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Saturday, May 30, 2009

McEagle Applies for $410 Million TIF for NorthSide Project

On May 27, McEagle via Northside Regeneration LLC submitted its tax increment financing (TIF) application to the City of St. Louis. The requested amount of TIF is $410,000,000.

That application is online here.

9 comments:

Ben S. said...

Exhibit B reads like a long obituary. I suppose you are already in the process of mapping out these addresses?

Mike said...

I am new to this topic so I beg forgiveness for my ignorance.

Q1: Exhibit D lists thousands of properties or parcels needed for the proposed development. Does this mean that the City will use eminent domain to force these owners to give up their land?

Q2: How can I track the process of this TIF application's approval or rejection?

Anonymous said...

Thanks. As the application makes clear, McEagle does not have control over his favored land grab- - the 22nd street interchange. It also makes clear that government subsidies on a massive scale are required.
Final completion date is scheduled for 2030. Claims Winghaven is proof that he knows how to do it?
john

Anonymous said...

Administratively putting together a project like Winghaven has much in common with something like NorthSide. Why is everyone getting hung up on suburban v. urban design when clearly what has been proposed is very urban, even more urban than what currently exists. Any project like this is accomplished by involving the right parties, organizing the effort and providing vision.

Anonymous said...

This can't possibly be all he has to submit to get 400 MILLION dollars... can it? It hardly says anything other than that he'll use it wisely and that he knows how to do development. Oh, and that he requires lots of other people's property to do what he wants to do. Can they actually approve this without more specifics?

Doug Duckworth said...

"Administratively putting together a project like Winghaven has much in common with something like NorthSide."

Except that North St. Louis neighborhoods exist in the path of NorthSide.

Michael R. Allen said...

Ben: Yes, I will be mapping these addresses.

Mike: exhibit D is a list of properties that CAN be taken, not necessarily those that WILL be taken. However, being placed on the list opens the possibility for eminent domain usage.

Tracking the TIF might not be easy, since the TIF Commission's website has little information -- not even a list of commission members!

kit said...

It was strange sitting in the backyard on the 2300 block of Mullanphy over the weeking. We were enjoying the beautiful weather, but also looking around and realizing how much of everything around will be owned by McKee, not mowed or trimmed or boarded, and left to rot for at least the next 5 years until his project is supposed to start on Mullanphy in 2014. On top of that, looking at the list, our churches will be gone, small local employers shut down, little restaurants and markets closed, just as one of his first buys was our neighborhood grocery store. Literally starving out the existing residents.

GMichaud said...

It is a shame to have to put up with nonperformance in a neighborhood. I remember when Soulard was considered to be nothing but a slum. It took many individuals over a period of time to rebuild the area.

I also remember the status of each building was a major concern.
When you have someone who could care less, for what ever reason, it makes it more difficult to rebuild neighborhoods.
If McKee bought out Soulard in the seventies it would be on the ground now. Probably bulldozed and ready for redevelopment.
The "Legacy" property of Soulard Market would have become a Disneyland of some sort, sold out to the highest bidder. And of course there would be a "job center", to put all of the poor son of a bitches to work.
It would take in the area that used to be Lynch to Sidney. Next to the AB brewery for max "job center" jive.

McKee is like Will Ferrell entering the Tonight Show on his throne, waving at all the slaves, the citizens.