CRESTWOOD, Mo. (KMOX) – Anyone driving in the area of Watson and Sappington roads can see the ongoing demolition of the former Crestwood Mall.
City administrator Kris Simpson says they’re “moving along nicely” since demolition started this past spring. Work on the 47-acre replacement for the nearly 60-year-old mall is expected to last through 2019.
However, Simpson is sounding the alarm about Crestwood’s finances. He says while the new development’s expected to generate up to $600,000 in annual revenue right away, it won’t be enough to offset the projected deficit.
“They estimated the early financial impact to be on the order of $500,000 to $600,000 a year. That’s a chunk out of a $7.1 million deficit, but that’s not a meaningful difference,” Simpson says.
Earlier this year, UrbanStreet was granted $25 million in tax support for up to 23 years, with private investment in the project coming to about $80 million. Yet, Simpson is tamping down expectations that tax revenue generated by UrbanStreet’s development will alleviate the multi-million dollar deficit he’s projecting over the next five years.
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