Chesterfield moves closer to replacing the long dormant Chesterfield Mall with a mixed used development of residential, offices, retail and restaurants.
The Chesterfield Tax Increment Financing Commission votes 9-3 in favor of granting a tax break for the development. Mayor Bob Nation was asked about the opposition from the Parkway and Rockwood School Districts, which say they would stand to lose some school revenue in the deal. "I think they're just looking at it from a selfish perspective and not from a higher level viewpoint. They may have a little bit of a sacrifice in the short term but in the long term they'll benefit tremendously more."
Last week on KMOX, Parkway district's CFO Patty Bedborough said that the district's main problem with the proposed TIF is that it creates around 3,400 residential units — which means more students in the district. "So with that, we know that we have our base revenue that we receive now from the property. However, the majority of our new revenue that is from the new construction is being diverted to pay for the TIF instead of coming to the school district in order to provide a high quality education for our students," Bedborough said. (Read more and listen to Bedborough and Nation speaking on Total Information AM last week in the link below.)
The plan still needs approval of the Chesterfield City Council, two meetings planned on that December 5th and 14th. The actual demolition of the old mall could be more than a year away.
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