urbanSTL

gone corporate wrote:Gerard Carmody, principal of Carmody McDonald & the attorney representing the City of STL in this case

Would it kill the city to hire a city-based law firm?

gone corporate wrote:Total allocation since the TIF was made law: $40M of the $390M TIF. All $40M will have to be returned by McKee, McEagle Development, et.al. if the MO Supremes find the Distressed Areas Land Assemblage tax credit program unconstitutional.

Careful not to mix your sources of funds up. $40 million of DALATC has been disbursed to McKee and Northside. No TIF funds have been bonded yet.

Can't even get a Dollar General built without the TIF...sick

But McKee did respond, and suggested any specific projects on NorthSide are still up in the air, waiting for the Missouri Supreme Court's ruling on the project's $390 million tax increment financing package.

http://www.stltoday.com/business/column ... c9b25.html

While doing a Google search for information on the 22nd Street Interchange I stumbled upon what I thought was a new website but the old Northside Regeneration website has been re-branded and re-named New North St. Louis http://www.newnorthstl.com/

Though, not much to gather since its still 'under construction' - just a big tease before whatever McKee and Co. unveils next...






Seems funny that it took them this long to brand the new development 'NEW North St. Louis' given that we already have 'Old North St. Louis'.

^Except that "Old North St. Louis" refers to the village of North St. Louis, not everything that is old in North St. Louis.

I had heard that McEagle was rebranding the project. This is the first I have seen of it. I think they are smart to go in that direction. Though I'm more interested in specific project proposals than the name.

Didn't come today, so we wait some more.

chaifetz10 wrote:Did anyone catch his quote after the recent fire on Benton?

"Paul McKee tells KMOX he has no plans to renovate the properties, “It’s not part of a project, it’s not something we’re going to develop.” He says he would like to sell most of his north St. Louis properties, preferably to Old North St. Louis Restoration"

Subtext: Paul McKee needed to bank enough properties to qualify for the Land Assemblage Tax Credit. The credit isn't contingent upon him developing all those properties/lots, just that he assembled them into a cohesive, single-ownership package. Once the credits are approved/received, he can use that money for infrastructure and specific properties/lots, but sell off the unwanted lots (at a profit, considering the City practically gave them to him) to others or, as we're beginning to see, let them crumble until demolition is the only remaining option.

Just how it reads to me, from my man-on-the-street view.

[Sidenote: I'm reading The Twenty-Seventh City right now and it seems some of McKee's northside assemblage efforts came right out of that novel. Eerily, similar. It also talks about a City-County merger.]

Presbyterian wrote:^Actually, McKee wants to sell off his properties east of N. Florissant Ave because people in Old North did not wish their neighborhood to be included in the Northside project. These properties are now outside the project area, and so they are now surplus so far as the developer is concerned. In this instance, I don't think we need to read any more into it than that.

See, now you've gone ahead and provided a vital piece of information that obliterates my crackpot conspiracy theory. Thanks a lot, Pres...

I read the opinion and I'm not sure how big of a win for McKee it actually is. The Supreme Court's opinion basically reversed the trial court because of a procedural issue, not a substantive issue. Could another plaintiff steps forward to file a lawsuit and correctly plead the no identifiable redevelopment project argument? If so, the trial court probably rules again that there is no identifiable redevelopment project and another appeal goes to the Supreme Court, where the justices finally have to decide the substantive issue. Sounds like another 2 year delay to me. Hope I'm wrong.

I think McKee and the city already have their lawyers ready to shoot down further contention. I read an article that said McKee and the city would likely go back to the drawing board, regarding the plan, so we may see some big changes to the original TIF agreement going forward, like the new workforce quotas Cortex had to contend with. McKee also knows his tax credit days are limited and he has to show and prove sooner or later. I expect some dirt to be moving sooner rather than later, even if they are modest projects. If these projects are already in motion its not likely it will get caught up in anymore civil and political posturing.

Alex Ihnen wrote:^ The question is who that plaintiff might be. The current plaintiffs appear ready to move on. Is someone else going to take up the legal fight? Maybe, but I imagine that this is the end of the TIF argument.

Right, but the possibility of another lawsuit (and the unresolved status of the substantive issue) will make it harder to get financing and sell bonds.

goat314 wrote:I think McKee and the city already have their lawyers ready to shoot down further contention. I read an article that said McKee and the city would likely go back to the drawing board, regarding the plan, so we may see some big changes to the original TIF agreement going forward, like the new workforce quotas Cortex had to contend with. McKee also knows his tax credit days are limited and he has to show and prove sooner or later. I expect some dirt to be moving sooner rather than later, even if they are modest projects. If these projects are already in motion its not likely it will get caught up in anymore civil and political posturing.

I think two things can play out pretty quickly as I agree with your assessment, something has to happen sooner then later for McKee on the tax credit front. What my bet is on

1) Bottleworks Site, will it be a mixed use, box store development or will it be part of RAMS desired stadium proposal? It only makes sense that McKee and RAMS have had loose conversations while the arbitration process was moving along. Simply put, RAMS are now in a position to put forth the new stadium and the New Mississippi River Bridge/Tucker Ave will be completed in near future. With some legislative tweaking, their is a ready made site with TIF and tax credits to develop Bottleworks.

2) 22nd Street Interchange. I think this will be the first place that dirt moves and street grid gets rebuilt. City and MoDOT have already agreed that 22nd street parkway idea should go away, believe Transportation Commission has been hanging onto matching funding, TIF gets the city a means to match and it is probably the best commercial area that McKee can promote for road warrior culture. Question, Can McKee deliver a major relocation?

I'd like to see McKee rebuild some goodwill among us preservationist types by starting with the redevelopment of the Cass School and/or the Clemens Mansion. If he starts with those or similar properties instead of the wrecking ball, I think he'll help mitigate some of the skepticism surrounding his vision.