In a recent government meeting, Board Bill 88 was introduced by Alderman Pamela Boyd, proposing an ordinance to approve a redevelopment plan for the 1100 Veronica Avenue area in St. Louis. The plan comes after the area was designated as blighted under Missouri's revised statutes, specifically section 99.320.

The ordinance includes a 15-year tax abatement structure, which consists of a 10-year period based on 90% of the assessed value of incremental improvements, followed by an additional 5 years at 50% of the assessed value. This financial incentive aims to stimulate development in the area, with the cooperation of the Board of Aldermen pledged.

Zach Wilson, representing the Lutheran Development Group, discussed the project, which involves the redevelopment of the vacant Baynton School property, previously owned by St. Louis Public Schools. The project has garnered support from the St. Louis Development Corporation (SLDC) and the Land Clearance for Redevelopment Authority (LCRA), as it aims to activate the school building and provide low-income housing options, including three- and four-bedroom units.

The tax abatement terms align with the compliance period for Low-Income Housing Tax Credit (LIHTC) projects, reflecting a commitment to affordable housing in the community. Further discussions on the project's specifics and its potential impact on the area are expected as the bill progresses through the legislative process.