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Shrewsbury Board Approves Walmart TIF

The proposed redevelopment at Kenrick Plaza, which calls for a mix of public and private financing, has been a divisive issue in the community.

The Shrewsbury Board of Aldermen approved using Tax Increment Financing for a planned Walmart development.

The vote was 4-2 in favor of the plan. 

On Jan. 9, the St. Louis County TIF Commission rejected the request for $15 million in public financing for a controversial re-development of Kenrick Plaza that would bring a Walmart to Shrewsbury.

The commission voted 9-3 against a motion to recommend the proposed development agreement for the blighted property and the request for $15 million in tax increment financing.

In this case, the TIF would have generally split any increase in taxes collected as a result of the $46 million development 50-50 between the city and the project’s developer, G.J. Grewe for a set period of time.

The action by the commission is a non-binding recommendation that will be forwarded to the Shrewsbury Board of Aldermen, who will ultimately decide whether to approve the TIF and the development agreement that would go along with it. Such an agreement allows the city to stipulate the conditions of any proposed construction, from landscaping details to the physical appearance of buildings.

See Affton-Shrewsbury Patch on Wednesday for more details. 

John K January 30, 2013 at 05:47 AM
why does one of the wealthiest corporations still need 15 million in subsidies????? http://front.moveon.org/the-most-addictive-infographic-about-walmarts-greed-weve-ever-seen/?rc=fb.fan
John Dough January 30, 2013 at 12:45 PM
Well.. you don't expect them to spend their own money to make money when local governments are happy to supply it .. do you John K?
Chris Mallie January 30, 2013 at 01:14 PM
Correct - was there ever such a thing as risk-reward capitalism? Doesn't seem so with this developer. From blighted area to blighted area he goes...
Julie Hess January 30, 2013 at 11:30 PM
What a joke! When will people realize that Walmart is the modern day equivalent to the 'company store'? Don't pay your employees a livable wage or give them needed benefits but keep your prices low enough that they think it's the only place they can afford to shop. Wake up, people! They gotcha by the short hairs and they're laughing all the way to the bank!
Julia Humme January 31, 2013 at 05:20 AM
When all the mom and pop stores are gone, and they have the market share to themselves, we will be paying whatever THEY want us to pay. We will not have a CHOICE.

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