Historical September–October 2005 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
By 2005 year-end, if the City’s TIF Commission concurs, the Skinker-DeBaliviere Neighborhood’s two aldermen, Lyda Krewson of Ward 28 and Frank Williamson of Ward 26, will introduce legislation to create a “TIF” (Tax Increment Financing District) basically spanning Delmar from the City Limits to DeBaliviere.
The district will coincide with the boundaries of the Delmar Link Redevelopment Area, implemented over a decade ago through the efforts of the Delmar Commercial Committee and thenaldermen Dan McGuire and Irving Clay.
The redevelopment ordinance has helped entrepreneurs Joe Edwards and others develop the Pageant, the Regional Arts Commission building, the headquarters of St. Louis Design Alliance, and much more.
However, some developments need financing beyond what is possible at a conventional level.
The RAC building, for example, needed bonds, made possible through a Community Improve-ment District created for that project.
Another shared need, expensive to produce, is parking. Creating a TIF district could provide private projects the ability to borrow additional funding based on the expectation of future tax revenues.
In addition, public projects like parking, streetscape improvements and property acquisition can be implemented, after approval by a new entity, called Loop TIF, Inc. Loop TIF, Inc. will be governed by a Board of Directors with representation from the Delmar Commercial Committee of the Skinker-DeBaliviere Community Council, the East Loop/Parkview Gardens Business District, and representatives of both the 28th and 26th ward neighborhoods. Projections indicate as much as $10 Million will be generated for the City from increased sales tax generated by the new retail businesses, utility taxes, payroll taxes and earnings taxes. Projects like a hotel, retail developments, and condominiums on yet-undeveloped land like 5819 Delmar near Goodfellow, will be possible with TIF financing, which eliminates the need for tax abatement and reduces the need for public subsidies.
With reduced government funding available to cities, creative financing is critical; with thoughtful structuring, our goals can be met and important redevelopment of city neighborhoods like ours can not only continue, but thrive.
Originally published in The Times of Skinker-DeBaliviere, September–October 2005.
Read this article in the original newspaper issue.
Original source: SD_Times2005_09.pdf, printed page(s) 6; PDF page(s) 6.
