Olivette holds first reading on TIF amendment for Olive Crossing; second reading set for June 10

City staff presented a summary of Bill 3045, a proposed second amendment to the second amended and restated redevelopment agreement and related indenture for the Gateway I-170 (commonly called Olive Crossing) tax increment financing (TIF) redevelopment plan. The council did not take action; a second reading was scheduled for June 10.

City staff said the amendment primarily extends deadlines for the developer to meet "substantial completion" by changing and adding definitions, and it alters how "work" is defined for that purpose. The amendment also addresses when reports and any applicable penalties are due; clarifies the city's 15% minority contracting goal and related notification requirements; and adds notifications specific to Lot 6, which the developer has proposed for a hotel. The amendment further proposes an adjustment to the city's administrative fee, which requires a corresponding change to the indenture.

"This latest amendment relates to extending the time for which the developer needs to meet what is called substantial completion," staff said during the presentation. Staff described the package of attached documents as the ordinance and the specific amendments plus changes to the trust and indenture letter.

Council members were briefed but took no vote at the meeting. City staff indicated the amendment package and any attachments will return for a second reading on June 10, at which time the council may approve, amend or decline the proposed changes.