By Rachel Lippmann, KWMU
St. Louis, MO – A panel of St. Louis's Board of Aldermen has once again approved legislation that authorizes local subsidies for the construction of Ballpark Village.
The development agreement is essentially the same as the proposal the aldermen approved in 2007. It gives the city the authority to sell $100 million of bonds to fund those subsidies - the Cordish Company will finance the other $200 million.
The new agreement gives Cordish the ability to change its building plans based on the economy. It also extends the timeline for paying back the bonds to 35 years - development officials say the current economy would make the original 25-year timeline very difficult.
St. Louis Cardinals president Bill DeWitt III says developers want the bonds sold by spring, but a provision in the development agreements allows for a delay of up to three years to find the best economic conditions.
Many African-American members of the panel expressed concern about the participation of minority and women-owned businesses in the construction of the project - concerns Aldermanic president Lewis Reed tried to put to rest, saying he's seen Cordish meet very rigorous minority participation goals.
"They don't just say good luck Mr. Subcontracter, good luck new business guy. They partner with them," he said. "They work with them with their business infrastructure so they can ensure success."
Alderman Jeffrey Boyd was ultimately the only member of the committee to vote against the legislation. The entire Board will likely vote on the proposal in early February.