by Michael R. Allen
There may be movement afoot on the part of developer Paul J. McKee, Jr. to get ready for an application for Missouri’s Distressed Areas Land Assemblage Tax Credit. On October 26, four holding companies owning land in north St. Louis — Blairmont Associates, VHS Partners, Noble Development Company and N & G Ventures — each filed deeds of trust covering all property purchases made before 2006, when McKee’s holding companies began filing individual deeds of trust for each property.
Each company’s deed is for the same amount, $3 million and granted by the Corn Belt Bank & Trust Company of Pittsfield, Illinois. Two years ago, Corn Belt granted a loan of $2.8 million to McKee’s Allston Alliance for the purchase of the vacant Cass Avenue Schnucks store.
Each company’s deed was signed by Paul J. McKee, Jr. in capacity as manager of the other limited liability companies that act as sole members of the holding companies. Blairmont Associates’s sole member is BMA Partners, VHS Partners’ is Vashon Developers, Noble Development Company’s is NDC Venturers and N & G Ventures’ is NGV Partners.
Under the terms of the Distressed Areas Land Assemblage Tax Credit Act, a land assembler is eligible for up to 50 percent of the purchase costs of land. At the maximum eligible amount, these recent deeds of trust would entitle McKee’s companies to $6 million in tax credits.