2013-06-24 Reg - Laserfiche WebLink

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Ms. Riganti noted there would be a number of ways and different funding sources that are not currently permitted for the Special Business District. Funds could be used in property acquisition and security measures. The City could put the effort that is currently being funded through the Economic Development Retail Sales Tax to benefit the Loop Special Business District by creating another source of funding. Ms. Riganti said that depending on what type of Community Improvement District, C.I.D., is formed, the City would have a place on the board of the C.I.D. Ms. Carr asked if it was correct that they would be more independent as a C.I.D., to which Ms. Riganti agreed. Ms. Carr noted then essentially the City would be forming a subdivision within a subdivision or would it be independent. Ms. Riganti stated it would be independent of the subdivision. She noted there are a couple of different types of C.I.D.s that could be formed. One thing the attorney would do would be to look at the various options available to the City, to the Business District and make a recommendation. Ms. Carr asked if C.I.D. was more independent and could tax more and if they could issue T.I.F.s. Ms. Riganti stated they would need to come to the City for a T.I.F. to be issued. Ms. Carr noted that one of the major property owners in University City and in the City of St. Louis is Washington University and heard that they are interested in making a contribution of $400,000 per C.I.D. where U City would get no pilot; the City would get $90,000 to cover the salary basically of one police officer and was puzzled why Wash U was eager to give money to the subdivision. She wondered if it was a subdivision they were going to run and she was a little concerned about giving independence to the City’s major commercial district. Ms. Riganti noted she was not qualified to answer any legal questions but said before a C.I.D. could be formed, a petition signed by the property owners would have to be given to the City to form a C.I.D. Ms. Carr asked why Armstrong Teasdale was chosen. Ms. Riganti stated they sent out an RFP, received four responses, interviewed qualified firms and the panel consisted of a representative from the Loop Special Business District and the Loop East Business District. The panel chose Armstrong Teasdale to represent them as the best qualified firm. Ms. Carr asked if the City goes ahead with it would they be starting down a path of which they could not pull back. Ms. Riganti stated no. Mr. Crow noted the City was not asked to pay the legal fees at Delcrest and Delmar to get their project started. Ms. Riganti agreed. Mr. Crow said he can understand why the land owners in the Loop would like to form a C.I.D. but was still trying to figure out what was the benefit to the City and its 4