State set to approve stadium tax credits
Print David Hunn
0
Enlarge Photo
JEFFERSON CITY • The Missouri Development Finance Board is set to vote Tuesday on $15 million in tax credits for the proposed riverfront football stadium in St. Louis. The board's executive director, Bob Miserez, has recommended approval of this year's request, the first of $50 million over three years.
The public entity that owns the Edward Jones Dome, where the St. Louis Rams now play, is funding plans to build the $998 million stadium. It applied for the tax credits in July.
That application showed that the Dome authority and Gov. Jay Nixon's stadium task force anticipate paying for the stadium with $450 million from the National Football League and team, $201 million in bond proceeds from the state and the city of St. Louis, $160 million from the sale of seat licenses and $187 million in tax credits.
The authority is requesting $15 million from the state finance board this year, plus $17.5 million next year and again in 2017.
This particular program gives tax credits in exchange for project donations, up to half the amount of the gifts. The task force hopes to land $100 million in donations.
Miserez, in his recommendation, called the "vast majority" of the new stadium land "severely blighted." A stadium, coupled with the renovation of the Gateway Arch grounds to the south, "would transform the most visible downtown riverfront area and provide substantial economic benefit to the City and State," Miserez wrote.
Miserez's recommendation is contingent on the board's receipt of $30 million in contributions this year, plus evidence that the NFL has committed its share of the cash, and that an NFL team has executed a 30-year lease at the proposed facility.
http://www.stltoday.com/news/local/...cle_cf3c3e5f-375f-51a0-9011-7b8b250dbbf6.html