Judge voids TIF for North Side project
St. Louis, MO. – A St. Louis judge Friday voided the TIF financing for an ambitious $8 billion redevelopment plan of the city's north side.
The suit challenged the St. Louis Board of Aldermen's decision to grant $390 million in tax increment financing for developer Paul McKee's North Side Development project.
Judge Robert Dierker ruled the aldermen did not have enough evidence to grant the financing.
Antonio French was one of just two members of the Board of Aldermen to vote against the TIF.
"I think Judge Dierker saw what most of us who looked at this plan critically saw, as well as just about any financing institution that had a chance to look at it; that to call it a plan is really a far reach," French said.
French said he thinks the developer will need to be more specific about the project's plans, its financing, and how it will benefit taxpayers.
In a statement the city's attorney said while the ruling was disappointing the administration believes it's a temporary obstacle.
The city is considering an appeal.