Since 2008, Shiloh residents and a steady stream of potential customers have been passing what was to be a large commercial and residential development called Three Springs at Shiloh.
Dirt was moved. A credit union was built. Big pipes were buried. And it sat.
Developer Paul McKee was unable to get the project moving, despite it being at the heart of this area’s fastest-growing commercial district with two major roads intersecting there as well as an Interstate 64 interchange a few hundred yards away.
Dierbergs Markets put together the commercial area across Frank Scott Parkway from the property, which includes a Target and storefronts that are bustling. They recently found out their store was sinking into the old coal mine shafts and got the village to shoulder some of the $8 million to pump concrete into the mines.
With a little extra cash on hand and undaunted by that sinking feeling, they decided to buy the 133-acre site and will bring plans to the Shiloh Village Board later.
Shiloh put together a tax increment financing district for the land back in 2008. Brent Beumer, Dierbergs vice president of real estate and their lawyer, said Dierbergs realizes the district is maturing.
“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.
Imagine that. Another 15 years might just be enough time to cure the “blight” at the region’s development hot spot.
Shiloh schools better hope for a higher mix of senior apartments on the land. The village’s estimate of 40 kids sounds way off, but even that number represents another $560,000 cost to the schools at the same time the village is busy handing the schools’ share of property taxes to Dierbergs.
They intended to hand McKee $17 million. Stay tuned for the Dierbergs ask, which may or may not include the cost of pumping more concrete underground.