9 am Wednesday, July 5, 2017
St. Louis Development Corporation
SLDC Board Room, Suite 2000, 1520 Market, City Hall West
Open to the Public
Meeting Notice on City Online Calendar
(link to SLDC Board page is bad, try one posted at top)
The SLDC Board is expected to vote in favor of a request for $3 Million in New Market Tsx Credits by Paul McKee for St. Louis Grocery Group LLC, a proposal for a $20 Million gas station/grocery. The project already has $5 Million in New Market Tax Credits.
The additional subsidy is needed to pay off liens on McKee properties in order to obtain financing for the project. This vote was to have taken place in May but was postponed due to questions.
5/9/2017 St. Louis Post-Dispatch: City board withholds additional tax credits for developer Paul McKee
This is a special meeting of the SLDC Board, so no reason not to believe they will not vote for it.
In October of last year, the Board of Aldermen approved $2.8 Million in Tax Increment Financing for the project.
10/28/2016 St. Louis Post-Dispatch: Aldermen push developer Paul McKee’s planned NorthSide Regeneration project forward
In all, counting the additional $3 Million sought in New Market Tax Credits, McKee’s gas station grocery will receive $12.1 Million in public assistance for his $19.6 Million project.
- $2,800,000: Tax Increment Financing
- $8,000,000: New Market Tax Credits
- $ 300,000: Community Development Block Grant
- $1,000,000: Community Improvement District
There is a gas station/grocery at 13th & Cass, a block away from the proposed site of McKee’s gas station/grocery. Purchases there will remain cheaper because it is not in a sales tax funded Community Improvement District.
Two Aldermen sit on the SLDC Board: 8th Ward Alderman Steve Conway, 17th Ward Alderman Joe Roddy.
7th Ward Committeewoman Marie Ceselski has Voter Registration forms and can also assist you. Email Ward7stl@aol.com or call 314-630-7599.
If there is a November 7th special election on tax hikes (pending Board of Aldermen approval), the deadline to register to vote is October 11th.
For assistance in obtaining free documents to obtain a free photo ID to vote, contact the Missouri Secretary of State’s ShowIT2Vote.