[R.O. 1992 § 430.075; Ord. No. 16-11557, 8-15-2016, effective 3-1-2017]
A. 
Obligations; Interest Thereon. No corporation whose development plan has been approved by the Council shall:
1. 
Issue income debentures, bonds, notes or other evidence of debt bearing or paying an interest rate in excess of that permitted by State law.
2. 
Pay any interest on its income debentures or dividends on its stock, regardless of class or preference, during any dividend year unless there shall exist at the time of such payment no default under any amortization requirements with respect to its indebtedness, nor unless all accrued interest, taxes and other public charges shall have been duly paid or reserves set up for the payment thereof, and adequate reserves provided for depreciation, obsolescence and other proper reserves.
B. 
Net Earnings. The net earnings of the urban redevelopment corporation whose development plan has been approved by the Council shall be limited to an amount not to exceed eight percent (8%) per annum of the cost to such corporation of the redevelopment project, including the cost of the land, or the balance of such total cost of the project as reduced by amortization payments, provided that the net earnings derived from any redevelopment project shall in no event exceed a sum equal to eight percent (8%) per annum upon the entire cost thereof. Such net earnings shall be computed after deducting from gross earnings the following:
1. 
All reasonable costs and expenses of maintenance and operation.
2. 
Amounts paid for taxes, assessing, insurance premiums and other similar charges.
3. 
An annual amount sufficient to amortize the cost of the entire project at the end of the period, which shall be not less than twenty (20) years nor more than sixty (60) years from date of completion of the project.
C. 
Statement Of Compliance. The corporation shall annually file with the City Clerk a statement indicating compliance with the provisions of this Section, together with such supporting financial documentation as may be requested by the City Administrator.
[R.O. 1992 § 430.080; Ord. No. 16-11557, 8-15-2016, effective 3-1-2017]
A. 
Surplus Earnings. The development plan may, upon approval of the Council, contain provisions that the surplus earnings in excess of the rate of net earnings provided under Section 430.075:
1. 
May be held by the corporation as a reserve for maintenance of such rate of return in the future and may be used by the corporation to offset any deficiency in such rate of return which may have occurred in prior years; or
2. 
May be used to accelerate the amortization payments; or
3. 
May be used for the enlargement of the project; or
4. 
May be used for reduction in rentals therein, provided that at the termination of the tax relief granted pursuant to Section 430.095, the corporation shall make a strict accounting of surplus earnings and shall turn over to the City any excess of such surplus earnings not previously used as provided in Subsection (A)(1), (2), (3) or (4) of this Section.
[R.O. 1992 § 430.085; Ord. No. 16-11557, 8-15-2016, effective 3-1-2017]
Every corporation operating under this Chapter shall establish and maintain depreciation, obsolescence and other reserves, also surplus and other accounts, including a reserve for the payment of taxes, according to recognized standard accounting practices.
[R.O. 1992 § 430.090; Ord. No. 16-11557, 8-15-2016, effective 3-1-2017]
A. 
Power To Acquire Property In Own Name, Etc. An urban redevelopment corporation may acquire real property or secure options in its own name or, in the name of nominees. It may acquire real property by gift, grant, lease, purchase or otherwise.
B. 
Right To Acquire By Eminent Domain. An urban redevelopment corporation operating pursuant to a redevelopment agreement with the City for a particular redevelopment area, which agreement was executed prior to or on December 31, 2006, shall have the right to acquire by the exercise of the power of eminent domain any real property in such redevelopment area in fee simple or other estate which is necessary to accomplish the purpose of this Chapter, under such conditions and only when so empowered by the City Council of the City of Washington.
C. 
Manner Of Exercising Eminent Domain. An urban redevelopment corporation operating pursuant to a redevelopment agreement with the City of Washington for a particular redevelopment area, which agreement was executed prior to or on December 31, 2006, may exercise the power of eminent domain in such redevelopment area in the manner provided for corporations in Chapter 523, RSMo.; or it may exercise the power of eminent domain in the manner provided by any other applicable statutory provision for the exercise of the power of eminent domain. Property already devoted to a public use may be acquired in like manner, provided that no real property belonging to the City of Washington, Franklin County, or the State, or any political subdivision thereof may be acquired without its consent.
D. 
