A revised version of the Distressed Areas Land Assemblage Tax Credit Act will be part of the economic development bill to be considered during the Missouri legislature's special session. From an article in the Post-Dispatch:
[Gov. Matt] Blunt said revisions will make the tax credit available to more than one developer. Under the old plan, a project would have had to cover 100 acres. The new threshold will be 75 acres.
House Speaker Rod Jetton, R-Marble Hill, predicted that the tax credit program would become a national model for revitalizing urban cores.
Saturday, August 11, 2007
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6 comments:
Or a model of turning central cores into suburbs, take your pick.
Who else can qualify now?
Still promotes demolition and holding for 5 years, nothing more.
The new model for redeveloping urban cores is to purchase land and hold it hostage until legislation is passed to promote what has already been done, behind a veil of secrecy.
Sorry America.
Where is Marble Hill and what makes this guy an authority on anything urban?
Doug, some little town 120 miles away. Take a look for yourself.
http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=st+louis,+mo&daddr=marble+hill,+mo&sll=37.420345,-89.822845&sspn=0.474436,0.931091&ie=UTF8&z=8&om=1
Obviously he isn't an expert, but it makes a great soundbite to make it sound like he is accomplishing something beyond giving McKee a handout. I am still waiting for McKee to show us something that he would build if he gets this tax break.
A tax credit for assemblage has very little to do with the final development outcome. If this credit is to become a national model, that's disturbing -- do other cities want to encourage a private owner to displace residents and business (tax-generating uses), hoard acres of land indefinitely with no guaranteed development outcome?
There is no such thing as a "guaranteed development outcome".
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