French says with the city and state planning to spend a total of $130 million on the deal, it would take 100 years for the city to recoup that through the earnings tax.
Developer reportedly selling assets to satisfy unpaid loan claims
Mega Developer Paul McKee faces two auctions Monday to satisfy his unpaid debts, amid questions about the future of McKee’s stalled Northside Regeneration project.
Developer Paul McKee hasn’t paid taxes to the city for two years on the 1,500 acres of land of the stalled NorthSide Regeneration project.
A lawsuit filed by the Cornbelt Bank asks that McKee’s north-side redevelopment properties be put into receivership.
The former chief financial officer of one of the leading construction firms in the area is indicted on three federal charges of mail fraud.
There’s still no sign of any major work to make way for McKee’s grand vision of transforming north St. Louis.
Aldermanic President Lewis Reed says including an extra $29 million for McKee in a general obligation bond on the November ballot could turn off voters.
Last winter, developer Paul McKee said there would be a June groundbreaking on his Northside redevelopment project.
A plan to develop the Bottle District—so named for the big Vess Bottle sign—was first announced nearly a decade ago.