1988-08-10 - Laserfiche WebLink

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. . PLAN COMMISSION Minutes August 10, 1988 A special meeting of the City Plan Commission was held in the Emergency Operations Center of City Hall on Wednesday, August 10, 1988, convening at 7:32 p.m. with Chairman Matthew P. McCauley presiding. VOTING MEMBERS PRESENT: VOTING MEMBERS ABSENT: Matthew P. McCauley, Chairman Canice T. Rice, Jr., Vice Chairman Melissa P. Kreishman Carl Safe Booker T. Washington Arnold J. Kendall (excused) Stephen Marsh (excused) Staff Present: Frank Ollendorff, City Manager; Al Goldman, Director of Planning; Mary Fahey, Assistant Director of Planning; Sarah Elwood, Zoning Administrator. DISCUSSION OF THE USE OF TAX INCREMENT FINANCING FOR OLIVE BOULEVARD Mary Fahey, Assistant Director of Planning, made a presentation on the concept of Tax Increment Financing (TIF) in Missouri and its potential applicability in University City for promoting redevelopment activities on Olive Boulevard. She explained TIF as a relatively new method for financing economic development and redevelopment in Missouri which depends upon the use of increases in property tax revenues to finance necessary improvements to enable private development to occur and improve a designated area. The law, first enacted in Missouri in 1982, and amended in 1986, was in response to the need for stronger, locally controlled economic development tools. Ms. Fahey explained how a TIF redevelopment area and a redevelopment plan are established according to the Missouri statute and how the increase in equalized assessed valuation (EAV) of a project area generates an increase in property tax revenues which are used to finance projects, hasten development and promote investment in the area. Ms. Fahey informed Commission members that in April of 1988, the City Council established a Tax Increment Financing Commission for University City. This Commission recently approved a TIF Redevelopment Plan for the 7300-7900 block of Olive Boulevard which has now been forwarded to City Council. During its next two meetings, the Plan Commission is requested to review the redevelopment plan for its compliance with the 1986 Comprehensive Plan of University City and report its findings to the City Council. After a few questions for clarification of the TIF concept and an explanation by Ms. Fahey of the previous uses of TIF in the St. Louis area, Chairman McCauley stated that the Plan Commission members would review the TIF materials distributed by Ms. Fahey and would await receipt of the TIF Plan for review at its next meeting.