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ChrisW

ChrisW

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Alan said:
http://www.stltoday.com/sports/
Bernie: NFL meets with St. Louis stadium task force
National Football League executive vice president EricGrubman was in St. Louis on Thursday for a meeting that included Missouri Gov. Jay Nixon, stadium task force leaders Dave Peacock and Bob Blitz and Rams chief operating officer Kevin Demoff.

In a four-hour session held at the Four Seasons hotel, Grubman and three other representatives from the NFL received a comprehensive update on the status of the proposed $998 million stadium planned for the city's north riverfront.

The points of emphasis included stadium financing, an updated stadium design, and land acquisition. The discussion also entailed the preliminary outline of a prospective lease agreement that would be presented to the Rams or another NFL team.

"We continue to make progress," Peacock told the Post-Dispatch. "And it was a good update. We covered a lot of important ground, and we'll continue meeting with the NFL."


Nixon, Peacock and Blitz were accompanied by a team of advisers from Goldman Sachs, which is assisting on the stadium financing, and representatives from HOK, the St. Louis-based architecture firm that's designing the stadium.

Rams owner Stan Kroenke is planning to build a new stadium in Inglewood, near Los Angeles. The Rams are free to terminate their lease agreement at the Edward Jones Dome after the 2015 season, and it is widely assumed Kroenke will apply for relocation to move his team to Los Angeles for the 2016 season.

Kroenke faces competition in the LA market from the San Diego Chargers and Oakland Raiders, who have partnered on a proposed stadium in Carson, an LA suburb. NFL commissioner Roger Goodell has said the league will choose between the two stadium projects, selecting only one.

It's expected that the NFL will begin accepting relocation applications this fall, and the league owners could vote on the transfer requests early next year.

The St. Louis task force is racing against the clock to complete the funding and land procurement to secure an actionable stadium plan. If St. Louis hopes to receive the NFL's backing, a new stadium is mandatory.

A successful stadium effort could prevent the Rams from moving to Los Angeles. If the stadium plan unravels, Kroenke would have a much greater chance of convincing the NFL to approve a Rams move to Los Angeles.

Grubman and Goodell continue to encourage the St. Louis task force to keep working to finalize the project.

When asked about Grubman's reaction to Thursday's update, Peacock said:

"I think the NFL delegation was very pleased with the progress being made on the stadium. The feedback was positive. But we still have work to do, and we know that."

Obstacles remain.

In April the public board that runs the Edward Jones Dome filed suit against the city of St. Louis, contending that a 2002 city ordinance requiring a public vote prior to spending tax money on a new stadium is "overly broad, vague and ambiguous."

Stadium organizers are counting on the city’s portion of the stadium funding, which would be covered by an existing hotel-motel tax.

Arguments were heard by Circuit Court Judge Thomas Frawley on June 25, and a ruling is expected soon.

If Frawley rules that city residents must vote to approve use of hotel-motel taxes before the money could be used for the stadium, the task force would have to pivot quickly and hustle to bring the measure to a ballot.

A delay could put the project — and the city's NFL future — in jeopardy.

While there's no official deadline, NFL owners have scheduled an Aug. 11 meeting in Chicago to have an extensive discussion about the Los Angeles situation. So the timing is critical.

Peacock said the sooner he can present a secure funding commitment to the NFL, the more it will strengthen the city's chances of retaining the Rams and staying in the NFL. But a lengthy delay could doom the effort to keep the Rams/NFL in St. Louis.

Peacock added that the funding doesn't have to be in place by the Aug. 11 meeting, but he believes it's important for the task force to maintain the NFL's confidence in the viability of the St. Louis project.

A setback on the city's share of the funding could raise doubts among NFL executives and owners, which in turn could sway a relocation vote in Kroenke's favor.

To pay for the stadium the task force is counting on at least $250 million from the state and city, not including tax incentives and seat license fees.

Meanwhile, a second suit remains unresolved. Six state legislators sued Nixon in an attempt to prevent the governor from covering part of the cost for a new stadium by extending the bonds used to build the Edward Jones Dome. Nixon remains confident that his authority to extend the bonds will be reaffirmed in the upcoming ruling in Cole County.

Peacock said the NFL hasn't expressed any alarm over the ongoing legal disputes. Legal challenges to the use of public money to pay for stadiums is hardly new to the NFL. Unless the rulings go against Nixon and the task force, there isn't much to discuss.

"We updated Grubman on the status of the lawsuits," Peacock said. "It was part of the overall update. We discussed it and moved onto other areas."

Asked if he remained confident of a successful stadium resolution and the St. Louis campaign to keep the Rams or stay in the NFL, Peacock didn't hesitate.

"I really do," he said. "This was a good meeting, and the NFL is satisfied with what we've done to reach this stage. But we've got to keep going until everything is done. And we're committed to getting it done."
Click to expand...

Hmm, wonder what they updated on the stadium design this time? I'm excited to see updated renderings.
 
Rmfnlt

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Peacock remains very confident and upbeat.

He's either a very good actor or they may have a real shot at this after all.
 
