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SLDC outlines incentive process to board, says Millennium Hotel bill lacks tax abatement
Summary
SLDC officials presented the agencys incentives framework to the Saint Louis Public Schools board, described how projects are scored and said a Board of Aldermen vote that day approved a blighting designation for the Millennium Hotel project but removed tax abatement from the bill.
Otis Williams and Zach Wilson of the St. Louis Development Corporation presented to the Saint Louis Public Schools Board of Education on Aug. 26 to explain how the city evaluates and approves development incentives and to answer questions about the potential effect on district revenue and neighborhoods. "Today, the board approved just the blighting for the project," Williams told the board, describing the Board of Aldermens action on the Millennium Hotel project.
Wilson explained the SLDC scoring process, including a community benefits scorecard and a financial analysis that together determine the level and duration of abatement or other incentives. "The board bill does definitely does not have tax abatement in it anymore," Wilson said, summarizing…
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