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By Stacey Kafka
St. Louis Mayor Francis Slay and St. Louis Cardinals President Bill DeWitt are asking the state for $17 million in tax credits to develop the area around Busch Stadium.
The Missouri Development Finance Board met Aug. 21 to hear DeWitt’s proposal for the area around Busch Stadium. He said the tax credits would be used to prepare the site for later development.
“You’ve gotta clean up the site all around before you do anything. What we’re planning in this phase to get all that utility street work ready for future development, which we think will happen much more quickly because of what we’re doing,” DeWitt said.
As in the past, tax credits are already drawing resistance from lawmakers. Sen. Jason Crowell, R-Cape Girardeau, said the plan was not a good investment for Missouri taxpayers.
“Missouri is the nationwide leader in job loss, while we’re spending ever more dollars in what’s nothing more than redistribution of wealth back to campaign contributors,” he said.
In 2013, Missouri is projected to redeem $685 million in tax credits. The Missouri Development Finance Board will meet again on Sept. 18 to decide the fate of the Ballpark Village tax credits.