St. Louis Developer Pushing for More Tax Credits
ST. LOUIS (AP) -- A developer of a multi-billion dollar project planned for north St. Louis has hired several lobbyists to push for additional money from Missouri.
Developer Paul McKee wants an extension of the Distressed Areas Land Assemblage tax credit. The credit passed with his project in mind in 2007 but is due to expire this August.
The St. Louis Post-Dispatch reported Wednesday (http://bit.ly/VK8hXO ) that 17 lobbyists filed paperwork this week with the Missouri Ethics Commission to represent McKee's project.
The $8 billion development would eventually include 10,000 homes and millions of square feet of office space in an impoverished two-square-mile area north of downtown St. Louis.
So far, the project has received about $40 million of state tax credits to offset the costs of buying and maintaining the property.