Harbor San Carlos | St. Charles MO Riverfront Development

St. Charles Riverfront Development

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Economic Benefits

city of st charles riverfront moThe Harbor San Carlos project is one of the most unique projects in the state of Missouri but definitely the most unique projects using Tax Increment Financing (TIF).

Of the three hundred acres of this project, approximately 75% will be public property with public improvements, effectively using the public dollars needed to make this project financially feasible.

The primary use of the TIF funds will be to create the slough, the sea wall, the bridges to the Island and to relocate the Katy Trail.

The public’s investment will help to create a unique lifestyle in this region and will continue to support the community for generations to come.

The Harbor San Carlos project will:

  • produce over 1,000 residential units;
  • create 1,000,000 square feet of retail space;
  • generate more than $550 Million in direct expenditures;
  • produce more than $279 Million in stabilized annual sales revenue;
  • create more than 3,700 permanent jobs, upon completion
  • generate $162 million in stabilized, incremental sales

Today, the riverfront properties are generating only about $25,000 in property taxes.  By 2015, this project is anticipated to be producing more than $2 million in surplus tax revenue after completion of Phase 3.  Once the TIF is fully paid, surplus tax revenues to the taxing districts will be approximately $31 million annually.