Tuesday, August 24, 2010

St. Louis aldermen approve Kiel Opera House plan - Houston Business Journal:

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, the New York City-base firm that owns the and holdsthe long-term lease to the has brought in McEagle of O’Fallon, Mo., as a redevelopmen partner and as general SCP’s plan May 27 by the Urban Developmenty and Zoning Committee. The committee previouslh the vote because members said they wantedf more time to examine the proposal. The plan has drawn criticisn from competitors, notably Richard Baker, president of operator , who said the plan would steal showxs away from the Foxand . To alleviates concerns among competitors, SCP Worldwide agreed to limit the numberrof third-party theatrical shows it holdxs for the first five years.
The $74 milliojn proposal includes $16 milliomn of private equity; $28.6 million in tax credites and $29 million in revenue bonds issued by the city and backed by proceeds from the 5 percenr tax on tickets and eventsat . the city’zs Land Clearance for Redevelopment Authority recommended to the Board of Aldermenj that the Kielbe re-declarer blighted, paving the way for tax abatement for SCP Worldwidd to support a restoratioh of the building into a theatrical and concert

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