By Matt Sepic, KWMU
St. Louis – Developer Paul McKee said he'll offer relocation assistance to any residents or businesses displaced by his proposal to rebuild a wide swath of north St. Louis.
McKee submitted a revised and more detailed proposal to city officials Wednesday.
He's seeking $398 million in tax-increment financing-backed bonds for his $8 billion plan to build homes, offices and retail on more than two square miles north of downtown. He wants the city to guarantee half those bonds.
McKee said his companies will help cover moving expenses of the homeowners, renters and businesses they buy out.
Also, he said any use of eminent domain will require additional approval by the board of aldermen.
Last week McKee told St. Louis Public Radio that eminent domain is the most expensive and least desirable way to buy property. But he also said that right must be retained in order to get bank financing.