The $186 redevelopment of the CORTEX bioscience and technology research hub in midtown St. Louis is on hold, at least temporarily, while officials from the organization and the city of St. Louis hammer out the details of a complicated plan.
At issue is a $158.2 million tax increment financing district covering 187 acres that the organization has asked for. CORTEX would tap a portion of that — $26.5 million — to help finance the next phase of its plan, which is projected to bring 1,400 new jobs and 384,000 square feet of new lab and office space.
At a meeting of TIF Commission yesterday the organization asked for the vote to be delayed until the Dec. 12 meeting of the commission in order to work out some details.
The TIF request is a complicated one, CORTEX President Dennis Lower said, requiring the commission to establish 10 separate Redevelopment Project Areas — each of which has separate projections for the tax revenue it will generate — and simultaneously activating two of those areas.
The project was slated for a groundbreaking in spring of next year. Lower said it is too soon to know if this would delay any aspect of the project.