LETTER TO THE EDITOR: City faces big challenges to complete Premier 370
to complete Premier 370
St. Peters faces enormous challenges in completing Premier 370. It has been almost three years since Duke Realty and Gundaker Commercial acquired development rights and paid the city $24 million as a down payment. The city has already spent that $24 million.The city's inability to secure a letter of map revision and its still-unresolved situation with the deficient elevation of the Norfolk Southern railroad tracks point to a potentially overwhelming situation. Now, facing a declining commercial real estate market, the city's problems seem to go far beyond the cancellation of a tax holiday.
At a meeting on March 25, called by Mayor Pagano himself, the mayor made several demands of the county and Great Rivers Habitat Allliance. "Back out of the TIF lawsuit or we will place the blame for the cancellation of the upcoming tax holiday on you." We wondered why the mayor would penalize his residents for his inability to resolve an issue.
But, much to our surprise, the mayor made an even more astonishing proposal. If the city were paid $41 million, it would consider walking away from the entire Premier 370 project.
His suggestion to abandon the Premier 370 project for $41 million raises serious questions. Was it blackmail or simply a desperate move? But, there it was in black and white, in the mayor's own presentation materials, copies of which were given to everyone.
One must now ask if the weight of all the city's problems will eventually overwhelm its financial liquidity. The mayor's suggestion of a $41 million buyout is evidence of the financial turmoil at City Hall and the enormity of the problems the city faces.
To use the cancellation of a tax holiday to cloak a far more serious situation is unfortunate, if not dishonest.
Adolphus A. Busch IV
O'Fallon
