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PRIVATE FUNDING
Scottrade Center is owned by the City of St. Louis but was privately
developed and financed by Kiel Center Partners, L.P., a group of
19 Civic Progress companies. The total cost of constructing Scottrade Center, including design, construction, equipment, financing costs,
predevelopment, marketing and other fees and expenses (but excluding
acquisition of land, demolition and clearance of the site, which
the City of St. Louis and the Land Clearance for Redevelopment Authority
accomplished at their expense), was $135.3 million.
In September of 1999, the St. Louis Blues were sold to Paige Sports
Entertainment, the holding company of Bill and Nancy Laurie of Columbia,
Mo.
In June of 2006, Dave Checketts and Sports Capital Partners were
officially introduced as the new owners of the St. Louis Blues and
Scottrade Center. Sports Capital Partners privately operates the arena
under a long-term lease agreement with the City of St. Louis.
PUBLIC PARTICIPATION
In addition to the $135.3 million in private funding by Kiel Center
Partners, the City of St. Louis and various public agencies contributed
$34.5 million to the development, with responsiblity for:
- Demolition
of the existing Kiel Auditorium and Garage (including asbestos
abatement);
- clearing,
excavating and preparation of the site for construction;
- and construction
of an adjacent 1,240-car garage and additional surface parking,
owned and operated by the City of St. Louis.
Sources of funding
for the City’s $34.5 million contribution were:
- $10 million
in tax exempt bonds issued for site preparation;
- $24.5 million
in tax exempt bonds issued for garage construction and other improvements.
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