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St. Louis Municipal Finance Corporation completes purchase of Seventh Street garage for Convention Center expansion
$4.9 million purchase made with bond proceeds from the city’s 2020 sale of convention center expansion bonds and did not require additional financing.
This article is 4 years old. It was published on July 30, 2021.
(St. Louis – July 30, 2021) Comptroller Darlene Green announced today that the St. Louis Municipal Finance Corporation has completed its purchase of the parking garage at 701 N 7th Street. The $4.9 million purchase was made with bond proceeds from the city’s Oct. 2020 sale of $105 million convention center expansion bonds and did not require additional financing.
“We had a very favorable result with investors when the city went to market with convention center expansion bonds in 2020, allowing us to net additional proceeds and move forward with this purchase,” said Comptroller Green. “I commend the Convention and Visitors Commission (CVC) team for their diligence and I am grateful we were able to deliver the funds for this purchase.”
Constructed in the 1960s, the parking garage had long been sought by the CVC for expansion of the convention center complex. The convention center currently surrounds the parking garage on three sides.
CVC President Kitty Ratcliffe said, “for quite some time, the garage’s condition has not been one that has provided the quality of experience that we want convention and event attendees to have when they come to St. Louis. We are grateful to Comptroller Green and the St. Louis Municipal Finance Corporation that they have acquired control of the property.”
Plans for the site are in development, and CVC anticipates demolition of the garage in the near term, with additional plans announced at a later date.
Announced in 2018, the ongoing $210 million expansion and renovation of the America’s Center / Cervantes Convention Center complex is being financed by St. Louis City and St. Louis County.
Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city’s credit rating and with protecting taxpayer dollars. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.
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Contact Information:
Tyson Pruitt
Public Information Officer to the Comptroller -
Department:
Office of the Comptroller
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