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Posted on: January 27, 2017

Olivette TIF Commission Recommends M-U Gateway Redevelopment and Financing

On January 25, The Olivette TIF Commission unanimously approved the M-U Gateway Redevelopment Plan and recommended that the Olivette City Council adopt tax increment financing for the project.

For Immediate Release

City of Olivette MO

January 27, 2017

 

Olivette TIF Commission Recommends M-U Gateway Redevelopment Plan and Financing

January 27, 2017 – On January 25, The Olivette TIF Commission unanimously approved the M-U Gateway Redevelopment Plan and recommended that the Olivette City Council adopt tax increment financing for the project. 

The finding of blight and the recommendation of $9.65M in tax increment financing is key to making the development a reality.  The site has been home to a railroad trestle, mining equipment company, lumberyard, and gas station, all of which present unique environmental issues.  In addition to those hurdles, relocation of power lines and storm water issue burden the site. 

Located south of Olive Blvd and immediately west of I-170; the City has envisioned the 14-acre redevelopment area as a single, comprehensive redevelopment since 1969.  In April of 2016, Keat Properties was chosen as the preferred developer.  The planned $37M redevelopment envisions new retail stores, dining opportunities and more in a pedestrian friendly community focused center anchored by a grocery store.

Greg Yawitz of Keat Properties, spoke to the TIF Commission from both the perspective of a developer and as an Olivette resident of over 20 years. Many residents attended the public hearing on January 9th to speak in favor of the redevelopment plan and the TIF.  Mayor Ruth Springer also addressed the Commission. “The development at I- 170 and Olive will be the catalyst to spur increased commercial development and re-development along Olive Blvd. This development is going to create new businesses and new jobs.  The city staff and council have shown leadership and vision through an exhaustive selection process which involved the use of outside consultants, and a commitment to work collaboratively with the developer to create a project that will be received enthusiastically and overwhelmingly by residents of both Olivette and the St. Louis region. “

 The Olivette City Council is expected to take up the TIF recommendations at a future meeting.

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