Board Bill Number 81 In Session 2020-2021

Summary

Purpose The purpose of the bill is to authorize and approve tax increment financing for the Iron Hill Redevelopment Project. Proposed Action Designates a portion of the City as Iron Hill Redevelopment Area and approves TIF and a Redevelopment Plan for the rehabilitation and development of a mixed-use development, that will include new retail, dining/entertainment, office, hotel, and residential uses, supported by parking garages and surface parking and associated site amenities. The Projects also includes the installation of all infrastructure, including improvements to adjacent rights-of-way. Main Components The Developer is Iron Hill, LLC, an affiliate of Cullinan Properties, LLC. • The Redevelopments Area contains approximately 14 acres and is generally located at the northwest corner of Grand Boulevard and Chouteau Avenue. The Redevelopment Area is vacant and has been underutilized for years. • Project is within the proposed St. Louis Midtown 353 Redevelopment Area. • Project would be eligible for a TIF not to exceed $60.6 million (exclusive of issuance costs, interest and CID Revenues). • Total project costs of approximately $346 million. Impact on the Community • Development of a blighted property located in the Midtown neighborhood. • Serve as a catalyst for additional private redevelopment of adjacent neighborhoods • Help promote transportation-oriented development (TOD) associated with the Grand Boulevard MetroLink station to the north • Promote quality pedestrian connections to the Chouteau Greenway, Saint Louis University's North campus, Cortex, the proposed redevelopment of the St. Louis National Guard Armory • Hiring practices consistent with the City's polices for minority and women owned business participation.

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