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The vote agrees to a request to abate $86 million in taxes on construction for 25 years and levy two sales taxes in the village to help fund construction costs.
The City Council approved a concept plan to build apartments, 130 townhomes, retail space, hotels, office buildings and other commercial space.
Mayor Bob Hoffman also said the city would review "every building" proposed for the village before they're built and that residents would be notified immediately to provide their input each
Edwardsville-based private equity firm Fireside Financial bought 95 acres of property in September from Bayer.
A St. Louis-area development team plans to buy Bayer’s western campus and transform it into a mixed-use development.