ST. LOUIS — In a bid to encourage future development in north St. Louis, the city's urban renewal board voted Tuesday to give the city’s maximum possible tax incentives to another 400 acres in north St. Louis.
Revitalizing north St. Louis is a cornerstone of Mayor Tishaura Jones’ economic justice plan, fueled by $150 million in federal pandemic funds. But to get developers interested in a historically underinvested area that sees little modern development, the city is offering the maximum possible tax abatement of 25 years, starting with 10 years at 95% abatement, followed by 15 years of abatement based on 50% of the assessed value of the incremental improvements.
The abatement covers properties that are part of six north St. Louis neighborhoods, marked by the boundaries of Vandeventer to the east, Page to the south, Kingshighway to the west and Garfield to the north. The Land Clearance for Redevelopment Authority agreed to blight the area and approve a blighting study, which paves the way for subsidies.
The existing properties in the redevelopment area are either vacant lots or a mix of unoccupied and occupied residential, institutional and commercial buildings, according to city documents.
There are no developers signed up to overhaul the site, but the city hopes to change that, said Zachary Wilson, LCRA project manager for development incentives.
Read the full story on the St. Louis Business Journal website.