Developer Tim Boyle meets with City Council members
The St. Louis developer who has long sought to convert the long-abandoned Standard Coosa Thatcher site into a $45 million live/work development said he needs tax forgiveness to make it possible.
Tim Boyle said he is requesting a PILOT (payment in lieu of taxes) agreement in which only the current taxes would be paid for 14 years - not the rate that would be due on the improvements. He would also pay all of the county school taxes.
He said the city and county, which now own the property after a recent foreclosure sale, would also get $60,000 in back taxes.
The request comes just after Mayor Andy Berke announced that he was tightening up on housing PILOTs to insure that affordable units are included.
The mayor's office will handle future PILOT requests and the River City Company will drop out of the loop.
Councilman Yusuf Hakeem, who said the project would be a major boost for the Ridgedale community, said he was advised by the city attorney's office that the City Council can broaden the territory that can be considered for PILOTs - not just downtown.
Maura Sullivan, city CEO, said the mayor's office should be ready soon to have procedures in place to begin accepting PILOT requests.
Councilman Hakeem said he wanted to put "on the fast track" the SCT PILOT as well as one being discussed by developer John Wise and a taxpayer group led by Helen Burns Sharp. Ms. Sharp lauded the Wise agreement, saying it would include more affordable units than the former process.
Mr. Wise wants to convert a warehouse at 1920 Chestnut St. into apartments.
The SCT development would include 170 units after a recent fire damaged one section of the old mill on Watkins Street.
Mr. Boyle said under federal affordable credits being used on the project that rents would be geared to an affordable level.
Officials said PILOTs still must be approved by the city's HEB board.