CHESTERFIELD, Mo. – A massive redevelopment plan in Chesterfield, including housing, retail, restaurants, and office space, could be approved by the Chesterfield City Council next month. 

The $3 billion plan was given an approval recommendation by a TIF commission Monday afternoon. The vote was 9-3 in favor of a $335 million TIF. Tax increment financing allows developers to use money generated from a project to help pay for the cost of building it.

“A TIF of this magnitude that has the opportunity to be managed by the city of Chesterfield,” said Chesterfield Mayor Bob Nation. “To do so much good in the way of public infrastructure in the surrounding area is a rare opportunity.”

The project drew criticism from the Rockwood and Parkway School Districts. The districts argued that they would see an increase in students without an adequate increase in tax funding.

During Monday’s TIF commission meeting, a representative from the Parkway School District and a Parkway School Board member spoke against the 23-year TIF.

“If we are needed to bring in more resources to serve the students that are in this TIF district,” said Matthew Schindler, member of Parkway Board of Education. “We will need to have both shifting of our students within the district and very likely raise our taxes.”

Chesterfield officials stated that the district is overestimating the impact and that the development will eventually increase revenue.

Some of the infrastructure improvements made possible by the TIF include streets, utility lines, parking garages, and greater access to I-64 for North Outer 40 Road and I-64.

The Chesterfield City Council could give initial approval to the project during its meeting on December 5. A second meeting is needed before final approval can be given.