Ordinance 71185

Summary

Overall Purpose/Reasons for the Board Bill This Board Bill creates the Soccer Stadium Community Improvement District (the “District”). What the Board Bill Will Do The Master Redevelopment Agreement among the City, TKFC LC, and the Land Clearance for Redevelopment Authority of the City of St. Louis, approved by Ordinance No. 71109, contemplates that the District will be created upon proper petition to the City. The Master Redevelopment Agreement and this Board Bill contemplate that, subject to approval of the qualified voters (i.e., the owners of real property within the District), the District will impose a 1.0% sales and use tax within its boundaries (the “District Sales Tax”). The revenues from the District Sales Tax will be used to fund certain eligible improvements and services related to the development of a professional soccer stadium and related team facilities, including: • Remediation of blighted conditions within the District, including demolition and clearance of existing structures; • Street, sidewalk and lighting improvements throughout the District; • Storm and sanitary sewer improvements throughout the District; • Utility improvements throughout the District • Landscape improvements throughout the District; • Parking improvements throughout the District; and • Public safety, marketing and economic development services as permitted by the CID Act. The Main Components of the Board Bill Attached to the Board Bill is the Petition for the creation of the District. The Impact of the Board Bill to the Community The Board Bill is in furtherance of the Redeveloper’s investment of more than $500 million in the City to attract an expansion Major League Soccer franchise and construct a professional soccer stadium and related team facilities.

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