Ordinance 71068

Municipal Courts Building Hotel TIF Redevelopment Plan and Agreement

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Ordinance

1. On July 18, 2017, the City adopted Ordinance No. 70598 (Board Bill No. 70), which, among other things approved that certain Redevelopment Plan titled “Municipal Courts Building Hotel TIF Redevelopment Plan” dated March 23, 2017 concerning the redevelopment of the municipal courts buildings located at 1320 Market (the “Redevelopment Area”) and authorizing tax increment financing in connection therewith in accordance with the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 through 99.865 of the Revised Statutes of Missouri, as amended. 2. On July 18, 2017, the City adopted Ordinance No. 70599, which authorized the execution of a Redevelopment Agreement (the “Agreement”) between the City and the Vertical Realty Advisors, LLC (the “Developer”). Section 3.4 of the Agreement did provide that the Developer shall complete or cause the completion of the project (absent any event of Force Majeure), not later than December 31, 2020. 3. This Board Bill authorizes the execution of an amendment to the Agreement, which extends deadline for the Developer to complete or cause the completion of the project (absent any event of Force Majeure) until June 30, 2021.

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Legislative History

Session: 2019-2020
Board Bill Number: 160
Primary Sponsor: Joseph D Roddy
Co-Sponsors:
Committee: Housing, Urban Development and Zoning
First Reading: 11/15/2019
Second Reading: 11/22/2019
Perfection: 12/06/2019
Third Reading: 12/13/2019
Effective Date: 01/23/2020

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