Newspaper article St Louis Post-Dispatch (MO)

St. Louis Redevelopment Authority Approves Issuing $120 Million in Bonds for NGA Site Work

Newspaper article St Louis Post-Dispatch (MO)

St. Louis Redevelopment Authority Approves Issuing $120 Million in Bonds for NGA Site Work

Article excerpt

The St. Louis Land Clearance for Redevelopment Authority on Tuesday authorized up to $120 million in bonds to finance site preparation for the new headquarters of the National Geospatial- Intelligence Agency.

The bonds will pay for acquiring property, environmental remediation, infrastructure and other work in order to deliver the 100-acre site in north St. Louis to the federal government next year. The NGA plans to build a new, $1.7 billion western headquarters at the intersection of Cass and Jefferson avenues to replace its aging facility on the south St. Louis riverfront.

Paying off the principal and interest on the bonds will be the annual $1.5 million pledged by St. Louis in earnings taxes generated from the 3,100 NGA employees. NGA employees currently pay about $2 million to the city per year from the 1 percent earnings tax, a number officials expect to grow. …

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