St. Charles Business Briefs: November 26, 2007

Summary

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The Missouri Housing Development Commission could vote again next month on whether to award Gundaker Commercial Group $4.8 million in additional tax credits for the developer's O'Fallon Lakes apartment project. A vote by the commission earlier this month to award the tax credits failed by one vote, but the panel is giving the developer additional time to make its case. The commission wants more documentation regarding Gundaker's costs on the project, said MHDC spokesman Brandon Laster.

Gundaker, originally a minority partner in the project, requested the extra credits to cover additional costs it assumed when it took complete control of the project. The majority partner hired an out- of-state contractor who allegedly used illegal immigrants on the work site. That contractor is no longer connected to the project.

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Extract

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St. Charles Business Briefs: November 26, 2007

The MHDC also is awaiting information from federal authorities before deciding whether to withhold tax credits from Clayton-based Hennessey Development's Southernside apartment project in O'Fallon. A subcontracto...

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