City Parkway 5 Inc. Board Meeting – June 1, 2026
City Parkway 5 Inc. Board Meeting – June 1, 2026
The City Parkway 5 Inc. board met on June 1, 2026, to receive updates on the Symphony Park Working Group and ongoing project developments, and to approve a resolution facilitating a New Market Tax Credit transaction for a recuperative care center.
Public Comments & Testimony
- No members of the public provided comment during either of the two public comment periods.
Discussion Items
- Symphony Park Working Group Update – Tracy Reich, Redevelopment Manager, reported that the working group had met twice and was developing ideas for improving Symphony Park, including redesigning the M2 parcel (location of the Oscar bus), enhancing the entrance sign at M1, improving connectivity between parcels, creating a walking/running loop, and potentially narrowing City Parkway. The Smith Center expressed concern about the impact on school bus access. Any changes would require updates to the design standards and traffic plan. Funding for street modifications was not yet determined, but the final lift of the street network is funded by the U tax.
- Project Updates – Tracy Reich provided updates on several Symphony Park projects: Brea is in pre-leasing with first residents expected by end of June; Capella is on track for pre-leasing in August/September; the art museum is working on permits; Media Lab is in value engineering, expected to open after the first of the year; Parcel E (Red Ridge) expects to close by mid-July with construction starting within 30-45 days; and Prospect Street and Panther Acquisitions requested until mid-July for adjustments to their parcel.
- Resolution for New Market Tax Credits (Item 7) – Dean Babski, Director of EUD, presented a proposal to authorize a series of documents to facilitate a New Market Tax Credit transaction for a recuperative care center at 1581 North Main. The total project cost is $21.9 million, to be funded by $21.8 million in tax credits from two awards. The city will transfer $15.3 million to CP5 as loan A, and loan B of $5.8 million from the tax credit benefit. After closing, the city will receive $13 million in reimbursement for prior costs, with the remaining $8.1 million drawn down as the project completes. The compliance period is seven years, after which loan B will be forgiven. Construction completion is expected September 2026.
Key Outcomes
- The board unanimously approved the resolution (Item 7) authorizing the execution and delivery of transaction documents for the New Market Tax Credit loan, with all members voting in favor.
Meeting Transcript
Welcome everyone to the City Parkway five Inc. board meeting for June first, twenty twenty-six. Items listed on the agenda may be taken out of order. Two more agenda items for consideration may be combined. Any item on agenda may be removed or related discussion may be delayed any time. Back in material for this agenda may be obtained from Louis Home City Clerk at the office of the city clerk.gov. Item number one is to call to order and roll call. And so with that, uh clerk's office, uh we have a quorum. We are compliance, yes. Comment during this portion of the agenda must be limited to matters on the agenda for action. If you wish to be heard, come forward and give your name for the record. The amount of discussion as well as the amount of any time any single speaker's lab may be limited. Looking out and seeing if we got anyone here wanting to provide some public comment. We'll move on to item four. We'll move on to item five report by Tracy Reich, redevelopment manager regarding findings of Symphony Park Working Group meetings. And we will open up the floor to there's Tracy. Welcome, Tracy. That was timing. I just walked in. Good afternoon, Tracy Reich redevelopment manager for the record. The Symphony Park Working Group has met twice now. They were formed for this body. They were formed in April for uh as a result of a park update that had happened in March. Uh they've met twice now. Everybody has participated, all the ownership has participated except one owner who is reading the minutes and and things with that. Um the group is has a lot of ideas of what they would like to see and are starting to narrow that down. Uh some of the things that are going to be coming out for outcomes from this is the redesign of M2, where the Oscar bus is. Maybe a little bit of redesign around M1 because the design review committee had already looked at that one as to the entrance sign was really prominent when you first when there was nothing around it. Now with everything around it, it looks a little tiny, and it's not as impressive as it was before. So how do we make that more impressive as an open as the entrance to Symphony Park? Really talking about the connectivity between all the parcels. So how do we connect this to make this one unit universal district? So, how how does that circulation look? How do we draw people that go to the Smith Center to go down to Parcel E for dinner or over to VIX or go to the art museum and then wander over to uh Capella to have dinner? How is that circulation looking at and taking a look at that piece? Um, then they want as a side piece to that. We've noticed already that some of the residents um do a running or walking loop within Symphony Park as exercise. So, how do we kind of memorialize that? How do we create a half mile, one mile, two mile? I'm not sure some Carla mapped it out. I can't remember. It's one half, one and one and a half, I think, that you can do within Symphony Park and create this pathway in this way to be able to show people that hey, we're a neighborhood here as well. Also, they wanted to take a look at um narrowing city parkway. City Parkway has parking, two lanes of traffic, and a turn lane. So an awful lot of concrete between the east side of Symphony Park and the rest of Symphony Park. So, how do we narrow that down in places or all the way around to make that easier to connect people to the art museum to Park Haven to whenever Derek is done with the with the resort that's going to go on there as well? So there we're looking at that. We're bringing bringing in the um traffic engineering team because we need to update the traffic plan now. Each developer has updated the original traffic plan, and that needs to be updated as a whole, and to be able to see how do we, if we were to narrow City Parkway, how does that impact the overall traffic circulation? Um, the Smith Center is concerned about narrowing City Parkway because of the school buses that come in for the school performances, and then uh we would need to take a look at um event when events are done at Smith Center.
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