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Aldermen advance tax abatement plan for Union Station

Aldermen advance tax abatement plan for Union Station Image source: Waymarking.com

   The same Aldermanic committee that approved developer Paul McKee's TIF deal earlier this week, is also backing a tax abatement for St. Louis' Union Station.  

   The Housing, Urban Development and Zoning Committee on Thursday approved the 20 year financing plan for Lodging Hospitality Management, which owns the downtown landmark.  

   LHM is planning a $66 million dollar makeover of the former train station that will convert some retail space into offices, repair the train shed, and add excursion rail service.  

   The St. Louis Post-Dispatch reports that two special taxing districts, each with a 1-cent sales tax, already cover the station. In addition, the owner is entitled to $3.5 million in sales tax rebates spread over 20 years.

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