Slowly but surely, developer Paul McKee’s plan to make over a large section of the city of St. Louis is again coming to fruition.
The legislation approved by the city’s Housing, Urban Development and Zoning committee today authorizes additional tax incentives for McKee’s NorthSide Regeneration Initiative, and restarts the development clock for the entire project.
The vote was delayed by a day after some members of the committee did not show up in order to deny a quorum.
Legislative hearings get underway next week on the measures that could finally lead to the start of Paul McKee’s massive redevelopment project for north St. Louis.
A court case held up the $8.1 billion project for three years. The measures up for debate would give McKee access to an additional $192 million in tax assistance, and restart the project’s clock. Mayor Francis Slay and Congressman William Lacy Clay are both expected to speak in support at Tuesday's hearing.
An $8.1 billion plan to remake a big chunk of north St. Louis continues to face stiff opposition, four years after it was first made public.
More than 200 people, most of them opposed to the Northside Regeneration Initiative, packed the St. Louis city Tax Increment Financing Commission meeting today urging its members to spike the project completely.
After over 3 years of litigation, developer Paul McKee’s controversial Northside Regeneration Project is being allowed to proceed. On Tuesday the Missouri Supreme Court reversed a lower court decision blocking McKee’s use of so-called "Tax Increment Financing," (TIF) for the development.
St. Louis Developer Paul McKee tells a Mo. House committee about his NorthSide Regeneration Project. McKee wants lawmakers to pass a bill that would extend the life of the state's Distressed Areas Land Assemblage Tax Credit program until Aug. 28th, 2019.
The controversial incentives are set to expire August 28th, but if passed, House Bill 423 would push the expiration date to August 28th, 2019, giving McKee six more years to get his NorthSide Regeneration Project off the ground. He says the extra time will enable his group to put together large parcels that can be used to lure another Mastercard or another Express Scripts to St. Louis.
St. Louis developer Paul McKee’s NorthSide redevelopment plan took center stage today at the Missouri Supreme Court.
He’s been seeking nearly $400 million in Tax Increment Financing (TIF) from the city – but the project has been on hold since Circuit Judge Robert Dierker ruled two years ago that its details are too vague to justify awarding TIF dollars and for declaring two square miles of north St. Louis as blighted. Cheryl Nelson is one of the plaintiffs. She says McKee’s project has wrecked the property value of her home.