West County Center bonds to be retired

The city of Des Peres will soon retire bonds from the tax increment financing district set up for redevelopment of West County Center.

The Board of Aldermen at its meeting on Oct. 22, entertained plans to hire James Mello of Armstrong Teasdale as special counsel for the closure of the Manchester-Ballas Tax Increment Financing District at a cost not to exceed $10,000. In addition, it considered a contract with Gilmore & Bell as special bond counsel for the closing of the TIF District, at a cost not to exceed $3,000.

A vote is expected at the Board of Aldermen meeting on Nov. 13.

The bonds were issued in 1998 for the purpose of redeveloping West County Center.

Although the bonds were originally set to expire in 2020, the city expects to have sufficient revenues by the end of the year to fully retire all outstanding bonds and obligations of the TIF District.