Audrey Spalding of The Show Me Institute spoke to the K & N Patriots Saturday morning about the crony capitalism in the aerotropolis bill. Spalding explains that the bill provides $360 million dollars of tax credits. Of that, $300 million is designated to build warehouses in north St. Louis where there are already 18,000,000 sq. ft. of available warehouse space.
She also notes that new warehouses can only be built in "gateway zones". Those zones can only be created by County Executive Charlie Dooley (D) in St. Louis county or Mayor Francis Slay (D) in St. Louis city. In short, Missouri's Republican controlled General Assembly, led by Speaker Steve Tilley (R), wants to oil the St. Louis Democrat machine with $300 million dollars to dole out to their cronies.
Given that Moody's Investors Service is contemplating a review of Missouri's AAA credit rating, wouldn't the passage of this boondoggle negatively effect their rating of the state?