Convention Center Debt Information
The Convention Center Bonds are special obligations of the St. Louis Municipal Finance Corporation and the Industrial Development Authority payable solely out of rental and additional rental payments derived by the Corporation and the Authority from leasing the Convention Center to the City.
The information provided on this website does not constitute an offer or solicitation to sell or buy securities and does not constitute a recommendation for the purchase or sale of any security. This site is not intended to replace any information or consultation provided by a professional financial advisor or tax advisor. See terms of use.
Important Note
All of the information set forth below is historical and subject to change. Investors must read the entire final official statement ("OS"), as well as any updated information regarding these bonds made available by the City of St. Louis (the "City") at the Municipal Securities Rulemaking Board's Electronic Municipal Market Access ("EMMA") website www.emma.msrb.org, to obtain the information essential to the making of an informed investment decision.
Project Description
The Convention Center, located in downtown St. Louis, is the largest convention facility in the St. Louis metropolitan region and the only convention facility in the region capable of competing for national and regional conventions and trade shows. When originally completed, the Convention Center was the eighth largest facility of its kind in the United States.
In order to enhance the competitiveness of the Convention Center, the City undertook a major expansion and renovation program in 1993 and completed construction of the Edward Jones Dome in 1995. As a result of the 1993 renovation program, which included the acquisition of additional land as well as the expansion of the existing facilities, the Convention Center property now contains 502,000 square feet of exhibit space in 6 halls, 84 meeting rooms, the Ferrara Theatre, and the St. Louis Executive Conference Center.
Together with the Edward Jones Dome, the Convention Center property is operated by the Convention and Visitors Commission (the "CVC") as the 2,700,000 square foot America's Center Convention Complex. Additionally, the CVC serves as both marketer and facility manager for the Convention Center.
The service area of the Convention Center is determined by the type of event to be held at the Convention Center. The CVC defines the current service area of the Convention Center for conferences and consumer trade shows as the region within a 300-mile radius of the City. Additionally, the ballroom and the St. Louis Executive Conference Center are considered choice sites for local corporate, civic, and social events, including meetings and banquets.
Bondholder Security
The Convention Center Bonds are special obligations of the St. Louis Municipal Finance Corporation (the "Corporation") and the Industrial Development Authority of the City of St. Louis (the "Authority"), payable solely out of rental and additional rental payments derived by the Corporation and the Authority from leasing the Convention Center to the City. The City has covenanted, subject to annual appropriation, to pay rental and additional rental payments at such times and in such amounts as are necessary to prevent default in the payment of principal or premium, if any, and interest on the Convention Center Bonds. The City's payments are subject to annual appropriation by the City. If the City fails to budget and appropriate funds for payments in any fiscal year, the lease will terminate at the end of the fiscal year for which funds have been appropriated and the City will be required to vacate the property.
For a more detailed description of the security for the Convention Center Bonds please refer to the Official Statement for the relevant series of bonds (links provided below) and to www.emma.msrb.org for Continuing Disclosure updates and Material Event Filings, if any Bond's Outstanding.
Bonds Outstanding
There are currently outstanding the following seven (7) series of Convention Center Bonds with an aggregate principal amount of $365,550,000 as follows:
Issuer | Series | New Money / Refunding | Par Outstanding | Final Maturity |
---|---|---|---|---|
St. Louis Municipal Finance Corporation | 2005 A | Both | $54,050,000* | July 15, 2030 |
St. Louis Municipal Finance Corporation | 2005 B | Both | $62,430,000* | July 15, 2030 |
St. Louis Municipal Finance Corporation | 2009 A | New Money | $20,400,000* | July 15, 2030 |
St. Louis Municipal Finance Corporation | 2010 A | New Money | $111,835,000* | July 15, 2037 |
St. Louis Municipal Finance Corporation | 2015 | Both | $17,260,000 | July 15, 2030 |
St. Louis Municipal Finance Corporation | 2017 | Refunding | $25,275,000 | October 1, 2038 |
St. Louis Municipal Finance Corporation | 2020 | New Money | $99,790,000 | October 1, 2049 |
*These series of bonds are compound interest bonds for which no periodic interest is paid. All interest is paid at maturity. The par amount shown represents the future maturity value of the bonds.
Debt Service on Outstanding Bonds