Court case highlights another deal that netted developer McKee millions in tax credits

A trial that started last week in St. Louis Circuit Court to determine the value of north St. Louis property that the city took possession of through eminent domain continues to put the dealings of developer Paul McKee under scrutiny.

According to testimony Tuesday, McKee and his companies never returned $2.5 million in tax credits earned on the $4.9 million sale of a different north St. Louis building in 2012 — even though they deeded the building back to its previous owner just months later.

The Missouri Department of Economic Development has clawed back tax credits from McKee on another similar deal, the $3.75 million purchase of the Buster Brown building that city officials have said was a sham to earn McKee tax credits. But the 2012 deal has flown under the radar.

Much of the trial has focused on the now-lapsed Distressed Area Land Assemblage tax credit, which some have said was written for McKee. The developer received about $43 million of the roughly $47 million in tax credits the program doled out before it expired in 2013.

Read more: St. Louis Post-Dispatch


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