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Many projects these days get more than one round of incentives. Two, three, sometimes four different programs are often tapped to finance difficult development deals. Here are a few recent examples:

 

Manchester Highlands — Manchester

64-acre new shopping center, 2008

Developer • Pace Properties

Total Cost • $120 million

Portion publicly financed • 45 percent

Incentives used

Tax increment financing: $37.5 million

Transportation Dev. District: $17 million

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Hilltop Plaza, Bridgeton

16-acre shopping center redevelopment, 2006

Developer • THF Realty

Total Project Cost • $32 million

Portion publicly financed • 41 percent

Incentives used

Tax increment financing: $7.1 million

Community improvement district: $6 million

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1225 Washington — Downtown

Loft/office / restaurant rehab, 2010

Developer • McGowan Brothers Development

Total Project Cost • $21.7 million

Portion publicly financed • 74 percent

Incentives used

Tax increment financing: $6.3 million • new markets tax credits: $2.6 million

State historic tax credits: $3.4 million • federal historic tax credits: $3.7 million

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Kiel Opera House — Downtown

Rehab of long-empty concert hall, 2010

Developer • SCP Worldwide / Optimus Development / Paric Corp.

Total Project Cost • $78.7 million

Portion publicly financed • 77 percent

Incentives used

Federal historic tax credits: $12 million • state historic tax credits: $12.5 million

New markets tax credits: $2.7 million • Brownfields tax credits: $872,400

Bonds (backed with city amusement tax): $32.6 million

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Sources: Bond documents and redevelopment agreements filed with the city of St. Louis. Note: Tax credit figures reflect equity raised with the credits, not face value. Actual awards are likely higher.

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