Board Bill Number 206 In Session 2023-2024

Summary

This board bill is being introduced to establish the 2601 Market Community Improvement District (the "District"). The District will be comprised of a single parcel of property with a common street address of 2601 Market, St. Louis, MO 63103 (the "District Property"), which is generally located at northwest corner of the intersection of Market Street and Jefferson Avenue in Downtown West. The principal objective and purpose of the District is to provide a mechanism to provide funds to finance the District's Projects, which will involve the redevelopment of the District Property through the construction of certain improvements in order to prepare the District Property for commercial uses. The District will cause the design and implementation of various District Projects located within the District Property. Such improvements may be undertaken in multiple phases or may occur in one phase. The contemplated improvements could consist of the construction, reconstruction, installation, repair and maintenance of any of the improvements and the provision of any of the services permitted by the Act including, but not necessarily limited to: (a) Removal, renovation, reconstruction, rehabilitation, or demolition of any buildings or structures within the blighted area of the District; (b) Repairing, maintaining and equipping of any buildings or structures within the District; (c) Any utility infrastructure; (d) Drainage, water, sewer, storm and sewer systems; (e) Convention center and meeting facilities; (f) Parking lots, garages or other traffic and parking improvements; (g) Sidewalks, streets and alleys; (h) Landscaping, hardscaping, pedestrian plazas and lighting; (i) Facility signage (roadway and monument); (j) Preparation and implementation of the District Projects; (k) Employing and/or contracting for personnel and services necessary to carry out the purposes of the District, including, but not limited to security personnel and security services, maintenance services, advertising, or assistance to attract further investment within the District; and (l) All other useful, necessary or desired site improvements. Under the terms of the District's Petition, to be adopted by this Board Bill, the District shall terminate on the date the District will have reached its twenty-seventh (27th) year of existence as measured from the effective date of the City Ordinance establishing the District. For example, if the District is formed by a City ordinance effective on April 1, 2024, the District would terminate pursuant to this section as of March 31, 2051. Pursuant to the Petition and Section 67.1545 of the CID Act, RSMo, the District shall have the power to impose a District sales tax on all retail sales made within the District that are subject to taxation at a rate not to exceed one percent (1%) and to impose a special assessment in an amount not to exceed $5.00 per occupied sleeping room per night in any hotel, motel, inn or other place in which sleeping rooms are available to the public that is operated within the District. The District will also have all the authority and powers granted by the CID Act and as otherwise provided by law unless limited in the Petition or the District's Five-Year Management Plan.

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