Supreme Court rules in favor of Paul McKee in TIF case
ST. LOUIS (AP) - The Missouri Supreme Court has ruled in favor of a massive project using tax increment financing to redevelop an impoverished area of St. Louis.
A trial court more than two years ago threw out $390 million in TIF funding for developer Paul McKee's NorthSide Regeneration project. An appeals court sided with the trial court.
But the Missouri Supreme Court in a unanimous ruling Tuesday reversed the part of the ruling that voided a city ordinance, allowing the project to move forward.
An attorney for residents who sought to stop TIF funding calls the ruling disappointing. But McKee's attorney says it is a big day for St. Louis.
The $8 billion development is expected to eventually include 10,000 homes, office and retail space in a two-square-mile area north of downtown.
Paul McKee to appeal for tax credit extension
The $95 million Distressed Areas Land Assemblage credit was passed in 2007 and will expire this August.
McKee's company has received more than $40 million so far and amassed 2,200 parcels of land in north St. Louis for the project. But McKee told the St. Louis Post-Dispatch that he's needs to buy another 500 parcels for contiguous sites.
The NorthSide project calls for new and refurbished homes, retail and manufacturing space, along with schools and medical facilities on a two square mile area just north of downtown.
Paul McKee to appeal for tax credit extension
The $95 million Distressed Areas Land Assemblage credit was passed in 2007 and will expire this August.
McKee's company has received more than $40 million so far and amassed 2,200 parcels of land in north St. Louis for the project. But McKee told the St. Louis Post-Dispatch that he's needs to buy another 500 parcels for contiguous sites.
The NorthSide project calls for new and refurbished homes, retail and manufacturing space, along with schools and medical facilities on a two square mile area just north of downtown.
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