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.”

 

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8 am Wednesday Tax Increment Financing Commission Meeting

yTkejEGTE8 am Wednesday, October 4th, 2017
Tax Increment Financing Commission
Board Room, St. Louis Development Corporation
City Hall West, 1520 Market
Open to the Public

City Online Calendar Notice/Agenda: Corporate Welfare for City Foundry

Most recent news on project…
8/16/2017 St. Louis Post-Dispatch: City Foundry developers scrap apartment tower component of retail, office complex

And here’s an oldie but a goodie…
12/22/2016 Riverfront Times: Appointee Who Opposed City Foundry Tax Break Booted From TIF Commission

Information on the project posted by Team TIF 

Tuesday LCRA Agenda Includes Some Big 7th Ward Projects

yTkejEGTE3 pm Tuesday, February 21, 2017
Land Clearance for Redevelopment Authority
1520 Market, City Hall West, Room 2000

Agenda includes Corporate Welfare for Cupples X, Scottrade, and 705 Olive Boutique Hotel. As Team TIF pointed out on Twitter:

teamtif

Full Agenda below. Agenda not posted online as of 7 pm Monday.Many thanks to Team TIF for circulating Agenda.

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