By Anna Vitale
St. Louis, MO – St. Louis Mayor Francis Slay signed legislation Tuesday authorizing Paul McKee's 1,500-acre, $8 billion redevelopment for North City and the use of tax increment financing (TIF).
Slay admitted that McKee's plan will be difficult to implement, but said that the city will do everything it can to help it succeed.
"We've got somebody with the money and [who] certainly has a great reputation in terms of ability to get big projects done..." he said. "If anybody can get it done, it's Paul McKee."
Slay also said that even if McKee's vision does not pan out, the city is now in a better position to sell land to other potential developers.
TIF money will not be spent until more detailed development plans are available, but McKee said getting the legislation signed is an important step in developing the area.
"We've got a big open-for-business sign up now," he said. "So we now have the development rights to the 1,500 acres, which we never have had before."
Rehabbing the old Clemens Mansion on Cass Ave. is the first scheduled project within the northside redevelopment area. The Mansion will be turned into senior apartments and a museum.
McKee said he will soon begin working with the Missouri Department of Transportation and the Metropolitan St. Louis Sewer District to bring infrastructure to the area.