St. Louis Development Corporation Will Pause Sale Of LRA Properties In July 2022

St. Louis MO

09 June, 2022

7:18 AM

Description

Press release from the City of St. Louis: June 7, 2022 SLDC is proactively evaluating incentive process against economic justice priorities As part of SLDC's efforts to realign processes to meet its Economic Justice Priorities, the Land Reutilization Authority (LRA) will not accept any new applications to purchase LRA properties starting July 2022, excluding Prop NS properties. At this time, LRA will continue to process existing transactions, but will not accept new purchase offers through October 2022 while it reevaluates and retools its processes. LRA receives titles to all tax delinquent properties not sold at the Sheriff's sale and through donations. To create a more transparent, accountable and inclusive incentive process, St. Louis Development Corporation (SLDC)—the City's independent, economic development organization—has been working in partnership with Baker Tilly, a municipal finance expert, since January 2022 to analyze and assess existing conditions and policies, engage community stakeholders and develop an incentives framework. At SLDC's April 2022 board meeting, Baker Tilly presented a summary of the Incentives Analysis and Draft Future Incentives Framework (pdf), [s3.hatchbuck.com] which included: St. Louis Development Corporation (SLDC) is an umbrella, not-for-profit corporation organized under Chapter 355 of the Missouri State Statutes with the mission of fostering economic development and growth in the City of St. Louis by stimulating the market for private investment in City real estate and business development and improve the quality of life for everyone who lives in, works in, and visits the City. Learn more about SLDC by visiting the SLDC website. This press release was produced by the City of St. Louis. The views expressed here are the author's own.