As they continue to pursue a Ballpark Village expansion, the St. Louis Cardinals are making their case for incentives from the city.
Unveiled in October, the proposed expansion of Ballpark Village has been billed as Ballpark Village Phase II. The entertainment district across the street from the Cardinals’ Busch Stadium would be expanded to include a residential tower, additional retail space, offices, and more.
Phase II of Ballpark Village is expected to cost a total of $220 million. The Cardinals, along with developer The Cordish Companies, are seeking incentives from the City of St. Louis to cover about 30% of that cost. Those incentives include revenue a 1% sales tax as a community improvement district, 1% sales tax as a transportation development district, tax increment financing (TIF) bonds, and downtown economic stimulus money.
The St. Louis Development Corporation revealed its findings on the proposal on Wednesday, delivering mixed results for the plan. More from the St. Louis Post-Dispatch:
That arm of the city, the St. Louis Development Corporation, did endorse the latest Ballpark Village proposal. Yet based on its analysis of public help and new taxes generated, SLDC financial analyst Jonathan Ferry told an aldermanic committee Wednesday that the project was “right at the cusp” of what the city considers an adequate score: 24 out of 40 possible points.