The city of St. Louis is in the midst of an intense political debate—with mayoral consequences—on the subject of development incentives, which critics say just help the rich get richer.
According to an article by Jacob Barker and Koran Addo, mayoral candidates in the city of St. Louis have found an issue they can agree on: the need to reform development incentives.
According to the article, "public incentives such as property tax abatement and tax-increment financing that often subsidize [redevelopment] projects are under growing scrutiny, and candidates running to be the city’s new mayor agree that some changes in approach are overdue."
The concerns of the seven remaining mayoral candidates echo the controversies surrounding development incentives in Chicago, according to the article:
Concerns have mounted over the amount of city and school district revenue being returned to the developments, estimated at some $709 million between 2000 and 2014. Others worry the incentives mainly benefit the city’s central corridor, where most development occurs.
Outgoing Mayor Francis Slay committed to reform of the city's current system of development incentives back in October 2016, acknowledging that some projects received benefits that could have afforded to proceed without the incentives, forcing the city to forgo possible sources of revenue.
Meanwhile the issue remains a hot button for some candidates for the Mayor's Office who have voted for development incentives as previous stops in their political career.
FULL STORY: Mayoral candidates agree reform of St. Louis development incentives overdue
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