Council hears plan to convert 208 Marshall Street to 25 residential units with tax abatement under Chapter 353

City staff presented a redevelopment plan under Missouri Revised Statutes Chapter 353 that would designate a blighted redevelopment area at 208 Marshall Street and approve a plan to renovate the property into 25 residential units. The proposed developer, Grayson Manor LLC, is seeking a tax abatement on the increment of value created by the improvements: 75% abated for the first 15 years and 50% abated for the subsequent five years.

City counsel explained that Chapter 353 permits tax abatement for redevelopment projects and that the proposed 20-year, two-stage abatement is below the statutory maximum. Staff estimated the project cost at $2.5 million to $2.7 million. Council members asked whether the tool had been used before and about the project history; staff responded that the city has used Chapter 353 for prior projects, that the project has been in discussion for 18 months and that developers sometimes begin construction while incentive negotiations are ongoing.

No final council ordinance adopting the redevelopment plan and abatement was enacted at this meeting; staff presented the ordinance for consideration and said additional steps and approvals would follow if council moves to adopt the plan.