After months, of failed negotiations with Paul McKee, the city of St. Louis has purchased $5 million worth of notes from Titan Fish Two, which includes 46 properties within the National Geospatial-Intelligence Agency site.
The city needed the properties for a massive north St. Louis development: the NGA’s new $1.6 billion western headquarters. But McKee, who has been plagued by financial problems, asked for more than he paid the city and others for the approximately 339 properties — originally $7 million, $3.5 million of which came from state tax credits.
The 46 properties on the NGA site were taken from McKee through foreclosure.
To purchase the notes, the city utilized borrowed money that came from mortgaging what’s often called “City Hall West.” That mortgage, approved in July, raised $20 million, about $13 million of which was to be used to acquire land in the roughly 100-acre NGA site.