The St. Louis Cardinals‘ proposed expansion of Ballpark Village is moving forward, as it has been approved by an aldermanic committee.
A vote taken on Wednesday allows the project–dubbed Ballpark Village Phase II–to move forward, but does not finalize the agreement. By an 8-1 margin, the Housing, Urban Development and Zoning committee approved the measure, which will give the Cardinals and development partner Cordish Cos access to a variety of public incentives. More from the St. Louis Post-Dispatch:
Included in the package is a 1 percent sales tax on purchases within Ballpark Village.
The $16 million is in addition to the $49 million in tax incentives the Cardinals were granted four years ago as part of Ballpark Village’s first phase.
Cardinals President Bill DeWitt III said on Wednesday the tax incentives are necessary for Ballpark Village’s $220 million second phase to become a reality.
Also included in the bill were two amendments–one that calls on the city to look into the use of federal New Market tax credits to replace tax incentives used for Ballpark Village, and another that reallocates $250,000 in annual revenue from the development into a grant and loan fund for small businesses in low-income areas. This measure will now be considered by the full Board of Alderman.
Ballpark Village Phase II includes additional entertainment and retail options, new residences, and a Class A office building. If it is approved, the expansion could be completed by 2019.