Wednesday, September 27, 2006
$540,000,000 More or Less...
As part of the original plan for the new Busch Stadium, the St. Louis Cardinals promised to build a $60,000,000, privately financed, "Ballpark Village" next to the new stadium.
The Cardinals have gone back to the drawing board, and come back to the City with a much larger vision for Ballpark Village. The plan they are proposing calls for a ten-fold increase in the size of the project to $600,000,000.
Using big city development cost estimates of $250 per square foot, at $60MM dollars, the project is 240,000 square feet. At $600MM the project is 2,400,000 square feet. Under the expanded project plan, the developer is proposing a project that would alter the skyline of St. Louis, including new towers rivaling the height of the Arch.
The larger project would be financed through a public-private partnership including TIF (Tax Increment Financing). An allocation of the new tax revenues generated by the project would be used to pay for the cost of the project.
So, if you had a choice, which would you rather see? A much smaller scale, fully privately financed project? Or a much larger project, financed through a public private partnership?