Feb. 11, 2014 (St. Louis) – In keeping with its commitment to voters to help transform and reinvigorate the Gateway Arch grounds, the Board of Directors of the Great Rivers Greenway District approved the sale of a $56.6 million public bond offering at their Feb. 11, 2014, board meeting. The funds will be used to pay for improvements to the Gateway Arch grounds as authorized by Proposition P—The Safe & Accessible Arch & Public Parks initiative passed by voters in St. Louis City and St. Louis County in April 2013.
The first two projects on the National Park Service grounds to receive Prop P funds will be the extensive improvements to the landscapes on the north and south sides of the Arch. The projects include the processional walks and allées, new landscape features, walks and trails around the perimeter of the Arch grounds and down to the riverfront, as well as reflecting ponds that include sustainable plant materials. These projects will be out to bid this spring and are scheduled for completion prior to October 2015. The remaining projects planned for a safer and more accessible Gateway Arch grounds will be out to bid and under construction later this year.
In December 2013, Great Rivers Greenway issued $30 million in bank-qualified bonds at a very favorable 2.1 percent interest rate. The Board’s approval of the public sale of $56.6 million in bonds will secure competitive pricing for the balance of the $86 million and timely funding of the Arch ground projects. The cost for the first issuance was $336,500, or 1.12 percent of the total.
“As the steward of the tax dollars generated from Proposition P, Great Rivers Greenway is committed to applying the same stringent financial standards we have used since our inception to ensure these dollars are returned to the citizens of the region in the form of a renewed and revitalized Gateway Arch and Riverfront,” stated Susan Trautman, Executive Director.
Stifel Nicolaus is the Senior Bond Underwriter and Gilmore & Bell and White Coleman & Associates are co-Bond Counsel for this second and final issuance which will close on March 6, 2014.
About CityArchRiver 2015:
CityArchRiver 2015 is a transformational project that will enhance the Gateway Arch experience for all visitors. The project will create a seamless park experience from the city to the Mississippi River, providing visitors with a more vibrant and safer place to visit, enjoy, and return. CityArchRiver 2015 is a public-private partnership including the National Park Service, the Missouri Department of Transportation, the Great Rivers Greenway District, the City of St. Louis, Bi-State Development Agency, CityArchRiver 2015 Foundation and many other organizations. For more information, please visit www.cityarchriver.org.
About Great Rivers Greenway:
The Great Rivers Greenway District was created by a vote of the people in 2000 with the goal of making the St. Louis region a better place to live. The public organization is carrying this goal by creating community connections with the River Ring, an interconnected system of trails and greenways. The District also works to provide transportation alternatives, preserve nature, improve health and increase the economic vitality of the region. Great Rivers Greenway’s district includes St. Louis City, St. Louis County and St. Charles County. For more information, visit www.greatriversgreenway.org.
For More Information, Contact:
Pamela Powell/Julie Hauser
The Hauser Group
314.436.9090