West Newsmagazine 12-16-20

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FACEBOOK.COM/WESTNEWSMAGAZINE WESTNEWSMAGAZINE.COM Developer seeks tax incentive funding for Wildhorse Village Thank you all for being there with us this year! December 16, 2020 WEST NEWSMAGAZINE I NEWS I 19 See what we have Check us out online Looking for last minute A render of Wildhorse Village development (Source: Clayco, Inc.) We have many By CATHY LENNY Property owner Jeff Tegethoff recently scolded members of Chesterfield’s Finance & Administration (F&A) Committee for their refusal to approve a preliminary funding agreement regarding the Wildhorse Village development. Wildhorse Village is a multi-use development in Downtown Chesterfield that will include 1 million square feet of office space, 150 for sale residences, 500 apartments and 100,000 square feet of retail space, according to construction engineering company Clayco, Inc. The development also includes a 128-room AC Hotel and Ruth’s Chris Steak House restaurant, located near the intersection of Interstate 64 and Chesterfield Parkway West. As a result of high anticipated development costs, the developer is seeking to establish a Community Improvement District (CID), a special taxing district that collects revenues within its designated boundaries to pay for public facilities, improvements or services. To consider and evaluate the CID, Wildhorse Village, LP, agreed to deposit $17,500 to pay for out-of-pocket expenses, including attorney fees, consultants and the preparation of related paperwork. The Chesterfield City Council had already approved having special counsel from St. Louis law firm Armstrong Teasdale LLP review the CID, but some committee members had second thoughts. At the F&A meeting held Nov. 30, Tom DeCampi (Ward 4) pointed out that he was the lone dissenter on the vote to approve the use of outside counsel for the CID, calling it “naked corporate welfare.” “If they don’t have a good investment plan or a good return on investment, they shouldn’t expect the tax payers to mitigate their risks,” DeCampi said. “We don’t need to subsidize developers to come into Chesterfield and build. It’s some of the most desirable real estate with the best demographics in the area. We don’t need to bribe people to come in.” Committee members weren’t sure if they wanted to allow the use of CIDs or other financial incentives. City Administrator Mike Geisel pointed out the council had previously approved a number of policies in 2007 that were reaffirmed in June 2019 that include the use of economic development tools like CIDs, NIDs (Neighborhood Improvement Districts) and TDDs (Transportation Development Districts). F&A Chair Barbara McGuinness (Ward 1) made various motions, including postponing the vote to get more information on what improvements would be made, or sending it to the council with no recommendation. None of them received a second. Finally, the committee voted on the funding agreement as presented. It was rejected by a vote of 0-4. At the city council meeting held Dec. 7, Tegethoff reiterated that Chesterfield has a clear policy statement regarding the use of CIDs. “Many of the comments made at the F&A meeting and by council members were uninformed and contradict the existing policy of the city of Chesterfield,” Tegethoff said. “This is very problematic and confusing to the public, to the citizens of Chesterfield and to developers interested in constructing public improvements.” Tegethoff said he has responded to inquiries for further information by city staff and the city’s outside counsel, including a 13-question form on the CID application, included in the city’s policy statement. He asked that the reimbursement agreement for the Wildhorse Village CID be brought back to the F&A committee for review. It will be up to McGuinness to make that happen. Put your feet up and relax... We’ve got this! We provide quality and compassionate residential nursing care for seniors 636-537-3333 Chesterfield 314-861-0500 Dougherty Ferry 636-240-2840 O’Fallon The Experts in Dementia Care for the Always a great gift. 1855 Hwy 109, Wildwood, MO 63038 Located at the corner of Clayton Road & Hwy 109, Across from Lafayette High School Hospice Rehab Assisted Living Plus® Memory Care Skilled Nursing gardenviewcarecenter.com
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West Newsmagazine 12-16-20

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