Olive and 170 TIF

TIF Timeline of Key Dates

• November 15, 2021: Pursuant to University City ordinance No. 7455, the city approved the ability to perform construction work or activity during otherwise prohibited times in connection with the Markets at Olive project, Night Construction Work.
• April 1, 2021: The city announced that property for the Costco phase of the Markets at Olive development was transferred on March 31 to Costco Wholesale. As a result of the purchase, the city has received $3 million which is earmarked for improving the Third Ward. 
• March 29, 2021: The city announced that property for the first phase of the Markets at Olive Development has been acquired with financing and project development support for Novus Development provided by Bob Clark and Larry Chapman, partners at CRG Real Estate Group. Cedar Rapids Iowa Bank is also providing financing for the project.
• June 10th, 2019: City Council voted to APPROVE the Redevelopment Agreement for the Olive/170 Project. The final Redevelopment Agreement is posted below.
• January 14, 2019: Bill 9379 introduced the Redevelopment Agreement for the Olive/170 project. Both the Bill and the Redevelopment Agreement (Exhibit A) are posted below.
• August 23, 2018: The city's TIF Commission voted to recommend TIF financing to City Council for the Olive/170 Development.