Certificate Of Public Convenience And Necessity. If the corporation proposing a development plan seeks to acquire by eminent domain in its own name, or is requesting that the City acquire all or any part of the real property described in the development plan, the Council shall, by the ordinance approving such plan, determine that the public convenience and necessity will be served by the development plan and redevelopment project, and shall grant to such corporation a certificate of public convenience and necessity authorizing and empowering such corporation to acquire by the exercise of eminent domain such real property in fee simple or other estate, provided that such real property shall be devoted to the purposes and used subject to the conditions described in the development plan.
E. 
Deposit When City Acquires Property For Corporation.
1. 
Deposit Amount. If the person or corporation proposing a development plan seeks to have the City acquire by eminent domain or otherwise, and thereafter clear, all or any part of the real property described in the development plan, such person or corporation shall, at the time hereinafter provided, deposit in escrow with the City Clerk, subject to the provisions of this Chapter, a sum of money in cash or negotiable Federal or municipal securities of a cash market value equal to the cost estimated by the City Planning and Zoning Commission to be incurred by the City in acquiring and clearing such real property, conditioned as hereafter provided that such deposit shall constitute a bid for such real property by the person or corporation making such deposit when such real property is offered for sale or lease by the City in acquiring or in acquiring and clearing such real property, and shall be applied as hereinafter provided.
2. 
Return Of Deposit. If the person or corporation making any such deposit is not the successful bidder for such real property, after it has been acquired or acquired and cleared by the City, then such deposit shall be returned by the City to the person or corporation making such deposit.
3. 
"Cost" Defined. By the term "cost" as used in this Section is meant all expenditures by the City, including what is paid for such real property and the clearance thereof, appraisal, abstract, title and recording fees, court costs, witness fees, fees of the City Planning and Zoning Commission, and all other expenses of acquiring and clearing such property, but the term shall not include the expense of the services of the City Counselor or the City Public Works Department.
4. 
Custody Of Securities. All securities deposited in escrow with the City Clerk shall be promptly placed by the Clerk in a safety deposit box under the joint control of the Mayor and City Clerk. Access to such box may be had at any time by both of such persons.
F. 
Encumbrance Of Property. An urban redevelopment corporation may borrow funds and secure the repayment thereof by mortgage, which shall contain reasonable amortization provisions and shall be a lien upon no other real property except that forming the whole or a part of a single development area. Any mortgage on the real property in a development area, or any part thereof, may create a first lien, or a second or junior lien, upon such real property.
G. 
Disposal Of Property. An urban redevelopment corporation may sell or otherwise dispose of any or all of the real property acquired by it for the purpose of a redevelopment project. The ordinance approving any development plan, and any contract entered into pursuant thereto, may provide that in the event of the sale or other disposition of real property of any urban redevelopment corporation by reason of the foreclosure of any mortgage or other lien through insolvency or bankruptcy proceedings, or by order of any court of competent jurisdiction, or by voluntary transfer or otherwise, the partial tax relief provided under Section 430.095 of this Chapter shall inure to any purchaser of such real property so long as such purchaser shall continue to use, operate and maintain such real property in accordance with the provisions of the development plan. If such ordinance and contract do not so provide and the purchaser of such real property shall continue to use, operate and maintain such real property in accordance with the provisions of the redevelopment plan, the Council may grant the partial tax relief provided in Section 430.095. If such real property shall be used for a purpose different than that described in the redevelopment plan, or if the purchaser does not desire the property to continue under the redevelopment plan, or if the ordinance approving the plan does not provide for continuing tax relief and the City Council shall refuse to grant the purchaser continuing tax relief, the real property shall be assessed for ad valorem taxes upon the full true value of the real property and may be owned and operated free from any of the conditions, restrictions or provisions of this Chapter.
[R.O. 1992 § 430.095; Ord. No. 16-11557, 8-15-2016, effective 3-1-2017]
A. 
