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Crestwood Approves First Step in TIF Process
May 13, 2015
The City of Crestwood Board of Aldermen voted 7-0 on May 12 to approve the first step required to form a TIF commission to study the mall redevelopment proposal. Lindbergh Schools will have two representatives on the 12-member TIF commission if it is convened.
UrbanStreet’s proposal for Crestwood Mall includes 225 apartments that would be funded by up to $28 million in tax incentives. If the apartments are built without a TIF, Lindbergh administrators estimate that the district would receive about $200,000 per year in local tax revenue. That is enough money to educate 20 additional students.
“Lindbergh receives more than 92 cents of every dollar used to educate children from our local taxpayers,” said Superintendent Dr. Jim Simpson. “We simply cannot afford for that $200,000 to be taken away from students and given to the developer.”
Several Lindbergh supporters voiced their concern at Tuesday’s meeting, including Crestwood Elementary School Principal Jodi Meese, Lindbergh parents and Kate, a courageous second-grader from Crestwood who simply requested, “Please do not give tax money to build apartments.”
In addition, Board of Education Treasurer Vicki Englund read a resolution passed by the school board May 5 opposing the use of TIF for residential development.
“TIF is a powerful economic tool when used correctly, but it can be devastating when used incorrectly,” she said.
The City of Crestwood Board of Aldermen voted 7-0 on May 12 to approve the first step required to form a TIF commission to study the mall redevelopment proposal. Lindbergh Schools will have two representatives on the 12-member TIF commission if it is convened.
UrbanStreet’s proposal for Crestwood Mall includes 225 apartments that would be funded by up to $28 million in tax incentives. If the apartments are built without a TIF, Lindbergh administrators estimate that the district would receive about $200,000 per year in local tax revenue. That is enough money to educate 20 additional students.
“Lindbergh receives more than 92 cents of every dollar used to educate children from our local taxpayers,” said Superintendent Dr. Jim Simpson. “We simply cannot afford for that $200,000 to be taken away from students and given to the developer.”
Several Lindbergh supporters voiced their concern at Tuesday’s meeting, including Crestwood Elementary School Principal Jodi Meese, Lindbergh parents and Kate, a courageous second-grader from Crestwood who simply requested, “Please do not give tax money to build apartments.”
In addition, Board of Education Treasurer Vicki Englund read a resolution passed by the school board May 5 opposing the use of TIF for residential development.
“TIF is a powerful economic tool when used correctly, but it can be devastating when used incorrectly,” she said.
More than 250 new students are enrolling in Lindbergh each year, and 1,112 new students are projected to enroll over the next four years. In fact, the new 650-student Dressel Elementary School will be completely full when it opens in fall 2017.