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MINUTES OF UNIVERSITY CITY COUNCIL <br />STUDY SESSION <br />September 24, 2007 <br />The Council Study Session, held in the Chambers of the City Hall, on Monday, September <br />24, 2007, was called to order by Mayor Adams at 5:30 p.m. In addition to Mayor Adams, <br />the following members of the Council were present: <br />Mr. Arthur Sharpe, Jr. <br />Mr. Michael Glickert <br />Ms. Stefany Brot <br />Ms. Lynn Ricci and Mr. Byron Price arrived at 5:40 p.m., and Mr. Robert Wagner arrived at <br />6:00 p.m. <br />Also present were City Manager Ms. Julie Feier and the Director of Community <br />Development Lehman Walker. <br />The Study Session agenda was planned to review for the development initiatives in <br />University City as prepared by the Department of Community Development. The <br />presentation was on the eleven points following: <br />1. <br />Identification of economic development opportunities in University City and reviews <br />of existing initiatives. <br />2. <br />Criteria used to identify potential areas for redevelopment in University City. <br />3. <br />Twenty-three redevelopment areas of the Comprehensive Plan Update of 2005 and <br />its preferred uses. <br />4. <br />Developments in University City from 2000 to 2007, excluding one and two family <br />dwellings. <br />5. <br />Olive Boulevard economic development initiatives have become a top priority. <br />6. <br />Olive Boulevard property acquisitions purchased by University City, the Tax <br />Increment Financing Commission (TIF) and the proposed acquisitions. The TIF <br />commission currently has $671,110 available for property acquisitions and will have <br />approximately 1.5 million dollars at the end of the TIF commission in 2011. <br />Approximately $250,000 in revenue comes into the TIF each year from real estate <br />taxes. <br />7. <br />Development proposal for Olive and I-170 is under consideration by the City and <br />waiting for the additional financial information from the developer of the proposal. <br />This was to be made available in October 2007. <br />8. <br />Information from the State of Missouri on various Local Finance Initiatives including <br />TIF, property tax abatement, etc. <br />9. <br />Missouri development incentives provided for in the Statutes of the State of <br />Missouri. Information included was Tax Increment Financing, Community <br />Improvement Districts, Neighborhood Improvement Districts, Transportation <br />Development Districts, and Tax Abatement. <br />10. <br />University City development subsidy policy describes the opportunity for the <br />developer to construct a project and forgo payment of taxes for a defined number of <br />years, up to twenty-three years. TIF is a financing tool used to encourage <br />redevelopment. The Economic Development staff of University City is <br />recommending that TIF be reconsidered and also for a longer period of time than <br />five years and removing specific location other than only east of Pennsylvania and <br />north of Delmar. <br /> <br />