Nixon Cools on More Tax Breaks for McKee
ST. LOUIS–(KMOX)– Missouri Governor Nixon signals he’s against a plan to give more tax breaks to Paul McKee — the developer trying to reshape north St. Louis.
The St. Louis Business Journal is reporting that Nixon is balking at a proposal for more tax credits to McKee. McKee has already been awarded $28 million in state tax credits for assembling large chunks of land in north St. Louis.
But his ambitious project to create job centers, new office and retail in north St. Louis has been stalled for over a year in court challenges. A plan to remove a five-year limit on credits given for interest costs that McKee is incurring was penciled into the economic development bill lawmakers will take up in September’s special session.
Nixon is quoted as saying now is not the time for economic incentives that don’t create jobs fast.
“Economic incentives must be focused on efficiently creating jobs and moving our economy forward,” Nixon wrote lawmakers. “Expanding the land assemblage program at this time does not meet this standard.”