MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
| Intro: | With its multi-million dollar investment at One City Center, the state Development Financing Board now owns three downtown St. Louis parking garages, but not everyone agrees with the decision. Theo Keith has more from Jefferson City. |
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| RunTime: | 0:43 |
| OutCue: | SOC |
Wrap: St. Louis County Republican Senator Jim Lembke can't believe it.
| Actuality: | LEMBKE6.WAV |
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| Run Time: | 00:06 |
| Description: "I can't fathom why the state is in the business of having a garage." | |
Actually, the state's Development Financing Board owns three downtown St. Louis parking garages.
None of the money from the new garage will go into the state's coffers.
But taxpayers are on the hook for $5 million worth of tax credits to the owners of US Bank Tower, who are helping pay for the garage.
The site is the former St. Louis Centre, an abandoned mall with a mostly vacant 25-story office tower above it.
The development board says the $29 million garage will keep a major law firm from moving away from downtown.
From the state Capitol, I'm Theo Keith, Newsradio 1120 KMOX.
| Intro: | One state lawmaker says St. Louis is digging itself a bigger hole by redeveloping One City Center, but a St. Louis city spokesman says that's not true. Theo Keith has more from Jefferson City. |
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| RunTime: | 0:44 |
| OutCue: | SOC |
Wrap: The city is trying to keep the mostly vacant 25-story office tower's few remaining tenants downtown.
St. Louis County Republican Senator Jim Lembke asked why the city would take on the project with a major budget shortfall.
| Actuality: | LEMBKE4.WAV |
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| Run Time: | 00:04 |
| Description: "They're diggin' themselves a bigger hole, probably, to keep someone there." | |
Jeff Rainford, assistant to Mayor Francis Slay, says the city only needs to pay minimal development costs and takes no hit to general revenue.
He says the payoff will be huge.
| Actuality: | RAINFORD.WAV |
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| Run Time: | 00:09 |
| Description: "We take these properties that are dramatically underutilized and try to make them tax-producing, job-producing properties. And that's the case here." | |
Rainford says right now, the property is a massive eyesore for downtown.
From the state Capitol, I'm Theo Keith, Newsradio 1120 KMOX.