The Distressed Area Land Assemblage Tax Credit should expire as planned on August 28, 2013. The only beneficiary of this tax credit has already received a substantial amount in state aid from this tax credit – more than $40 million. He is also likely to receive about $390 million in local incentives. All of this money is a multimillion dollar gamble on a single project that may have no benefit to the state.
When the state spends millions of dollars on one potential development, it is taking a huge risk with taxpayers’ money. The state is risking that one developer will transform North Saint Louis and remove all of its societal problems. This is a gamble on a project that does not even have a concrete plan. How can we trust that the bet will pay off? Who is on the line if this project fails?
