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TIF funding court decision for NorthSide Regeneration

9:45 PM, Apr 9, 2013   |    comments
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ST. LOUIS (AP) - The Missouri Supreme Court has ruled in favor of a massive project using tax increment financing to redevelop an impoverished area of St. Louis.

A trial court more than two years ago threw out $390 million in TIF funding for developer Paul McKee's NorthSide Regeneration project. An appeals court sided with the trial court.

But the Missouri Supreme Court in a unanimous ruling Tuesday reversed the part of the ruling that voided a city ordinance, allowing the project to move forward.

An attorney for residents who sought to stop TIF funding calls the ruling disappointing. But McKee's attorney says it is a big day for St. Louis.

The $8 billion development is expected to eventually include 10,000 homes, office and retail space in a two-square-mile area north of downtown.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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