Krewson on Wednesday said her administration has been studying whether to use the city’s Land Clearance for Redevelopment Authority to issue the bonds instead of another city entity, the St. Louis Municipal Finance Corp.
That entity, which has been closely tied to the comptroller’s office since it was formed in 1991, has issued bonds financing various city projects such as the main city jail on Tucker Boulevard and courthouse improvements.
Krewson said it’s unclear whether the Municipal Finance Corp. has authority to handle more than just “a stand-alone city bond issue.”
She said LCRA is being considered because the convention center bonds will be paid off by annual payments from both St. Louis and St. Louis County. The state also might be involved in related future improvements.
She added that the city and county also need to find an entity that can do shorter-term borrowing to cover preconstruction activity such as property acquisition. Conway said avoiding duplicative legal and other professional fees also is an issue.