|St. Louis City Resolution Number 30
April 26, 2013
|Resolutions adopted during the 2012 session by the St. Louis City
Board of Aldermen have been converted to electronic format by the staff of the St. Louis
Public Library. This electronic version has been done for the interest and convenience of
the user. These are unofficial versions and should be used as unofficial copies.
Official printed copies of St. Louis City Ordinances may be obtained from the Register's Office at the St. Louis City Hall.
MANCHESTER INVESTORS LLC of the City of St. Louis Enhanced Enterprise Zone
WHEREAS, by Ordinance No. 67350 this St. Louis Board of Aldermen (the "Board") authorized the Mayor, on behalf of the City of St. Louis (the "City"), to request the designation of a certain area of the City, as more fully described in said ordinance approved December 11, 2006 as an Enhanced Enterprise Zone ("EEZ") eligible for the tax incentives provided in Sections 135.950 through 135.973, inclusive, R.S.MO. (2000) as amended (the "Statute"); and
WHEREAS, the Statute allows, in certain circumstances and subject to certain conditions, the ad valorem taxes which would otherwise be due on subsequent real estate improvements made in EEZ areas to be abated up to 100% for a period not to exceed 25 years from the date the original EEZ Area was so designated, or until December 11, 2031; and
WHEREAS, Ordinance No. 67350 provides for a ten (10) year abatement of taxes on real property in the EEZ in accordance with the requirements of Section 135.963 of the Statute, as amended from time to time, subject to certain terms and conditions; and
WHEREAS, Ordinance No. 67350 provides for the Enhanced Enterprise Zone Board (the "EEZ Board") to review plans for subsequent improvements on real property in the EEZ (the "Subsequent Improvements") and to recommend to this Board the extent to which tax abatement should be granted therefor; and
WHEREAS, Green Street Manchester Investor LLC ("Developer") is rehabilitating property located at 4465 Manchester Ave.; resulting in Subsequent Improvements; and
WHEREAS, it is estimated that the Subsequent Improvements will cost approximately $4 million; and will result in approximately 15 new jobs; and
WHEREAS, EEZ Board has reviewed plans for Green Street Manchester Investors LLC Subsequent Improvements and recommends by Resolution No. 13-EEZB-30 approved March 19, 2013 that the ad valorem taxes that would otherwise be imposed on Subsequent Improvements be abated fully for a period of ten (10 ) years; and
WHEREAS "Developer") began the Subsequent Improvements after January 11, 2007, the effective date of Ordinance No. 67350; and
WHEREAS, Section 135.963 of the Statute provides that no abatement shall be granted except upon approval of an authorizing resolution by the governing authority having jurisdiction over the Enhanced Enterprise Zone area following a public hearing held by said governing authority for the purpose of obtaining the opinions and suggestions of residents of political subdivision in the area affected and published in a newspaper of general circulation in the area to be affected by the exemption at least twenty (20) days prior to the hearing but not more than thirty (30) days prior to the hearing, stating the time, location, date and purpose of the hearing; and
WHEREAS, such public hearing was held on the 26th day of January, 2011, notice of which was given in accordance with the requirements of the Statutes as described above, and all interested parties had the opportunity to be heard at said public hearing.
NOW, THEREFORE, be it resolved by the St. Louis Board of Aldermen as follows:shall be fully exempt from the ad valorem taxes, which would otherwise be imposed thereon, for a period of ten (10) years.
1. The Subsequent Improvements for property at 4465 Manchester Ave.
2. For purposes of calculating the tax liability for the Subsequent Improvements, any increase in the assessment of any improvements, from the assessment in effect for such improvements as of January 1, 2010, shall be deemed attributable to the Subsequent Improvements.
3. In accordance with Section 135.963.2 of the Statute, a copy of this resolution shall be forwarded to the Director of Missouri Department of Economic Development within thirty (30) days of its approval.
Introduced this 26th day of April, 2013 by:
Honorable Joseph Roddy, Alderman 17th Ward
Adopted this the ______ day of _________, 2013
David W. Sweeney
Clerk, Board of Aldermen
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