The city of St. Louis often uses tax incentives as a means of spurring development. But one alderman wants to change how the tax breaks are given out and assessed.
Alderman Joe Roddy, D-17th Ward, told members of the Board of Aldermen’s Housing, Urban Development and Zoning Committee on Wednesday that he was forming a group to examine how tax increment financing and tax abatement is done in the city of St. Louis.
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.
Subsidies for a scaled-back Ballpark Village continued their march toward completion at the Board of Aldermen today - a day after getting the nod from a city development agency.
The $17 million in tax incentives got initial approval from the board today. It still needs one more vote from the Board, and then approval by the state. That meeting appears to be scheduled for July 17.