Belleville aldermen will be asked next week to approve tax incentives for developer Adam Hill, who plans to renovate the shopping center that once featured the Mad Pricer grocery store on West Main Street.
A new anchor tenant for the shopping center is expected to be announced soon, Hill said.
Two committees of the City Council on Monday unanimously approved a draft redevelopment agreement that calls for an extra 1 percent sales tax on purchases within the Market Place Shopping Center at 6401 W. Main St. Funds collected with this tax would be used to help pay for the renovation of the shopping center. Shoppers currently pay an 8.1 percent sales tax.
Also, the proposed agreement states the city would give Hill a $275,000 TIF grant for improvements at the shopping center Hill describes as “deteriorated.”
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The total of these two tax incentives would be capped at $2.49 million, according to the draft agreement.
This project also is eligible to get an exemption on state sales tax on the purchase of construction materials used in the renovation.
I couldn’t be more appreciative. You can’t ask for anything more.
Adam Hill, after two Belleville committees approved his redevelopment plan
Hill said the aging shopping center could not be resuscitated without tax incentives. The cost to purchase the site and renovation is estimated at $4 million, Hill said.
Hill said he was pleased both the Finance Committee and the Economic Development and Annexation Committee recommended that the full City Council approve his plan.
“I couldn’t be more appreciative,” Hill said. “You can’t ask for anything more.”
Hill said he has had “great cooperation” from city officials.
The City Council is scheduled to vote on the incentive package at 7 p.m. Monday during a meeting at Lindenwood University-Belleville. The council also is scheduled to hold a public hearing that night on the proposed special business district that would allow the extra sales tax to be collected.
The former grocery store on the west end of the shopping center was built in 1972, Hill said. The cavernous, vacant building most recently was the home of a $20 Shoe Outlet.
The current tenants, Family Dollar, Subway, Marco’s on Main and Shenanigan’s restaurant and sports bar, would be able to remain open during the renovation, which could begin next month if the City Council approves the tax incentives on Monday night.
Hill said the shopping center needs a lot of work.
One of the first things shoppers would notice is a new façade.
Also, the leaky roof needs to be repaired and the parking lot resurfaced. And thieves have stolen over $500,000 worth of material, including valuable metals from the air conditioning and electrical systems in the past five years.
The long-range plan calls for a traffic light to be installed at the intersection of West Main and 65th streets.