University City approves $70 million TIF deal for development anchored by Costco

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UNIVERSITY CITY, Mo. – University City approves a controversial redevelopment plan along Olive Boulevard near Interstate 170.

The $190 million project calls for tearing down homes and businesses in the area to make room for new development, including a Costco Store, a hotel and office space.

The new deal drew opposition from many who live and work in that area. The $70 million tax break deal was re-negotiated after an error was discovered in the funding plan.

University City Manager Gregory Rose has recommended approval for the latest version of an agreement with Webster Groves-based Novus Development, which was introduced to the council Tuesday.

University City officials also say the new center will protect the suburb’s revenue if Chesterfield leaves the St. Louis County sales tax pool, which divvies up revenue among dozens of municipalities, including University City.

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