Support real estate development in Downtown and/or near North St. Louis
From "Vote on Priority Ideas"
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Priority: Catalyzing Downtown Reinvestment
Author/Source: James Young, Dan Pistor, Kurt Weigle
The City could support Downtown and the near Northside by financially incentivizing real estate development. The City would select developers to receive grants to support residential conversions of empty office space, existing building rehabilitation, and new construction. These activities would support increasing Downtown housing options and new retail.
This idea could be partially funded by the Rams Settlement funds, but would rely on matching or additional funds to fully fund any development project. An incentive program for smaller development projects would be compatible with a municipal endowment fund. There are a number of other existing real estate development incentive programs at the local. state, and federal levels.
Funding Considerations
- Cost estimate: To be assessed
- Can this be funded from interest via a Municipal Endowment Fund? (Estimated value of $12M annually): Yes
- Does this require matching funds? (More than $250M) Yes
- Is this eligible for a tax-exempt bond? (Project benefits taxpayers and proceeds used by governmental entity) No
- Is this likely to attract philanthropic funding? No
- Are there other potential funding sources? Yes
City: Various tax incentives administered by SLDC
State: CDBG (via HUD)
Federal: Pathways to Removing Obstacles to Housing; Transportation Infrastructure Finance and Innovation Act (TIFIA); Railroad Rehabilitation & Improvement Financing (RRIF)
