ST. LOUIS – The St. Louis Development Corp. is investigating the advisability of using parking garages and parking lots to help finance new developments in the city.
The agency could combine the five car parks and land it owns to guarantee bonds for development projects.
One project could be a new garage that would compensate for the approximately 1,000 spaces the city will lose in downtown St. Louis with the expansion of the convention center. The C-9 garage at 915 North Ninth Street is being demolished and a surface lot used by the downtown T-REX incubator at 10th Street and Lucas Avenue is expected to make way for the expansion.
SLDC, which is the city’s economic development arm, would consult with a financial advisory firm to explore how this parking trust works.
The agency recently created a shortlist of 10 financial advisory firms that SLDC can tap to seek advice on several programs, including the potential parking trust and the economic justice fund, which aims to address economic inequalities. and rebuilding the city’s black middle class.
The SLDC board approved the list of companies at its meeting on Thursday.
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