The public will soon have a chance to weigh in on tax breaks that would help a proposed Ikea in midtown St. Louis.
The St. Louis Tax Increment Financing Commission has scheduled a hearing for Feb. 5 regarding a request by the developers of Cortex to use $49.3 million in TIF funds, in part to help finance a planned Ikea store. That money is part of a $158.2 million TIF that officials approved last year for Cortex, a 200-acre business and technology district in the city’s Central West End.
The TIF has been divided into 10 districts that must be authorized individually as the project develops. Cortex has started work in three of those areas and is interested in moving forward with work in two others, which would accommodate Ikea’s plans.
Cortex and the Swedish retailer hope to close on their deal next spring, break ground next summer and open the store in 2015. A Cortex representative said Ikea’s agreement is contingent on a TIF.