$55 million-dollar Chesterfield Valley Sports Complex development dropped

CHESTERFIELD, MO (KTVI) - The $55 million-dollar Chesterfield Valley Sports Complex is off the table.  The development group Big Sports Properties, led by former news anchor Dan Buck and Cardinals Manager Mike Matheny did not meet a deadline to have money in place.

BarbaraMcGuinness-Chesterfield City Council says, “according to our city attorney they did not produce deliverables by June first and it so it automatically terminated on June 1st.”  At Monday night's council meeting the board denied an extension request by Buck to secure the remaining money needed. His group had lined up $18 million of their philanthropic dollars but by contract they needed $23 million.

Chesterfield Mayor Bob Nation says, “it’s just a shame I think overall to not be able to allow a little more time to allow these things to come together.”  Nation also says the project was expected to generate over $60 million in economic stimulus for the region. The city was expecting to receive $450,000 annually in new tax revenue in addition to the complex.

McGuiness says, “there was no provision for extension in contract and so even talking about it were working without a contract.”  The city also passed on buying an additional 22 acres of land to add to the 30 they already owned. That land was then to be leased to Big Sports.  Nation says, “I would say at this point it looks bleak. I would welcome and reconsideration that could be given.  McGuinness says, “if Big Sports buys 30 acres and 22 acres next door then I think they would have a deal.”