The Ellisville City Council is poised to vote on at least two proposals Wednesday night regarding tax incentives for a possible Walmart Superstore, which a developer for the project previously said will not be constructed without the sought after TIF.
If the TIF or tax increment financing measure is approved, half of all sales tax dollars created by the proposed site exceeding current sales tax revenues generated there, as well as 100 percent of increases in real property values, will be allotted into a fund under the developer’s control earmarked for infrastructure improvements to the surrounding area. Sources close to the project said that because the property does contain existing developments, any grossed revenue would almost exclusively come from sales tax.
The TIF would expire after a default length of 23 years, although that timeframe could change.
A related proposal up for voting Wednesday hinges on the passage of the TIF ordinance and would allot households within Clarkchester Apartments, one of several establishments located in the parcel the Walmart would be built on, up to $1,000 each for relocation costs. Pirrello said the proposed relocation policy will not go into effect unless the TIF proposal, too, is approved.
The city council meeting, which will be the last one under Matt Pirrello as mayor and the last for retiring Council Member Clark Compton, is scheduled to begin at 7 p.m. Wednesday at . Wednesday night's meeting agenda can be found here.
Previous articles on Ellisville's possible Walmart and tax increment financing:
• (Nov. 13, 2010)
• (Dec. 2, 2011)
• (March 6, 2012)
• (March 12, 2012)
• (March 22, 2012)