The Transform Act has been transformed to accommodate the wishes of Greater St. Louis Inc., Mayor Tishaura Jones and members of the St. Louis Board of Alderman.
As a result, Mayor Jones and Alderwomen Alisha Sonnier and Pamela Boyd, and GSL Inc., on Tuesday announced an agreement for the investment of funds from the Rams settlement.
The new TRANSFORM ACT combines components of Board Bill 153, sponsored by Sonnier, and Board Bill 131, sponsored by Boyd.
“The changes being introduced to this bill are a reflection of governing at its best,” said Jones.
“I want to thank Alderwoman Sonnier, Alderwoman Boyd, Greater St. Louis, Inc., and my own staff for working diligently to make this compromise happen.”
Dustin Allison, GSL Inc. interim CEO, said, “Let me be direct: job one, two, and three has to be getting St. Louis growing again.”
“We cannot and will not grow if we don’t address the depopulation in North St. Louis and we cannot and will not grow if we don’t revitalize Downtown.”
“This new framework makes long overdue investments in disinvested neighborhoods in North and Southeast St. Louis to help strengthen and stabilize those communities and attract new residents. And it invests in the revitalization of Downtown, the front door and economic engine of St. Louis.”
Sonnier said it was “an honor to help create legislation providing such a historic example of collaboration and public-private partnership to benefit all St. Louisans.”
The amendments being introduced will incorporate two new funds – one $74 million fund focused on Downtown St. Louis and another $40 million fund focused on North St. Louis. They will also tailor funds intended for childcare, postsecondary education and training, and workforce development toward employees of the City of St. Louis and their children.
According to a GSL Inc. release, key elements of the agreement include:
- $130 million – Disinvested neighborhoods in North and Southeast St. Louis
- $74 million – Downtown projects
- $40 million – Citywide water infrastructure
- $50 million – City workforce investments
The total expenditure or $294 million consists of current principal on the Rams settlement funds as well as accrued interest and expected future interest earnings on the principal, which will remain in interest-bearing accounts until it is expended.
The funding for disinvested neighborhoods would include:
- $40 million specifically dedicated for North St. Louis
- $35 million for Citywide housing with a geographic preference for N/SE St. Louis
- $40 million for Citywide transportation/mobility projects with a geographic preference for N/SE St. Louis
- $15 million for Citywide business development initiatives with geographic preference for N/SE St. Louis
The City workforce investments would include:
- $30 million for childcare
- $10 million for STL Promise Higher Education Affordability
- $10 million for City worker professional development
Additionally, the $74 million for Downtown projects includes $30 million required to be spent on infrastructure and $11 million for the Railway Exchange acquisition and demolition of its adjacent, derelict parking structure.
The fund focused on North St. Louis will be for mobility infrastructure improvements, redeveloping vacant property, preserving and creating housing, and supporting small businesses located in North St. Louis.
“Neighborhoods in North St. Louis and Southeast St. Louis want to contribute to our City – with jobs, with businesses, with investment,” said Boyd.
“What I am most excited about is that this bill is making a commitment to the future of my community. This agreement tells my constituents that they are not forgotten, and that the City is investing in them. That is priceless.”
“This new framework makes long-overdue investments in disinvested neighborhoods in North and Southeast St. Louis to help strengthen and stabilize those communities and attract new residents. And it invests in the revitalization of Downtown, the front door and economic engine of St. Louis,” said Dustin Allison, interim CEO of GSL. “This agreement is a major step toward getting St. Louis growing again.”
In addition, disinvested areas in both North St. Louis and Southeast St. Louis will further receive targeted support under this compromise. Projects in those areas for mobility infrastructure, housing, and neighborhood economic development will receive a boost in points during the scoring of potential projects to receive money through the relevant funds in BB 153.
At a press conference announcing the agreement, Allison thanked Jones and her staff for helping bring the agreement to fruition.
“You have provided us with a roadmap for how we move St. Louis forward by focusing on collaboration, public-private partnership, and solutions centered on getting St. Louis growing again,” said Allison. “We are proud to work with you to develop this agreement,” he said.