Rating Agency Predicts Gains in Sales Taxes from Dual Outlet Malls
Fitch recently upgraded the outlook of bonds associated with the Chesterfield Valley from "stable" to "positive."
Will Chesterfield be able to support two outlet malls at once? Some in the financial markets seem to think so. Fitch, one of three companies that serves as a rating agency for securities, recently upgraded its outlook from “stable” to “positive” for bonds associated with the Chesterfield Valley Transportation Development District. The move was in part due to confidence in that the opening of Taubman Prestige Outlets and St. Louis Premium Outlets, both to be located in Chesterfield Valley, would grow sales tax revenues. In a press release, the company cited several factors for the decision: The company also believes that there is enough economic activity and concentration of wealth in the area to support such intensive retail. It cites the…
David Altman
10:58 pm on Friday, January 11, 2013
I thought Chesterfield was worried that paying for added costs city city will incur due to new malls might outweigh the sales taxes it must share with other municipalities: Quote from Chesterfield Mayor Bruce Geiger: “Chesterfield will soon be home to a premium outlet mall that is expected to generate $150 million in annual revenues,” he said in prepared remarks.We have been working with the … more ›