In a recent government meeting, officials discussed a significant redevelopment project in downtown St. Louis, which aims to revitalize a historic building that has been vacant since 2012. The project, supported by a tax abatement, is expected to bring essential services to the area and create approximately 20 full-time jobs.

The St. Louis Development Corporation (SLDC) presented a scorecard for the project, awarding it a total of 34 points, placing it within Tier 1 for funding eligibility. Key scoring categories included transit access, job creation, and historic preservation. The building, constructed in 1881, will undergo restoration, contributing to the preservation of the city’s architectural heritage.

Financial analysts from SLDC highlighted the anticipated fiscal impact of the project, projecting an increase in property taxes from the current $5,000 to approximately $18,000 during the abatement period, and around $60,000 annually once it concludes. Over the next 20 years, the city expects to see a total fiscal impact of nearly $400,000, with additional revenue benefiting local school districts and other taxing entities.

Concerns were raised regarding the building's current low tax assessment, which reflects its long-term vacancy and condition. Officials acknowledged the inconsistencies in property assessments across the city but emphasized that the financial analysis supports the need for the tax abatement to facilitate the project.

The meeting concluded with a consensus on the project's potential benefits, including job creation and the revitalization of a historic asset, underscoring the importance of such initiatives in enhancing downtown St. Louis.