City Holds Hearing on Proposed Interstate North Business District Plan

(PROJECT MANAGER DANIEL SCHMIDT OF ECONOMIC DEVELOPMENT RESOURCES)

City officials Tuesday presented plans for the proposed Interstate North Business District, a 128-acre project involving 12 parcels of property. The project involves both commercial and residential development in an area north of the interstate and stretching from the Buffalo Wild Wings complex east to North 4th Street.

Daniel Schmidt, Project Manager for Economic Development Resources of St. Louis, said the project will involve $43 million in estimated redevelopment costs over its 23-year life. A 1% special service tax will provide additional funding. If the tax is enacted by October 1, it could take effect as of January 1.

A 1,000-foot easterly extension of Ford Avenue is already in the budget. The City has sought a $5 million grant that would finance the extension of Ford on east to 4th Street.

While the City is hoping for a commercial development along the extension of Ford, Dave Goldstein is one of those involved in the residential development that could extend north to Rickelman Avenue. Goldstein was present for the public hearing, and said there is the potential for further development. He said his grandchildren could conceivably continue the development north of Rickelman in years to come.

Action to finalize the business district plan is expected by the City Council next month.