The Use Of Tax Increment Financing In The City Of Saint Louis (Central West End)
A major new project proposed for the Central West End will include many new residential options and a new grocery store. According to the St. Louis Post-Dispatch, the developer is asking for $10 million in public assistance. Saint Louis crossed the rubicon of authorizing TIF far too frequently many years ago. (There are currently 124 TIFs within the city.) But this is an excellent opportunity to reconsider that approach. There is nothing about this project that should involve public assistance. The project is proposed for an enviable location in a wealthy part of an economically vibrant area. The idea that a new development at the corner of Euclid and West Pine needs public subsidy is preposterous. Redevelopment can go forward in this area without subsidies. The fact that many new developments have a subsidy is a testament to the ease of getting them, not the necessity of them.