Re: Dome, CVC Update
Arbitrators pick Rams plan for Edward Jones Dome
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The St. Louis Business Journal has learned that arbitrators have selected the St. Louis Rams' proposal for upgrades to the Edward Jones Dome.
The decision is a major victory for the team, which proposed a plan estimated to cost some $700 million that would see the stadium undergo significant structural changes.
Read the arbitrator's full report below.
The St. Louis Convention and Visitor Commission will now have 30 days to decide whether to accept the decision of the arbitrators and move forward with a plan to fund the upgrade or to reject the decision, which would allow the Rams to break their lease starting in March 2015.
The panel of three arbitrators ruled in favor of the Rams' proposal after determining that the Edward Jones Dome had structural deficiencies that would not make it possible to attain first-tier status without tearing out the concrete seating bowl.
The dimensions and footprint of the Edward Jones Dome were not sufficient to support the oversized cushioned seats and leg room that is standard in recently built NFL stadiums.
If the CVC and its sponsors, the state of Missouri, the city of St. Louis and St. Louis County, decline to fund the $700 million plan, the St. Louis Rams would go on a year-to-year lease starting in March 2015.
It is expected that the CVC will not be able to agree to the plan within 30 days given the large amount of money at stake.
Because of the Hancock Amendment, Missouri’s constitutional amendment that prohibits tax increases without a vote of the people, any plan calling for more investment than the modest, $124 million CVC proposal will likely require a vote. The city and county passed hotel taxes to pay for the Dome and have some wiggle room to divert more money from that tax to the stadium, but nothing approaching the $300 or $400 million that would pay for just half of what the Rams asked for in their proposal.
ARBITRATION'S REPORT (PDF FILE)