Tax increment financing isn’t always popular, but
a proposed redevelopment project for the long-abandoned Fields Hotel property
right outside Fort Leonard Wood’s main gate in St. Robert has received two
consecutive unanimous votes, first from the TIF Commission and now from St.
Robert’s city council.
Parents coming to Fort Leonard Wood for
graduations and soldiers reporting for duty at the post have complained for
years about the bad appearance of the area right near Fort Leonard Wood’s main
gate. While much of St. Robert has become very expensive commercial property,
the area closest to the post is such bad condition that the Village Inn on property formerly owned by Norman Fields is
formally off-limits for years to military personnel.
The property owner is now dead, and Karen Trimble,
a Springfield real estate agent representing Columbia developer Kevin Kearns who plans to
redevelop the Fields property, said she hopes fixing up the Fields property
will spur other improvements.
Trimble said Kearns is an experienced developer in the Columbia area with projects including hotels,
restaurants, grocery stores, and other retail, as well as upscale housing
subdivisions. Name-brand facilities in his developments include Fairfield Inn,
Marriott Hotels, and Taco Bell, she said.“The bottom line is they are experienced developers who take pride in
their projects,” Trimble said, showing numerous PowerPoint projections with
photographs and land use plans to document her claim.Trimble and Kearns also met with local government officials and area
business leaders Monday afternoon to review possible business options for the
area.“Our meeting today was to go over
with the community what they wanted to have here, so we are going to start
laying out a plan that will be more effective,” Trimble said.
St. Robert City Attorney Kevin Hillman said even
though the TIF project will redirect some of the tax revenue of the development
to Kearns so he can redevelop the property over a 23-year period, the project
will still recapture some money for the taxing districts.
“The key factor to remember is it is not a 100 percent TIF, it is a 75 percent
TIF, so there is currently a pass-through of 25 percent to the taxing entities,
including us, and a 50 percent pass-through of the sales tax,” Hillman
said.Hillman also introduced other
people earlier identified as “silent partners” in the project to answer any
questions city council members might have. None had any questions, and aldermen
voted unanimously to approve the project.
D2’s Role
D2 prepared the TIF Plan,
blight analysis, and tax increment financing cost benefit analysis as part of
the Project’s approval.
