The council held a second reading on two bills regarding the $15 million in tax increment financing but did not take a vote. That vote will come in early September, according to Mayor James Beck.
"We are going to hold this over until the redevelopment agreement signed," Beck said. "Menards had a lot on their plate and we weren’t able to finalize that."
Menards, a privately held chain of home improvement stores, will be the anchor of the $63 million South Hadley Redevelopment Plan.Agreements have been reached with more than 90 percent of the residents of the southern portion of the township, which is set to be redeveloped, according to the St. Louis Post-Dispatch.
See more on Patch:
- Menards Gains Traction, Richmond Heights Council OKs Hadley Project Financing Plan
- Richmond Heights Menards: Commission Sends Plan to Council
- Menards Cost-Benefit Analysis Planned in Richmond Heights
- Pace Proposes its Hadley Township Plan to City Council
- Hadley Reaction: From 'Menards. 100%' to 'This is Absurd'