UNDUE RELIANCE SHOULD NOT BE PLACED ON FORWARD-LOOKING STATEMENTS.

ALL FORWARD-LOOKING . STATEMENTS INCLUDED IN THIS OFFICIAL STATEMENT ARE

BASED ON Th"FORMATION AVAILABLE TO THE AUTHORITY AND THE CITY ON THE DATE
HEREOF, AND NEITHER THE AUTHORITY NOR THE CITY ASSUME Al'jY OBLIGATION TO
UPDATE ANY SUCH FORWARD-LOOKING STATEMENTS IF OR WHEN THEIR EXPECTATIONS
OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WmCH SUCH STATEMENTS ARE BASED
OCCUR OR FAIL TO OCCUR, OTHER AS INDICATED UNDER THE CAPTION
"CONTINUING DISCLOSURE."
LITIGATION
The Authority
There is no litigation, controversy or proceeding of any kind pending, or to the Authority's
knowledge, threatened in which any matter is raised or may be raised questioning, disputing, challenging or
affecting in any way the legal organization of the Authority, the right or title of any of the Authority's officers to
their respective offices, the Indenture, the Financing Agreement, the legality of any official act taken in connection
with tbe issuance of the Series 2005A Bonds or the legality of any of the proceedings had or documents entered into
in connection with the authorization, issuance or sale of the Series 2005A Bonds.
The City
There is no litigation, controversy or other proceeding of any kind pending or, to the City'S knowledge,
threatened in which any matter is raised or may be raised questioning, disputing, challenging or affecting in any way
the legal organization of the City or its boundaries, the right or title of any of the City's officers to their respective
offices, the Redevelopment Plan, the Redevelopment Project or the Redevelopment Project Areas, the
constitutionality or validity of the Series 2005A Bonds, the legality of any official act taken in connection with the
execution and delivery of the Financing Agreement or the legality of any of the proceedings had or documents
entered into in connection with the authorization, execution and delivery of the Financing Agreement.
The Developer
There presently is no litigation, proceeding or investigation pending or, to the knowledge of the Developer,
threatened against the Developer, other than claims that are not expected to materially and adversely affect the
financial condition or operations of the Developer. In addition, no litigation, proceedings or investigations are
pending or, to the knowledge of the Developer, threatened against the Developer seeking to restrain, enjoin or in any
way limit the approval or issuance and delivery of the Indenture, the Series 2005A Bonds, the Financing Agreement
or any other transaction documents, or that in any manner challenge or adversely affect the corporate existence or
powers of the Developer to enter into and carry out the transactions described in this Official Statement.
IlicremeiilFinaIiCiiig'Litigatioo' . ... - ........ _. ... ... -. _. -- ........ --..... _._ ..... _ .... .. - .. - ..... - .. ... -
Litigation regarding the constitutionality and application of the TIF Act is currently pending in various
Missouri circuit courts. Circuit courts in Missouri are trial courts and decisions in those courts are not binding on
other Missouri courts. Circuit court decisions, whether favorable or unfavorable with respect to the constitutionality
and application of the TIF Act, may be appealed to a Missouri Court of Appeals and, ultimately, the Missouri
Supreme Court. If the plaintiffs are successful in one or more of the currently pending cases, the court's decision
may interpret the requirements of the TIF Act in a manner adverse to the establishment of tax increment finane'ing in
the Redevelopment Area. It is not possible to predict whether an adverse holding in any current or future litigation
would prompt a challenge to the adoption of tax increment financing in the Redevelopment Area or how that
decision would be applied by a court with respect to the Redevelopment Area. If current or future litigation
challenging all or any part of the TIF Act were to be applied to the adoption of tax increment financing in the
Redevelopment Area, the Pledged Revenues may not be available to pay principal of and interest on the Bonds and
the enforceability of the Indenture could be adversely affected. The Authority and City cannot predict or guarantee
the outcome of any currently pending or 'future Ijtigation challenging the constitutionality or the application of the.
TIF Act or the application by a court of a potential holding in any case to other tax increment projects.
"BOND OWNERS' RISKS - Tax Increment Financing Litigation."
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