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Scottrade Center bill rejected again
No thanks: Bill for renovations to Scottrade Center rejected again
The city's share of renovations to Scottrade Center will continue to be negotiated after a $67.5 million proposal failed in aldermanic committee at City Hall Monday morning.
The bill, which was amended to delay debt payments on bonds for the project for the first three years, was defeated 4-3 in the Aldermanic Ways and Means Committee. It was the third committee hearing for the bill this month.
After the vote, Board of Aldermen President Lewis Reed said the bill will come up again after more negotiations. Reed said committee chairman Stephen Conway, who voted against the proposal, wanted to have the vote Monday to see where committee members stood on the bill.
Last week,Conway voted against a funding proposal for a Major League Soccer stadium as a legislative tool for later bringing it back up for consideration. That bill was amended and eventually passed 5-4.
Earlier this month, city leaders and St. Louis Blues executives announced an effort to get taxpayer help to pay for a $138 million renovation of Scottrade Center. The city would fund the initial $67.5 million in improvements in the proposal.
Combined with interest, the cost of the bonds would push about $100 million.
The bill proposes delaying debt payments from 2018 through 2020. Reed said it would allow revenue for the project to accumulate before being dispersed, giving the city more flexibility.
The first three years of debt payments would instead be exclusively paid through a Community Improvement District tax starting at $500,000 in the first year and increasing to $1.2 million by the third year. The tax would be imposed on revenue generated from activities at Scottrade Center.
Over the next 27 years, the city would begin annual payments of $1 million that would rise incrementally to $4.5 million annually toward the end of the bond payments.
CID contributions to the payments would eventually increase annually to about $2 million annually toward the end of the 30-year debt payment schedule.
But James Garavaglia, the city's deputy comptroller, said the Comptroller's Office remains concerned about the proposal's potential impact on general revenue as well as that the delay wouldn't prevent the eventual stress the bonds would put on the city's spending.
It was not clear when the proposal might receive another hearing.
via
http://www.stltoday.com/news/local/...cle_4dea0e0d-2d92-5db5-a0a6-1448fe7a4442.html
No thanks: Bill for renovations to Scottrade Center rejected again
The city's share of renovations to Scottrade Center will continue to be negotiated after a $67.5 million proposal failed in aldermanic committee at City Hall Monday morning.
The bill, which was amended to delay debt payments on bonds for the project for the first three years, was defeated 4-3 in the Aldermanic Ways and Means Committee. It was the third committee hearing for the bill this month.
After the vote, Board of Aldermen President Lewis Reed said the bill will come up again after more negotiations. Reed said committee chairman Stephen Conway, who voted against the proposal, wanted to have the vote Monday to see where committee members stood on the bill.
Last week,Conway voted against a funding proposal for a Major League Soccer stadium as a legislative tool for later bringing it back up for consideration. That bill was amended and eventually passed 5-4.
Earlier this month, city leaders and St. Louis Blues executives announced an effort to get taxpayer help to pay for a $138 million renovation of Scottrade Center. The city would fund the initial $67.5 million in improvements in the proposal.
Combined with interest, the cost of the bonds would push about $100 million.
The bill proposes delaying debt payments from 2018 through 2020. Reed said it would allow revenue for the project to accumulate before being dispersed, giving the city more flexibility.
The first three years of debt payments would instead be exclusively paid through a Community Improvement District tax starting at $500,000 in the first year and increasing to $1.2 million by the third year. The tax would be imposed on revenue generated from activities at Scottrade Center.
Over the next 27 years, the city would begin annual payments of $1 million that would rise incrementally to $4.5 million annually toward the end of the bond payments.
CID contributions to the payments would eventually increase annually to about $2 million annually toward the end of the 30-year debt payment schedule.
But James Garavaglia, the city's deputy comptroller, said the Comptroller's Office remains concerned about the proposal's potential impact on general revenue as well as that the delay wouldn't prevent the eventual stress the bonds would put on the city's spending.
It was not clear when the proposal might receive another hearing.
via
http://www.stltoday.com/news/local/...cle_4dea0e0d-2d92-5db5-a0a6-1448fe7a4442.html
