When Centene Corporation asked Armstrong Teasdale to help facilitate the construction of the first Class A office building in downtown Clayton, Missouri in just under a decade, the firm stepped up to the plate.
And when it came to breathing new life into the shuttered Peabody (previously Kiel) Opera House in downtown St. Louis, Armstrong Teasdale counseled Stifel Nicolaus & Co. Incorporated, underwriter of the bond financing, for the renovation. The financing allowed work to begin on the $78.7 million renovation of the faded Art Deco masterpiece that sat empty for almost two decades.
These are just two examples of how we can work with companies, developers, state and local governments to improve a community’s economy, building for the future while preserving the past.
In the Centene Plaza project, our public finance group brokered a multi-jurisdictional public-private partnership that symbolizes what can be achieved when governments collaborate with private developers and landowners. The public incentives supported the construction of the 17-story tower, the region’s first and only multi-tenant office complex that is Gold LEED certified. The building, which opened in June 2010, also resulted in millions in new capital investment and the creation of over 800 jobs for the region.
The development combined $229 million in Chapter 100 bonds from the City of Clayton, $8.3 million in BUILD Missouri revenue bonds from the State of Missouri, $25 million in transportation-related infrastructure financing by the Centene Plaza TDD, and income tax credits issued in conjunction with the Missouri Quality Jobs program.
In the case of the Peabody Opera House, bonds issued by the city’s Land Clearance for Redevelopment Authority will provide $32.6 million for the project, plus just over $46 million in state and federal historic tax credit proceeds. Federal New Markets Tax Credit equity, state Brownfield tax credits and first mortgage debt make up the rest of the complicated deal’s financing.
The successful financing of the Centene Plaza and Peabody Opera House projects is a result of the unique skill set and broad experience of the members of our Public Law and Finance group. Our lawyers have an in-depth knowledge of redevelopment law, a high level of expertise in a variety of public finance structures and experience and understanding of all sides of the transaction. We also have a dedicated team of litigation attorneys committed to understanding and addressing issues raised by municipalities and the taxpayers they represent.
The practice group represents developers, municipalities, underwriters, credit enhancement providers, and other institutions as bond counsel, borrower’s counsel, bank counsel, underwriter’s counsel, and disclosure counsel to bring public finance and other redevelopment projects to fruition. This holistic approach to public law and finance allows us to maximize value for our clients.
For more information or questions, please contact Jim Mello.