Ordinance 71375

Summary

This Board Bill will approve 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 first phase of the RPA 2 redevelopment project, consisting of an approximately 46,000 square foot dining and entertainment building (the “Alamo Drafthouse Building”) is under construction; however, the remainder of RPA 2 is still vacant. The proposed amendment to the Redevelopment Plan will revise the scope of the redevelopment project for RPA 2 to include: • Completion of the Alamo Drafthouse Building. • 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. • Increase in the total TIF assistance from $17,259,000 to $18,000,000. • $60 million+ increase in private investment, 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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