City funding for a new MLS stadium in St. Louis could be back on the table, though it would come at a reduced rate.
On Thursday, the Board of Alderman ways and means committee will consider a new funding bill that allocates $60 million in city funds toward the stadium. This comes just a week after the Board of Alderman scrapped a bill that called for the city to contribute $80 million to the facility.
Even if it receives approval from the board, the funding will not be guaranteed, as there are still several factors to consider. First, the bill would trigger a voter referendum on the project, which would not take place until April 4. There is also the issue of state funding, as new Missouri governor Eric Greitens criticized a previous proposal that called for $40 million in state tax credits for the project.
Maggie Crane, the spokesperson for St. Louis mayor Francis Slay, along with SC STL officials acknowledged that certain aspects of the funding model still need to be resolved. More from the St. Louis Post-Dispatch:
As for where the investors would make up the $20 million dropped from the city proposal, Crane said, “That’s a question for the ownership group.”
SC STL spokesman Jim Woodcock released a short statement thanking Ingrassia for moving the bill forward. Woodcock said other details, such as how the city’s reduced contribution and the current absence of state funds affect the stadium plan, were not yet available.
The Ways and Means Committee meeting will be in the Kennedy Room on the second floor of City Hall at 9 a.m.
The stadium, which would be constructed near Union Station in downtown St. Louis, has been projected to cost about $200 million.
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