Assessment Or Payment Of General Ad Valorem Taxes. Once the requirements of this Section have been complied with, the real property of urban redevelopment corporations acquired pursuant to this Chapter shall not be subject to assessment or payment of general ad valorem taxes imposed by the City affected by this law, or by the State or any political subdivision thereof, for a period not in excess of ten (10) years after the date upon which such corporations become owners of such real property, except to such extent and in such amount as may be imposed upon such real property during such period, measured solely by the amount of the assessed valuation of the land, exclusive of improvements, acquired pursuant to this Chapter and owned by such urban redevelopment corporation, as was determined by the Assessor of the County in which such real property is located, or, if not located within a County, then by the Assessor of such City for taxes due and payable thereon during the calendar year preceding the calendar year during which the corporation acquired title to such real property. The amounts of such tax assessments shall not be increased during such period so long as the real property is owned by an urban redevelopment corporation and used in accordance with a development plan authorized by the City.
B. 
Property Tax Exempt Prior To Ownership. In the event, however, that any such real property was tax exempt immediately prior to ownership by any urban redevelopment corporation, such Assessor or Assessors shall, upon acquisition of title thereto by the urban redevelopment corporation, promptly assess such land, exclusive of improvements, at such valuation as shall conform to but not exceed the assessed valuation made during the preceding calendar year of other land, exclusive of improvements adjacent thereto or in the same general neighborhood, and the amount of such assessed valuation shall not be increased during the period set pursuant to Subsection (A) of this Section so long as the real property is owned by an urban redevelopment corporation and used in accordance with a development plan authorized by the City. For the next ensuing period not in excess of fifteen (15) years, ad valorem taxes upon such real property shall be measured by the assessed valuation thereof as determined by such Assessor or Assessors upon the basis of not to exceed fifty percent (50%) of the true value of such real property, including any improvements thereon, nor shall such valuations be increased above fifty percent (50%) of the true value of such real property from year to year during such next ensuing period so long as the real property is owned by an urban redevelopment corporation and used in accordance with an authorized development plan. After a period totaling not more than twenty-five (25) years, such real property shall be subject to assessment and payment of all ad valorem taxes, based on the full true value of the real property, provided that after the completion of the redevelopment project, as authorized by law or ordinance whenever any urban redevelopment corporation shall elect to pay full taxes, or at the expiration of the period, such real property shall be owned and operated free from any of the conditions, restrictions or provisions of this Chapter, and of any ordinance, rule or regulation adopted pursuant thereto, any other law limiting the right of domestic and foreign insurance companies to own and operate real estate to the contrary notwithstanding.
C. 
Tax Abatement Or Exemption. No tax abatement or exemption authorized by this Section shall become effective unless and until the City Council:
1. 
Furnishes each political subdivision whose boundaries for ad valorem taxation purposes include any portion of the real property to be affected by such tax abatement or exemption with a written statement of the impact on ad valorem taxes such tax abatement or exemption will have on such political subdivisions and written notice of hearing to be held in accordance with Subsection (C)(2) of this Section. The written statement and notice required by this Subsection shall be furnished as provided by local ordinance before the hearing and shall include, but need not be limited to, 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 it is redeveloped.
2. 
Conducts a public hearing regarding such tax abatement or exemption, at which hearing all political subdivisions described in Subsection (C)(1) of this Section shall have the right to be heard on such grant of tax abatement or exemption.
3. 
Enacts an ordinance which provides for expiration of development rights, including the rights of eminent domain and tax abatement, in the event of failure of the urban redevelopment corporation to acquire ownership of property within the area of the development plan. Such ordinance shall provide for a duration of time within which such property must be acquired, and may allow for acquisition of property under the plan in phases.
D. 
Payments In Lieu Of Taxes. Notwithstanding any other provision of law to the contrary, payments in lieu of taxes may be imposed by contract between the City and an urban redevelopment corporation which receives tax abatement or exemption on property pursuant to this Section. Such payments shall be made to the Collector of Revenue of the County by December 31 of each year payments are due. The City Council shall furnish the Collector a copy of any such contract requiring payment in lieu of taxes. The Collector shall allocate all revenues received from such payment in lieu of taxes among all taxing authorities whose property tax revenues are affected by the exemption or abatement on the same pro rata basis and in the same manner as the ad valorem property tax revenues received by each taxing authority from such property in the year such payments are due.
E. 
Applicability. The provisions of Subsection (C) of this Section shall not apply to any amendment or future amendment to a phased development plan approved by the City Council prior to the effective date of the provisions of Subsection (C) of this Section and upon which construction has been in progress pursuant to such phased plan.