University City has received an amended and signed copy of a redevelopment agreement from Novus Properties regarding the project the company has proposed for along Olive Boulevard, according to City Manager Gregory Rose.
The project is tentatively set to include a hotel, apartments, office space and retail. The retail is to include a “big box” store, speculated to be Costco.
Rose said the agreement would be on the May 28 council agenda, and that he plans to recommend approval of the agreement. Rose plans to make relevant information regarding the agreement available to the public.
The council held a first reading of the agreement on Jan. 14, but Novus pulled the plan prior to the following meeting, citing a number of changes the company wanted to make.
Additionally, in mid-January, a resident reported finding an error in some tax calculations made by a city consultant for the project. Rose and Novus president Jonathan Browne determined that the error would not negatively impact the project.
In August 2018, $70.5 million in tax increment financing was approved for the project, which has an estimated total cost of $190 million. As proposed, the development will take in about 50 acres along both sides of Olive, beginning at Interstate 70 and extending east to McKnight/Woodson.