For the past six weeks the Missouri state legislature has been debating a massive tax credit proposal to encourage projects that some say would turn St,Louis into a "China hub" international shipping and trade mecca. For details of this boondoggle read my past post: Will Aerotropolis bring jobs or corporate welfare?
Suffice it to say that McKee stand to benefit from this massive "jobs program" passes. This should be no supprise, Paul McKee has received close to $28 million from the state's Distressed Areas Land Assemblage tax credit program and is hungry for more corporate welfare.
But there's more than one source of tax payer funding for risky ventures and now the St.Louis Post-Dispatch reports that McKree and his partners in the Northpark business developement are seeking hitting up St. Louis County to help shore up that projects financial problems. Actually, they are hitting up the county again. The group wants to refinance the $14.75 million in bonds and issue $7.5 million more. The bonds are backed by St.Louis County and if the project goes belly up tax payers could be on the hook for the losses.
The chances are pretty good that McKree and his buddies will get what they want, they are wealthy, well connected and generous campaign contributers.
As Mell Brooks would say, "It's good to be king".