To help reinvigorate St. Louis, entrepreneurs and local officials are forging public-private partnerships designed to propel St. Louis’ economic development. Local leaders are relying on the capital markets to help accomplish their goals. Take, for instance, the CityArchRiver project in St. Louis.
“The Arch is the undeniable symbol of our region to the world. To St. Louisans, it means home,” said sports broadcaster Joe Buck. “This is our chance to be part of creating an iconic place for our international icon.”
The urban redevelopment initiative represents a working partnership among local businesses, civic leaders and government officials. Funding for the project comes from various sources. Municipal bonds were used to provide $87 million in funding while $179 million in funding came from private sources. The funds will be used for improvements to the Gateway Arch grounds.
“CityArchRiver is a great example of an effective public-private partnership,” said Vanessa Foster Cooksey, senior vice president of community affairs at Well Fargo Advisors, “because it convenes local, state and federal government agencies in collaboration with corporations and private donors to reinvent the Arch grounds and riverfront.”
Cooksey, who in her role plans and executes Wells Fargo’s charitable giving and community involvement initiatives, mentioned that big public-private partnerships are often complex but can result in highly successful final projects, which allow investors and communities to join forces to enhance economic development opportunities.