Latest posts tagged with #CortexTIF on Bluesky
TIL that the average compensation for the five highest earners employed by Cortex topped $325K in 2024.
#Cortex990
Who benefits from the #CortexTIF?
On its recent annual impact reports, Cortex doesn’t disclose revenue sources in the financial section. Only expenses are documented.
Cortex should pay for the section of the connector cutting through the #CortexTIF district. At least we’d know how the TIF funds are being spent.
Update from today's BOA:
Ald. Browning placed #BOAbb83 on the informal calendar.
At the Nov.18 HUDZ Committee hearing on BB 83, no one from SLDC's incentive division was present to explain how the bill diverts the sales tax revenue to #CortexTIF & fund for tenant reimbursement.
More info in ALTs
Happy #BOAFriday, except to the members of the St. Louis BOA who will vote in favor of the #BOAbb83 sales tax rebate for the tenant at #3942Laclede in the supposedly blighted #CortexTIF
Someone needs to remove BB83 from the consent calendar to enable debate.
SLDC skipped #HUDZ 😡
Details in quoted 🧵
Why should alders #VoteNOonBB83 on Dec. 12?
1. The truth about how the "incentive" deal works was not disclosed to the HUDZ Committee.
SLDC incentive staff didn't show up!
2. Zero sales tax revenue goes to city coffers.
Allocation:
50% captured by #CortexTIF
50% reimbursement to CI Inc ($1 M max)
Hey @stlpublicradio.bsky.social 👇
The public deserves a rebuttal to some of Browning’s assertions in the interview. Notably on Cortex* & “the experts” at SLDC**
*Browning is an ex-officio director of the Cortex board. Image 1
**SLDC mislead the TIF Commission & public on #CortexTIF & C2N. Image 2
There’s plenty of room in the #CortexTIF lot west of IKEA, which is blighted due to presence of a fleet of Teslas.
Board Bill 83 is on today’s BOA agenda (“perfection consent”).
#BOAbb83 diverts half the sales tax revenue to reimburse new tenant at renovated Carriage House.
The second half of sales tax revenue is captured by the #CortexTIF
Not a dime in sales tax will be go to City coffers.
Excerpt from page 2 of Exhibit A to Board Bill no. 83, specifying the allocation of sales tax revenue generated by the tenant at 3942 Laclede.
My interpretation of page 2 of Exh. A:
50% of the sales tax revenue will be deposited in the #CortexTIF Special Allocation Fund.
50% of the sales tax revenue will be deposited into an account from which the city will reimburse C.I. Inc. up to $1 M for eligible tenant improvements.
The city gets 0️⃣
#TransparencyFail No Way To Run A Govt #395678
😡 $72,000 a year St. Louis City Alders rubberstamping more corporate welfare for #CortexTIF AND without accurate financial information. #BB83 is sponsored by Alder Browning, who sits on Cortex Board and previously worked for Cortex founder WashU
St. Louis City Alders are headed to make a big mistake. Again.
#BB83 for more corporate welfare within #CortexTIF is not only unnecessary, it's fiduciary malfeasance.
🧵
Starting shortly! 11 a.m.
#HUDZ public hearing on #BOAbb83
Testify via Zoom against the latest heist of public money for a firm that doesn’t need the 💰💰
Details in 🧵
Stealth involvement of #CortexTIF leaves the city with no immediate benefit from sales tax generated by the relocating company.
#TransparencyFail No Way To Run A Govt #395675
😡 St. Louis City Alders have snuck more corporate welfare for #CortexTIF on Tuesday HUDZ Agenda. #BB83 www.stlouis-mo.gov/government/c... is sponsored by Alder Browning, who sits on Cortex Board and was previously employed by WashU, a Cortex founder
Tues. at 11 a.m.
BOA #HUDZ Committee hearing: tinyurl.com/yvry6yp4
#BOAbb83 was added to agenda Sunday at 8:16 p.m.
For tax breaks, BOA often acts to minimize opportunity for public comment/opposition. See quoted post for why BB83 is a racket
#CortexTIF means 0 sales tax revenue for city coffers!
/1
Screen capture image of the webpage showing the result of the roll call vote on Board Bill no. 68. Link to BOA webpage, showing the vote tally for Board Bill no. 68: https://tinyurl.com/4962d6ys
Final passage vote results for #BOAbb68
tinyurl.com/4962d6ys
5 alders voted no: Cohn, Narayan, Sonnier, Tyus & Aldridge.
Note that Cohn made the motion to reconsider BB 68😡
Coming soon: #HUDZ hearing on #BOAbb83 ; provides a rebate of 50% sales tax to a business at #3942Laclede in the #CortexTIF
I think Browning's service on the Cortex board presents a conflict of interest that should have precluded his sponsorship of #BOAbb68
Browning should have recused himself from all BOA deliberations on the bill.
Cortex board members are listed here: www.cortexstl.org/about/our-team
#CortexTIF
The exchange between Alderwoman Sonnier and Cortex CEO Fiorello regarding eminent domain starts at 27:00 in the Oct. 7 #HUDZ committee video:
youtu.be/G0ABt-geyU4?...
(runs to 29:30)
FYI: The public storage facility at #4210ForestPark is in operation.
#BOAbb68 #Cortex353 #CortexTIF #4140ForestPark
🎃 At Friday’s BOA meeting, beware the possible return of #BOAbb68 for the zombie 🧟♂️ blight for the #Cortex353 redevelopment area.
Remind your alder to #VoteNOonBB68
Cortex can negotiate with owners to purchase property without the governmental power of eminent domain.
#eminentdomainabuse
#CortexTIF
I attended the panel discussion at today’s “We are Cortex” event.
