$7 Million TIF For Laclede Move Gets Initial Approval

The Koman Group received initial approval of tax-increment financing to renovate the General American Building for Laclede. | Photo courtesy of Wikimedia Commons
The Koman Group received initial approval of tax-increment financing to renovate the General American Building for Laclede. | Photo courtesy of Wikimedia Commons

A St. Louis Board of Aldermen subcommittee approved $7 million in tax-increment financing for the Koman Group to renovate the long-empty General American Building into a new downtown headquarters for Laclede Corp. If the package is passed by the full board, the developers will pair it with private money and state and federal historic tax credits to fund the $46 million project.

An alderman pointed out that Laclede is growing and needs a new home, and keeping the utility, and its 550 employees, downtown is a good move for the city. Critics point out that Laclede is already located downtown, and will simply leave its rented space a few blocks away. One of about 15 opponents who spoke at the hearing said paying to shuffle companies around downtown doesn’t make much sense.

Read more from the St. Louis Post-Dispatch


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