UNIVERSITY CITY — University City is proposing a commercial redevelopment in the area along Olive that runs east of I-170 and west of McKnight/Woodson.
If approved, University City plans to implement a unique Tax Increment Financing (TIF) tool that will extend far beyond the redevelopment area to benefit schools, businesses, and the whole of University City.
Since the redevelopment was initially proposed in 2017, City Council was adamant that the project should result in more than just a commercial development. Unlike typical TIFs, University City’s TIF will use the generated funds in areas outside the redevelopment area, which is something rarely done by municipalities. The City’s goal was to create and implement a tax plan that would provide monetary support to areas in the city with the greatest need for funding and enhancement. Funds generated from University City’s TIF will be used to revitalize certain 3rd Ward residential neighborhoods and the Olive Commercial Corridor, two areas that have long been neglected and deficient in growth.
“We envisioned a plan to revitalize all of Olive and the whole of Ward 3, which had been hit hardest during the recession and had not recovered with the rest of the city,” University City Councilmember Paulette Car said. “Without Tax Increment Financing this development would not happen.”