Development Subsidies in St Louis
Once again the topic of development subsidies and community benefit agreements has surfaced in St. Louis. Alderman Green who had opposed subsidies now is in favor of them in her ward. In addition she had negotiated a Community Benefits Agreement. Critics have pointed out a certain degree of hypocrisy in the whole transaction. I have reached certain conclusions:
1. Whether people like it or not, significant development in St. Louis is not possible without subsidies. The market is simply too weak.
2. The Community Benefit Agreements need to be re examined. Sometimes these agreements can seem like extortion and or conflict of interest. The city is proposing standardizing the process. That idea makes sense as long as the process does not take too long. Written by Paul Dribin