Where Did That Money Go, Again?
Show-Me Living is one of the Show-Me Institute’s best resources for accessing public information about Missouri government expenditures. Questions about tax credits and tax dollars often have answers on Show-Me Living.
Yesterday, I stumbled across a Sept. 30, 2010, article in the St. Louis Business Journal that prompted me to do a little research using the Show-Me Living web tools. The story, “Chemical Building owner files for Chapter 11,” reports: “Chemical Building Acquisition LLC, an investor group based near Los Angeles, sought Chapter 11 bankruptcy protection in U.S. Bankruptcy Court Eastern District of Missouri, delaying planned redevelopment of the historic building at 777 Olive St.”
Curious, didn’t “Chemical Building Acquisition LLC” receive more than $1 million in Brownfield Tax Credits in 2007? Thanks to Show-Me Living, I can say definitively that the answer is yes.
Consistent with recent Missouri audits showing the failure of tax credit subsidies to serve their intended purposes, the $1,065,000 spent on the Chemical Building to date appears to be a waste of taxpayer funds. After all, consider the following eligibility criterion for the Brownfield Redevelopment Program:
The project must be projected by DED to result in the creation of at least ten new jobs or the retention of 25 jobs by a private commercial operation.
If you have a question about how to find this information, Show-Me Living is a great place to start finding the answers.