Thursday, February 08, 2007

State Lawmakers Propose Massive Tax Credit Program to Aid City Redevelopment

State legislators are proposing major incentives for redevelopment in St. Louis. Lieutenant Governor Peter Kinder is looking to stimulate a new $100,000,000 redevelopment effort.

The incentives are aimed to assist developers in returning long vacant tracts of land and deteriorated buildings in our urban core to productive use.

One of the sponsors is Senator John Griesheimer. The new law would assist projects at least 75 acres in size, and provide developers with tax credits equal to half the cost of land and all interest costs.

The proposal is part of a state-wide program to produce good paying jobs in Missouri. For more information, check out Senate Bill 282 and House Bill 327.

5 comments:

Anonymous said...

I have to think that this, Blairmont, and BJC are all related.

Anonymous said...

I can't tell if this is good or bad. It sounds like they are specifically talking about North City; the Post article has a person saying parts of STL looks like WWII-era Berlin. I hope the state is not going to try to make STL a Springfield-II.

Michael Allen said...
This comment has been removed by the author.
Anonymous said...

Subsidizing corporations like Centene and Express Scripts, which "earn" their profits from serving government programs, seems to have no end.

Centene recently got Clayton to blight property on Forsyth in order to build a new office complex and Express has teamed up with UMSL.

These moves demonstrate that business survival and success is intertwined increasingly with politics and public funds.

Anonymous said...

What do our state senators say? Has anyone heard from Coleman, Smith and Kennedy (who sits on the committee that will heard the amendment to SB 282)?