The plan calls for a Chapter 353 incentive program that begins a 100 percent tax abatement program in the first 10 years of construction, while adjusting for inflation. After 10 years, the tax abatement program, which is just on real property taxes not personal property taxes, drops to 50 percent.

Taxing districts, such as the Hazelwood School District, will continue to receive personal property taxes.

In addition to the commercial and industrial space, Panattoni will construct parking lots and related site improvements. The development will primarily be used for light industrial, warehousing and distribution spaces. Panattoni will demolish the unusable manufacturing building on the site and complete the necessary environmental cleanup.

Hazelwood said the development will provide significant tax revenue and 1,200 to 1,500 new jobs.

Panattoni's specific plans for the property were made public in March.

Sacramento, Calif.-based Panattoni put the 155-acre property on North Lindbergh Boulevard under contract in January. The Business Journal reported at the time that Panattoni planned an industrial development. Dearborn, Mich.-based Ford Motor Co. (NYSE: F) closed the facility in Spring 2006.

Though Panattoni did not disclose the purchase price of the property, real estate sources put the price tag at more than $50 million.

Panattoni designs and builds offices, warehouses, industrial buildings, retail buildings and business parks. The company has projects in Chesterfield and Hazelwood, Mo., and Edwardsville, Ill.

matthewallen@bizjournals.com