On June 12, 2000, the City of Webster Groves and Novus
Development Company entered into a Redevelopment Agreement for construction
of office and retail buildings and certain public improvements, including a
parking structure and surface parking lot. The project is fully-operational.
During fiscal year 2013, the Payments in Lieu of Taxes
(PILOTs) received by the TIF were $333,657 while the Economic Activity Taxes
(EATs) received were $101,585.
In 2003, the City issued $4,000,000 in Tax Increment
Financing Revenue Notes to provide funds for redevelopment costs. The City
makes principal and interest payments on the TIF Revenue Notes based on the
amount of revenue received during the year. In fiscal year 2013, the City
paid $309,000 in principal, $119,570 in interest and $6,985 in other debt
service expense. The amount of outstanding debt as of June 30, 2013 is
$1,865,000. The current balance available to pay future debt payments is
City of Webster Groves, Finance Department
4 E. Lockwood, Webster Groves, MO 63119