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.
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.