Office of the President of the Board of Aldermen
Lewis E. Reed
Michael Powers, Legislative Director FOR IMMEDIATE RELEASE:
Tel: 314/622-4114 April 8, 2014
Board President Lewis Reed to Host
Community Discussion on Proposed Bond Issuance
St. Louis, MO – Friday, April 4, 2014 –
President of the Board of Aldermen Lewis Reed will host three town hall discussions regarding a proposed $150 - $200 Million bond issuance for capital improvement projects within the City of St. Louis.
Information from the City of St. Louis’ Capital Committee and the Budget Director show some $325 million in current and near term capital needs including the replacement of obsolete technology, defunct equipment and broken down vehicles, as well as long deferred maintenance across city-owned buildings – firehouses, police stations and City Hall. A proposal to issue bonds to cover some of these expenses will come before the Board of Aldermen in the coming weeks.
Of the total estimated investment needed, $155 million was marked “critical to ensure the continued operations of a department, the integrity of City buildings, facilities or infrastructure or to eliminate a serious risk to pubic safety.” In 1999 voters gave approval to a similar bond issuance. The bonds would be repaid through a citywide increase in property taxes.
President of the Board of Aldermen Lewis Reed said Friday that he understands the backlog of improvement needs “isn’t going away.” But he also wants to ensure that any tax increase comes with real, tangible improvements to quality of life in neighborhoods.
“I think at the end of the day taxpayers are looking for better service delivery, safer neighborhoods and a modernization of City Hall,” said Reed, who also plans to establish a citizen-led Bond Oversight Committee as part of the legislation. “But before we introduce this to the Board and long before it reaches the ballot, we want to start engaging and educating residents. We want residents to be a part of the process from beginning to end.”
April 15, Missouri History Museum, 5700 Lindell, 6-7:30p
April 17, O’Fallon Park Rec Plex, 4343 W. Florissant Ave., 6-7:30p
April 19, Carondelet Park Rec Plex, 930 Holly Hills Ave., 12:30-2p