UNIVERSITY CITY, Mo. - A controversial redevelopment plan in University City gets the green light from the TIF commission however it's not a done deal yet.
After listening to citizens and business owners the University City commission voted Thursday night for a plan to provide up to $70 million in tax assistance for retail development at Interstate 170 and Olive Boulevard.
However, the proposal still needs the approval of the city council.
The redevelopment will include new retail, office space, and a hotel. Homes and businesses will be knocked down to make way for the retail project which is expected to include a Costco.
Many of the businesses in the area are minority-owned and other businesses have been owned for decades.
Some homeowners and business owners have been against the project saying the redevelopment would force them to relocate while others say it will improve the value of their residence.
The total project cost is estimated at 190 million dollars.