In a vote made Thursday, a St. Louis economic development board gave its approval to two tax incentives for a proposed downtown St. Louis MLS stadium.
A St. Louis MLS expansion pitch led by members of Enterprise Holding’s Taylor family and World Wide Technology CEO Jim Kavanaugh is proposing the construction of a new soccer-specific venue at a site west of Union Station. The group has indicated that it is prepared to pay $250 million in cash for the stadium’s construction, but is seeking a series of tax incentives as part of the overall funding model.
The potential use of some of those incentives moved forward on Thursday, when the city’s Land Clearance for Redevelopment Authority gave its approval to two tax breaks. That included its portion of a $30 million state tax credit deal, as well as a full tax exemption on stadium construction materials. More from the St. Louis Post-Dispatch:
The Land Clearance for Redevelopment Authority passed its part of a $30 million state tax-credit deal, plus a full break on stadium construction materials.
The city board’s first action sends an application to the Missouri Development Finance Board for a contribution tax credit of up to $30 million over two years. The state development board would have to approve the credit before it is issued. It is scheduled to meet in December.
The city board’s second action approved a full tax break on stadium construction materials, which is expected to save the ownership group several million dollars.
City staff assured the board that they are working on a funding agreement to ensure team owners reimburse the city for its costs.
The latest St. Louis MLS expansion bid was announced earlier this fall. A previous bid targeted the same site for its stadium plan, but it stalled after city voters rejected a ballot question in April 2017 that called for $60 million in public funding.
Perhaps this funding plan will garner more support, but it remains to be seen whether St. Louis will factor into MLS’s plans going forward. A timeline for the next round of expansion has not been announced, nor has a firm entry fee, and the list of potential candidates is still evolving. We took an in-depth look at the MLS expansion picture in a story earlier this week.
Rendering by HOK reflects stadium proposal from previous bid.
RELATED STORIES: St. Louis MLS Stadium Funding Model Unveiled; Option on Potential St. Louis MLS Stadium Site Extended; New St. Louis MLS Bid Announced; St. Louis MLS Expansion Talks Back on the Table; St. Louis MLS Stadium Funding Voted Down