Developers announce Ballpark Village plans
By Matt Sepic, KWMU
St. Louis – As the Cardinals prepared for game 5 of the World Series, team officials and city leaders announced plans Friday for a major real estate development near Busch Stadium.
After negotiating for the better part of a year, the city, the Cardinals, and a Baltimore developer have agreed on plans for Ballpark Village.
Phase one of the project will cost $387 million, and will include retail, residential and office space.
The developer Cordish is covering 70 percent of that. Planners are requesting public incentives for the rest, but Mayor Francis Slay says it's not existing taxpayer money.
"We stood firm in our position that we weren't going to use any existing tax dollars, and the city was not going to put general revenue at risk," Slay said.
However, the developers hope to receive tax increment financing from the city. They also want to charge a extra 1 percent sales tax inside Ballpark Village.
Both proposals need aldermanic approval.