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Tax financing proposal for redevelopment of Chesterfield Mall taking place today

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CHESTERFIELD, Mo. –  You can weigh in Monday, November 21, on a controversial tax increment financing, or ‘TIF,’ proposal for redeveloping the former Chesterfield Mall site.

The issue is a conflict between the city of Chesterfield and Parkway, and Rockwood school districts over how many new students the massive new development will generate.

The proposed $353 million TIF financing package would pay for public infrastructure components of the Staenberg Group and CRG’s redevelopment plans for the old mall and surrounding areas. Those plans include nearly 3,000 housing units, a 259-room hotel, and millions of square feet of office, retail, and restaurant space.

Chesterfield city officials believe the plan will add 236 new students to the Parkway and Rockwood districts, but the districts project that 842 news students would be added. The difference of more than 600 students is significant because more students equals more education funding.

School officials worry that if they have inadequate TIF funding, then that will hamper their ability to provide high-quality education for students. Over the first 23 years of the proposed TIF, the additional property tax revenues don’t go to taxing authorities like school districts. Instead, they go to pay off the TIF. Once the TIF ends, then taxing authorities begin to receive additional revenues.

Here is what Parkway’s chief financial officer and Chesterfield’s mayor told us recently.

“They’re trying to insinuate that we’re taking money away from them, really this TIF is an opportunity for additional revenues to come to them,” Chesterfield Mayor Bob Nation explained.

“While we’re not contesting their revenue estimate, we also know it’s not necessarily an accurate picture of what it will be in 23 years,” Parkway School District’s Patty Bedborough shared.

Chesterfield’s TIF commission meets Monday afternoon at 3:00 p.m. at Chesterfield City Hall to continue a public hearing on this project.

Ultimately, the Chesterfield City Council has the final say on whether to approve the TIF and does not have to follow the commission’s recommendations.

Read More: Tax financing proposal for redevelopment of Chesterfield Mall taking place today

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