Newspaper article St Louis Post-Dispatch (MO)

Tif Board Aims for Post Office City Asked to Provide $2.35 Million for Project along S. Kirkwood Road

Newspaper article St Louis Post-Dispatch (MO)

Tif Board Aims for Post Office City Asked to Provide $2.35 Million for Project along S. Kirkwood Road

Article excerpt

The Kirkwood City Council has been asked to help finance a $12.35 million project that could lead to a new post office and the redevelopment of most of the 300 block of South Kirkwood Road.

Last week, the Tax Increment Financing Commission recommended that the city set up a special tax district to provide $2.35 million for the project. The money, which would be repaid from tax revenue from the project, would go for acquisition, demolition, parking and site work. Novus Development Co. would be the developer. Southwest Bank would provide most of the money for the project.

The City Council will consider the commission's recommendation on Dec. 7. Work on the project could begin in January and be complete by November 1997, city officials said.

Under tax increment financing, most tax revenue generated by the project will be used to retire bonds. The city keeps half the sales tax increase resulting from the project.

The commission urged the City Council to use that half of the sales tax to retire bonds earlier than the planned 15 years. The Kirkwood School District asked for that action to reduce the loss of future income to schools. The city estimated that after the bonds were retired, the school district would receive $50,000 a year in new income from the project.

The seven-acre project is generally bounded by the property line behind buildings on the south side of Monroe Avenue, South Kirkwood Road, West Clinton Place and South Clay Street. Excluded from the project area are several office buildings along West Clinton and at the corner of South Clay and West Clinton.

A post office of 7,000 square feet would be built on South Clay to replace the one at 222 South Taylor Avenue. The Postal Service would use the building on Taylor as a mail distribution center, said Rosalind Williams, Kirkwood's community development director.

If the Post Office is expanded to 25,000 square feet, then it would contain the mail distribution facilities and the building on Taylor would close, Williams said. The extra space would be at the rear of the new building, she said. …

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