Board Bill Number 36 Votes In Session 2022-2023

Board Bill

The overall purpose of this Board Bill is to approve a Second Amended and Restated Financing Agreement among the City, the LCRA and the State of Missouri in connection with funding certain infrastructure improvements that are needed for the NGA West project and that benefit the surrounding neighborhoods. Pursuant to the First Amended and Restated Financing Agreement dated as of December 21, 2016 (and authorized by Ordinance No. 70074), the City agreed to contribute $1,500,000 annually of earnings tax revenues generated from NGA employees through Fiscal Year 2046 and the State agreed to contribute between $5,750,000 and $5,950,000 annually of withholding tax revenues generated from NGA employees through Fiscal Year 2046 to repay bonds issued by the LCRA. The LCRA’s bonds, issued in 2017, generated approximately $103,500,000 in available project funds. These funds, together with a $13,000,000 line of credit secured from the St. Louis Municipal Finance Corporation (via a lease financing using the 1520 Market building as collateral) and approximately $40,000,000 in proceeds from the sale of State-issued Brownfield Tax Credits, were used to assemble property for the NGA West project, prepare the site for transfer to the federal government, and construct certain infrastructure improvements benefitting the NGA West project and the surrounding neighborhoods, including improvements to the I-64/Jefferson Avenue interchange, the Jefferson Avenue corridor and 20th Street. The proposed Second Amended and Restated Financing Agreement will increase the City’s annual contribution by $650,000 and the State’s annual contribution by $850,000. This additional funding will allow for an additional series of bonds to be issued. The proceeds from the additional bonds, estimated at approximately $22,500,000 based on current interest rates, will be used to fund additional infrastructure benefitting the NGA West project and the surrounding neighborhoods, including, without limitation, improvements to Cass Avenue, 22nd Street and St. Louis Avenue. As a result of the Second Amended and Restated Financing Agreement and the additional bonds, the City’s current combined lease payments on the 1520 Market building and financing agreement payments will be reduced from a total of $58.5 million over Fiscal Years 2022 - 2046 to $57.155 million, resulting in a total payment savings to the City of approximately $1.35 million, while funding over $20 million of infrastructure improvements in North City.

View Board Bill 36 details

06/16/2022 Final Passage Vote Results