Controller of Saint-Louis signs funding for Scottrade upgrade
Updated at 5:10 p.m. on December 4 with comment from Green – St. Louis Comptroller Darlene Green has decided to follow a judge’s order and issue $ 100 million in bonds to upgrade the Scottrade Center.
Green said in a statement that she complied with the court ruling and signed the required documents. But a spokesperson said the bonds had not yet been issued and Green could still appeal the decision. Also on Monday, his lawyer filed documents asking the judge to change the ruling.
“While I hope a downgrade in the city’s credit rating does not occur, an August 2017 credit report from S&P specifically warned that funding for Scottrade Center renovations would increase our debt burden. already high, ”Green said in an emailed statement. “On top of that, the city’s 2018 budget had to be cut by $ 17 million. It’s a big burden on our taxpayers, and that’s why I called on city leaders and Kiel Center Partners to find another funding mechanism.
Aldermen narrowly approved the use of city money to help cover the cost of upgrades to the Scottrade Center in February. These upgrades include the sound system, concession stands and ice-making equipment for the 23-year-old site, which is home to the St. Louis Blues hockey team and hosts dozens of concerts and sporting events each. year.
Kiel Center Partners, the owner of the building, filed a lawsuit in August to force Green’s hand, calling the delay “unacceptable”. St. Louis circuit judge Joan Moriarty had given Green until December 4 to act.
Kiel Center Partners, owner of Scottrade Center, did not immediately comment on Green’s decision to sign the required documents. The move does not affect a second pending lawsuit filed regarding the renovations.
Moriarty to hear arguments next week in a case filed by St. Louis Alderman Cara Spencer, D-20th Ward, and two other St. Louis residents / Lawsuit claims illegal to use public money to help private companies make money.
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