Alan

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ChrisW plumbing the depths of my knowledge and coming up empty:
Hmm, wonder what they updated on the stadium design this time?
Click to expand...
I know nothing about the old or the new design despite the more than 10,000 posts in this thread. :LOL:
 
beej

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Alan said:
In a four-hour session held at the Four Seasons hotel, Grubman and three other representatives from the NFL received a comprehensive update on the status of the proposed $998 million stadium planned for the city's north riverfront.
Click to expand...
looks like it grew a little
 
ChrisW

ChrisW

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Alan said:
I know nothing about the old or the new design despite the more than 10,000 posts in this thread. :LOL:
Click to expand...

Lol, I got you. It was more of a rhetorical question. I'm just ready for new renderings if they've updated them.
 
den-the-coach

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Rmfnlt said:
Peacock remains very confident and upbeat.

He's either a very good actor or they may have a real shot at this after all.
Click to expand...

Do you expect him to be downtrodden and pessimistic? I don't think it matters one way or another. If there is one thing that I would hope to rely on in this scenario is that Peacock remains confident and upbeat!
 
Oyster

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http://www.kansascity.com/news/business/national-international/article27479188.html

$50 million in tax credits sought for St. Louis stadium

The Associated Press

ST. LOUIS
  • A revised plan for a new NFL stadium in St. Louis calls for the stadium authority to seek $50 million in state tax credits from the Missouri Development Finance Board.

    The credits would be spread over three years to help fund the proposed open-air stadium along the Mississippi River north of the Gateway Arch, a major part of the effort to keep pro football in St. Louis.

    The St. Louis Post-Dispatch (http://bit.ly/1fPK2VT ) reported Friday that the St. Louis Regional Convention and Sports Complex Authority will present its request Tuesday at a meeting in Jefferson City.

    The authority will request $15 million in state tax credits this year and $17.5 million in credits in both 2016 and 2017, the Post-Dispatch said. A spokeswoman for the Missouri Department of Economic Development declined comment.

    New financial details in the authority's application include an updated cost: $998 million, up from the initial $985 million. The cost includes $820 million for site clearance and construction, $60 million for land acquisition and $118 million for costs that include design and professional fees. The goal is to have the stadium built prior to the 2019 season.

    The new plan also revises the anticipated funding from the extension of state and city bonds. Initial estimates called for as much as $350 million in bond extensions from the city, state and St. Louis County.

    Gov. Jay Nixon pulled the county out of the extension part of the project in March, so new figures show $201 million that would come from bond extensions — $66 million from the city and $135 million from the state.

    But the revision significantly increases the anticipated amount of financing through state tax credit proceeds and other incentives. Also, the authority now estimates $160 million in net income from seat licenses, up from the original estimate of, at most, $130 million.

    The application says tax-related contributions and tax credit issuances would be contingent on showing that an NFL team would occupy the stadium. It does not specify that the team would be the Rams, who are considering a move to Los Angeles after the 2015 season, regardless of whether a new stadium is built to replace the Edward Jones Dome.

    Nixon last fall appointed former Anheuser-Busch President Dave Peacock and lawyer Bob Blitz as the task force to come up with a plan to keep the NFL in St. Louis. The stadium proposal was announced in January.

    Peacock said seeking the state tax credits "is one of many steps" in securing funding for a St. Louis stadium.

    "It's certainly a sign we're progressing down the path," he said.
 
MrMotes

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den-the-coach said:
Do you expect him to be downtrodden and pessimistic? I don't think it matters one way or another. If there is one thing that I would hope to rely on in this scenario is that Peacock remains confident and upbeat!
Click to expand...

And remember Peacock is committed to keeping St. Louis an NFL city, so he's got more than one way to win.

After all, he did say this: "I think (Kroenke) is really committed to Los Angeles.”

He might be playing a different game than we all realize...
 
DenverRam

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So i have watched this thread for a while now, but finally decided to post.

This notion that Kroenke is a good owner is a bit surprising to me. Here in CO, he is very disliked. Avalanche and the Nuggets have been turned into third tier franchises and it never seems like it matters to the kroenke family. He beefs with local fishermen fishing in his giant lake that he bought. There are numorous things that have happened. If we people in CO can get pissed off about small stuff like that, i think the local st. louis residents have a serious gripe that should not be shrugged off.

I have seen people say that he wishes to buy the Broncos. As a Rams/Broncos fan. I can only hope that will never happen.

I think the team stays in St. Louis. You just dont abandon a struggling city for the dry desert of LA. Kroenke only sees green, but i think the NFL may see a bit more and care about the city of St. Louis after what it took for the city to finally get a team again, and that is why i feel they will stay.
 
RAMbler

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The Ripper said:
It's was $985 for a few moths and it only went up $3 million with this update. Probably legal fees from the suits and pending eminent domain.
Click to expand...

The article actual states $998M. I think it's safe to say it will end up being well over $1B.
 
The Ripper

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It's actually probably like 1.02 billion but 998 sounds better but it doesn't matter as long as they get the money.
 
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