SAINT LOUIS, MO – St. Louis Municipal Finance Corporation, through Comptroller Darlene Green, announced that they already completed the purchase regarding Convention Center expansion. They purchased a parking garage at 701 N 7th Street as the location to expand the Convention Center.
The City of St. Louis purchased the parking garage for $4,9 million, where it was from the bond proceeds of the Convention Center expansion's sale at $105 million. Hence, the government does not require any additional payment.
Comptroller Darlene Green stated that it was a favorable result with investors because the convention center bonds in 2020 lead them to get net additional proceeds and continue with those purchases. He also gave his gratitude towards the effort and diligence of the CVC (Convention and Visitor Commission) team to make St. Louis Municipal Finance Corporation succeeded in proceeding with the purchasing.
The parking garage is still under construction and has not been providing the quality of convention and event attendees yet, said Kitty Ratcliffe, President of CVC. To build, the requirement of the Convention Center that St. Louis’ government expects, CVC is collaborated with Comptroller Darlene Green and St. Louis Municipal Finance Corporation to acquire control of the site.
They are still in discussion to plan the development of the site and the CVC team expects demolition of the garage shortly, with additional plans announced later.
The ongoing $210 million expansion and renovation for America’s Center is from St. Louis City and St. Louis County, that was announced back then in 2018.
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