Economy & Innovation

News about the economy, business, and innovation happening in the St. Louis region.

Gov. Jay Nixon speaks on Thursday at St. Louis Building Trades headquarters in south St. Louis. Labor unions agreed to work 24-hour shifts with no overtime to build a riverfront stadium in St. Louis.
Bill Greenblatt | UPI

The caretakers for the Edward Jones Dome have initiated a lawsuit to see whether St. Louis residents will have to vote to approve public financing of a proposed riverfront stadium.

It’s a legal maneuver that seeks to clarify a sticking point in obtaining the money for a project that could keep professional football in St. Louis.

Photo of 25 Street and Maiden Lane, within the footprint of the Northside Regeneration project.
Maria Altman | St. Louis Public Radio

Developer Paul McKee owns more than 1,500 acres on the north side of St. Louis, but for the last two years he has not paid property taxes on nearly any of it.

In examining real estate property taxes, St. Louis Public Radio discovered McKee’s company, Northside Regeneration LLC, owes the city more than $750,000 in taxes for 2013 and 2014. That total includes nearly $120,000 in interest and penalties.

The developer acknowledged the tax bill and said it would get paid.

(Flickr, Paul Sableman)

It’s getting increasingly difficult for renters to save money for their first home.

That’s according to a National Association of Realtors report released last month that found rental costs have outpaced wages in many cities. The study looked at 70 metropolitan areas from 2009 to 2014.

St. Louis certified public accountant Lance Weiss talks to 'St. Louis on the Air' host Don Marsh on Tuesday at St. Louis Public Radio in St. Louis.
Alex Heuer / St. Louis Public Radio

State and federal income taxes are due April 15, making this the time to be asking those pressing tax questions.

Missouri needs more internet service producers to connect underground fiber networks to customers to increase high-speed internet access, a new FCC report says.
Dan Chace | Flickr

Nearly a third of Missourians - or about 1.8 million people - lack access to high-speed internet, according to a report last month from the Federal Communications Commission. That means Missouri ranks 15th among all states for the highest percentage of residents not served by fiber networks that can deliver such high speeds.

(courtesy NGA)

The city of St. Louis expects to start making offers in early May on the properties within the proposed site for the National Geospatial-Intelligence Agency.

That includes land owned by developer Paul McKee, who owns more than half of the parcels in the 100-acre area.

Until now, it had been unclear whether the city or McKee would sell the land to the federal government should the intelligence agency choose the north city site. McKee owns more than 350 parcels within the site just north of Pruitt-Igoe.

a rolling dollar bill
dleafy | sxc.hu

Things are on the upswing for the St. Louis regional economy.

The Federal Reserve Bank of St. Louis’ Burgundy Book, the quarterly summary of economic conditions, shows positive trends in the last quarter of 2014. That includes a declining unemployment rate, stronger home sales, and a spike in manufacturing exports.

Kevin Kliesen, a business economist and research officer at the Fed, said St. Louis’ economy is beginning to improve at a faster pace.

This property on N. Grand Blvd has been in the city's land bank since 2001. It's one of more than 3,000 abandoned buildings the city is trying to find a use for or sell.
City of St. Louis | LRA website

St. Louis’ strategy for combating blight and reducing the amount of abandoned property in the city is getting revamped. A team from the city spent much of last week discussing the issue during a Center for Community Progress event held at Harvard University.

(Flickr, David Goehring)

A solar power project slated for East St. Louis is waiting on the Illinois General Assembly to pass specific legislation so it can get funding to move forward.

The QuikTrip on West Florissant Ave. was looted and burned on Aug. 10, the day after Michael Brown's death.
Jason Rosenbaum|St. Louis Public Radio

The Urban League of Metropolitan St. Louis will build a new center on the site of a burned-out QuikTrip in Ferguson.

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