Tax Increment Financing

(via Wikiemdia Commons/Nyttend)

The St. Louis Board of Aldermen has approved a $7 million package of tax incentives for renovations to the new downtown headquarters of Laclede Gas.

The measure easily cleared the board today by a vote of 23-2. The incentives will help the developer replace windows and heating and cooling systems, and make other upgrades to the General American Building at 706 Market.

This article first appeared in the St. Louis Beacon: Without any debate, the Board of Aldermen gave its final blessing, by a vote of 21-3, to legislation kick-starting tax increment financing for developer Paul McKee’s NorthSide Regeneration project.

It’s a move that finally ends a legislative process that began exactly four years ago -- in October 2009 -- when the board approved bills for the first two phases of the redevelopment plan.

(Rachel Lippmann/St. Louis Public Radio)

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. 

(Rachel Lippmann/St. Louis Public Radio)

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.

This article first appeared in the St. Louis Beacon: It was a standing-room-only public hearing on the long-delayed Northside Regeneration Project, with plenty of people eager to give their views. The hearing was, though, the first step toward “starting the TIF clock” on two areas of the project, so no votes were taken. The TIF Commission will decide whether to recommend approval of the proposal at its Sept. 11 hearing.

Rachel Lippmann/St. Louis Public Radio

The life sciences district known as Cortex has gotten initial approval for the first phase of its $2.1 billion expansion plan.

The city's Tax Increment Financing commission voted today to authorize about $35 million in incentives for the first phase, which totals about $160 million.

The phase includes new office and laboratory space, a new Shriners' Hospital, and a streetscape known as Cortex Commons. Here's how it breaks down:

(via Flickr/steakpinball)

A state appeals court has upheld the efforts of St. Peters, Mo. to use tax increment financing to build a levee structure along Highway 370 to open the area to re-development.