CLAYTON, MO (KMOX) - Metro Transit is preparing to write a large check to pay off a big amount of debt.
There is $400 million that St. Louis County has collected from the Proposition A transit sales tax which hasn’t been needed for operations and, instead, has been saved.
Metro will use that money to pay down its $500 million debt still outstanding from the cross-county MetroLink expansion.
Metro CEO John Nations says the agency is refinancing the remaining $100 million and result is a savings to taxpayers of millions of dollars in interest.
“The benefit for county voters could be millions of dollars in substantial savings by reducing the long-term interest costs attributable with the cross-county alignment construction,” he said. “It’s very much in the interest of the taxpayers of St. Louis County to use funds that are not otherwise being put to transit purposes out of Proposition A to pay down the debt.”