University City Will Likely Introduce Olive/170 Agreement Monday

UNIVERSITY CITY, MO — City Manager Gregory Rose confirmed Thursday afternoon that the city is working to have a proposed redevelopment agreement ready by Monday for introduction by the mayor and city council. The agreement, for a planned shopping center at Olive Boulevard and Interstate 170, was proposed by Webster Groves-based Novus Development and had been delayed twice last year as closed-door negotiations continued.

City officials say the development will bring needed revenue to the city, about $15 million of which it plans to reinvest in its long-neglected third ward. But some critics have demanded the city's promises in writing in the form of an independently-negotiated Community Benefits Agreement. Others have challenged the amount of public financing requested by the developer — $70 million, or about a third of the shopping center's total costs.

Rose said a vote is not expected at Monday's council meeting. The redevelopment agreement should be published sometime Friday as part of the council's agenda packet. We'll post it here when it's available.

Photo by J. Ryne Danielson/Patch