Public hearing next week on proposed CID for mall site

The+demolished+Crestwood+Plaza+property+in+2017.

The demolished Crestwood Plaza property in 2017.

By Erin Achenbach, News Editor

The Crestwood Board of Aldermen will hold a public hearing Tuesday to review a proposal for a community improvement district at the former Crestwood Court mall site. 

The meeting is scheduled for Aug. 17 at 7 p.m.; in-person or via video conference is to be determined.

The 40-year CID, called the Crestwood Crossing Community Improvement District, would be used to fund roughly $3.5 million in improvements at the 46-acre site on Watson Road. 

Up to a 1-percent additional sales tax would be levied on eligible purchases within the CID to pay for the estimated improvements.

In December, Dierbergs partnered with McBride Homes to redevelop the mall property  — half as a shopping center with a Dierbergs grocery store and the other half a new subdivision.

Dierbergs has proposed a $67 million redevelopment of half of the property and had originally sought out $17 million in incentives, including $13.5 million in tax-increment financing and $3.5 million in a 1-percent CID sales tax. 

Last month however, Dierbergs said that it would be able to use $15 million in TIF tax incentives previously approved for the site for a different developer in 2016, and would no longer seek the $13.5 million TIF, but still seek the $3.5 million CID. 

McBride Homes, who is proposing an 81-home subdivision on the other portion of the property, is not seeking any type of incentive.