Chesterfield Valley Economic Facts
Then and Now Comparisons
- Prior to the 1993 flood, there were 240 businesses in Chesterfield Valley. As of September 2012, there were approximately 840 licensed businesses, representing 40.4% of total licensed businesses in Chesterfield. As of July 2021, there are 909 licensed businesses, representing 43.9% of total licensed businesses in Chesterfield. 259 of those Valley businesses are retail or restaurant operations. 65 Restaurants are located in the Valley with Chesterfield having 133 total restaurants.
- Businesses in the Valley generate $6.9 million in sales tax for the Parks Sales Tax Fund and Capital Improvement Fund for the City of Chesterfield and an estimated additional $2 million in utility taxes and associated fees. Additionally, the Valley generates $7.0 million in sales tax that goes in the County’s sales tax pool that is distributed to cities based on their population. Chesterfield received approximately 8% of that back. Another $13.2 million and $29.5 million is generated and distributed directly to Saint Louis County and the State of Missouri, respectively.
- As of 2018, the number of full-time employees is more than 14,458.*
- Prior to 1993, there was 3.1 million square feet of development within Chesterfield Valley. As of 2021, there is nearly 9 million square feet of development, with approximately 450,000 SF under construction with the addition of the outlet mall projects.
- The assessed valuation of Chesterfield Valley dropped from $24,958,233 on January 1, 1992 to $18,487,580 on January 1, 1994. At the close of the TIF in 2007, the total assessed Valuation of the area was just over $158 million. Just an FYI - The assessed valuation of the Chesterfield Valley at the close of the TIF in 2007 was $158,066,330. The most recent valuation of the valley provided by the County’s Assessor’s office is $360,545,900. As of January 1, 2021, the City’s entire assessed Valuation was $2.27 billion.
- In 1994, the City of Chesterfield created the Chesterfield Valley Tax Increment Financing (TIF) District with a spending cap of $72.5 million. Because of the accelerated growth in the Chesterfield Valley, the TIF was retired 10 years early in late 2007. The TIF funded public infrastructure including levee improvements, road and highway improvements, storm water drainage improvements, and sanitary & water system improvements. The funding for the TIF was earmarked for the following public infrastructure:
§ $21.27 million of levee improvements
§ $29.894 million of road and highway improvements
§ $9.77 million of storm water drainage improvements
§ $10.853 million of utility improvements (sanitary & water systems)
§ $720,000 in professional services
- Because of the Valley’s successful recovery, excess TIF revenues began to pass through to the underlying taxing districts in 2002. For example, in 2006 the Rockwood School District received $566,125 and the Monarch Fire Protection District received $133,294 as pass-through funds. Following the retirement of the TIF, those districts were expected to receive $6.6 million and $1.49 million annually, respectively. Based on the 2020 assessed valuation, those districts received $15.5 million and $3.5 million annually, respectively.
- In addition to the TIF funds, a partnership agreement with the Monarch-Chesterfield Levee District has allowed a significant number of acreage to be opened for development in the west end of the Chesterfield Valley with the placement of the water and sewer extensions.
Source: *2018 US Census – OnTheMap