St. Louis Arch Project Gets First Round Of Financing

The Gateway Arch in downtown St. Louis Arch | Photo by Nicole Lunger
The Gateway Arch and its grounds are slated for $380 million worth of renovations. | Photo by Nicole Lunger

The board of the Great Rivers Greenway trails district will vote today on a $30 million bond measure to fund the first part of the renovation of the Gateway Arch grounds. The money will largely go toward construction on the park’s southern quadrant.

The district aims to borrow about $85 million in total toward the $380 million Arch project. Great Rivers will spend about $800,000 in bank, consultant and attorney costs, and pay about $3.5 million in interest over the 10-year loan.

Executive director Susan Trautman said the board originally went out to bid for a $10 million offer. UMB Bank offered a 2 percent interest rate, plus $20 million more if the board could close by the end of 2013. A public offering would run closer to 4 or 5 percent interest, she said. The trails district will pay off the debt via about $9.5 million a year from Prop P, the Arch-trails-parks 3/16-cent sales tax passed this spring.

Read more from the St. Louis Post-Dispatch

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