The Clayton Board of Aldermen recently held first readings on a pair of financial-related bills.

On Aug. 27, the board held a first reading for a bill authorizing the issuance and sale of $12,975,000 in bonds. The board will vote on whether to approve the sale of the bonds on Sept. 24.

Bond revenues will be used to cover half the costs of renovations and expansion of the Center Of Clayton. The ongoing project has a total cost of $8.6 million and is expected to be completed in March 2020.

Revenues will also be used to refund a 2009 bond issue that funded the city’s new police headquarters on South Brentwood Boulevard. Interim City Manager Janet Watson said refunding the bond will help the city save money over the bond’s remaining life.

In other business, in a 4-1 vote with two board members absent, the board approved the sale of a city-owned parking lot at 8049 Forsyth Blvd. to U.S. Capital for $2,625,000. The lot is at the corner of Forsyth and Brentwood, across the street from Shaw Park.

The board had discussed the sale over the course of several meetings, with some board members and residents questioning whether the city is receiving enough in return for the lot, given its prominent location in the city.

U.S. Capital plans to use the lot to build an office tower and parking garage. The tower is set to feature ground floor retail, including a yet-to-be-determined entertainment venue. U.S. Capital representatives claim that, should the project be successful, they would eventually like to redevelop the rest of the block along Forsyth going east to Meramec Avenue.