The Village of Shiloh Board of Trustees has unanimously passed two ordinances consenting to the assignment of a new developer’s rights, duties and obligations under the redevelopment agreements for the Three Springs at Shiloh business district, tax increment redevelopment project and the memorandum of understanding.
The board made the final vote during Monday night’s regular board meeting.
Dierbergs Markets Inc., which is the parent company to Shiloh One LLC, made its intention of wanting to become the new developer of the 133-acre Three Springs at Shiloh project site public at the Oct. 24 committee meeting.
A public hearing was held Nov. 28 to allow for public comment and concerns to be addressed to the board prior to voting, but no members of the public spoke.
Dierbergs representative Brent Beumer, vice president of Real Estate & Corporate Counsel, was the only attendee to address the board during the public hearing last week.
“We want to come up with a comprehensive development plan that suites us as the developer, but also as something the village, the board and all of its citizens can be proud of because we feel like this area is just going to continue to grow,” Beumer said.
In November 2008, the village established the Three Springs at Shiloh Business District, and in 2011, entered into a redevelopment agreement with Shiloh Land Acquisitions LLC.
Pace Properties, of St. Louis, Mo., is the court appointed receiver of the property, while Dierbergs is actually purchasing the property directly from the McKee entities, that once was represented by the McEagle Properties and other Paul and Chris McKee businesses like Havenhills Investment Company LLC.
There were multiple McEagle companies with different names with one address of the McEagle building at 1001 Boardwalk Springs Place, O’Fallon, Mo. The companies are: Shiloh Land Acquisitions LLC, McEagle Properties LLC, Optimus LLC, McEagle Development LLC and McEagle Land Acquisitions, LLC.
Earmarked as a multi-use development for mainly commercial use since 2008, the only work done to date is site preparation such as infrastructure implementation of drainage structures and utilities for the single anchored tenant — American Eagle Credit Union, at 1153 Blue Springs Plz., which opened three years ago.
“We are under contract to acquire the ground from the McKee entities, and one of the conditions or contingencies to our contract is that we would be able to step in to effectively replace the developer with the goal of completing, I’m going to say, ‘a project,’ not necessarily ‘the exact project’ that was presented to the board over a number of years, and I understand there is, in all candor, some level of frustration that the project hasn’t moved forward perhaps as quick as everybody had envisioned at the outset of that development agreement, and I’m not here to rehash whether that’s good, bad or indifferent — it sort of is what it is,” Beumer said.
According to Beumer the Three Springs Lake is a 16-acre man made lake excavated for aesthetic purposes, as well as a drainage spillway for the development.
“And per prior agreement, that ultimately will be dedicated to the village, which is in the existing development agreement,” Beumer said.
Committed to the project and developing the entirety of the parcel, Beumer said he has high hopes for the property to not just be dedicated to commercial use, but also to include other forms of development.
“So when I look at it I look at it roughly about 115 useable acres of development parcel, although the parcel acreage is larger than that,” Beumer said.
According to Beumer, “we know the McKee’s spoke of it being a combination of multi-family, residential with a commercial component. I would envision something similar. I don’t believe it will be 113 acres of retail commercial development though. Whether you want to call it mixed use or something that will have a variety of different types of uses on that parcel of ground, but from our perspective we are not buying this to sell it off in bits and pieces.”
He went on to detail the strong community presence of Dierbergs Markets Inc. in Shiloh.
“We’ve been involved across the street in the Green Mount Crossing shopping center. We’ve owned it for more than 12-13 years, and it’s been up and running since 2004. I look forward to the day I can come before you with nice pictures, site plans and those sort of things, and I can tell you they will come, but we are not there yet,” Beumer said.
Beumer said he anticipates his company needing ample time after acquiring the land to draw up conceptual ideas and designs.
“I think it’s important to note that we are not asking to extend the TIF, it has been in place since 2008, and the clock so to speak is running on the TIF — we are aware of that, we understand that the statutory duration of 23 years is not going to be added to it and we are OK with that,” Beumer said.