Officials approve use of taxpayer funds to redevelop Crestwood M - KMOV.com

Officials approve use of taxpayer funds to redevelop Crestwood Mall site

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KMOV KMOV
CRESTWOOD, Mo. (KMOV.com) -

Crestwood City officials gave the green light to a plan to redevelop the Crestwood Mall site Tuesday night. 

The Crestwood City Council voted 7-0 to approve tax-increment financing for the project that is being proposed by the Chicago-based Urban Street Group. The company asked for tax breaks to turn the site into apartments, a theatre, office space and retail. Under the arrangement, Urban Street Group can pocket half the sales taxes generated by the project for the next 15-20 years.

"I see this as a huge opportunity to spur growth in Crestwood along the Watson road corridor,” said Crestwood Mayor Gregg Roby. “We're seeing it tonight with the Gold's Gym taking space at the old Best Buy. Gordman's left us and went to Arnold commons. We've been in a situation where we've lost business now Office Max is leaving, we've got to get these businesses filled up."

The Lindbergh School District has voiced opposition to the plan, saying it will deprive the district of much-needed revenue.

While residents feel the site should be redeveloped, there is disagreement on how much taxpayer money, if any, should be used.

A provision in Urban Street's agreement with the city bans Rams owner Stan Kroenke, or any of his companies, from being part of the development.

Officials say demolition of the mall should take between eight and 10 months.

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