DED Gives $5.1 Mil In Tax Credits
Governor Matt Blunt has announced that Parkside Towers, LLC will receive $5.1 million in redemption tax credits. The credits come as part of the Department of Economic Development’s (DED) Brownfield Redevelopment Program, which gives incentives for the redevelopment of contaminated and underutilized commercial and industrial sites. According to Blunt’s office, the property is currently contaminated with asbestos and lead-based paint.
About This Author: Antonio D. French is a writer, political consultant, and newly-elected Democratic Committeeman living in north St. Louis, Missouri. If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
This just seems so wrong,wealthy developers on the public dole again so they can make even a bigger profit!
So what is the other option? Let the property sit there until it is falling apart and then someone comes along and buys it for cheap and sits on it some more.(Bellington?) It is better to restore the building, fill it with employees and generate more business for the area.
It’s hardly accurate to say the RR “abanoned” the property.
There were RR office workers smoking outside its entrances as recently as a year or so ago.
A deal to develop the property as condos with a new tower is just that - a deal.
Asbestos and lead paint abatement getting help with brownfield tax credits. Yup. Missouri is the tax credit leader!