Funding for Scottrade Center renovations gets final approval

A bill spelling out how the city of St. Louis will finance Scottrade Center renovations received final passage from the Board of Aldermen on Friday during a marathon seven-hour meeting that featured heated discussions, loud arguments and a bizarre switch in which one of the bill’s sponsors voted against it.

As the board rushed to pass a series of bills before going on a 10-week break, board President Lewis Reed, a sponsor and supporter of the plan to renovate the Scottrade Center, voted yes in an initial vote, than changed his vote to no for the final approval. Reed explained his switch by calling it a “philosophical decision.”

Outside of the confusion over Reed’s votes, there was plenty of action during Friday’s debate over Scottrade renovations.

Combined with interest, the $64 million in bond debt would cost the city more than $100 million over 30 years. A motion to send the bill back to committee failed 17-11.

Under the plan, the city would pay a total of $105 million over 30 years including cash and interest payments. The plan additionally includes $50 million from a Community Improvement District tax on sales at Scottrade Center over the next 30 years.

Read more: St. Louis Post-Dispatch, St. Louis Business Journal

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