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Dierbergs withdraws TIF request for Crestwood mall; cancels public hearing
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Dierbergs previews its plan ahead of mall s TIF hearing – St Louis Call Newspapers
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Developers make the case for TIF ahead of Crestwood mall public hearing tonight
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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.