Recent trial revealed Paul McKee's questionable tax credit practices
The allegations came out at a trial in St. Louis Circuit Court to decide a long-running challenge to the value of a property the city acquired by eminent domain as it was assembling land for the NGA’s future campus in north St. Louis.
(8) updates to this series since
Recent trial revealed how the developer actually does business.
Paul McKee's relationship with the city that granted him development rights to a swath of north St. Louis has been on the rocks before. But things look worse now.Â
Ex-owner of Buster Brown building loses eminent domain case that shed light on Paul McKee's dealings
The jury sided with the city in a trial that veered into a referendum on NorthSide Regeneration.Â
McKee used state tax credits to pay his company and his attorneys thousands of dollars in fees.Â
The transaction is the latest to come out in a trial that has raised questions about some of the developer's taxpayer-subsidized purchases.Â
Aldermen Spencer also claims city inappropriately amended development agreements with McKee.Â
Deal was structured so interest payments generated more tax credits.Â
The allegations came out in trial to decide a challenge to the value of a property the city acquired by eminent domain as it was assembling land for the NGA's planned western headquarters.
A month after details came out regarding questionable tax credit transactions, the city is accusing the developer of breaching his development agreement.Â