UCity Olive-170 TIF Who Benefits If UCity TIF fails?

For those who haven't been following every notification of NextDoor or Facebook U City on the Record (UCOTR), or are weary and tangled in all of the various threads, I felt it might be helpful to bring together some points before the TIF meeting tonight.

Ben Mizes said, "If this development goes through, I will no longer consider investing in the 3rd ward, and surrounding areas, as I won't be able to produce a compelling thesis for investment"

hmmmm... Thank you, Ben. That's an interesting statement.

Readers, do you think it sounds like he might be saying, 'If this development goes through, the 3rd Ward and surrounding areas will no longer be distressed or have unrealized potential, and therefore are not viable/attractive to my investment strategy."?

That, right there, is an example of specifically why UCity needs to get on board with this TIF and then continue to move forward with the plans for redevelopment.

Picture this:

This TIF and its carefully crafted community inclusions are implemented.

There's overall growth and development with new and relocating businesses, better funded schools, improved properties, improved community infrastructure, improved community services, housing for all needs and ages, attractive businesses with easy customer/client access via major Interstate highways, proximity to the central corridor, etc..

There will still be ethnically diverse offerings up and down Olive. There are TWO main streets that intersect the highway access (thus Delmar can divert some local residential traffic from having to exit at Olive) , not to mention we all know how to get to our residential areas via secondaries.

PROPERTIES IMPROVING, VALUES INCREASING.

Picture this:

Bargain savvy 'investors' (and their families and other supporters) are crossing their fingers and doing whatever they can…. casting aspersions, posting inflammatory headlines on social media, subtley and at times blatantly fear-mongering … hoping to heaven UCity doesn't do the very thing that will prevent them from picking up properties for pennies on the dollar when schools and community services decline, property values stagnate, and battle-weary people start bailing out.

Oh the 'investors' are playin' it cool, but if you listen closely/read carefully

you can hear the bellies rumbling over the prospect of a huge meal if the TIF doesnt go through. Location location location, stagnant property, and lots of underused land….

the yummy stuff to that sort of 'investing'. Perhaps we should call it hopeful harvesting of what they haven't planted or helped maintain.

IF UCity does NOT get on board with this TIF project (which is much more extensive than just plunking down a popular and proven big box store) — property values and the schools will continue to suffer and decline for lack of revenue and development. Property taxes will have to be increased to pay the bills as they stand, community services will continue as is or worse, infrastructure and the Olive corridor will remain pretty much as it is, and even further deteriorate. Property owners who want to remain in UCity will have to come up with more money to support the status quo, thus they will have less resources available to maintain and improve their property. Residents with low to moderate income will feel this the most.

And THAT is when the gentrification will start… as 'investors' come in to pick up property that is in the pinch.

MUCH larger areas than what our TIF has earmarked, of what is now moderate, affordable housing could possibly get taken by eminent domain of a different investor, resorbed by commercial interests, WashU. and affluent in-fill. 'Investment companies' acting for Washington University will continue to buy up property and the incredibly well-located but economically depressed area, once known and loved as University City will become a cash cow for 'investors'.

When some investors talk about UCity, it may sound like they care about the issues in the same way as our Council representatives and many residents do, because they own a property and or live in UCity. But business is business. And their version of investing perhaps couldn't care less about who is living where they see an opportunity to buy up property. Their overall plan could be radically different from what UCity needs in the immediate-to-future time frame.

They, like most businesses, choose by the bottom line of THEIR business plans and interests, not UCity's.

They haven't come to the table with potential win-win concrete ideas to share with the planners, or participated on boards or commissions to contribute their presumed talents to the community. Locations to this type of investor must be well-situated, but in distress, or stagnant. If we're scared, confused, overwhelmed, get distracted and stay too emotional for too long — we shut down our ability to think rationally, and pursue an informed community vision.

Read Ben Mizes statements (copied at bottom of this post)…

and don't get distracted or distressed

by discussions of Costco versus Amazon,

or brick-and-mortar versus online.

Or the concern that some of the awesome restaurants on will just disappear,

instead of resettling into equally charming spots a bit farther east of their current locations,

and benefit from the additional interest generated all along Olive.

Or the concern that there will be a gigantic vacant building someday.

[Ben Mizes] "I did not make this post in an effort for personal gain.

I wrote this because I love ucity, and don't want us to have a gigantic

vacant building where I grew up." (insert emoji eye roll)

If a vacancy occurs in the future, not much worry of reinventing the property given a parcel of that size located at a valuable highway interchange with

stable developed communities nearby.

And don't get put off the scent of success by those who want to do 'something smaller'.

Folks more comfortable with 'smaller' and 'familiar' are certainly free to sit in their own homes and yards, shop online, or shop and socialize at smaller venues.

Our community has BIG needs that need BIG answers. Our collective of City leaders and advisors have the smarts, reputations, experience and the expertise to bring this to fruition.

This is not the time to 'think smaller'!

Aren Ginsberg Ben: You're a real-estate investor, so I must ask: Do you have a financial interest in discouraging this development?

Ben Mizes Aren Ginsberg great question. I mostly invest in the city, but do own property here in Ucity, and would like to acquire more.

"If this development goes through, I will no longer consider investing in the 3rd ward, and surrounding areas, as I won't be able to produce a compelling thesis for investment."