[Elvis]

http://www.stltoday.com/news/local/govt ... V8.twitter

St. Louis stadium task force submits 'term sheet' to NFL

By Nicholas J.C. Pistor

ST. LOUIS • Officials confirmed on Tuesday that the St. Louis stadium task force has submitted to the NFL its financial plan to build a proposed riverfront football stadium.

The plan, called a “term sheet,” outlines how the project would be funded, both public and private.

But the exact terms remain a mystery to the public.

The move came a week after Houston Texans owner Bob McNair, who chairs the NFL finance committee, put pressure on St. Louis to produce a firm commitment. NFL Commissioner Roger Goodell has called for an “actionable” plan by the end of this year.

Still, the term sheet was delivered to the NFL before the St. Louis Board of Aldermen has even seen it — much less approved the city’s share.

St. Louis city officials have said they’ll cover $150 million of the proposed $1 billion riverfront stadium. But that agreement must be written as an ordinance and approved by the Board of Alderman. To date, no such bill has been filed, although officials said that could happen within a few weeks.

The move rankled some aldermen at a time when stadium proponents need their support.

“I can’t see how advantageous or practical it is to present an obligation of the City of St. Louis in a term sheet to the NFL before we have even begun the legislative process, or even seen an updated financing plan,” said Tom Shepard, the chief of staff to Board of Aldermen President Lewis Reed, said in a statement.

“I expect the Board of Aldermen to take a thorough look at whatever gets presented, when it’s presented, and make a decision that is best for the citizens of the City of St. Louis.”

The project would need support from 15 of the board’s 28 members for approval.

About $68.8 million of the city’s bond proceeds through refinancing are expected to fund the project. But where officials will find the other $80 million remains unclear.

“I think St. Louis taxpayers and their elected representatives deserve more information,” said Alderman Scott Ogilvie. “I increasingly get the sense that we are just not involved in the financial planning of the stadium.”

Ogilvie said the stadium task force, which reports to Missouri Gov. Jay Nixon, is asking a lot of the city, especially after St. Louis County bowed out of funding a new stadium unless there was a public vote.

Alderman Steve Conway, who chairs the city’s Ways and Means committee, said it’s best for the task force to figure out the terms, then bring them to board for a vote, saying proponents may be gauging the NFL’s initial reaction before moving it forward to the aldermen.

“Sometimes these aldermen think they’re just going to negotiate it out on their own,” Conway said. “Then we’d have 28 aldermen with 28 stadium funding proposals.”

Conway added: “Whether or not we accept the proposal is a whole other issue.”

[The Ripper]

Agree - Peacock saying that a No vote by the BoA could possibly kill the project gives him a way out that still makes him look like a hero.

As much as i'd love to see that, i don't think it's going to happen.

The Rams are almost certainly gone regardless, why would the Aldermen put themselves in a position to take the blame?

They would if passing the ordinance was going to cause their ratings to drop with Moodys.

[RedAlice]

Is it possible that their decision as the BoA is to require a public vote?

[bluecoconuts]

Is it possible that their decision as the BoA is to require a public vote?

They can say they wont say yes without a public vote.

[OldSchool]

It's humorous the people at RRF and their assumptions they make over this term sheet.

The STL and the State of Missouri have now delivered to the NFL owners the financial plan to which the city and the state are committed and obligated for the construction of the new river front stadium, aka "The Nat".

Ummmmm no not even close. It's their plan and how they hope to be able to pay for it. This doesn't not as he says

It obligates the city of St. Louis to pay its allotted share of the cost. I have no doubt that the majority of the 28 member Aldermanic Board will vote in the affirmnative to confirm it. The dissenters will make the most noise but they will not succeed in derailing the vote or the final outcome.

In fact now he has to go pimp the plan to the Aldermen and hope he didn't piss them off by submitting it to the NFL without their OK.

[Elvis]

I hope someone alerts the Aldermen and state legislators that now that Peacock has handed in a term sheet they've never seen, they're obligated to approve whatever might be on it.

This whole governing by term sheet thing is actually pretty cool, cuts through a lot of red tape. I mean you're the governor and you want something but the legislature doesn't agree. Just put in on a term sheet, give it to the NFL, and presto, it's the law...

[TSFH Fan]

I wonder who's going to get a copy of this thing first: the media or the Alderman?

I like David Hunn, he does his own Sunshine Law work. Go, go David Hunn, get us a copy of this thing!

[TSFH Fan]

Agree - Peacock saying that a No vote by the BoA could possibly kill the project gives him a way out that still makes him look like a hero.

As much as i'd love to see that, i don't think it's going to happen.

The Rams are almost certainly gone regardless, why would the Aldermen put themselves in a position to take the blame?

Vote becomes a symbolic act, no repercussions, vote to pass. . . .

I don't see how Moody's would be relevant in that scenario.

[The Ripper]

Agree - Peacock saying that a No vote by the BoA could possibly kill the project gives him a way out that still makes him look like a hero.

As much as i'd love to see that, i don't think it's going to happen.

The Rams are almost certainly gone regardless, why would the Aldermen put themselves in a position to take the blame?

Vote becomes a symbolic act, no repercussions, vote to pass. . . .

I don't see how Moody's would be relevant in that scenario.

The ratings already dropped this summer which increased their borrowing costs and Moodys didn't put them on rate watch but gave them a warning. If the increased borrowing put's more strain on general revenues than there will be another decrease which will put further strain on the the city and force a tax increase or cutting of essential services.

[bubbaramfan]

Without a vote from the Alderman, that fact sheet is worthless.