CRESTWOOD • Crestwood aldermen turned down the lone, pending redevelopment proposal for Crestwood Court in a 5-3 vote Tuesday night after two hours’ discussion.
The resolution would have named Centrum Properties the "preferred developer" and directed officials to proceed with preparing a redevelopment plan and establishing a new tax increment financing commission. The proposal could be resubmitted for a vote by one of those five on Oct. 23, but otherwise the future of the $102 million proposal by mall owner Centrum is unknown.
Centrum bought the mall in 2008, and devoted it to arts uses for a while. In June, Centrum proposed that the mall be reborn into a "public square"-style center, with shops and restaurants partially surrounding a multipurpose plaza for concerts, farmers markets and large gatherings. The plan depends on $26 million from tax increment financing as well as a special 2 percent sales tax, collected by new special districts covering the site.
The tax proposals as well as the lack of reports of completed tenant leases, were among the objections cited by opponents before the vote.
Centrum representatives said they cannot expect leases to be signed until the taxing district is in place, and while the public subsidy is considerable, the project would not occur without it. Objections to the proposal could be worked through before aldermen approve the actual redevelopment plan, they said.