St. Louis

Development will occur on properties located in the Saint Louis University vicinity. According to the St. Louis Business Journal, two "St. Louis companies will receive about $324,954 in state tax credits to help spur $2.2 million in redevelopment" to properties located at 3229 Washington Avenue and 4239 Lindell Boulevard (for those keeping score, that is close to the infamous Phillips 66 gas station).

The Missouri Department of Economic Development approved the tax credits throught the Brownfield Redevelopment Program, which "provides financial incentives for the redevelopment of publicly owned commercial or industrial sites that were abandoned because of contamination caused by hazardous substances."

I will not be as critical of these incentives because I think there is a difference between this program and the incentives that usually occur, where businesses get a break to move to an area that has no environmental problems. That being said, I'm still a bit skeptical. If two properties are otherwise equal except that one is environmentally unsound, that difference should be reflected in the property value.

I am willing to bet that it would cost less than the $120,977 received in tax credits to clean up the property at 4239 Lindell Blvd. If this indeed is the case, is the Missouri Department of Economic Development going to refuse to give the credits that are over the clean up costs?