In the “city” of St. Louis, the alderman are happy spending taxpayer money renovating for-profit business:
Aldermen approved tax increment financing and other public assistance that could reach $28.7 million. The redevelopment area is comprised mainly of the 21-story Railway Exchange Building, which houses Macy’s, and the parking garage across Olive Street from the store.
Macy’s plans to downsize the store from seven to three floors. Much of the first phase of TIF funding — $8.4 million — will be used in the store remodeling, Young said. The company has yet to provide remodeling details.
Maybe I should call any business in downtown St. Louis “for-profit” with quotation marks since so much of the business model seems to be getting money and concessions from government entities instead of consumers. But what “consumers” want to go downtown, pay to park, and then pay almost 10% in sales tax to shop at Macy’s downtown when they can get the same thing at a suburban mall? Even the half dozen or so residents of lofts downtown pull the Mini out of the garage and go to the suburbs to shop.
Maybe I should have titled this post “businesses whose logos are red stars and governments whose should be.”
