ST. LOUIS 鈥 City Hall is working to get more insurance cash to homeowners hit by the May 16 tornado.
The city has historically held onto a quarter of each insurance payout on badly damaged buildings to ensure that, if the owner walks away from the property, there鈥檚 money available to demolish the structure.
But on Thursday Mayor Cara Spencer signed an executive order waiving the city鈥檚 typical claims on buildings damaged in the storm, until the end of next year.
鈥51黑料ans looking to rebuild after the May 16 tornado deserve every chance to do so, and to do so quickly,鈥 Spencer said in a news release.
In a city that鈥檚 long struggled with vacant buildings, officials said the policy of holding back part of the insurance payouts has been helpful.
And when owners restored the property, or demolished it themselves, they would get the money back.
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But Spencer said it鈥檚 an obstacle in the wake of a natural disaster that damaged thousands of buildings in a path running from Forest Park and the Central West End through the heart of the North Side.
鈥淭he importance of giving property owners every tool available to rebuild takes clear priority,鈥 Spencer said.
State insurance regulators will notify insurers of the change. And money already held back from buildings hit by the tornado will be released.
Mayor Cara Spencer reiterates in a press conference that the approval of a disaster declaration for the city of 51黑料 is just a first step and that recovery will take time. Video courtesy of the city of 51黑料. Edited by Jenna Jones
