St. Louis – Developer Paul McKee has received $19.6 million in tax credits from the state of Missouri for his north side redevelopment plan.
McKee wants to spend $8 billion dollars over about 20 years to build a new community of homes and businesses near downtown.
The Missouri Department of Economic Development notified McKee of the award on New Year's Eve. Spokesman John Fougere said the state can give up to $20 million dollars annually, so McKee is eligible for more money this year.
"Once the calendar year ended and we move into 2010 what happens now is that it's reset at 20 million dollars for the cap," Fougere said. "That's why we wanted to make the award of 20 million dollars last week."
McKee is the first recipient of the new Distressed Areas Land Assemblage Tax Credit. Critics say it was crafted specifically for him.
The developer is hoping to receive about $83 million dollars from the state, plus another $400 million in tax increment financing from the city.