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When the state of Missouri presents it's economic package to Boeing Tuesday, it'll include an extra tax incentive from St. Louis County.
Monday night, the County Council unanimously approved a preliminary package that could be worth as much as $1.8 billion if Boeing agrees to build the 777X commercial airliner near Lambert Airport. The specific form of the incentives will take has not yet been determined, but could include TIFs, or tax increment financing.
Both County Executive Charlie Dooley and St. Louis Mayor Francis Slay addressed the County Council last night in an effort to win the incentives. Both made the case that the number of jobs the plant would bring would mean a significant economic boost to the region. Production of the plane could bring as many as 8,000 new jobs to the St. Louis area.
With the county incentives and the tax breaks approved by state lawmakers last week, Missouri's bid to win the plant is worth nearly $3.5 billion over 20 years.
More than a dozen communities are vying for the new Boeing plant. The aerospace company is expected to make a decision in January 2014.
A key Aldermanic committee is expected to vote Wednesday morning on tax incentives for Paul McKee’s NorthSide Regeneration plan.
Passage of the updated $390 million TIF isn't assured, but the St. Louis Post-Dispatch reports that its chances are better after a hearing yesterday. U.S. Congressman Lacy Clay, Mayor Francis Slay, and other voiced strong support for the two square mile development north of downtown.
No vote was taken yesterday because half of the eight-member Housing, Urban Development and Zoning Committee was absent from the meeting. Five committee members must be present for a quorum.
The Aldermen missing from Tuesday's committee hearing were Terry Kennedy, who was attending a funeral. Sam Moore, who's recuperating from a bad car accident last week. Antonio French and Chris Carter, whose absence was unexplained. Neither could be reached for comment. Board President Lewis Reed could have filled in, but his staff told the paper that he was out of town.
If the committee approves the changes to the TIF, it will then go before the full Board of Aldermen, where it's chances of passage have improved.
Alderman Freeman Bosley Senior, whose ward makes up a large part of the project area, had opposed the project, but has apparently changed his mind. Bosley toured the project area with McKee last Wednesday and told the paper that after seeing McKee's plans, he doesn't know anyone who would oppose it.
A U.S. Congressman and the Mayor of St. Louis will both go before the Board of Aldermen this week in hopes of forwarding the long-stalled Northside Regeneration Project.
Aldermen are considering a bill that would tweak developer Paul McKee's nearly $400 million tax increment financing package to account for delays suffered while the city fought a lawsuit against it.
The St. Louis Post-Dispatch reports that the fate of the project's TIF is unclear.
Congressman William Lacy Clay and St. Louis Mayor Francis Slay will speak in favor the 1,500 acre project. But only one of the five aldermen whose wards make up the project area just north of downtown, 5th Ward Alderwoman Tammika Hubbard, clearly supports Northside.
And one, Alderman Freeman Bosley Senior, has threatened to block the bill if there isn't more community input in the project and better protections for current homeowners.
City officials in Richmond Heights are calling it "a major milestone" in the redevelopment of the southern half of Hadley Township. The City Council on Monday evening approved a redevelopment agreement with Menard Inc.
The $63 million project includes $15 million in tax increment financing.
Once the site plan receives final city approval, the Wisconsin-based hardware retailer can set closing dates for 99 residential parcels it's buying east of Hanley Road.
"After many years of battling through unresponsive developers and the worst economy in many years, everyone's hard work is coming to fruition," Richmond Heights Mayor Jim Beck said. "The residents in the southern section of Hadley will be well set for the future. Richmond Heights will benefit from another great retailer."
Menard's plans to build a two-story, 224,000 square foot home improvement store on the land just north of Maplewood's Walmart complex, and additional retail space along Hanley Road.
Residents in the southern part of Hadley Township may finally know the fate of their community.
The Richmond Heights City Council Tuesday night unanimously approved a plan for a $63 million Menards development. The St. Louis Post-Dispatch reports that the approval includes $15 million in tax increment financing for the redeveloper, Menard Inc., to cover some development costs.
The paper reports that by the end of the year, the developers plan to notify property owners of closing dates on their sale contracts.
The new retail development will be east of Hanley Road, between of Maplewood’s Walmart development and I-64/40.