The state economic development department is recommending the state spend $27-Million to help build Ballpark Village, the residential and business development that owners of the St. Louis Cardinals want to build near Busch Stadium. Cardinals vice-president Bill DeWitt says the state funding is crucial in getting the development constructed.
The recommended amount is nine million dollars less than the amount sought by the Cardinals because the department is less optimisic than are the Cardinals that the development will develop new economic activity. The recommendation has to be approved by the Missouri Economic Development Finance Board. The board has refused to act until at least next month. The Cardinals and their development partner want as much as 115-million dollars in public funds for the project. The city of St. Louis already has agreed to provide some of that money.
Downlink Bill DeWitt on the importance of the state money (:19 mp3)