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Committee advances bill to let St. Louis issue parking revenue bonds to buy Compton–Olive lot
Summary
The Budget & Public Employees Committee gave Board Bill 98 a due-pass recommendation to authorize up to $5 million in parking revenue bonds to acquire a 143-space parcel at Compton and Olive for public parking and future redevelopment; Treasurer Adam Lane said the bonds would be repaid from parking revenues, not general-tax dollars.
The St. Louis Board of Aldermen’s Budget & Public Employees Committee advanced Board Bill 98 on Feb. 11, giving the measure a due-pass recommendation to authorize up to $5 million in parking revenue bonds so the city can acquire a 143-space parcel at the corner of Compton and Olive.
Alderwoman Lara Keyes, sponsor of Board Bill 98, said the city would use the parcel first as a secured, well-lit surface lot with surveillance and later explore mixed-use options. "We want to make sure that it's in line with what the development goals of the neighborhood are," Keyes said during the committee meeting.
Adam Lane, St. Louis City treasurer, told the committee the bonds would be paid from revenues generated by the parking asset and that no…
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