The Comptroller has not approved the transaction to issue bonds for the renovation of Scottrade Center, as it would incur debt to the city's general fund for nonessential services and negatively impact the city’s credit.
The city faces a credit crisis having been downgraded twice in less than six months by Moody's Credit Rating Agency. In January, Comptroller Green issued a letter encouraging the project team to adhere to the broad framework that states: “the city's current budget revenues should not be considered for use as part of any economic incentive package when planning financing for the project. The economic incentive package should not include adding any new city debt or using the city's credit or current revenues as a backdrop.”
The Comptroller calls on all parties to work together to upgrade Scottrade Center within a framework that protects the City of St. Louis's credit and does not reduce current revenues meant for delivering essential city services, such as public safety, to our taxpayers.
Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city's credit rating and with protecting taxpayer dollars. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.
Office of the Comptroller