I skipped the “free” lunch, but did let Cortex know that I want to see an end to the blight & eminent domain in Board Bill 68.
#BOAbb68 #Cortex353 #CortexTIF
Cortex’s full court lobbying press is no doubt in high gear for #BOAbb68
The nonprofit with government powers (via #Cortex353) & large public subsidies (via #CortexTIF) has an influential board. Members include, FYI: SLDC’s board chair Nancy Hawes & CEO Williams, Ald. Browning & SLEDP’s Rodney Crim
"The bill failed to receive a two thirds majority approval, after only receiving seven yes votes when it needed eight. Five aldermen voted against the measure."
Roll call vote tally pending. 3 members of the BOA didn't vote on #BOAbb68 I don't know if any alders were absent.
#Cortex353 #CortexTIF
Happy #BOAfriday to all, especially the alders voting NO on these bills:
#BOAbb68 Extends #Cortex353 blight designation & eminent domain.
#CortexTIF
#BOAbb82 Sale of Interco Plaza park to developer John Berglund/Starwood Group
Board of Aldermen meeting starts at 10 a.m.
#WhoBenefits?
“Roll Call Sheet” documenting the perfection vote on Board Bill 19 at the 10.17.25 BOA meeting. BB 19 was perfected on a vote of 11 to 3.
Screen capture image of portions of page 10 and 11 of the BOA meeting minutes for the 10.17.15 full session meeting of the St. Louis Board of Aldermen. Perfection of BB 68. Link to meeting minutes: https://www.stlouis-mo.gov/government/city-laws/upload/legislative/minutes/Mins%20October%2017,%202025%20Updated.pdf
Thanks to Alders Cohn, Narayan & Alderwoman Tyus for voting NO on #BOAbb68 at the first full BOA session vote at the Oct. 17 meeting.
See image 1 for roll call sheet & image 2 for minutes. BB 68 was perfected by a vote of 11 ayes to 3 nays. Ald. Cox Antwi did not cast a vote.
#CortexTIF #Cortex353
This Friday: Final vote on #BOAbb68 to extend blight designation & eminent domain in the #CORTEX353 area.
Remember, there’s no free anything organized by Cortex*
The nonprofit with the hefty payroll would be operating in the red without public money. #CortexTIF
*See Cortex’s social media campaign.
Newsflash!
Board Bill 83 was removed from Tuesday's #HUDZ agenda when the calendar notice was updated at 9:06 a.m. today.
Stay vigilant!
#BOAbb83 doesn't mention the #CortexTIF
The TIF's Special Allocation Fund will capture 50% of sales tax revenue generated at the #3942Laclede location.
Background on the perpetual blight in the #Cortex353 redevelopment area from @kavahnmansouri.bsky.social
Final vote on BB 68 expected on Oct. 28
Related: #CortexTIF plays a silent role in #BOAbb83, which channels $1M in sales tax revenue to Corporate Interiors Inc.
bsky.app/profile/kava...
Now that the blight extension for the #Cortex353 has been perfected by the Board of Aldermen, the Cortex marketing team can scale back its month-long social media campaign.
I expect the final vote on #BOAbb68 at the Oct. 28 BOA meeting. Then head over to 4240 Duncan for a free #CortexTIF lunch.
Screen capture image of City of St. Louis website, summary of Board Bill no. 83. Meeting calendar notice for the Public Hearing by the BOA HUDZ Committee on BB 83. October 21 at 11 a.m. City Hall & via Zoom. https://www.stlouis-mo.gov/events/eventdetails.cfm?Event_ID=51564
Screen capture of a portion of page 2 of Exhibit A to Board Bill no. 83. Section 1. Bill accessed on 10.17.25. Link to BB 83: https://www.stlouis-mo.gov/government/city-laws/upload/legislative/boardbills/introduced/BB83%20Combined1.pdf
Screen capture image from City of St. Louis website, map of TIF districts. Image shows part of the boundary of the Cortex TIF district, which includes properties on the south side of 39XX Laclede, between Vandeventer and Sarah. The buildings at 3942 and 3948 Laclede are visible in the center of the image. Link to map of Tax Increment Financing districts in the City of St. Louis: https://geoportal.stlouis-mo.gov/portal/apps/View/index.html?appid=0cefe368a3114450bb273878e6088ead
Screen capture image from Google Street View, showing 3942 Laclede (far left, beige brick facade) and 3948 Laclede (red brick facade). According to the City of St. Louis website, the first building permit for renovations at 3942 Laclede was issued on 01.12.24. City of St. Louis "Address & property search" webpage: https://www.stlouis-mo.gov/data/address-search/index.cfm
Should the City of St. Louis reimburse Corporate Interiors, Inc. up to $1 M for the #3942Laclede project in the #CortexTIF?
Testify on #BOAbb83 at the 10/21 #HUDZ hearing.
Info in ALT
Allocation of sales tax revenue:
50% captured by the TIF
50% reimbursement to CI Inc ($1 M max)
0% to city coffers
HUDZ agenda
Today at 11 a.m. St. Louis BOA #HUDZ Committee.
Public comment on both items. 📣
#BOAbb68 extends the blight determination & eminent rights for the Cortex 353 redev. area. Boundaries similar to the #CortexTIF district.
Otis Williams presents annual SLDC compliance report (mandated by Ord. 71620) 👀
Correct!
Certain officials, developers & lobbyists like to label the public as uninformed when testifying at hearings. Oftentimes there is little information about a project posted in advance.
Docs for the #4140ForestPark Wash U/ #CortexTIF heist were posted during the #HUDZ hearing in 2024.
