In an effort to ensure the city is getting its money’s worth, the St. Louis Development Corporation is slowly rolling out a new system to evaluate developments that require public subsidies.
Development projects will be scored on how much they are expected to contribute to future city revenue, helping to fund the city’s substantial infrastructure needs. Just to catch up on backlogged maintenance, St. Louis currently needs roughly $75 million more annually, according to a budget expert at SLDC. Under the new criteria, projects proposed in stronger neighborhoods will be expected to contribute more revenue; those located in poorer areas will face a lower threshold for approval.
The SLDC’s effort to begin scoring developer tax incentive requests follows a city-commissioned report that found between 2000 and 2014, the city and St. Louis Public Schools have done without $709 million in revenue due to the subsidies.
Read more: St. Louis Post-Dispatch