North St. Louis development moves to next step - KMOV.com

North St. Louis development moves to next step

A proposed $8 billion redevelopment plan for north St. Louis made some progress after a committee gave the OK for the full Board of Aldermen to vote on the proposal.

Aldermen are considering whether developer Paul McKee should be able to redevelop a 1,500 acre site. He also is seeking about $390 million in tax increment financing, allowing taxes generated by the project to help pay for infrastructure improvements.

Alderman Terry Kennedy voted against the plan Thursday, saying McKee didn't establish trust with residents and aldermen.

McKee is seeking Board of Aldermen approval before Dec. 31, so he can apply for state tax credits. He is also pursuing federal stimulus money.

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