When someone buys and wants to develop one of the most valuable parcels of land in one of the wealthiest areas of Missouri, how should the city—in this case, Creve Coeur—respond? Well, if you are the politicians in Creve Coeur, you bend over backward to throw subsidies at the developers.
The new city motto should be: “Tax subsidies in Creve Coeur, just there for the asking.”
Honestly, the idea that the old Monsanto and Bayer site at Olive and Lindbergh needs tax subsidies is beyond ludicrous. The fact that the local officials in Creve Coeur seem to be enthusiastically supporting this instead of laughing the proposal out of the council chambers shows—once again—how far we have fallen from the idea of a level playing field for everyone.
Let’s state a few facts. Keep in mind the proposed development has both residential and commercial components.
This particular area has comparatively low taxes as it is. The Ladue School District has the lowest commercial property tax rate in St. Louis County and one of the lowest residential tax rates (go to page 2 in the 2023 tax book in the link for the data).
The Ladue School District is also one of the top school districts in the state. People want to buy homes or condos or rent apartments there.
The property is not some abandoned, vacant lot. The current owners are paying property taxes now. The idea that Creve Coeur is desperate here—that if they don’t approve this subsidy request some financial disaster will occur—is absurd
Here is the most important part: there is absolutely no evidence that the use of local tax subsidies helps economic growth. None at all. The short-term incentives of part-time politicians looking to “do something” while in office cause a great deal of harm.
If a parcel at the corner of Olive and Lindbergh in Creve Coeur needs tax subsidies (hint—it doesn’t), then any and every spot in our state needs tax subsidies.
Creve Coeur government officials should focus on creating a reasonable zoning and permitting process, modest local regulations where necessary, and maintaining as low a property tax rate as possible. That is all the developer of this location needs or deserves. The fact that local officials appear to be racing to give away the store is equal parts stupid and infuriating.
