Originally posted on CBS St. Louis:
JEFFERSON CITY, Mo. (AP) – St. Louis developer Paul McKee is asking Missouri lawmakers to extend the deadline on a tax credit program he hopes will redevelop St. Louis’ north side.
McKee told a Missouri House committee Tuesday that lawsuits have delayed the drawdown of the $95 million program authorized by the Legislature in 2007. About $40 million has already been tapped by McKee from the program that expires in August.
The land assemblage tax credit is used to buy and maintain parcels of land in blighted parts of north St. Louis City.
The measure would extend the program for six more years and authorize another $95 million for the program.
McKee’s request for a funding boost comes as lawmakers are trying to boost the state’s coffers by scaling back existing tax credit programs.
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