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Key Takeaways About the Agreement:
- Invests $130 million in disinvested neighborhoods, $74 million Downtown, $40 million in citywide water infrastructure
- Also commits $50 million in City workforce investments
- Based on collaboration, public-private partnership, and solutions
- GSL investors to match Downtown investment dollar-for-dollar
- “The proposal we announced today is a great first step toward getting St. Louis growing again”
ST. LOUIS – Greater St. Louis, Inc. today joined Mayor Jones and St. Louis Alderpeople Alisha Sonnier and Pam Boyd to announce an agreement that would invest funds from the Rams settlement into disinvested neighborhoods and Downtown.
“Let me be direct: job one, two, and three has to be getting St. Louis growing again,” said Dustin Allison, GSL’s Interim CEO. “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. This agreement is a major step toward getting St. Louis growing again.”
Key Highlights of Agreement
The new agreement, which combines components of Board Bill 131, sponsored by Alderwoman Pamela Boyd, and Board Bill 153, sponsored by Alderwoman Alisha Sonnier, contains several transformative investments:
- $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.
Business Community Leadership
As called for in the new legislation, the remaining $63 million investments in Downtown ($74m less $11m for Railway Exchange) is subject to a private sector 1:1 match funded by GSL investors. In addition to the 1:1 match for these appropriated funds, the business community will continue to identify additional private sector investments to revitalize Downtown.
GSL laid out the principles that are the basis for this new agreement to invest the Rams settlement funds a year-and-a-half ago, submitting a proposal to the City’s online portal and meeting with members of the Board of Aldermen to develop legislation since the fall of 2023. In November 2024, GSL came out in support of Board Bill 131, submitted by Ald. Boyd, which would invest Rams funds into disinvested neighborhoods in North and Southeast St. Louis and Downtown. A committee substitute, also supported by GSL, added funding for citywide water infrastructure.
Roadmap for Success
At a press conference announcing the agreement, GSL’s Allison expressed thanks to Mayor Tishaura O. Jones and her staff for helping bring the agreement to fruition; to Alderpeople Boyd and Sonnier, sponsors of the two bills to invest Rams funds for coming together to develop the agreement; and cosponsors of the legislation originally backed by GSL, Alderpeople Tom Oldenburg, Laura Keys, and Cara Spencer, for their ongoing support for investing in disinvested neighborhoods, Downtown, and water infrastructure.
“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.”
Media Contact: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com