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i i s OLIVE&MIDLAND URBAN RENEWAL PROJECT AREA UNIVERSITY CITY LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY s retained by the University City Land Clearance for Redevelopment Authority (LCRA) and the Olive Boulevard Central Tax Increment Finance Commission to document the conditions of the Area and to assist in the preparation of the Program and Plan for the Area. i The Area is located on the northwest quadrant of the intersection of Olive Boulevard and # Midland Boulevard. The Area is comprised of two parcels containing two buildings and totaling 0.58 acres. Plate 1 in Appendix A visually depicts the Area boundaries and the location of improvements. The westernmost parcel has a now vacant commercial property that had previously been converted from a single family home. The easternmost parcel has a retail strip center that has a variety of tenants servicing the neighborhood such as a Laundromat, nail salon, Chinese take-out, and a miscellaneous convenience store. Plate 2 — Existing Land Use displays the existing land use within the Area and Plate 3 — Zoning displays the existing zoning within the Area. Table 1-1 R displays the relevant information from the St. Louis County Assessor including ownership and assessed value. f Table 1-1 St. Louis County Assessor Data i Olive and Midland Urban Renewal Project Area Map 2007 ID Locator# Owner Property Address Assessment Acres Parcel i RU WEILING&CHIU 7315 Olive 1 17J421118 VA KUOK H/W Boulevard $29,410 0.13 7301-7309 Olive 2 17J421228 SUEN BROS CORP Boulevard $76,160 0.45 The Area is currently within the Olive Boulevard Central Tax Increment Finance District (TIF District) which was established in August 1988. Plate 4 — TIF Boundary Map in Appendix A depicts the TIF District boundaries. The TIF District has facilitated s successful redevelopment projects within the TIF District boundaries such as an Aldi's grocery store and Walgreen's. The TIF District's objectives included the acquisition and consolidation of irregularly shaped and undersized lots for the purpose of supporting large-scale commercial development in accordance with the City's zoning and development codes. As a result, the City and the Tax Increment Financing Commission of University City have acquired several properties within the TIF District over the years. However, many properties within the TIF District, including the Area, are still in need of redevelopment. The TIF Commission and the City are in need of LCRA assistance in the possible acquisition of properties to further the redevelopment objectives for this portion of the City. t 80759 2 PGAVURBANCONSULTING 1/08/08 April 7, 2008 J-1 to 6-24 i"