Ordinance 71376

Summary

This Board Bill will approve an Amended and Restated Redevelopment Agreement and Financing Agreement in connection with 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 City and FOPA Partners, LLC entered into a Redevelopment Agreement dated as of June 13, 2019 with respect to RPA 2. This redevelopment agreement must now be amended to conform to the Second Amended RPA 2 Redevelopment Plan. In connection with the Second Amended RPA 2 Redevelopment Plan and Amended and Restated Redevelopment Agreement: • The Developer will completion of the Alamo Drafthouse Building. • The Developer will 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. • The total TIF assistance will increase from $17,259,000 to $18,000,000. • The total private investment will increase by $60 million+, 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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