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Plan Commission Mi4lles September 26, 1990 Page 5 . tary of the University City Tax Increment Financing (TIF) Commission stated that the City's TIF Commission had recommended approval of a Redevelopment Plan in accordance with Missouri's Real Propertv Tax Allocation Redevelopment Act (Mo.Rev.Stat. Sections 99.800-99.865). Ms. Fahey's presentation on the proposed plan began with an explanation of the TIF concept under which payments in lieu of taxes above a base established at the inception of the district are paid to the district and used to foster improvements, hasten development and redevelopment, and enhance the tax base of the various taxing districts which extend into the project area. The TIF Commission recommends to the Plan Commission and the City Council the utilization of the Act for the establishment of the City's second TIF district in the eastern portion of Olive Boulevard, beginning with 6665 Olive at Kingsland Avenue, and extending west to and including the 7200 block of Olive, halting at Midland Boulevard. The district would also include parcels on the west side of Kingsland (801 through 965 Kingsland), the commercially zoned property at Vernon and Kingsland (6700-6721 Vernon and both sides of Olive to a depth generally within the boundaries of the non-residential districts. Ms. Fahey stated that the TIF Commission was asking Plan Commission consideration of the proposed Plan and a finding by the Commission that the Plan conforms with the City's 1986 Comprehensive Plan. During Ms. Fahey's presentation, Commission members asked several questions regarding the proposed district and its redevelopment goals. Ms. Fahey explained in response to several questions that the proposed district would be designated a "conservation area" because over half of the buildings in the district were over 35 years old. Such an area is not yet blighted, but is detrimental to the public health, safety and welfare and may become a blighted area due to dilapidation, obsolescence, deterioration, etc.; the purpose of establishing such a district is to correct this deteriorating situation. Mr. Foxworth asked how many people live in the proposed district. Ms. Fahey replied that about 100 people live the proposed district; in response to a related question by Mr. Kendall, Ms. Fahey stated that a relocation assistance plan for both residents and businesses was included in the proposed Plan. Chairperson Kreishman asked about the use of eminent domain in redeveloping the district. Ms. Fahey stated that if eminent domain would be used at all, it would be in accordance with the requirements of state statute. Taking of occupied properties in the district was not foreseen at this time. Also, application of TIF to this district would not cause the rezoning of residential properties to commercial ones or pre-establish zoning in the district. Ms. Fahey explained also the contact she has had with business and property owners in this area regarding the TIF designation. Ms. Ratner asked what the cost to the City would be with the additional taxes included in the 1990 state TIF statute. Ms. Fahey stated that less than 3% of the City's revenue would be contributed to the district, but that if these funds were not ex-