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SLDC presents FY26 funding sources and confirms continued redevelopment enforcement
Summary
Interim SLDC president Otis Williams and finance director Charlie Hahn briefed the committee on SLDC’s FY26 budget structure, sources including ARPA and New Markets Tax Credits, and ongoing redevelopment enforcement including eminent-domain letters in St. Louis Place/JVO areas and business outreach after the tornado.
Otis Williams, interim president and CEO of the St. Louis Development Corporation, and Charlie Hahn, SLDC director of finance, presented an overview of SLDC’s FY26 budget and program responsibilities to the Budget and Public Employees Committee on May 28.
Budget overview: SLDC officials said the organization does not receive a single direct city appropriation but runs programs funded by a mix of federal, local and program revenues. Hahn described a FY26 budget that is approximately $618,000 less than FY25 and that is driven largely by personnel and legal support. He said SLDC receives some city support through Port Authority revenues and staffing for Prop NS (the bond program), and that SLDC is administering ARPA-related programs that will wind down in FY27.
Program highlights: Hahn described recent activity including fees and awards associated with New Markets Tax Credit projects and internal consultant budgets for project delivery. He said SLDC now hosts the Certify St. Louis program (a certification office relocated to the Economic Empowerment Center) and is staffing the program in partnership with local economic development partners.
Redevelopment enforcement and tornado response: in response to a question about prior eminent-domain action in the Fourteenth Ward, Williams said SLDC intends to continue the initiative and will follow through on properties that contribute to stalled redevelopment. On tornado response for businesses, Williams said SLDC staff have been conducting outreach and assessments and invited affected business owners to contact SLDC for assistance; he said the agency would provide committee members with assessment data upon request.
What’s next: SLDC said ARPA administrative funds and several program-fee streams will continue to fund projects into FY26 and that staff will provide updates to aldermen on business-assessment outreach and on the status of Prop NS and Port Authority–related revenues.
