FLOOR SUBSTITUTE
BOARD BILL NO. [08] 366

INTRODUCED BY ALDERMAN PHYLLIS YOUNG, ALFRED WESSELS, JR., LYDA KREWSON, STEPHEN GREGALI, KENNETH ORTMANN, JENNIFER FLORIDA, , DOROTHY KIRNER

AN ORDINANCE AFFIRMING ADOPTION OF A DEVELOPMENT PLAN, DEVELOPMENT AREA, AND DEVELOPMENT PROJECT UNDER THE AUTHORITY OF THE MISSOURI DOWNTOWN AND RURAL ECONOMIC STIMULUS ACT, SECTIONS 99.915 TO 99.1060 OF THE REVISED STATUTES OF MISSOURI, AS AMENDED (THE "ACT"); AUTHORIZING AND DIRECTING THE EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF ST. LOUIS AND BALLPARK VILLAGE DEVELOPMENT CORPORATION IN ACCORDANCE WITH THE ACT AND SAID DEVELOPMENT PLAN; PRESCRIBING THE FORM AND DETAILS OF SAID AGREEMENT; MAKING CERTAIN FINDINGS AS REQUIRED BY THE ACT WITH RESPECT TO SAID AGREEMENT; DESIGNATING BALLPARK VILLAGE DEVELOPMENT CORPORATION AS DEVELOPER OF THE DEVELOPMENT AREA IN ACCORDANCE WITH THE ACT; MAKING CERTAIN FINDINGS WITH RESPECT THERETO; AUTHORIZING OTHER RELATED ACTIONS BY CITY OFFICIALS IN CONNECTION WITH THE AGREEMENT AND THE DEVELOPMENT OF CERTAIN PROPERTY WITHIN THE DEVELOPMENT AREA; AND CONTAINING A SEVERABILITY CLAUSE.

WHEREAS, the City of St. Louis, Missouri (the "City"), is a body corporate and a political subdivision of the State of Missouri, duly created, organized and existing under and by virtue of its charter, the Constitution and laws of the State of Missouri; and

WHEREAS, the Missouri Downtown and Rural Economic Stimulus Act, Sections 99.915 to 99.1060 of the Revised Statutes of Missouri, as amended (the "Act"), authorizes cities to undertake development projects in development areas, as defined in the Act; and

WHEREAS, the Board of Aldermen of the City created the Downtown Economic Stimulus Authority of the City of St. Louis (the "Authority") pursuant to Ordinance No. 67097; and

WHEREAS, the Act authorizes the Authority to hold hearings with respect to proposed development areas, plans and projects and to make recommendations thereon to the Board of Aldermen; and

WHEREAS, the Authority has reviewed a plan for development titled "MODESA Development Plan: Ballpark Village Development Area" (the "Development Plan"), for the Development Area, as more fully described in the Development Plan; and

WHEREAS, the Development Plan contemplates the remediation of blighting conditions within the Development Area through construction of retail, entertainment, commercial and other development, as well as parking and other infrastructure improvements, as more fully described therein (collectively, the "Development Project"); and

WHEREAS, the Authority held a public hearing in conformance with the Act on November 6, 2008 and received comments from all interested persons and taxing districts relative to the Development Plan, the designation of the Development Area and the adoption and approval of the Development Project; and

WHEREAS, on November 6, 2008, after due deliberation, the Authority adopted a resolution recommending, among other matters, that the Board of Aldermen designate the Development Area as a "development area" pursuant to the Act, adopt the Development Plan and the Development Project, and adopt development financing within the Development Area; and

WHEREAS, pursuant to Ordinance No. ______ [Board Bill No. 365], the Board of Aldermen has determined that adoption of the Development Plan and completion of the Development Project is of economic significance to the City, will serve to benefit the general welfare, qualifies for the use of tax increment allocation financing to alleviate the conditions that qualify it as a "development area" as provided in the Act, and further, that development of the Development Area in accordance with the Development Plan is not financially feasible without the adoption of development financing and would not otherwise be completed; and

WHEREAS, the Development Area qualifies for the use of development financing to alleviate the conditions that qualify it as a "blighted area" as provided in the Act and as set forth herein; and

WHEREAS, it is necessary and desirable and in the best interest of the City to enter into the Development Agreement with Ballpark Village Development Corporation (the "Developer"), in order that Developer may complete the Development Project; and

WHEREAS, pursuant to the provisions of the Act, the City is authorized to enter into a Development Agreement with Ballpark Village Development Corporation, as Developer, setting forth the respective rights and obligations of the City and Developer with regard to the development of the Development Area (the "Development Agreement"); and

WHEREAS, the Board of Aldermen hereby determines that the terms of the Development Agreement attached as Exhibit A hereto and incorporated herein by reference are acceptable and that the execution, delivery and performance by the City and the Developer of their respective obligations under the Development Agreement are in the best interests of the City and the health, safety, morals and welfare of its residents, and in accord with the public purposes specified in the Act and the Development Plan.

