Board approves TIF exemption and compensation agreement for former Forest Fair Mall site with City of Forest Park

The Winton Woods City School District board unanimously approved a resolution on Monday authorizing a tax-increment financing (TIF) exemption and a tax-incentive compensation agreement with the City of Forest Park covering the redevelopment of the former Forest Fair Mall property.

Superintendent Denny told trustees the board packet included a resolution, the district’s notice letter and the City of Forest Park tax-incentive compensation agreement as exhibits. The documents collectively describe the TIF arrangement proposed for the site.

Why it matters: A TIF redirects future incremental property-tax revenue from taxing authorities (for a defined period) to support redevelopment on the site. The board’s action approves the district’s portion of the agreement that compensates the school district for loss of local taxing capacity under the agreed terms.

Board action: A motion to approve the resolution and accompanying agreement passed unanimously on a roll-call vote. No additional details about the length of the TIF, dollar amounts or specific development commitments were discussed in public during the meeting; the board packet included the full agreement as Exhibit B.

Discussion and next steps: The superintendent recommended approval and the board voted in favor. Staff did not present additional fiscal modeling for the board at the meeting; trustees approved the resolution to allow the city redevelopment plan to proceed under the terms presented.

Ending: The district formalized its approval by vote and authorized staff to execute the agreement exhibits contained in the board packet.