“Son of 327” Smaller Than Pop

When state legislators convene in Jefferson City for a special session next Monday, August 20, they will have a new version of the controversial Economic Development Bill, House Bill 327, to review. HB 327 was vetoed last month by Governor Matt Blunt because of the overall size and cost of the final bill.

According to House Speaker Rod Jetton, the “Son of 327″ will be sent to committee on Tuesday, August 21. Numerous programs, including the Neighborhood Assistance Program, the Small Business Tax Credit and the Youth Opportunity Program, have been removed from the bill to lower its overall cost. But the bill’s most controversial part, the Land Assemblage Tax Credit, remains — although it has been reduced from $12 million allowed annually and $100 million cumulatively to $10 million annually and $95 million cumulatively.

The cut is estimated at $70 million, bringing the total cost of the bill to $51 million, not counting the “New Markets” program that begins in two years.

On Thursday, August 16, at 10:00 a.m., State Representatives Jamilah Nasheed and Jeanette Mott Oxford will host a bus tour of the properties owned by developer Paul McKee. McKee, whose companies own more than 500 properties in northern St. Louis, is seen by many as the developer who would most benefit from the passage of HB 327 as it is written.

PubDef will be reporting from the special session in Jefferson City next week and following the negotiations as legislators, lobbyists and residents try to reach a compromise that allows north St. Louis to benefit from needed investment, while not cutting all but just one or two would-be developers out of the project.

Click here to view a spreadsheet of all of the changes to HB 327.

Click here for more information on McKee’s Blairmont properties.

Click here to watch PubDef’s special report on Blairmont.