BE IT ORDAINED BY THE CITY OF ST. LOUIS AS FOLLOWS:

SECTION ONE. The Board of Aldermen hereby ratifies and confirms its approval of the Development Plan, Development Area, and Development Project. The Board of Aldermen further finds and determines that it is necessary and desirable to enter into the Development Agreement with Ballpark Village Development Corporation, as developer of the Development Area, in order to implement the Development Project and to enable the Developer to carry out its proposal for development of the Development Project.

SECTION TWO. The Board of Aldermen finds and determines that the assistance of development financing is necessary and desirable in order to implement the Development Project and to enable Ballpark Village Development Corporation, as developer of the Development Area, to carry out its proposal for development of the Development Project.

SECTION THREE. The Board of Aldermen hereby approves, and the Mayor and Comptroller of the City are hereby authorized and directed to execute, on behalf of the City, the Development Agreement by and between the City and the Developer in substantially the same form attached hereto as Exhibit A, with such changes as are authorized pursuant to Section Five hereof, and the City Register is hereby authorized and directed to attest to the Development Agreement and to affix the seal of the City thereto. The Development Agreement shall be in substantially the form attached, with such changes therein as shall be approved by said Mayor and Comptroller executing the same and as may be consistent with the intent of this Ordinance and necessary and appropriate in order to carry out the matters herein authorized.

SECTION FOUR. The Mayor and Comptroller of the City or their designated representatives are hereby authorized and directed to take any and all actions to execute and deliver for and on behalf of the City any and all additional certificates, documents, agreements or other instruments as may be necessary and appropriate in order to carry out the matters herein authorized, with no such further action of the Board of Aldermen necessary to authorize such action by the Mayor and the Comptroller or their designated representatives.

SECTION FIVE. The Mayor and the Comptroller or their designated representatives, with the advice and concurrence of the City Counselor and after approval by the Board of Estimate and Apportionment, are hereby further authorized and directed to make any changes to the documents, agreements and instruments approved and authorized by this Ordinance as may be consistent with the intent of this Ordinance and necessary and appropriate in order to carry out the matters herein authorized, with no such further action of the Board of Aldermen necessary to authorize such changes by the Mayor and the Comptroller or their designated representatives.

SECTION SIX. It is hereby declared to be the intention of the Board of Aldermen that each and every part, section and subsection of this Ordinance shall be separate and severable from each and every other part, section and subsection hereof and that the Board of Aldermen intends to adopt each said part, section and subsection separately and independently of any other part, section and subsection. In the event that any part, section or subsection of this Ordinance shall be determined to be or to have been unlawful or unconstitutional, the remaining parts, sections and subsections shall be and remain in full force and effect, unless the court making such finding shall determine that the valid portions standing alone are incomplete and are incapable of being executed in accord with the legislative intent.

SECTION SEVEN. The Bonds and the interest thereon shall be special, limited obligations of the Issuer, and shall not constitute an indebtedness of the City, the Issuer or the State of Missouri within the meaning of any constitutional or statutory debt limitation or restriction. The obligation of the City to make payments of Economic Activity Taxes, Dedicated Municipal Revenues and Contractually Pledged City Revenues is subject to annual appropriation as provided herein. The taxing power of the City is not pledged to the payment of the Bonds either as to principal or interest or to the payment of State MoDESA Revenues or Local MoDESA Revenues under any financing agreement related thereto.

SECTION EIGHT. The City hereby agrees, so long as the Bonds are outstanding, to apply the Available Revenues and Contractually Pledged City Revenues and any taxes, fees or assessments subsequently enacted and imposed in substitution therefore and allocable to the Special Allocation Fund to the repayment of the Bonds in accordance with the Financing Agreement. The City covenants and agrees that it will comply with the Charter of the City of St. Louis, Article XVI, Section 3, for each fiscal year that the Bonds are outstanding and the City will request an appropriation of all Available Revenues and Contractually Pledged City Revenues for application to the payment of principal and interest on the Bonds. All capitalized terms used (but not otherwise defined) in Sections Seven and Eight hereof shall have the meaning set forth in the Development Agreement, or, if no definition is provided therein, in Ordinance No. _____ [ Board Bill 367].