Shoppers who visit the proposed Shoppes of Mid Rivers shopping center may pay a bit more in sales tax than at some other St. Peters businesses.
St. Peters Board of Aldermen approved a bill on Jan. 26 setting up a community improvement district [CID] for the 28-acre center now under construction at 5140 North Service Road, just off the Interstate 70-Mid Rivers Drive interchange, next to Lou Fusz Chevrolet.
The proposed $54 million, 260,000-square-foot retail development received the green light from the St. Peters Board of Aldermen last year. The creation of the CID – a political subdivision with five board of directors – will allow the owner, Mid Rivers Investment Partners LLC, to eventually pay infrastructure improvements for roads, parking and underground utilities.
The owners will put up the development costs, expected to be about $5.5 million, then pay them back over time by adding up to a 1-percent sales tax on all retail sales within the CID. The city’s sales tax rate is 7.95 percent.
The CID may be in place as long as it takes to pay off the $5.5 million in improvements, a maximum of 23 years. However, owners told the aldermen on Jan. 26 that they expect the sales tax to be in place for 12 years or less.
In June 2016, Aldermen approved rezoning and redevelopment agreements and three special use permits sought by GBT Realty Corp. of Brentwood, Tennessee, for the shopping center.
Jeff Pepe, a managing partner for the shopping center division of GBT Realty, which will manage the shopping center, told aldermen that ground has been broken and construction will be completed by fall to have stores open for the 2017 holiday season.
Pepe said tenants to date include Academy Sports + Outdoors, Burlington Coat Factory, Five Below, Ross Dress for Less, Famous Footwear, Carter’s Oshkosh, Marshalls and HomeGoods. Academy already has posted a billboard at the site.
GBT officials said in news release last year that the development would generate roughly $3.5 million in annual local tax revenue and “more than 1,200 local jobs among construction, full- and part-time employment by bringing nationally applauded retailers to this community.”