The Richmond Heights City Council Monday night tabled redevelopment plans and a tax-increment financing (TIF) package for the proposed Boulevard South commercial-residential development, to give developer Pace Properties additional time to find new funding for the project.
A previously arranged financing agreement expired after the project was postponed in 2008, due to the collapse of the real estate market, Pace representatives told the council earlier this month.
The planned $78.9 million development, along Brentwood Boulevard across from the St. Louis Galleria, would extend the present Boulevard complex south, replacing an existing strip mall and Mattress Giant store.
The TIF proposal has drawn criticism from Clayton School District officials who fear the development would not immediately provide additional revenues for the district but might mean additional students.
In other action, the council authorized city staff to seek federal grant funding for a planned sidewalk improvement project along McKnight Road. Construction is slated for 2019, after federal funding is secured.
The council also appointed Jim Brooks an alternate member of the city Board of Adjustment and Appeals, with a term ending in 2021.
Installation of a fire hydrant at the Stonecrest at Clayton View development, 8825 Eager Road, was also approved by the council.