Ordinance 71254

St. Louis Innovation District Redevelopment Area TIF Notes

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Ordinance

In February 2013, the Board approved redevelopment of an aging 200-acre midtown industrial neighborhood (similar boundaries to existing CORTEX 353 area) into a mixed-use technology district generating a projected 26,000 construction jobs, 13,000 permanent jobs, $520 million in additional total tax revenue, $205 million in additional City tax revenue, $87 million in additional school tax revenue, and public infrastructure improvements (Ordinance 69389), known as the St. Louis Innovation District Redevelopment Area. To date, it has generated in excess of $54,000,000 net-new tax revenues for the taxing jurisdictions in excess of payments to developers. This Board Bill authorizes the issuance of additional TIF Notes within the previously-approved TIF capacity related to Redevelopment Area-Wide Redevelopment Projects, which include district-wide infrastructure needs. No changes to the TIF Plan or Redevelopment Agreement are proposed or required. The previously approved TIF Plan and Redevelopment Agreement contemplate a total of $67,000,000 of TIF assistance for Redevelopment Area-Wide Redevelopment Projects, of which only $25,000,000 has previously been authorized (in 2014). As with all TIF notes, these will be paid solely by revenues from the projects; no other City revenues/appropriations are involved.

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Legislative History

Session: 2020-2021
Board Bill Number: 135
Primary Sponsor: Joseph D Roddy
Co-Sponsors:
Committee: Housing, Urban Development and Zoning
First Reading: 10/09/2020
Second Reading: 10/23/2020
Perfection: 10/30/2020
Third Reading: 11/13/2020
Effective Date: 01/01/2021

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