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.