Posted In: Ideas, Regionalism, What we are thinking about, Workforce
From St. Louis Business Journal: By the time construction began on Matt Masiel’s roughly $9.5 million redevelopment of the Lyon School in late 2019, the project had been already been approved for a 100% property tax abatement for 10 years.
Led by Masiel’s Screaming Eagle Development, the redevelopment converted the former school at 7401 Vermont Ave. in St. Louis’ Patch neighborhood into 32 apartments. Masiel said even with the abatement, making the project work financially meant “pinching every penny.”
Three years later, in December 2022, Masiel learned that the city would be denying his project the tax abatement after St. Louis Development Corp. found the project had not met the minority and women business enterprise (M/WBE) participation goals set in its redevelopment agreement…