Board Bill Number 71 | Session 2021-2022

City Foundry Saint Louis Tax Increment Financing (TIF) Second Amended RPA 2 Redevelopment Plan

Summary

This Board Bill will approve the City Foundry Saint Louis Tax Increment Financing (TIF) Second Amended RPA 2 Redevelopment Plan. The City Foundry Saint Louis TIF was approved in 2017 by passage of Ordinance No. 70431. The Redevelopment Area described in the Redevelopment Plan was originally divided into four Redevelopment Project Areas ("RPA"). TIF was adopted in RPA 1 upon passage of Ordinance No. 70431. In 2019, by passage of Ordinance No. 70750, the Redevelopment Plan was amended to rearrange RPA boundaries and describe a more detailed redevelopment proposal for RPA 2. The City Foundry Saint Louis Tax Increment Financing (TIF) Second Amended RPA 2 Redevelopment Plan further amends the Redevelopment Plan with respect to RPA 2 only. The first phase of the RPA 2 redevelopment project, consisting of an approximately 46,000 square foot dining and entertainment building (the "Alamo Drafthouse Building") is under construction; however, the remainder of RPA 2 is still vacant. The proposed amendment to the Redevelopment Plan will revise the scope of the redevelopment project for RPA 2 to include: • Completion of the Alamo Drafthouse Building. • Construction of approximately (a) 37,000 square feet of retail space, (b) 59,000 square feet of office space, (c) 280 residential apartments, and (d) 492 structured parking spaces in the remainder of RPA 2. • Increase in the total TIF assistance from $17,259,000 to $18,000,000. • $60 million+ increase in private investment, resulting in the percentage of total costs funded by TIF decreasing from 17.7 percent to 11.25 percent of total costs.

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Overview

Session: 2021-2022

Introduced: 07/01/2021

Sponsor: Tina (Sweet-T) Pihl

Latest Activity: Register Returns Notice with Ordinance Number

Ordinance: 71375 effective 08/30/2021

Legislative History

Legislative activities and outcomes for this board bill. Learn more about what these activities mean.

07/16/2021 Final Passage Vote Results

Aye Votes
25
Nay Votes
1
Vote Totals

View vote details

Ordinance

Ordinance Number: 71375

Effective Date: 08/30/2021

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