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Committee approves sales-tax reimbursement to help CI Select rehab Carriage Works; bill includes clawback and 30-day review
Summary
Board bill 120, a sales-tax reimbursement incentive to help CI Select move into the historic Carriage Works building, passed the committee with a due-pass recommendation; the plan diverts half of the city’s share of sales tax into a reimbursable account up to $1 million and includes job-based clawbacks and a 30-day administrative review for reimbursements.
The HUD committee voted to advance board bill 120, a measure intended to incentivize CI Select — a furniture company — to relocate into and build out the long-vacant Carriage Works building in the Cortex district.
Sponsor Alderman Browning said the incentive would divert half of the city’s share of sales tax generated by the project into a reimbursement account, administered by the comptroller, to reimburse the company for build-out costs up to a $1,000,000 cap. "This incentive only refers to the sales tax generated by the project; earnings tax and property taxes are not affected," said Mark Spikerman, outside counsel for the St. Louis Development Corporation…
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