St. Louis City Buys McKee’s Debt for Leverage

Date Posted: November 15, 2015

Posted In: News,

From stlToday:  The city has purchased about $5 million in properties and bank notes from a creditor of NorthSide Regeneration developer Paul McKee.

Otis Williams, the director of the city’s economic arm, said the purchase was done in part to obtain leverage over McKee, and also because it needs 46 properties the creditor, Titan Fish Two, had foreclosed from McKee.

The city is attempting to lure the National Geospatial-Intelligence Agency to an area north of downtown.

The federal government mandates the city must deliver a 100-acre property owned by one entity.

The foreclosed Titan Fish Two properties were within that footprint.

Many of the other properties in the footprint are still owned by McKee and his business operation.

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