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A bill introduced at the St. Louis Board of Aldermen yesterday would require developers to confer with community groups — and enter into legally binding "community benefit agreements" to improve the neighborhoods they're working in.
Under Board Bill 61, the agreements would be required on all developments of $3 million or more. It would also create a "community benefit fund" by adding a one percent tax on the notes issued for tax increment financing, or TIFs — and cap such financing plans to forgive taxes at no more than 75 percent of a project's cost in a broad swath of the city.…
Clik here to view.
A bill introduced at the St. Louis Board of Aldermen yesterday would require developers to confer with community groups — and enter into legally binding "community benefit agreements" to improve the neighborhoods they're working in.Under Board Bill 61, the agreements would be required on all developments of $3 million or more. It would also create a "community benefit fund" by adding a one percent tax on the notes issued for tax increment financing, or TIFs — and cap such financing plans to forgive taxes at no more than 75 percent of a project's cost in a broad swath of the city.…
