ST. LOUIS (KMOX) — Developer Paul McKee was given permission Wednesday from the St. Louis Tax Increment Financing Commission to move ahead with his plans for north St. Louis.
The unanimous vote from the commission came two weeks after the city panel delayed its decision following a public hearing by about 300 neighborhood residents seeking more involvement.
The $390 million tax financing package now needs approval from the Aldermanic Housing and Urban Development committee, where Chairman Fred Wessels said he is willing to listen to what McKee has to say.
“I think it’s time we give Paul McKee an opportunity to get moving on this,” Wessels said. “The courts have spoken, and he’s ready to go and we should be ready to support his efforts.”
Wessels says McKee won’t get a rubber stamp from the committee, though. He still faces questions about specifics — how many homes he plans to build and what commercial tenants he has lined up.
“(McKee) is a controversial individual, but ya know, we haven’t had a lot of investment up in north St. Louis. He is one guy who stepped forward,” Wessel added.
McKee hopes to start street and sewer work before the end of the year. He says he already has two “major industrial users” ready to sign on that would bring close to 300 jobs.
His NorthSide Regeneration project calls for revitalizing two square miles of blighted neighborhoods with up to 10,000 new homes and millions of square feet of office and retail space.