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. Low? "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, …
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6:52 pm on Thursday, May 17, 2012
The same developer that's asking for an extra 1% tax from the public, has already realized a huge tax break, because the land purchased for the outlet mall is classified Agricultural. (Ag Tax Breaks were originally intended for farmland. The expanded definition of "agricultural land" beyond use for farming, may include land that has not been developed.) The landowners have gotten a huge percent … more ›