Before the city of Crestwood can fund improvements to its city hall parking lot, the Crestwood Point Transportation Development District Board first must pay that site’s developer — THF Realty.
THF Realty will receive a minimum of $295,000 from Crestwood Point TDD funds to be reimbursed for the $850,000 purchase of former Swim Club property from Rosebrook Real Estate in 2002. The parcel for which THF Realty sought reimbursement now is used as the Crestwood Government Center’s back parking lot, which encompasses roughly two-thirds of an acre.
This reimbursement cannot be accomplished without the Board of Aldermen’s approval to amend the city’s intergovernmental cooperation agreement with the Crestwood Point TDD Board.
An ordinance that would amend that agreement was tabled last week until the Board of Aldermen’s next meeting Tuesday, April 24.
Because of further discussion needed on the history of the Crestwood Point development, Ward 3 Alderman Gregg Roby also proposed that an aldermanic work session be scheduled. That work session was scheduled to take place Monday — after the Call went to press.
The Crestwood Point TDD board is scheduled to meet at 10 a.m. today — April 19 — at the Crestwood Government Center, 1 Detjen Drive.
THF Realty is expected to submit any additional evidence that the developer would be entitled to more than $295,000 in reimbursements.
That $295,000 reimbursement estimate for that parcel was based on market conditions when the city’s back parking-lot area was sold to THF Realty in December 2002.
The reimbursement of those funds would come from TDD monies generated from a one-cent sales tax levied on purchases at Kohl’s.
That TDD sales tax originally was three-eighths of a cent, but was raised to a 1-cent tax in 2003 by the Crestwood Point TDD Board.
The approval of the proposed amendment to the city’s intergovernmental cooperation agreement with the Crestwood Point TDD Board would also authorize the TDD board to issue separate notes or bonds to finance not only the TDD project, but also the city parking lot’s reconstruction.