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Missouri cashes in on historic redevelopment dollars

Tuesday, 25 March 2014 10:57 Published in Local News
JEFFERSON CITY, Mo. (AP) - Missouri Auditor Tom Schweich says the state's tax credit program for the redevelopment of historic buildings is the largest in the nation. And he says it's also inefficient.
 
An audit released Tuesday said Missouri has redeemed $1.1 billion of historic preservation tax credits during the past decade, making it the largest program among the 30 states with something similar.
 
Schweich says the program has a laudable goal of encouraging the renewal of run-down buildings. But he says it's inefficient, because somewhere between 49 cents and 85 cents of each dollar of tax credits goes toward rehabilitation costs. He says the rest goes toward taxes, investors and brokers.
 
Schweich released a similar audit two weeks ago criticizing Missouri's low-income housing tax credit as inefficient and among the costliest nationally.
 

Crestwood Mall on the auction block

Tuesday, 25 March 2014 10:55 Published in Local News

If you have an extra million dollars in your savings, you could be the proud owner of your own shopping mall.  

The St. Louis Post Dispatch reports that the minimum starting bid for the former Crestwood Plaza is one million dollars.  

The owners of the vacant mall hope to sell the property through an online auction.  

The auction begins April 21 and concludes April 23.  

After failing to get tax incentives last year to overhaul the facility, its owners dropped redevelopment plans for what was the St. Louis area’s first regional mall which opened in 1957. 

Metro invites public to comment on fare increases

Tuesday, 25 March 2014 10:49 Published in Local News
A fare hike proposal is on the agenda today (Tuesday) as Metro Transit officials invite public opinion regarding fare increases.
Metro says it needs the boost to cover increased costs including the jump in diesel fuel prices.
 
Three different options are being considered. The basic Metrolink cash fare would increase by a quarter in two of the three proposals. The fare for Metro buses does not increase in any of the plans.
 
Transit officials say the fare increases are needed to meet Metro’s goal of a five-percent increase in passenger revenue for 2015. Each option would generate $2.25-million dollars annually. Fares are set to increase this summer.
 
The first public meeting will be on the second floor at St. Louis City Hall today (Tuesday) between 11:30 a.m. and 1:30 p.m..
The second will be at the East St. Louis City Hall Wednesday between 4 p.m. and 6 p.m. and the third will be in Clayton on Thursday from 5 to 7 p.m.  You can find more information at MetroStLouis.org.
 

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