The plan to redevelop a large section of North St. Louis received a major setback today (Fri., Jul.2) after a judge ruled in favor of plaintiffs trying to stop it.
Circuit Court Judge Robert Dierker said in court that city aldermen approved $390 million in TIF (Tax Increment Financing) for the project last fall based on very little evidence the project could ever become a reality.
The plaintiffs, made up of residents of the area, called it a “pie in the sky” idea. They questioned the ordinances used to approve the TIF financing and had challenged if the blighting done to obtain the financing took into account new development going on in the area. They questioned if the blighting was simply arbitrary and unsupported by any real evidence.
The plaintiffs had also questioned if the city was within its rights to use eminent domain for the project.
The $8.1 billion Northside Redevelopment Project is the idea of developer Paul McKee, the owner of McEagle Properties and the man behind the creation of the incredibly successful Winghaven community in St. Charles County.
The Northside Redevelopment would encompass more than 1,500 acres of the city.
It remains unclear if the city will challenge the ruling, or if a new vote will be taken on another TIF ordinance by city aldermen.
Information from KSDK.com contributed to this report.