These are some of the notes I took at the Work Session Meeting on 9-7-10. There were around 100 people there to listen. The Grewe team had a lot of different speakers to go over each part. Got the vibe of "Trust us and we'll make you all rich." FYI, Grewe was wearing a Rusty-Orange suit.
There has not been a traffic study performed yet. Will not be performed until after site plan is approved.
The developers are proposing a pedestrian walkway that possibly cuts through the rock under the train tracks just before the bridge.
The development will close Trianon Pkwy at the site. Trianon will dead end at the site and there will be no direct street from Laclede to Watson near the development.
Grewe will continue to lease and manage the site. They want the stores to be open 24 hrs/day because they claim they expect that much business. Claim they will set up the truck deliveries for whatever schedule works for the city.
Developers will change elevation and architectural feature of cables from towers. Bring grade down 100 feet so that junior stores are lower than wall so residents don't look at them.
TIF Schedule
- Tif commission 10/12
- Commission sets public hearing 11/17
- Commission holds public hearing 1/05/11
- City and Grewe finalize agreement 2/1
- City adopts TIF ordinance 2/8
- City approves agreement 2/8
- Grewe constructs development 2011-2012
18th month construction schedule
TIF financing 20 years
2009 city operating rev. - $5.7 million
prop tax – 10.1 %
utility tax 19 %
sales taxes – 34.9 %
Police budget for 2010 - $1,829,699
Taxable sales have declined since 1999
Since 2005 general fund sales taxes have declined annually by 3.3% on avg.
Expenditures have been flat since 2007
Kenrick Plaza sales taxes – 2000 $11.2 mil
2009 $4 mil
Estimates from developer
2013 $75 mil City tax revenue ($988,556) (Assuming TIF - 50%)
Post TIF City will get $2.5 mil per year
Incentive limited to $15 mil will pay off in 13-15 years
TIF was 35% instead of avg. 25% – 1% sales tax total on TDD or CID or combo –take this out and it's only 23% ----a full 1% is going into $15 mil
If they can issue TIF notes that will be replaced by bonds then they will do it if banks allow. The cities general fund is not obligated to pay money if development does not generate TIF revenue levels. Bank financing is contingent upon financial agreement of $15 mil by city.
TDD will have board members - non voting member by city. At least 3 members be the developers. Board only has discretion on timing.
Developers don't know Don't know rate of return or the tenants.
Eminent domain – requesting authority. Have to relocate tenants, easement issues, etc. will try to negotiate, but need to have power to able to bully people if they say no. They promise to be nice about it.
Funds to help Police during TIF - $1 million will go to police from sales minus half for TIF
Creek, MSD, Carpet tile store, sanitary treatment – They will apparently just take care of it with magic.
Then a lot of sucking up by Grewe.
Back of Brentwood Square has same walls enclosing. Will be 20-30 feet tall.
Residents association questions
Shopping centers have a sea of asphalt, how will this be different? A: hopefully there will be enough walking area. Sanitary treatment center is concrete box underground that filters debris from water runoff.
Can we get a copy of site survey to get a better understanding of current conditions. A: useless without new site plan.
We really want the site plan anyway. A: Come to my office. (Grewe)
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