St. Louis voters weigh in on how to spend $250 million Rams settlement money

Published: Sep 09, 2024 Duration: 00:03:08 Category: News & Politics

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Big spending decisions are on deck at Saint Louis City Hall. Leaders are getting close to splitting up the city's $250 million share of the Rams settlement funds. Our political editor Mark Maxwell is live outside of City Hall with the very latest Mark and and Kelly, this big pot of money must be giving politicians Deja Vu. Remember that build back better debate in DC. All of the discussion, there was Democrats split between the priorities of physical infrastructure and social infrastructure. But the rule of thumb there was to try and using one time money for long term ongoing expenses. This is different here in ST Louis. This rams money. There's no deadline. We don't have to give it back, we can keep it. And so there's a rare chance to parlay this quarter of a billion dollars into an even bigger pile of money. Pressure is mounting at City Hall where the board of Aldermen face a major decision, figuring out how to use these once in a lifetime dollars that that we have here, Stephen Westbrooks works for a nonprofit to help early child care centers update or expand their facilities. There's currently more demand for high quality early childhood education than there is supply. More than 14,000 city voters helped narrow down the wish list to six top priorities, free or municipally subsidized child care was one of them. Building out a high quality early childhood education system and sector in Saint Louis has a meaningful impact on the region for the next generation. I I've just been really enjoying to actually hear how this money is going to be spent. Andrew Smer says he's a concerned citizen who wants to see the city get the best bang for its buck, particularly with the water infrastructure. There's enough cash on hand to actually do the job. A popular proposal from the water department estimates it can replace large water mains taken out of service with $27 million just a fraction of the city's $250 million which continues to grow interest. If I had a magic wand, I would establish a municipal endowment fund, we would save a, a large portion of the ram settlement funds and live off of the interest for many years to come out of the final six ideas under consideration. Four proposals say they could plug into that ongoing funding stream from a municipal endowment. Two projects could not qualify a revolving redevelopment loan fund to attract private investors to take on risky projects and public early child care with a price tag estimated to be larger than the entire ra M settlement fund. The system is chronically underfunded even more nationally, even more so here in Missouri and that's just not, that doesn't just impact facilities that impacts the wages that they're able to pay their teachers. The true cost of educating a child is not currently being met. And we get a first look at just how powerful the mayor's magic wand is tomorrow when the treasurer unveils just how much interest this quarter of a billion dollars has already accrued. Uh, we're also going to get an update from the mayor's office on how much of the arpa money, the federal pandemic money is left unspent. The board of Aldermen kicks off that committee hearing tomorrow afternoon at three o'clock live downtown Mark Maxwell five on your side.

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