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Public hearing next week on proposed CID for mall site
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Dierbergs previews its plan ahead of mall s TIF hearing – St Louis Call Newspapers
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Dierbergs Markets, McBride Homes seek $17M in subsidies for $67M Crestwood Mall redevelopment
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The new Crestwood mall redevelopment plan was taken by courier to the members of the Crestwood TIF Commission Friday, giving the public both a price tag and concrete financing from a bank.
Developer Dierbergs proposes a $67 million redevelopment of half the 46-acre site with $17 million in tax incentives, including $13.5 million in tax-increment financing and $3.5 million in a 1-percent Community Improvement District sales tax.
Past developers of the site have struggled with financing, but First Bank which is owned by the Dierberg family wrote a letter to the city included in the plan that guarantees financing if the TIF is granted. Three would-be developers have come and gone since 2013, when the mall closed.
The Normal Town Council met remotely on Monday, May 3, 2021.
Just a month shy of sending its first mass-produced electric trucks off the production line, Rivian’s Twin City footprint is growing: On Monday, the Normal Town Council gave the manufacturing facility’s expansion an overwhelming thumbs up.
At its virtual meeting, the council approved several Rivian-related items, each on a 6-0 vote. Mayor Chris Koos was absent.
Topping the approval list was Normal annexing into town limits 380 acres of unincorporated McLean County property recently purchased by Rivian. The council then voted to rezone 320 acres of that land, which surrounds 419 N. Rivian Motorway, for manufacturing. The council also gave preliminary approval to upgrades planned for the company’s main Normal site at 100 N. Rivian Motorway.