ST. LOUIS — It appeared a city of St. Louis board would meet Friday to approve issuing $105 million in debt for the expansion of the America's Center convention complex downtown.
That would've followed previous delays in the issuance caused by uncertainty around government finances amid the COVID-19 pandemic.
But Friday's meeting of the Municipal Finance Corp. was canceled, according to city records, because three of five members didn't agree to its scheduling.
One member of the board, city Budget Director Paul Payne, said he wanted the city to receive information about its financial health from Moody's Investors Service, possibly by the end of July. That's part of so-called annual "surveillance," done by the big three ratings agencies.
"I want to be deliberative," Payne said.
But the continued delays by the city prompted confusion from Explore St. Louis, the region's tourism agency that is pushing the expansion project.
"It's been our understanding that the resolution before the (Municipal Finance Corp.) is for them to authorize (Comptroller Darlene Green) to proceed with the bond issue when the time is right," Kitty Ratcliffe, Explore St. Louis president, said in a statement. "We've been told that it gives her office the flexibility to make that decision quickly if needed based on market timing. So, based on that, we are unclear as to why the (Municipal Finance Corp.) would not have proceeded with this."
In addition to Payne, the board includes two appointees from Mayor Lyda Krewson, and one each from Green and Aldermanic President Lewis Reed.
The $175 million project involves expanding the convention center westward, adding a large ballroom, additional exhibit hall space and 26 loading docks — the sort of upgrades Explore St. Louis says competing cities have made in recent years.
Click here for the full story.
More from the Business Journal
- Fashion Fund to leave its downtown space, hunt for new office
- How Maryville’s Stacy Hollins brings a vintage touch to technology
- Logan University to provide land for new Chesterfield park
- The Wine & Cheese Place looks to St. Louis city for new location
- Study finds Missouri is one of cheapest states for purchasing a home
