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Crestwood Aldermen Reject TIF For Mall Development

Michael Calhoun (@michaelcalhoun, mrcalhoun@cbs.com)
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CRESTWOOD, Mo. (KMOX) – Plans to turn Crestwood Mall into a town center-style development took a hit Tuesday, when aldermen voted to hold-off on millions in public assistance.

Mayor Jeff Schlink said a majority of aldermen felt uncomfortable approving $26 million in tax increment financing (TIF) and an additional 2 percent of special taxing districts without the developer having a single tenant signed.

“Some people don’t think it’s going to be able to sustain itself over the life of a TIF,” he said.

Plans called for a grocery store and bowling alley. There are three grocery stores either across the street or down the block and Schlink said the town’s existing bowling alley is a landmark.

He added that the city isn’t interested in just moving dollars around.

KMOX asked about a popular Swedish furniture chain that requires large lots and doesn’t already have a presence in the market.

“We’ve been told by the developers that they have approached IKEA,” he said. “IKEA’s preference is to be closer to a major highway, so we don’t know if we would still be candidates for an IKEA store.”

He hopes the developer, Centrum Properties, decides to engage in discussion, adding that “a negotiation is a back-and-forth, and all we were presented with was their original, out-of-the-gate proposal.”

Crestwood closed its doors in the spring of 2012, after filling many of its vacant storefronts for years with local arts organizations.

KMOX © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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