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.