[R.O. 1992 § 140.020; Ord. No. 730 §§ 1 – 5, 11-9-2010]
A. 
Each proposal for grant of tax abatement or exemption received from or on behalf of an urban redevelopment corporation pursuant to provisions of Chapter 353, RSMo. (a "redevelopment proposal"), shall be first submitted to the Mayor and the City Treasurer for review to assure consistency of such redevelopment proposal with the economic development and redevelopment policies and long-range goals of the City. The redevelopment proposal shall then be set for public hearing (the "public hearing") before the Board of Aldermen and the City shall furnish written notice by first class United States mail to be deposited in the mail not less than five (5) days prior to the date of the public hearing to each political subdivision whose boundaries for ad valorem taxation purposes include any portion of the real property within the area to be redeveloped and once by publication in a newspaper of general circulation within the City, in accordance with the requirements of Chapter 353, RSMo. Written notice shall generally describe the affected area and shall give the date, time, and place of the public hearing and shall state that all affected political subdivisions shall have a right to be heard on the proposed grant of tax abatement or exemption.
B. 
Prior to each public hearing, a written statement of the impact on ad valorem taxes of the proposed tax abatement or exemption containing, at minimum, an estimate of the amount of ad valorem tax revenues of each political subdivision which will be affected by the proposed tax abatement or exemption, based on the estimated assessed valuation of the real property involved as such property would exist before and after redevelopment (the "tax impact statement"), shall be furnished by first class United States mail to be deposited in the mail not less than five (5) days prior to the date of the public hearing, addressed to each political subdivision whose boundaries for ad valorem taxation purposes include any portion of the real property affected by such tax abatement or exemption. The tax impact statement may be furnished along with the notice of the public hearing provided in Subsection (A) of this Section. The Mayor, City Treasurer and City Attorney are hereby further authorized to take such further actions as may be required to effectuate the required notices of the public hearing and to bring such redevelopment proposals before the Board of Aldermen for consideration.
C. 
The City Treasurer, the City Attorney, the Mayor and the City Clerk are hereby authorized to take such actions as may be necessary and convenient to cause to be established under Chapter 353, RSMo., a City of Wright City Redevelopment Corporation (the "Corporation") having the City as sole shareholder and having articles of agreement and bylaws as shall be prepared and approved by the City Attorney. Upon formation of the Corporation, the following persons shall be and are hereby appointed as initial directors of the Corporation: the duly appointed and serving City Treasurer, the duly elected and serving President of the Board of Aldermen and the duly elected and serving Mayor of the City.
D. 
The Mayor and the City Clerk are hereby further authorized to act for the City in its capacity as the sole shareholder of the Corporation at the initial meeting of the Corporation and, in connection therewith, to execute and deliver, to attest on behalf of the City to all documents necessary to approve, ratify and confirm the actions authorized in Subsection (C) of this Section.
E. 
The Portions Of This Section Shall Be Severable. In the event that any word, phrase, clause, sentence or Subsection of this Section is found by a court of competent jurisdiction to be invalid, the remaining portions of this Section are valid, unless the court finds the valid portions of this Section are so essential and inseparably connected with and dependent upon the void portion that it cannot be presumed that the Board of Aldermen would have enacted the valid portions without the invalid ones, or unless the court finds that the valid portions standing alone are incomplete and are incapable of being executed in accordance with the legislative intent.