ST. LOUIS, MO (KTVI)- The board responsible for approving development in St. Louis City green-lighted more than $100 million in bonds for the new National Geospatial-Intelligence Agency site.
In a few years, NGA employees will be commuting to Jefferson and Cass Avenue where their new complex will be built. With the go-ahead from the St. Louis Redevelopment Board, the work to get this land ready can begin.
According to our partners at the St. Louis Post-Dispatch, the board authorized $120 million in bonds to cover the costs of acquiring property, clearing any pollution and the land to get the 100 acres ready for the federal government. The new development will replace the old, aging facility in south St. Louis.
The bonds will be paid off from the earnings tax collected by the city from NGA employees.
Attorneys for the board estimate the bonds will be paid off before they mature in 30 years. The $2 billion NGA project will dramatically transform this neighborhood.