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On Wednesday, the St. Louis Board of Alderman had good news for Northside Regeneration Project developer Paul McKee and the city's unemployed. 

A committee of alderman approved one amendment to the $390 million tax increment financing package. The amendment forces the NorthSide project to comply with the First Source Jobs Policy, which mandates that any unemployed city residents get priority for entry-level positions. A $250,000 fund will be established to help with home repair for resident and $1 million will be set aside for neighborhood planning in other parts of north city.

The bill now moves to the full Board of Alderman and could get final approval as soon next week. McKee says he will use TIF funds to complete some street and sewer work and would break ground this year.

Published in Local News
Wednesday, 09 October 2013 02:47

Key vote on McKee's NorthSide plan expected

   A key Aldermanic committee is expected to vote Wednesday morning on tax incentives for Paul McKee’s NorthSide Regeneration plan.  

   Passage of the updated $390 million TIF isn't assured, but the St. Louis Post-Dispatch reports that its chances are better after a hearing yesterday.  U.S. Congressman Lacy Clay, Mayor Francis Slay, and other voiced strong support for the two square mile development north of downtown.  

   No vote was taken yesterday because half of the eight-member Housing, Urban Development and Zoning Committee was absent from the meeting.  Five committee members must be present for a quorum.

   The Aldermen missing from Tuesday's committee hearing were Terry Kennedy,  who was attending a funeral.  Sam Moore, who's recuperating from a bad car accident last week.  Antonio French and Chris Carter, whose absence was unexplained.  Neither could be reached for comment.  Board President Lewis Reed could have filled in, but his staff told the paper that he was out of town. 

   If the committee approves the changes to the TIF, it will then go before the full Board of Aldermen, where it's chances of passage have improved.  

   Alderman Freeman Bosley Senior, whose ward makes up a large part of the project area, had opposed the project, but has apparently changed his mind.  Bosley toured the project area with McKee last Wednesday and told the paper that after seeing McKee's plans, he doesn't know anyone who would oppose it.  

Published in Local News

   A U.S. Congressman and the Mayor of St. Louis will both go before the Board of Aldermen this week in hopes of forwarding the long-stalled Northside Regeneration Project.  

   Aldermen are considering a bill that would tweak developer Paul McKee's nearly $400 million tax increment financing package to account for delays suffered while the city fought a lawsuit against it.  

   The St. Louis Post-Dispatch reports that the fate of the project's TIF is unclear.  

   Congressman William Lacy Clay and St. Louis Mayor Francis Slay will speak in favor the 1,500 acre project.  But only one of the five aldermen whose wards make up the project area just north of downtown, 5th Ward Alderwoman Tammika Hubbard, clearly supports Northside.  

   And one, Alderman Freeman Bosley Senior, has threatened to block the bill if there isn't more community input in the project and better protections for current homeowners. 

 
Published in Local News

ST. LOUIS (AP) — The long-delayed NorthSide Regeneration project in St. Louis is expected to get started by November.

The St. Louis Post-Dispatch reports that developer Paul McKee says he is meeting every 10 days with city officials to get the project started as soon as possible.

The $8 billion development by McKee's NorthSide Regeneration LLC is envisioned eventually to include 10,000 homes and millions of square feet of office space in an impoverished two-square-mile area north of downtown St. Louis.

The project got a boost from a Missouri Supreme Court ruling in April that gave the go-ahead to nearly $400 million in city financing for road and street work.

McKee says he is getting more calls from potential tenants now that the lawsuit is finished.

Published in Local News
Tuesday, 12 February 2013 08:40

Paul McKee to appeal for tax credit extension

Developer Paul McKee will be in Jefferson City Tuesday, trying to save his stalled NorthSide Regeneration project. The McEagle Properties chairman will ask the House Economic Development Committee to extend the tax credit program he's been using to amass land for the project.

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.
Published in Around Town
Tuesday, 12 February 2013 00:45

Paul McKee to appeal for tax credit extension

Developer Paul McKee will be in Jefferson City Tuesday, trying to save his stalled NorthSide Regeneration project. The McEagle Properties chairman will ask the House Economic Development Committee to extend the tax credit program he's been using to amass land for the project.

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.
Published in Local News

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