defeasance of the remaining outstanding prior obligations (as defined herein) issued by the city of St. Louis in connection with the OCCC redevelopment project (as defined herein); authorizing the city to assign certain dedicated municipal revenues and city revenues, as defined in said financing agreement, in lieu of previously dedicated TIF revenues, for the purpose of paying the principal and interest on certain bonds to be issued by the land clearance for redevelopment authority of the city of St. Louis, Missouri to provide a portion of the cost of redeveloping the OCCC redevelopment project; authorizing and directing the mayor and the comptroller to execute certain documents related thereto; authorizing and directing the taking of other actions and approval and execution of other documents as necessary or desirable to carry out and comply with the intent hereof; and containing a severability clause and an emergency clause.

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