Redeveloping The I-170/Olive Interchange Benefits All Of U-City

(Editor's Note: The following opinion piece was authored and submitted to Patch by Yvette Joy Liebesman, a resident of University City. If you would like to submit an op-ed on the proposed Olive development, either for or against, Patch would be happy to run it. Submit pitches to ryne.danielson@patch.com. Read Patch's latest coverage of the issue here.)

Many people are skeptical of the I-170/Olive redevelopment project; even those in support have heard some incorrect information. Our schools and our Third Ward need help, and this TIF-funded development has the best chance of success for our goals.

U City Schools are chronically underfunded, due to both to Wash U taking property off the real-estate tax rolls, as well as declining home values in areas that have yet to recover from the recession. This will not be reversed any time in the foreseeable future. If we lose financing for quality, truly diverse schools, we will lose our City. Without another revenue source—such as the property tax generated by this project go to the schools, all of our property taxes will substantially increase, without the benefit of an increase in the value of our homes. If we do have the TIF-supported development, TIF sales tax revenues will be used to assist homeowners in the Third Ward, as well as be dedicated to improving its infrastructure.

The TIF funding mechanism does NOT cost taxpayers money out of pocket as implied by others—the reimbursement to the developer is a percentage of the sales taxes collected. In addition, the Board of Education’s agreement with the developer will include a “no harm” provision, meaning there would be no loss of current revenue—if property values are stagnant or declining, the difference is made up by the developer.

Through this project—which needs TIF funding to be viable— Ward 3 can continue to be a model for diversity in U. City and still allow homeowners/homes to recover the value lost in the recession of 2008 while factoring in increased valuation.

Those from the buy-out area spoke highly in favor of the plan. This is significant in two ways: It is a very small percentage of the Third Ward—probably less than 5% of the homes in the Ward. Second, almost all of the houses in the buy-out area are already under contract—all 18 homes on the south side, and about 42 of the 49 homes on the north side. These people are the ones most affected, and they are overwhelming in support of the development.

With regard to the claim that this is “destroying an African American Community,” first, the homes in the buy-out area (RPA1) is a very diverse, mixed-ethnicity area. Second, the purpose of the development and the TIF is to help the other 95% of the homeowners in the Third Ward and our schools by providing needed revenue, services and grants. U-City has no source of funding to do this otherwise, and those homes will continue to decline if we do not find a way to help. If University City does not go through a process of redevelopment of many areas along Olive, Ward 3 will become like Wellston! Our City Council & Mayor are doing exactly what we elected them to do, including making sure that community benefits (such as minority hiring) are negotiated into the written agreement with the developer.

While we are talking about some people’s homes and we need to be sensitive to non-economic attachment, we need to be reminded that these owners are willing sellers, and are excited to have it finalized.

Jeffrey Plaza is already owned by the developer—for all we know, if the plan doesn’t happen, he may decide to sell the property to QuickTrip and the businesses there would be gone anyway, without the benefit of any relocation or other assistance that the city has stated will be available to both owners and renters in the buy-out area.

Photo by J. Ryne Danielson/Patch