2007-08-06 Agenda - Laserfiche WebLink

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Ms. Feier noted that the Citizen’s Tax Board for Economic Development had allocated $200,000 for the Loop Trolley in their initial five (5) year proposal. At a recent meeting the Economic Development Retail Sales Tax Board (the Board required by State Law) members unanimously voted to request the City Council to provide an additional $50,000 from the D-1-a Prop U monies. The Prop U additional tax had generated $250,000 from January 1, 2007 to June 30, 2007, that had not been earmarked for anything. Ms. Feier proposed that this $250,000 be given for the Loop Trolley feasibility study in order to meet their required local matching grant. Ms. Feier had presented it to the Council for their vote of support by authorizing the City Manager to draft of letter of commitment to the funding agency for $250,000. The City of St. Louis committed $50,000, bringing the total to $300,000 the needed matching funds to obtain the $1.5 million federal STP Enhancement Grant. Mr. Joe Edwards, 6504 Delmar Mr. Edwards gave a brief summary of the Loop Trolley. He stated that it would be a 2.2 mile fixed track trolley from University City Hall to the Missouri History Museum in Forest Park, traveling down Delmar and DeBaliviere. Mr. Edwards listed the two major benefits: one being the economic development as proven in other cities which also improves the quality of life of people near the tracks. Secondly it is just fun and connects the Loop with Forest Park. Trolleys are a proven tourist draw. The feasibility/engineering study will answer many questions that are not known such as where the electricity will come from, turn around points, and how much it will cost. After the study is completed, the Loop Trolley Co. can go back to the Federal government for future funding consideration and also have the required financial data to use in it’s fund raising. Mr. Edwards talked of the success of the fixed track trolley system in Memphis as a good comparison to the Loop area. In agreeing with Mr. Edwards, Ms. Brot emphasized that the major area in U City with successful ongoing mixed use development, is in the Loop. The business sales tax on the products, meals and entertainment sold in the Loop constitute a very large part of University City’s business sales tax. She pointed out that Mr. Edwards and other members of the Loop Trolley Board had worked for years with our Congressional leaders to encourage passage of this transportation law. We need to take this opportunity to receive the Federal grant of funding of $1.5 million by providing the matching $250,000 needed. Ms. Ricci had questions on who would support the trolley system upon completion. She has other questions which should be answered after the feasibility study is completed. Ms. Caroline Saunders, 7101 Pershing Ms. Saunders was present to talk about a resolution she will present at the next Council meeting approving a joint establishment of a Transportation Development District (TDD). It would allow two cities, University City and St. Louis, to join together to file a petition in Circuit Court of St. Louis County. This would be put to a vote by registered voters and property owners within the boundaries of the proposed district asking them to pass and create a TDD to levy a 1 cent sales tax on all retail sales just within the boundaries of the district. It is anticipated that if the TDD is established it would generate about 6.5 million dollars in revenue to fund the operation, maintenance and construction. It would be generated over 15 to 20 years. MOTION - Mr. Wagner voiced his support of the Loop Trolley. Mr. Wagner moved to authorize the City Manager to write a letter of authorization for the $250,000 generated from August 6, 2007