ST. ANN (KMOX) – Tax increment financing, or TIF, has been widely criticized lately, but St. Ann mayor Michael Corcoran thinks he’s got the exception to the rule.
Long-suffering Northwest Plaza.
“This is going to come to fruition. We’re extremely excited. We’ve got a good developer. We’ve got a closing date set. We’ve got contracts in place.”
Corcoran said the new development could be called something along the lines of “Lambert Landing,” and could even have shuttles taking customers to-and-from the nearby airport.
“We’re not just trying to shift tax dollars. We’re trying to open up a market to our international airport and the growth they’re having,” he told KMOX late Tuesday.
Menards, a hardware store which does not currently have locations in the St. Louis-area, is already signed-up. Another two retailers are expected, as well as some dining and potentially a senior living center. The office tower will remain.
$33 million in TIF is proposed for the project.
The next meeting of the St. Ann TIF commission is scheduled for May 23rd, which a public hearing slated for June 13th.