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<br /> <br /> <br /> <br />Council Agenda Item Cover <br /> <br />________________________________________________________________ <br /> <br /> <br /> <br />MEETING DATE: <br /> July 16, 2007 <br /> <br />AGENDA ITEM TITLE: <br /> Ordinance Dissolving Olive East TIF District <br /> <br />AGENDA SECTION: <br /> New Business <br /> <br />CAN THIS ITEM BE RESCHEDULED? : <br />No <br /> <br />BACKGROUND REVIEW: <br /> The Olive East Tax Increment Financing District consists <br />of the Schnucks Market on Olive and surrounding properties. The TIF was established in <br />1996 with the developer, Schnucks advancing all eligible redevelopment project costs. <br />The revenue received through the TIF were required to be used to pay the developer per <br />the redevelopment agreement. The TIF revenues were higher than projected and the TIF <br />paid off in March, 2007. We have received written agreement from Schnucks that all TIF <br />debt is paid. Accordingly, the City is required to dissolve the TIF district. <br /> <br />You will recall that the FY 08 Budget includes additional property tax of $16,000 and <br />additional sales taxes of $154,000 for a total of $170,000 in new ongoing revenue to the <br />City related to the dissolution of this TIF. <br />K-5-a <br />July 16, 2007 <br /> <br />