Visions of Eminent Domain in St. LouisBy Lancee H. Kurcab For the past five years Paul McKee, chairman of McEagle Properties, has been secretly buying parcels of property in the redevelopment area of north St. Louis, using holding companies as a way to hide his intentions from local residents.[1] He now owns 882 properties, totaling 116 acres, and is now looking to the city of St. Louis to help him acquire an astounding 2,400 properties.Not only does he want the city to help him acquire some of the properties by eminent domain, but he also wants the city to help him finance his project. McKee has only secured $27.6 million in private loans. He is counting on the city giving him $410 million in financing—the largest request the city has ever received—in addition to state and federal money giving him $328 million in tax credits. Despite these astronomical figures, it still is a fraction of the $8.1 billion he needs to complete his 20-year plan; he anticipates borrowing $6 billion.Read more…