Chesterfield approves RPA 3 redevelopment plan; council advances financing and management steps for city property purchase

Chesterfield’s City Council approved a redevelopment project for Redevelopment Project Area 3 (RPA 3) under the city’s tax increment financing plan in a 7-1 second-reading vote, and advanced several related items including an amendment to RPA 2 and first readings of a $13.415 million financing plan and a property-management agreement.

The vote on the second reading of bill 34-30—approving RPA 3 under the Real Property Tax Increment Allocation Redevelopment Act, sections 99.8 to 99.865 of the Revised Statutes of Missouri—was 7 in favor and 1 opposed. Council member Tocco cast the lone no vote. Council later approved a second reading amending RPA 2 unanimously.

The redevelopment approvals set the legal framework for tax increment financing (TIF) activity in RPA 3. City Administrator Geisel told council the city is preparing to finance a real-estate purchase connected to the redevelopment: “It finances $13,415,000 by direct placement with Simmons Bank, on a 20 year amortization basis fixed at 5.95%,” and council gave the financing bill (35-66) a first reading; that measure passed its first reading on a 6-2 vote and is scheduled for a second reading in two…