ST. LOUIS, MO - The Cordish Company, an international commercial real-estate development company partnering with the St. Louis Cardinals, announced today an agreement in principle has been reached with the City of St. Louis to build the first phase of the much-anticipated Ballpark Village adjacent to Busch Stadium in St. Louis.  Pending approval of a formal development agreement and the concurrence of several additional local and state authorities, construction on Ballpark Village could begin Spring 2007, with the anticipated completion of the first phase in the spring of 2009.
 
David S. Cordish, Chairman, The Cordish Company said, “We are extremely excited and honored to be the developer of such a ground-breaking and important project.  Ballpark Village will be a major component for the continued renaissance of St. Louis’ downtown core.”

"The Cardinals are thrilled to be a part of this exciting development which will complete the vision of creating a world-class entertainment and lifestyle experience right next to the new Busch Stadium.  Ballpark Village will be great for baseball's best fans, but more important, it will be transformative for the City and the region as a whole," stated William DeWitt III, Senior Vice-President, Business Development. 
 
St. Louis Mayor Francis G. Slay, who joined a group of civic and business leaders at a downtown ceremony marking the occasion, called the agreement an important milestone in the difficult process of reaching agreement on such a large-scale economic development project.
 
“I wanted a big, unique project that would generate jobs and excitement.  And I wanted to make sure that the cost of the project was shared between the developers and the people who are going to use it.  It took us a while to get both of those things into the same agreement,” Slay said.
 
According to the agreement:
 
The Cordish Company will provide $302.2 million of the project’s $387 million cost, including private debt and equity of $271.2 million; $26 million based on special sales taxes charged at Ballpark Village’s entertainment and retail venues; and $5 million raised by the sale of subordinated bonds by The Cordish Company and its partners. 
 
The City of St. Louis will be asked to allow $56 million of tax increment financing, based on the incremental increase in base property taxes on the site and on half of the incremental increase of economic activities on the site.  The State of Missouri will be asked to allow $29 million of MoDESA, based on half of the incremental increase in state income tax and undesignated sales tax.  
 
Neither the City of St. Louis nor the State of Missouri will be asked to use any new tax revenues for the project or guarantee the project’s success.
 
 The first phase of project will include shops, restaurants, retail stores, office space and a condo tower. It will create approximately two thousand new jobs and generate millions of dollars in new tax revenues for the City and the schools.
 
Richard C.D. Fleming, president and CEO of the St. Louis Regional Chamber & Growth Association (RCGA), applauded the agreement and offered some economic insights.
 
“This project is seven times bigger than anything I had ever heard discussed.  I believe that the tough agreement the City got will not only bring millions of additional destination customers to St. Louis, but it will also generate tens of millions of dollars of new annual tax revenues to the City in expanded private investment and new jobs,” Fleming said.
 
Local business leaders, who have seen more than $3 billion invested in other new downtown projects over the past several years, were pleased by the expanded scope of the project.
 
“This project will create energy in downtown St. Louis and serve as a focal point for the millions of visitors who come here each year,” says Kathleen Ratcliffe, President of the St Louis Convention & Visitors Commission.  “The combination of retail, dining and entertainment will add to the year-round experience for convention attendees, business travelers and leisure visitors, as well as our own residents.  We are excited about the opportunity that it presents.”

“The development of Ballpark Village, anchored by the new Busch Stadium, will be a vitally important catalyst for taking downtown’s revitalization to an even higher level. The City and the Cardinals should be commended for their commitment and vision.  With The Cordish Company, the Cardinals have brought to St. Louis the leading and most recognized mixed-use developer in the country to make it happen. Ballpark Village is a win for the City of St. Louis in every respect: it will spur new development; it will act as a regional draw and will be a major selling point for conventions.  The size of The Cordish Company’s private investment and the upside in new revenue for the City and the state make the relatively modest public investment palatable,” said Jim Cloar, president of the Downtown St. Louis Partnership.
 

Contact: Jim Woodcock, Fleishman-Hillard Sports Business,
  314/982-7778, jim.woodcock@fleishman.com

  Jennifer Peters, Fleishman-Hillard Sports Business,
  314/982-9167, jennifer.peters@fleishman.com

  Kimber Goodwin, The Cordish Company,
  410/752-5444, Kimber@cordish.com

About The Cordish Company
The Cordish Company (www.cordish.com), now in its fourth generation of family ownership, is a multi-billion dollar conglomerate including one of the leading real estate development companies in the United States.  The Company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential.  The Cordish Company also owns and manages a diverse group of operating businesses, ranging from restaurants/clubs to live music promotion to film/media distribution.  The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors. 

The Cordish Company is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations. Many of the Cordish Company's projects involve public/private partnerships and are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of four highly successful projects in Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; and Tampa, FL.  The company currently has over one billion dollars in construction focusing primarily on Sports Anchored Districts.

The Cordish Company has received the highest possible national awards in its various areas of expertise. In real estate, the Cordish Company has received an unprecedented six Urban Land Institute Awards of Excellence.