ST. LOUIS (KMOX) - Cardinals President Bill DeWitt the Third won approval from the St. Louis Development Corporation on the financing package for Ballpark Village.

If city hall approves $12 million in tax increment financing, DeWitt will still need permission from the Missouri Development Finance Board for $5 million in state funds.

This latest, scaled down version has no office or residential space in Phase One, but DeWitt says that could come later if the market improves.

“In this market , we’ve talked to office tenants.  Some of them do move around into vacant space, but often existing space just doesn’t fit the needs of a company growing quickly or on the move” DeWitt told KMOX.