Comptroller Darlene Green Statement on Funding for Scottrade Center Renovations

Letter from the Comptroller to the Board of Aldermen encouraging the project team to adhere to a broad framework protecting city credit and revenues.

January 5, 2017 | 2 min reading time

This article is 7 years old. It was published on January 5, 2017.

The Comptroller's office stands ready to support economic incentives for upgrades to Scottrade on behalf of Blues Hockey. However, the Comptroller's office encourages 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.”

Any proposed use of current budget revenues reduces available funding for public safety and delivery of essential city services. We must increase revenues for public safety funding. Preventing and reducing crime is a budget priority. Therefore, we should not enter into agreements that propose to use current budget revenues, thus reducing tax dollars for public safety and essential city services.

Instead, development tools like Community Improvement Districts (CID), Transportation Development Districts (TDD), and other tools that temporarily layer costs upon economic activity can be the public participation used to support funding the project.

Surely, working 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 would be mutually beneficial for taxpayers and Blues Hockey fans and owners.

Thank you.
Comptroller Darlene Green

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