RICHMOND HEIGHTS (KMOX) – City leaders hope the fifth time is the charm for developing the Hadley Township area, which is east of Hanley Road and immediately south of 64/40.
“This time, we are dealing with a developer who is also going to be the owner of the retailer — Menards — so this is not going to be a speculative development, which is obviously a step in the right direction,” City Manager Amy Hamilton said after Wednesday’s first meeting of the TIF commission.
Tax increment financing, or TIF, is often criticized for being used to lure retailers from one city to another, leaving empty stores behind.
But Hamilton stresses that this is the first Menards in the area, adding that “it’s not very likely that we’re going to go out an eminent domain a homeowner.” She said there are about sixty owner-occupied homes remaining in the development zone.
The $19 million TIF that Richmond Heights is asking for would cover half of the development area. The other half has yet to be announced, but is approximately 400,000 sq. ft. and will be a two-story structure with a parking garage.
A county TIF commission will decide if the project is worth subsidizing. A public hearing is slated for June 27th, 7 p.m. at The Heights.