Today the Missouri Development Finance Board tentatively voted in favor of loaning the City of St. Louis 5 million dollars to make improvements to the One City Centre building downtown. The building sits on top of the well know vacant St. Louis Centre Mall. One City Centre is a 25 story office building that is currently only 15 percent full. City leaders hope the loan from the state will help the owner of the building make needed improvements; like fixing the leaky roof and broken windows. While the city does not own the building city personnel are leading the way in securing this loan. The St. Louis Deputy Mayor says the goal is to get the building occupied so that the tenets will generate tax revenue that will in turn help pay down the bonds on the property.
A few years ago the city guaranteed 16 million dollars in bonds on the property after a developer agreed to fix it up. Since then, the developer has gone out of business and now the city is on the hook for the bonds.
The next step in the process is for the Missouri Development Finance Board to give a final vote of approval; that is expected to happen in the next few months.