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Annual Update for the Tax Increment Plan for the

Shoppes at Old Webster

 

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 $189,459.  

 

City of Webster Groves, Finance Department

4 E. Lockwood, Webster Groves, MO 63119

 

 


#4 EAST LOCKWOOD
WEBSTER GROVES, MO 63119
PH. (314) 963-5300
FX. (314) 963-7561