ST. LOUIS (KMOX) – Paul McKee’s $8 billion plans to redevelop north St. Louis have hit a $57,000 bump in the road.
Under the terms of his redevelopment agreement with the city, McKee was supposed to have paid off his legal fees to the city within 90 days of the ordinance going into effect. He missed a deadline in late February to pay $57,000, but asked for an extension at the last minute.
Northside Alderman Antonio French wonders why, noting that McKee had received more than $40 million in tax credits from the state.
“There’s already been concerns that he can’t keep the grass cut, he can’t get the property in good shape,” French says. “But now, not even being able to pay this very small amount raises some questions about whether he can pull this off.”
On the eve of his bill becoming delinquent, McKee asked the board of estimate and apportionment for a 45-day extension, but the item was set aside, and no vote has been taken.
KMOX left two phone messages with a spokesman for McKee seeking comment. No one has called back.
McKee’s development agreement passed by the board of aldermen last fall and signed by the mayor lays out requirements for him to pay any fees owed to the city or face consequences:
“SECTION SEVEN (Ordinance 69587) After adoption of this Ordinance by the Board of Aldermen, this Ordinance shall become effective on the 30th day after its approval by the Mayor or adoption over his veto; provided within ninety (90) days after the effective date of this Ordinance, the Developer has not (i) executed the Redevelopment Agreement pertaining to the Redevelopment Project and (ii) paid all fees due to the City in accordance with the terms of the Redevelopment Agreement, the provisions of this Ordinance shall be deemed null and void and of no effect and all rights conferred by this Ordinance on the Developer, shall terminate, provided further, however, that prior to any such termination the Developer may seek an extension of time in which to execute said Redevelopment Agreement, which extension may be granted in the sole discretion of the Board of Estimate and Apportionment of the city of St. Louis.”
What’s not clear is whether McKee’s certified letter on the eve of the deadline seeking an extension preserves the agreement intact, or whether the extension would have to have been granted before the deadline passed “soley” by the Board of Estimate and Apportionment for his deal to still be alive.
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