By BETSY TAYLOR
Associated Press Writer

Published: Friday, March 13, 2009
Updated: Friday, March 13, 2009 9:51 AM CDT

ST. LOUIS (AP) — Tough economic times could further delay the start of construction on Ballpark Village, a planned district of offices, shops and restaurants outside of Busch Stadium downtown.

Cardinals president Bill DeWitt III said by telephone Thursday that he hopes the latest project plans will get all needed state approvals by the end of April.

But financing for the $300 million first phase includes the sale of $100 million in bonds, and DeWitt said it’s currently a difficult environment for bond sales.

Construction won’t begin until the bonds are sold, which could push the start of building into 2010.

“In theory, yes, it could. I certainly hope it’s this year,” DeWitt said. “I think we’re just trying to be realistic about when things will get better and allow us to get our bonds sold.”

He said, “We feel great about the plan itself and are just waiting for some things outside our control to turn in our favor.”

The current plan allows for flexibility at the site, but DeWitt has said he expects a 17-story office tower, stores and restaurants and parking for 1,200 cars in the first phase.

The development would not use any city or state general revenue, but financing includes having St. Louis and Missouri dedicate a portion of their tax revenue from the development to the bond financing.

“Bondholders pay the project up front and get a return on their investment from tax streams dedicated by the city and the state,” DeWitt said. “Once the bonds are paid down, the city and state can collect tax streams in full.”

The plan is being reviewed by the Missouri Department of Economic Development and then goes before the Missouri Development Finance Board, said Department of Economic Development spokesman John Fougere.

He said state incentives for the project are part of the review.

It’s been a long road for the project, which was discussed at the start of the decade when the Cardinals made plans to build the new Busch Stadium. The Cardinals named Baltimore-based The Cordish Co. as the project’s developer in 2005, and the company remains on the project.

A previous plan for the site took a hit when the Centene Corp. decided not to build a new headquarters there and instead remain in a St. Louis suburb.

The site of Ballpark Village will be used to support events related to the All-Star game July 14 in St. Louis.

“We’re going to do a number of things to make it look really nice,” he said. “I think people will be proud of what it looks like.”