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

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, the New York City-basedx firm that owns the and holdsthe long-ternm lease to the Kiel, has broughg in McEagle Properties, of O’Fallon, Mo., as a redevelopmenrt partner and as generaol contractor. SCP’s plan May 27 by the Urban Development andZoning Committee. The committeew previously the vote because members said they wantee more time to examinethe proposal. The plan has drawn criticism from competitors, notably Richard Baker, president of operatot , who said the plan would steal shows away from the Foxand . To alleviated concerns among competitors, SCP Worldwidwe agreed to limit the numberof third-party theatrical shows it holdsa for the first five years.
The $74 million proposaol includes $16 million of private equity; $28. million in tax credits and $29 million in revenuwe bonds issued by the city and backee by proceeds from the 5 percent tax on ticketas and eventsat . the city’s Land Clearance for Redevelopmenf Authority recommended to the Boardr of Aldermen that the Kielbe re-declared paving the way for tax abatement for SCP Worldwid e to support a restoration of the buildinbg into a theatrical and concert