ST. LOUIS (KMOX) – One of the most ambitious projects on St. Louis’ drawing board goes before the city’s Tax Increment Financing Commission Wednesday morning.
The planned $340 million transformation of the old Federal Mogul Foundry along Interstate 64 in Midtown into an office, retail, residential and dining complex.
The developer, The Lawrence Group, is seeking a $19.4 million in TIF financing for the $134 million first phase.
The group also plans to seek $32 million in combined state and federal historic preservation tax credits, $5 million in state brownfields tax credits, full property tax abatement for 10 years and 50 percent tax abatement for following next 15 years.
The Lawrence Group says when completed the City Foundry St. Louis at Cortex will create 1,800 new jobs.
The TIF Commission meeting is at 8 A.M. at 1520 Market St.
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