Missouri officials: Developer kept $2.5M in tax credits - WSIL-TV 3 Southern Illinois

Missouri officials: Developer kept $2.5M in tax credits

Posted: Updated:

ST. LOUIS (AP) - The Missouri Department of Economic Development says a St. Louis developer didn't return about $2.5 million in tax credits for a property he owned for a couple months before deeding it back to the seller.

The St. Louis Post-Dispatch reports that an agency official brought attention to the 15th Street property during Paul McKee's trial Tuesday. The trial began last week to determine the value of another one of McKee's former St. Louis properties, the Buster Brown building.

The city took possession of the Buster Brown building to assemble a site for the National Geospatial Intelligence Agency. But city attorneys say the building's past sale to McKee was a "sham" that inflated its value.

The credits on the Buster Brown building were returned, but it's unclear if the agency will take action on the 15th Street transaction.

Information from: St. Louis Post-Dispatch, http://www.stltoday.com

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2018 WSIL. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.