Creditor sues McKee over NorthSide project loans, receiver sought - STLtoday.com
Kansas City-based Titan Fish Two LLC alleges that NorthSide Regeneration and McKee are in default on 2007 loans totaling more than $17 million tied to the north St. Louis redevelopment project. Titan Fish Two also alleges that McEagle Properties, McKee’s O’Fallon, Mo. -based real estate development firm, is in default on a 2008 loan with an unpaid principal sum of $2. 5 million. McKee has sought for years to develop 1,500 acres in north St. Louis , but the project has stalled and a receiver is necessary to protect property used as collateral for the loans, the creditor’s lawsuit alleges. Louis Board of Aldermen approved $390 million in tax increment financing for NorthSide in October 2013, and the project has received $41 million in state tax credits to buy land and pay borrowing costs. City officials, who said they learned of the alleged defaults on Monday, said they don’t expect the lawsuits to derail either the effort to land the NGA headquarters or McKee’s long-term vision for north St. Louis. Separate from the lawsuits, St. Louis Public Radio reported Thursday that NorthSide Regeneration owes the city $750,000 in back property taxes, including interest and penalties, for 2013 and 2014. Under Missouri law, a property owner can be sued... Source: www.stltoday.com
