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Olivette council approves 2-year extension and milestones for Olive Crossing TIF
Summary
The Olivette City Council approved a second amendment to the Gateway I‑170 tax increment financing redevelopment agreement, granting the developer two additional years and setting new project milestones; city staff also updated council on construction progress at Olive Crossing.
The Olivette City Council on June 10 approved a second amendment to the Gateway I‑170 tax increment financing redevelopment agreement, granting the developer a two‑year extension and adding milestone requirements aimed at moving the Olive Crossing project toward substantial completion.
City Manager delivered the construction update that preceded the vote, telling council members that Lot 3 — the retail building at Olive Crossing — has had “some of the foundation walls” poured, site grading underway, and sanitary and stormwater work in progress. She said tenant coordination for Brass Tap and Paris Baguette is under way and that structural steel delivery is scheduled for June, with tenant finishes expected in the fall. The manager noted that Lots 1 and 2 (the Aldi) and Lot 4 (Clover) are complete and that there is no current update for Lots 5 and 6.
The council considered Bill 3045, described in the meeting as “an ordinance approving a second amendment to the second amended and restated redevelopment agreement and first supplemental indenture letter agreement in connection with the Gateway I‑170 tax increment financing redevelopment plan.” A council member moved to approve the bill; the motion was seconded and the council voted unanimously to adopt it. The clerk announced, “Bill 30‑45 becomes ordinance 28‑15.”
The amendment follows a prior extension the council granted to the developer and adds specific milestones the city negotiated as conditions for the additional time. The city manager said the amended agreement ‘‘places milestones in the agreement’’ to ensure progress.
Why it matters: the TIF amendment gives the developer more time to finish the mixed‑use Olive Crossing project while formalizing milestones intended to protect the city’s financial and development expectations. Olive Crossing includes commercial lots already occupied by national tenants (Aldi, Clover) and an active retail buildout on Lot 3.
Council action: Motion to approve Bill 3045 passed on a recorded council poll with all members voting yes. The ordinance number assigned was 28‑15. The motion text on the record read in part as an approval of “a second amendment to the second amended and restated redevelopment agreement” related to the Gateway I‑170 TIF plan.
Next steps and context: City staff will continue to monitor the developer’s compliance with the new milestones. The manager’s construction update and the council vote occurred in the same meeting; members asked no substantive follow‑up questions on the amendment beyond proceeding with approval.
