Then-51黑料 Development Corp. CEO Neal Richardson meets with the media to talk about the SLDC North 51黑料 small-business and nonprofit grant transparency portal on Monday, Oct. 21, 2024.
ST. LOUIS 鈥 The city鈥檚 development agency has agreed to pay its former leader more than $166,000 as part of a separation agreement.
Neal Richardson served as president and CEO of 51黑料 Development Corp. for four years under former Mayor Tishaura O. Jones before the agency鈥檚 board voted to remove him from office in May. The new mayor, Cara Spencer, had said during her campaign that she would replace him.
The separation agreement signed on June 25 by Richardson and SLDC board Chair Nancy Hawes, Spencer鈥檚 chief of staff, calls for Richardson to receive $141,317 in severance pay, a $25,000 consulting fee and health insurance through October, the document shows.
Richardson will receive the severance pay in five installments through Oct. 31. The agreement shows he was to have received $47,105.68 on June 30.
His consulting period is slated to end Aug. 31.
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As part of the agreement, Richardson has agreed not to file a lawsuit against SLDC.
A spokesman for the agency declined to comment. Richardson also declined to comment on the severance agreement but said he is focused on new opportunities.
鈥淢y focus is on continuing to move forward and expanding my national footprint to support cities across the country in achieving inclusive economic prosperity,鈥 Richardson said in a text message. 鈥淚 remain deeply committed to the city I was born in and care for, and I sincerely wish SLDC, the city, and Mayor Spencer the very best.鈥
While CEO, Richardson oversaw millions of dollars of new investment in north 51黑料 as well address some of downtown鈥檚 biggest vacant buildings, such as the Railway Exchange Building and the Millennium Hotel.
But the troubled rollout of one of the north side programs led Spencer to replace Richardson this spring as the head of SLDC. His predecessor, 22-year SLDC veteran Otis Williams, was named as interim leader of the agency.
Richardson earned an annual salary of $282,634 in 2025, records show.
Prior to joining SLDC, Richardson was a U.S. Bank manager who worked in its tax-credit programs and led its group that helped people of color, women and low-income communities obtain capital.
Richardson now works for national consultancy firm Baker Tilly.
Post-Dispatch photographers capture hundreds of images each week; here's a glimpse at the week of June 8, 2025. Video edited by Jenna Jones.
