The Use Of Tax Increment Financing In The City Of Saint Louis (Downtown)
The redevelopment of the General American building in downtown Saint Louis is exciting, but the now standard assumption of public subsidies for these projects is unfortunate. According to the TIF application for this project, the developer is asking for more than $16 million in public assistance (which includes more than just this $8,148,000 TIF request). Saint Louis crossed the Rubicon of authorizing TIF far too frequently many years ago. (There are currently 125 TIFs within the city. ) However, even by Saint Louis’ generous TIF standards, $8 million in Tax Increment Financing to help a company move two blocks is eye-opening.
Read the full testimony:
