Ballpark Village Tax Incentives Move Forward
Date Posted: December 1, 2016
Posted In: Projects,
From St. Louis Public Radio: A St. Louis aldermanic committee approved a $56 million tax incentive package for Phase II of the Cardinals’ Ballpark Village on Wednesday in a meeting that also delved into larger economic development issues in the city.
The 8-1 vote in favor of the measure came after two lengthy meetings of the Housing, Urban Development and Zoning committee, as well as the addition of two amendments.
The Cardinals and their development partner Cordish are planning the $220 million project, which includes a 29-story luxury apartment building, a Class A office building and more retail space and parking.
Cardinals President Bill DeWitt III said the project would be transformative for downtown St. Louis, providing the first new office building since the late 1980s.
“It’s really an unbelievable project that I know our fans, as well as city residents, as well as people visiting from out of town, will be very impressed with,” DeWitt said following Wednesday’s meeting.
Here’s how the Cardinals’ $65 million tax incentive request breaks down from both the city and state:
- $42,936,498 in TIF bonds from the city as part of the Missouri Downtown Economic Stimulus Authority
- $6,890,544 in tax revenue from a 1% sales tax as part of a Community Improvement District
- $6,695,652 in tax revenue from a 1% sales tax as part of a Transportation Development District
- $8,878,050 in the state’s share of the Missouri Downtown Economic Stimulus Authority