An Important Read From Team TIF On City’s Finances: Revenue, Expenses, TIF Debt, Tax Abatement, Pensions

yTkejEGTE01/01/2017 Team TIF Blog: Stormy Fiscal Seas Ahead for St. Louis- A Look at the City of St. Louis’s FY2017 Comprehensive Annual Financial Report (CAFR)

“Over the next 27 years, the City is projected to spend $636,466,000 in service of the TIF obligations that the city had issued as of June 30, 2017.”

“At over a billion dollars and growing, the police pensions could be a ticking time bomb that nobody has yet shown the courage to address.”

“The City’s Net Position held fairly steady at $1.3-$1.45 billion, for many years after the 2008 recession. After FY2013, the City’s Net Position has begun a dramatic decline. Some of this is due to the large debt load that was taken on, in order to win the NGA site selection process, though that can’t account for the entirety of the City’s declining fiscal position.”

“In 2013, the City’s net position was valued at $1.32 billion. As of June 30th of this year, it had halved to $646.5 million. The rate of the City’s Net Position decline slowed between 2015 and 2016, but has begun accelerating between 2016 and 2017. That the City’s Net Position has been halved in only a handful of years is of great concern. This declining position of is especially concerning, as the Comptroller notes that the Scottrade bonds hadn’t been signed, which would have added another $64M in obligations to the City’s books. This would have further decreased the City’s Net Position, but litigation held up the issuance of the bonds.”

 

Tuesday Nabe Development Hearing On House Nearly Completed On The Hill

9daggett am Tuesday, October 3rd, 2017
St. Louis Board of Aldermen
Neighborhood Development Committee
Room 208, Kennedy Hearing Room
City Hall, 1200 Market City

Online Calendar Notice/Agenda

The agenda features four redevelopments for 9th Ward, one in 12th Ward, and one that really stands out-

5219 Daggett on The Hill, 10th Ward.

daggett2The Daggett property is nearly completed. Looks like the only thing still needing “development” is the landscaping.

Blighting is for tax abatement. Tax abatement is supposed to be an incentive to develop slum areas. The Hill is not a slum area. The house is close to being finished.

If you’d like to comment on blighting (or anything else) to your alderman and Board President Lewis Reed, here is the contact info.

— Marie Ceselski, 7th Ward Democratic Committeewoman 

 

Monday Planning Commission Agenda: SLU Control Over Tax Abatement & Zoning for 400 Acres in Midtown

Pierre Laclede StatueSt. Louis City Planning Commission
Special Meeting
5:30 pm Monday, November 14, 2016
Planning & Urban Design Agency
City Hall West (Abrams Bldg), 1520 Market, 2nd floor, Conference Room B

Note: Planning Commission includes 22nd Ward Alderman Jeffrey Boyd, 28th Ward Alderwoman Lyda Krewson, and Michael Powers, representing Board President Lewis Reed. Boyd, Krewson, and Reed are mayoral candidates.

Full Agenda
Action will be taken on St. Louis Midtown 353 Redevelopment Plan – Midtown, The Gate District and Tiffany Neighborhoods – St. Louis University would have unprecedented control over tax abatement (reducing funds to public schools) and zoning for 400 acres.

10/29/2016 St. Louis Post-Dispatch news story: SLU wins development control over land close to campus 

10/22/2016 St. Louis Post-Dispatch news story: With $1 billion poised to flow into projects near campus, SLU wants development control 

Wednesday BOA Hearings On CID/Redevelopment Plan for 705 Olive

City Hall3Questions? Concerns? Praise? Make Your Voice Heard! Contact Your Alderman. Contact information at end of post.

8:30 am Wednesday, March 9, 2016
St. Louis City Board of Aldermen
Housing, Urban Development & Zoning Committee
Kennedy Hearing Room (Room 208), City Hall

Note: I am using the hearing information from last week’s Board of Aldermen Agenda, not the public meetings information on the City’s online Calendar, which continues to be a mess.

Public Hearings on three bills by Alderman Jack Coatar (7th Ward)

Board Bill 322 on the 705 Olive Redevelopment Plan (including up to 20 year tax abatement)

Board Bill 323 establishing the 705 Olive Community Improvement District.

Board Bill 324 to utilize funds from Sales Tax Reimbursement Account for the project

Members of the HUDZ Committee include Alderman Joe Roddy (17th Ward), Chair, Alderman Freeman Bosley Sr (3rd Ward), Alderman Chris Carter (27th ward), Alderman Jack Coatar (7th Ward), Alderman Steve Conway (8th Ward), Alderwoman Marlene Davis (19th Ward), Alderwoman Megan Green (15th Ward), Alderman Antonio French (21st Ward), Alderman Terry Kennedy (18th Ward), Alderwoman Lyda Krewson (28th Ward), Alderman Sam Moore (4th Ward), Alderwoman Cara Spencer (20th Ward).

Board President Lewis Reed is a voting member of all committees.

Contact Information for Members of the Board of Aldermen

Contact Information for Board President Reed

Note: Wrong address previously posted. Correction made.

-Marie Ceselski, 7th Ward Democratic Committeewoman