Resolution

NOW THEREFORE BE IT RESOLVED by the St. Louis Board of Aldermen as follows: 1. The Subsequent Improvements shall be subject to subject to ad valorem real property tax abatement, as permitted by the EEZ Law and Ordinance No. 67494, for a period of 10 years from the completion of the Subsequent Improvements. The tax abatement shall be subject to the terms of a Development Agreement among the EEZ Board and the Property Owner (or an affiliate thereof), which shall require the payment of an annual contractual payment in lieu of taxes equal to 50% of the ad valorem real property taxes attributable to the Subsequent Improvements that would otherwise be due for each year during the abatement period. 2. For purposes of calculating the tax liability and tax abatement for the Subsequent Improvements and the real property upon which the Subsequent Improvements are located (the “Project Site”), any increase in the assessed value of the Project Site above the assessed value of the Project Site as of January 1, 2021 shall be deemed attributable to the Subsequent Improvements. 3. A copy of this Resolution shall be sent to the Director of the Missouri Department of Economic Development within 30 days of its approval, as required by the EEZ Law.

Resolution Details

Resolution Session:	2020-2021
Primary Sponsors:	Lisa Middlebrook
Committee	Housing, Urban Development and Zoning