The I-170/Olive Boulevard Joint Redevelopment Implementation Committee approved an intergovernmental agreement Monday morning.
The proposed agreement now needs to be approved by both the and Olivette city councils. It will come before each council in the coming months.
It includes the formation of a new board of citizens, zoning commission members and elected officials that will oversee the creation of the zoning overlay district.
The agreement has five main obligations for each city, once passed. They are:
- Appropriation of funds — A $75,000 initial investment from each city and an annual fund allocation from each city for five years thereafter
- The formation of Joint Development Commission
- The formation of Chapter 353 Tax Abatement Corporation
- The adoption of a model overlay zoning
- The filing of a Transportation Development District (TDD) petition after receiving a written request from the JDC board.
In 2009, the cities of University City and Olivette established the Olivette and University City I-170/Olive Boulevard Joint Redevelopment Task Force to “explore opportunities and joint redevelopment initiatives in the Olive Boulevard corridor on the east and west side of the intersection with I-170."
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