St. Louis: City Leaders Find Unity, Move Forward with Amended Rams Settlement Legislation

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~ In a joint press conference today, Mayor Tishaura O. Jones, Alderwoman Alisha Sonnier, and Alderwoman Pamela Boyd announced a groundbreaking agreement for the allocation of funds from the Rams settlement. This agreement, supported by Greater St. Louis, Inc., combines elements from two previously proposed bills and represents weeks of negotiations between the bill sponsors, the business community, and the Mayor's Office.

According to Mayor Jones, the changes being introduced to this bill are a testament to effective governance. She expressed her gratitude to Alderwoman Sonnier, Alderwoman Boyd, Greater St. Louis, Inc., and her own staff for their hard work in reaching this compromise.

Alderwoman Sonnier echoed the sentiment, stating that it was an honor to collaborate with Mayor Jones, Alderwoman Boyd, and the business sector in creating legislation that sets an example of successful public-private partnership for the benefit of all St. Louis residents.

The amendments being introduced will establish two new funds - a $74 million fund focused on Downtown St. Louis and a $40 million fund focused on North St. Louis. These funds will also be directed towards childcare, postsecondary education and training, and workforce development programs for City of St. Louis employees and their children.

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The North St. Louis fund will specifically target mobility infrastructure improvements, redevelopment of vacant properties, housing preservation and creation, and support for small businesses in the area.

Alderwoman Boyd emphasized that this agreement is a commitment to the future of her community in North St. Louis. She expressed her excitement about the City's investment in her constituents and their potential contributions to St. Louis through job creation and economic growth.

The Downtown fund will allocate $30 million towards mobility infrastructure projects and $11 million for acquiring the Railway Exchange Building. The remaining funds will be used for housing preservation or creation, addressing vacancy issues, and supporting businesses relocating to downtown. However, accessing these funds will require a 1:1 private match from Greater St. Louis, Inc., whose investors have already expressed their willingness to exceed that with at least a 2:1 match for many projects.

Dustin Allison, interim CEO of Greater St. Louis, Inc., praised the new framework for its investments in disinvested neighborhoods in North and Southeast St. Louis. He believes that this will help strengthen and stabilize these communities while also attracting new residents. Additionally, the agreement includes investments in the revitalization of Downtown, which is considered the economic engine of St. Louis.

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Under this compromise, disinvested areas in both North and Southeast St. Louis will receive targeted support for mobility infrastructure, housing, and neighborhood economic development projects. These areas will receive additional points during the scoring process for potential projects to receive funding through the relevant funds in Board Bill 153.

A committee substitute of Board Bill 153 reflecting these additions will be filed tomorrow morning.

This agreement marks a significant step towards revitalizing and growing St. Louis once again. With collaboration between city officials, business leaders, and community members, it is hoped that this investment will bring positive change to all corners of the city.

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