Outlets Developers' 188 Acres Worth $73,202 Assessed Value
Collection of lots for high-end outlet mall may be least of investment.
Chesterfield Valley's 55 acres designated for St. Louis Premium Outlets shopping center near the banks of the Missouri River at Highway 40/64 could be the least expensive part of the whole deal.
The total 188 acres bought up for development are assessed at no more than $73,020, according to the developers' application for a special taxing district.
By Chesterfield Patch calculations, dividing the total assessed value by total acreage would mean 55 acres for Premium Outlets at $21,362.
"It's agricultural right now because it's not developed, and so that's why it seems low," said Libbey Malberg-Tucker, the City of Chesterfield's assistant city administrator for community services & economic development.
Chesterfield Blue Valley LLC, partnered with Simon Properties and Woodland, have proposed some $277 million worth of development at the site for the outlet mall and potentially the surrounding remaining acreage.
"It would be a great benefit to get the property developed. . .and the assessment goes to a commercial assessment at 33 percent. Then that's where the increased tax benefits come to all the jurisdictions that benefit from property taxes," Malberg-Tucker said in a phone message response to a Chesterfield Patch phone message question.
(See developers' application for a taxing district in PDF section accompanying this article here. Exhibit 5.)
Tax revenue benefit
Rockwood School District encouraged the City Council to approve a special tax district for the potential outlet mall, since the schools could see an additional $1.5 million annually in property tax revenue, city officials said.
At the same time, property taxes would rise for the property once developed as commercial property, as Malberg-Tucker described.
The developer has asked for an additional one percent sales tax at outlet mall stores. Consumers would pay 9.3 cents on a dollar. Currently, it's 8.3 percent in Chesterfield Valley.
Some have opposed the notion of an additional sales tax, saying it gives the developer an advantage that perhaps others don't get.
City representatives said there is no risk for the city, and the added sales tax is a user fee. Only those who shop there will pay it.
Developer's parcel list of 188-acre property:
18623 Olive Street Road $1,800 (2011 assessed value)
18623 Olive Street Road $80 (2011 assessed value)
18625 Olive Street Road $1,280 (2011 assessed value)
18625 Olive Street Road $2,680 (2011 assessed value)
18549 Olive Street Road $10,140 (2011 assessed value)
18609 Olive Street Road $1,900 (2011 assessed value)
18621 Olive Street Road $2,060 (2011 assessed value)
18539 Olive Street Road $21,760 (2011 assessed value)
18575 Olive Street Road $30,880 William Brasher parcel (2011 assessed value)
Other names in the property descriptions for locating the 188 acres include "McGrath Plaza" and "the Estate of Conrad Kroenung."