ST. LOUIS – It appears that millions of unexpected dollars could be turned over to the City of St. Louis before the year ends, Treasurer Tishaura Jones said.
That money would available for the city to use, in addition to the current general fund.
“It’s important public money to be returned to the city for public schools and for public services,” Jones said.
On Friday, Alderwoman Heather Navarro introduced a bill to reform the Argyle TIF District. The bill would free extra money before the TIF ends in 2021.
The district was created in 1998 by Mayor Lyda Krewson, then an alderwoman. It was intended to cover the Chase Park Plaza, the commercial area surrounding Maryland Plaza, and bolster a new city parking garage.
The Central West End redevelopment has increased revenue for the city.
“So now we can amend it to take some of the money that’s been sitting in accounts and direct that back to public schools and public services,” Jones said
The bill will be heard in the city’s ways and means committee Thursday. Once voted out, it would go to the board of aldermen and then to Mayor Krewson to sign. The process could be completed in two to three weeks.
“We support the bill and appreciate Alderwoman Navarro’s work on bringing parties together to accelerate the payment of owed tax dollars to our schools,” said Steve Conway, Chief of Staff for Mayor Krewson.
St. Louis Comptroller Darlene Green estimates the city would receive an additional $2 million in year one for the general fund, just over $1 million for the special fund, and millions more would go to the St. Louis Public School District.
“It begs the question: how many other TIFs are in the same circumstance? The city currently has over 150 TIFs,” Jones said.