Subsidy Tracker Individual Entry

Company: 
Northside Regeneration
Parent Company: 
McEagle Properties
Subsidy Source: 
local
Location: 
Missouri
City: 
St. Louis
Project Description: 

Northside urban redevelopment project

Year: 
2009
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$430,600,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Source of Data: 

The value of the TIF district is based on St. Louis City Ordinance No. 68485 approved on October 30, 2009; available online at: http://www.slpl.lib.mo.us/cco/ords/data/ord8485.htm. The value of the state tax credits is taken from: Tim Logan, "State issues $10.5 million more in tax credits for McKee," St. Louis Post- Dispatch, January 3, 2013.

Notes: 

In 2009 the St. Louis Board of Alderman approved $390.6 million in Tax Increment Financing to reimburse Northside Regeneration, LLC (connected to developer Paul McKee and his firm McEagle Properties) for redevelopment of a 1,500-acre distressed area in north St. Louis. The subsidy was challenged in court, but in April 2013 the state Supreme Court approved the TIF (see for example: Tim Logan, "McKee says he's ready to move forward after Supreme Court ruling," St. Louis Post-Dispatch, April 10, 2013). In addition to the TIF subsidy, the developer received at least $40 million in state tax credits through Distress Areas Lands Assemblage program. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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