Board Bill Number 82 In Session 2020-2021

Summary

Purpose The purpose of the bill is to authorize and approve tax increment financing for a portion of the Iron Hill Redevelopment Project. Proposed Action Approves a redevelopment project for the portion of the Iron Hill Redevelopment Area known as "RPA 1" and adopts tax increment financing within RPA1. RPA1 contains approximately 5.25 acres, exclusive of rights-of-way. Main Components The Developer is Iron Hill, LLC, an affiliate of Cullinan Properties, LLC. • The Project contemplates (i) Remediation of hazardous materials in the land throughout the RPA; (ii) Construction of approximately 30,000 to 35,000 square feet of new retail and dining space; (iii) Construction of approximately 425 to 475 multifamily residential units, and (iv) Provision of attractive landscaping, exterior lighting, and other site upgrades to improve the overall image, safety, and functioning of RPA 1. • In addition, RPA 1 contemplates the following projects, which will benefit all RPAs: (i) Construction of a new parking garage and surface parking lots, with 1,650 to 1,775 parking spaces; (ii) Access, circulation and streetscape improvements to Grand Boulevard, Chouteau Avenue, S. Spring Avenue, and Gratiot Street; and (iii) Construction of circulation improvements and utility facilities to support future development within the Redevelopment Area. • Project is within the proposed St. Louis Midtown 353 Redevelopment Area. 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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