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BULLET St. Louis City Ordinance 69124

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BOARD BILL NO. [11] 238

INTRODUCED BY ALDERMAN CHARLES QUINCY TROUPE

An ordinance amending Ordinance #67789 approved December 14, 2007, by modifying the terms of the twenty (20) year real estate tax abatement for 4229 Aubert Avenue in the Euclid Ave./Penrose St./Aubert Ave. Redevelopment Area authorized by Ordinance #67789.

WHEREAS, Ordinance #67789 approved a Redevelopment Plan for the Euclid Ave./Penrose St./Aubert Ave. Redevelopment Area ("Area") after finding that the area was blighted as defined in Section 99.320 of the Revised Statutes of Missouri, 2000, as amended (the "Statute" being Sections 99.300 to 99.715 inclusive).

WHEREAS, the second paragraph of Section Fourteen of Ordinance #67789 and the third paragraph of Section F of the attachment Exhibit B provides that "if property in the Area is sold by the LCRA to an urban redevelopment corporation formed pursuant to Chapter 353 of the Missouri Statutes, or if any such corporation shall own property within the Area, then for up to the first ten (10) years after the date the redevelopment corporation shall acquire title to such property, taxes on such property shall be based upon the assessment of land, exclusive of any improvements thereon, during the calendar year preceding the calendar year during which such corporation shall have acquired title to such property. In addition to such taxes, any such corporation shall for the same ten (10) year period make a payment in lieu of taxes to the Collector of Revenue of the City of St. Louis in an amount based upon the assessment on the improvements located on the property during the calendar year preceding the calendar year during which such corporation shall have title of such property. If property shall be tax-exempt because it is owned by the LCRA and leased to any such corporation, then such corporation for the first ten (10) years of such lease shall make payments in lieu of taxes to the Collector of Revenue of the City in an amount based upon the assessment on the property, including land and improvements, during the calendar year
preceding the calendar year during which such corporation shall lease such property."
For the ensuing period of up to ten (10) years following the original period stated above, any such corporation shall pay taxes and payments in lieu of taxes as provided above in an amount based upon fifty percent (50%) of the then normal assessment of the land and improvements. Thereafter any such corporation shall pay the full amount of taxes.

WHEREAS, the property at 4229 Aubert Avenue has been redeveloped but the transfer of title provided for in Ordinance #67789 has not yet occurred, and it has been determined that the assessed value of the property in the Area has been significantly increased in the last two years and for tax abatement to be based on the "pre-development" value of the property it should be based on the 2009 assessed value rather than the assessed value "during the calendar year preceding the calendar year" during which tax abatement is initiated.

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

SECTION ONE. The second paragraph of Section Fourteen of Ordinance #67789 and the third paragraph of Section F of Exhibit "B", the Blighting Study and Plan for the Euclid Ave./Penrose St./Aubert Ave. Redevelopment Area (the "Plan") approved by Ordinance #67789 are hereby amended to read as follows:

If the property in the Area is sold by the LCRA to an urban redevelopment corporation formed pursuant to Chapter 353 of the Missouri Statutes, or if any such corporation shall own property within the Area, then for up to the first ten (10) years after the date the redevelopment corporation shall acquire title to such property, taxes on such property shall be based upon the assessment of land, exclusive of any improvements thereon, during the calendar year prior to the calendar year during which such Corporation shall have acquired title to such property. In addition to such taxes, any such corporation shall for up to the same ten (10) year period make a payment in lieu of taxes to the Collector of Revenue of the City of St. Louis in an amount based upon the assessment on the improvements located at 4229 Aubert Avenue as of January 1, 2009, and the payment for all other properties in the Area shall be an amount based upon the assessment on the improvements therein during the calendar year prior to the calendar year during which such corporation shall acquire title to such other properties. If property shall be tax-exempt because it is owned by the LCRA and leased to any such corporation, then such corporation for up to the first ten (10) years of such lease shall make payments in lieu of taxes to the Collector of Revenue of the City in an amount based upon the assessment on the property, including land and improvements thereon, during the calendar year prior to the calendar year during such corporation shall lease such property. For the ensuing period of up to ten (10) years following the original period stated above, any such corporation shall pay taxes and payments in lieu of taxes as provided above in an amount based upon fifty percent (50%) of the ten normal assessment of the land and improvements. Thereafter any such corporation shall pay the full amount of taxes.

SECTION TWO. The remainder of Section Fourteen and all other sections of Ordinance #67789 and the remainder of Section F of the Plan and all other sections of the Plan shall remain the same as approved on December 14, 2007.

Legislative History
1ST READING REF TO COMM COMMITTEE COMM SUB COMM AMEND
12/09/11
2ND READING FLOOR AMEND FLOOR SUB PERFECTN PASSAGE
ORDINANCE VETOED VETO OVR SIGNED BY MAYOR
69124

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