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Key Takeaways
- Legislation sponsored by Alderwoman Pam Boyd, cosponsored by Alderpeople Laura Keys, Tom Oldenburg, and Cara Spencer
- Would invest $132.5 million in disinvested neighborhoods, as identified in City’s Economic Justice Action Plan
- $100 million in investments for Downtown infrastructure, small businesses, and housing
ST. LOUIS – Legislation introduced today by Alderwoman Pam Boyd will ensure that critical and long-overdue investments will be made into disinvested neighborhoods in North and Southeast St. Louis City and Downtown, driving inclusive economic growth for the entire city. Greater St. Louis, Inc. called for swift passage of the bill, as the business community has continued to call for using funds from the Rams settlement for investments in disinvested neighborhoods and Downtown.
“We applaud the leadership of Alderwoman Boyd and her co-sponsors Alderpeople Keys, Oldenburg, and Spencer for introducing this legislation. We were pleased to collaborate with her on the development of this bill, which will bring much-needed and long-overdue investment to disinvested neighborhoods and Downtown St. Louis and will help catalyze the long-term, sustainable growth St. Louis needs,” said Jason Hall, CEO of Greater St. Louis, Inc.
Investing in Downtown: St. Louis’ Most Critical Endowment
A study commissioned by GSL in 2022 found that Downtown generates 20% of the City’s general revenue fund, contains 27% of citywide employment, and is home to a steadily growing residential population, but receives a disproportionately small share – just 5% – of total citywide expenditures.
“Downtown is St. Louis’ most critical endowment, providing a 15% return on investment and funding critical services for neighborhoods across the City,” added Hall. “The best long-term investment we can make in St. Louis is to strengthen the endowment that is Downtown by investing funds from the Rams settlement into catalytic infrastructure projects.”
Investing in Disinvested Neighborhoods: Supporting the City’s Economic Justice Action Plan
The bill would target more than half of the funding to disinvested neighborhoods in North and Southeast St. Louis. Funds would go specifically to the neighborhoods that meet the criteria outlined in the Economic Justice Action Plan developed by St. Louis Mayor Tishaura Jones.
“We are working within the criteria the City has already identified, and that the Mayor’s team has promised to address. We must use this money to make the Economic Justice Action Plan real, not just a plan,” said Ald. Keys. “It’s time to get the plans off the shelf and implement them.”
Specifics of Bill
The legislation – sponsored by Ald. Boyd and cosponsored by Alderpeople Laura Keys (11th Ward), Tom Oldenburg (2nd Ward), and Cara Spencer (8th Ward) – will invest $132.5 million of funds from the Rams settlement into disinvested neighborhoods in North and Southeast St. Louis and $100 million into Downtown infrastructure.
The bill would invest the $232.5 million in four areas:
- $107.5 million for infrastructure projects – $55 to disinvested neighborhoods and $52.5 to Downtown
- $85 million for the rehabilitation of high-impact areas and buildings – $35 million in North City, $20 million in Southeast St. Louis, and $30 million Downtown
- $25 million for housing improvement – $10 million Downtown and $15 in disinvested neighborhoods
- $15 million to support small businesses and commercial corridors – $10 million of which would go to Downtown and $5 million to disinvested neighborhoods
Media Contact: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com